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Financial Advice

What Is QuickBooks Online And Does It Work In Ireland?

By January 2022March 7th, 2022No Comments
What Is QuickBooks Online And Does It Work In Ireland

QuickBooks Online is a small business cloud accounting solution developed by Intuit, a large US company specialising in financial software. It’s a well-established solution similar to Xero or Sage Business Cloud and it’s now available as a customised version for the Irish market.

QuickBooks in Ireland

Intuit announced it would be launching QuickBooks in Ireland at a virtual event in June 2020. Unlike Xero, which has been more focused on the UK market in past years, QuickBooks offers customisation for Irish VAT and live bank feeds (fully compliant with PSD2 Open Banking) for BOI, AIB, Ulster Bank, Fire, Revolut, Wise (Transferwise), and others. This will definitely appeal to small business owners, of which there are around 250,000 across the country.

QuickBooks Online user interface Beyond Accounting

Features and benefits of QuickBooks

The desktop version of QuickBooks was first released in 1983, so the company has a long track record in this area. Today’s QuickBooks Online is a pretty comprehensive solution, with modules such as inventory, projects, and timesheets. You can also manage a multicurrency business.

QuickBooks Online’s user interface is good, although if you’ve previously been a Xero user you may find that the UI isn’t quite up to your expectations (particularly the bank reconciliation screen). People switching from other systems will find the general look and feel very familiar.

As you would expect of a cloud solution, you can log in on your desktop or use the app for accounting on the go. It’s easy to scan purchase receipts and optical character recognition (OCR) will extract the data for you. You’ll find all the usual reports to keep track of your financial health, such as cash flow, profit & loss (P&L), balance sheet, accounts receivable/payable, etc.

There is an app store to connect other business tools and an application programming interface (API) if you need to develop a specific integration for your business.

Advantages of moving to the cloud

If you’re not already using cloud accounting software, it’s really a must these days. The key advantages are:

  • It’s mobile. You can create a quote, email an invoice, and record an expense anytime, anywhere. Log in on a desktop computer or use an app, all you need is an internet connection.
  • Pay as you go. The software as a service (SaaS) model means you don’t have any big upfront expenditure. You also don’t have to worry about system updates, because the software upgrades automatically meaning you are always using the latest version.
  • Improved agility and productivity. Modern technology uses machine learning and automation so you can spend less time dealing with administration and data entry and more time on important business tasks.
  • Real-time collaboration. Give access to key team members and your accountant so that everyone can collaborate in real time, speeding up jobs and enabling smart, fast decision-making.
  • Secure and safe. These platforms are very safe. You can expect bank-level security and encryption to keep your data private and protected. Multiple backups are run every day; because information is stored in the cloud and not your device, you won’t lose it if your device is lost or breaks.

Handling Irish VAT in QuickBooks

The Irish VAT system means that most SMEs reporting and paying VAT handle it differently on purchases and sales. For sales, Revenue only collects the VAT once you have been paid (cash basis). For purchases, you can offset the VAT from the date of the invoice, even if you haven’t paid your creditor yet (accrual basis).

International accounting software packages struggled with our hybrid system because they are set up to use either a cash basis or an accrual basis for both purchases and sales. The Irish VAT set up in QuickBooks Online is being rolled out across the market and will be much appreciated. The system can also output your annual VAT RTD report for Revenue.

Making the switch to QuickBooks

It’s very easy to make the switch and customers moving over to QuickBooks Online can have their past two years of data imported for free.

If you want to purchase QuickBooks Online directly, they have monthly or annual pricing. There is a 30-day free trial and, if you pay monthly, they are currently offering the first three months at half-price. There are three plans: Simple Start, Essentials, and Plus, with prices from €15-€30 per month. There are further discounts available for Beyond clients who wish to buy their subscription through us as part of their package.

As cloud experts, we’re very familiar with solutions such as Xero, Sage, and QuickBooks. If you’re about to make the switch to a cloud solution and would like help comparing the options and evaluating which platform would suit your business best, get in touch today.