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QuickBooks Essentials Reviewed + Guide: Is it The Best Choice For Your Company?
Explore QuickBooks Essentials in this in-depth review. Find out if it’s the right choice for your business with insights on features, pricing, and user experience.

In today’s fast-paced business environment, managing your company’s finances efficiently is more important than ever. For small to medium-sized businesses, QuickBooks has long been a go-to solution for accounting needs, offering a range of products to streamline bookkeeping, invoicing, and financial reporting. Among these, QuickBooks Essentials stands out as an accessible and user-friendly choice for companies seeking core accounting features without the complexity of more advanced systems.
But is QuickBooks Essentials the right fit for your business? In this comprehensive review and guide, we’ll take an in-depth look at what QuickBooks Essentials offers, its key features, and how it compares to other QuickBooks versions. Finally, you’ll receive practical, industry-specific tips to maximize QuickBooks Essentials in your daily operations.
So, keep reading to discover whether QuickBooks Essentials is the financial management game-changer your business has been searching for.
Understanding QuickBooks Essentials
QuickBooks Essentials is a cloud-based accounting software designed for small to medium-sized businesses. QB Essentials is part of the QuickBooks Online ecosystem and offers tools for tracking expenses, managing bills, and streamlining financial tasks. It’s ideal for businesses that need more than basic software but don’t require the advanced features of higher-tier plans.
Particularly useful in industries like construction, QuickBooks Essentials helps manage multiple projects and maintain accurate financial records as businesses grow beyond spreadsheets or simple tools.
Key Features of QuickBooks Essentials
Features |
Description |
Billing and Invoicing |
Easily create, manage, and customize invoices, set up recurring billing, and track billable hours. |
Expense Tracking |
Stay on top of expenses, from materials costs to overheads, to ensure your finances are always in check. |
Financial Reporting |
Quickly generate reports like profit and loss statements and balance sheets to get a clear picture of your business’s financial health. |
User Accessibility |
Allow up to three users with customizable permissions to control access and what team members can view or edit. |
Integration Capabilities |
Enjoy seamless integration with other tools and apps, including real-time bank syncing and third-party software. |
Customer Support |
Access helpful customer support and a comprehensive library of resources to assist you at any stage. |
QuickBooks Essentials stands out for its balance of simplicity and power. It’s not just another piece of accounting software; it’s a tool that adapts to your business’s growing needs, especially in the construction field.
Benefits of QuickBooks Essentials
QuickBooks Essentials offers a range of benefits designed to streamline your accounting practices, making it a valuable asset for your business.
- Enhanced Financial Organization
- Time-Saving Automation
- Improved Cash Flow Management
- Simplified Tax Compliance
- Real-Time Financial Reporting
Here’s a closer look at how it can positively impact your daily operations:
Real-World Applications and Scenarios
In the bustling world of construction, QuickBooks Essentials shines in various scenarios:
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Project Budgeting
For a construction project, staying on budget is vital. QuickBooks Essentials helps track every expense, ensuring you don’t overspend and can adjust your budget in real-time.
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Subcontractor Management
Managing payments to subcontractors becomes more manageable. You can track what’s been paid and what’s currently due and maintain clear financial records for each subcontractor.
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Customer Invoicing
When it’s time to bill your clients, QuickBooks Essentials makes it straightforward. Create, customize, and send invoices quickly, and even set up payment reminders.
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Expense Tracking on the Go
With QuickBooks Essentials, construction managers can track expenses from anywhere using a mobile device, whether at the office or a construction site.
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Financial Forecasting
Planning for the future? The software’s reporting tools allow you to analyze past trends and make forecasts, helping in strategic decision-making for future projects.
Comparing QuickBooks Versions and Tiers
When selecting the right QuickBooks version for your business, it’s essential to understand the differences and similarities among the options available.
QuickBooks Simple Start
- Main Focus: Basic accounting for solo entrepreneurs
- Target Audience: Single users needing income/expense tracking and invoicing
Starting with QuickBooks Simple Start, this entry-level version is best suited for solo entrepreneurs or small businesses that require basic accounting functionalities.
