The Howdy Glossary

QuickBooks Online is an accounting software tailored for small and medium-sized businesses, featuring a range of tools that streamline financial management. The platform offers capabilities like invoice management, income and expense tracking, financial reporting, online banking integration, inventory management, time tracking for projects, and automation of recurring transactions. Developed by Intuit Inc., QuickBooks Online provides business owners with detailed financial oversight through its user-friendly interface.

Intuit Inc., founded in 1983 by Scott Cook and Tom Proulx, has established itself as a prominent entity in the financial software industry. Known for products such as QuickBooks and TurboTax, Intuit’s solutions are widely trusted around the globe. QuickBooks Online was specifically developed to offer small and medium-sized businesses a comprehensive accounting solution that simplifies processes like tax preparation by enabling accurate categorization of income and expenses throughout the year.

Competitive advantages of QuickBooks Online include its extensive feature set covering various accounting needs such as invoice management, income and expense tracking, online banking integration, inventory control either through add-ons or directly via plans like Plus. The platform also supports multiple users with controlled permission levels for secure collaboration. Despite facing competition from other notable accounting software like Xero, FreshBooks, Sage Business Cloud Accounting, Zoho Books, and Wave—each bringing unique strengths—QuickBooks Online maintains its edge through robust functionality complemented by third-party app integrations enhancing customization options.