For a single user, this version offers essential features like income and expense tracking, invoice and payment processing, and basic reporting, but it lacks more advanced capabilities like bill management and time tracking, which might be necessary for growing businesses.
[Click here to see our detailed review of QuickBooks Simple Start.]
QuickBooks Essentials
- Main Focus: Core features for small businesses with multiple users
- Target Audience: Businesses needing bill management, time tracking, and up to three users
Moving up to QuickBooks Essentials – the subject of this article – this version is designed for small to medium-sized businesses that need more than just basic features.
Comparing QuickBooks Simple Start to Essentials, you’ll see they essentially offer the same suite of features, but Essentials offers support for more users in slightly larger operations.
It provides additional functionalities like bill management and time tracking, and supports up to three users, making it a significant step up for businesses requiring more comprehensive tools for collaboration and financial management.
Note: Tools like QuickBooks Essentials can help track your team’s time on the job – but it’s not always the best tool available to construction companies. Workyard was built from the ground up to support construction companies with industry-specific features.
Try Workyard + QuickBooks for a more profitable business!
See How it Works
QuickBooks Plus
- Main Focus: Inventory and project management
- Target Audience: Businesses with complex needs, including inventory and multi-project tracking
For businesses that require advanced inventory and project tracking, QuickBooks Plus is the ideal choice.
Comparing QuickBooks Essentials to Plus, you’ll see they’re far more similar than different. Plus encompasses all the features of Essentials while adding inventory tracking, project profitability tracking, and supports up to five users.
This version particularly benefits businesses with more complex needs, including inventory management and multiple ongoing projects.
QuickBooks Advanced
- Main Focus: Advanced reporting and custom permissions
- Target Audience: Large businesses needing extensive functionality and support for up to 25 users
At the top of the range is QuickBooks Advanced, which is tailored for large businesses needing sophisticated reporting and support capabilities.
It includes all the features of Plus and further enhances them with advanced reporting and analytics, custom user permissions, priority customer support, and allows for up to 25 users. This premium version is best for businesses that need extensive functionality and support to manage their complex operations.
Choosing the Right Version
Ultimately, the decision on which QuickBooks version to choose should be carefully based on your business size, needs, growth trajectory, and budget.
Each version offers a unique set of features, and it’s important to select the one that aligns closely with your current requirements while also considering future growth and needs.
Whether you’re just starting out or managing a large enterprise, there’s a QuickBooks version out there that’s designed to meet your financial management needs effectively.
Consider Construction-Specific Options
You may also want to investigate construction-specific versions of QuickBooks, such as QuickBooks Contractor (a version of QuickBooks Desktop Premier), which typically run from desktop installations.
Getting Started with QuickBooks Essentials
Step 1: Sign Up and Create Your Account
To begin, visit the QuickBooks website and choose QuickBooks Essentials. Sign up by providing your business information.
Step 2: Customize Your Company Settings
Once logged in, navigate to the ‘Settings’ menu. From here, customize your company’s profile, financial year, and other essential details.
Step 3: Connect Your Bank Account
Connect your business bank account to QuickBooks to automatically import your transactions, saving time on data entry.
Step 4: Set Up Your Chart of Accounts
Customize your chart of accounts to match your business’s financial structure. This step is crucial for accurate tracking and reporting.
Step 5: Input Customer and Vendor Details
Add information about your customers and vendors to manage invoices, payments, and expenses effectively.
Step 6: Customize Invoice Templates
Create and customize invoice templates with your business logo, payment terms, and other relevant details.
Step 7: Explore the Dashboard
Familiarize yourself with the QuickBooks Online Essentials dashboard to gain insights into your business’s financial health.
Tips and Tricks for New Users

Remember, the initial setup is an investment in your business’s future financial health and organization. Make sure you take your time and explore the features and you’ll find managing your business finances smoother and more efficient than ever.
Making the Most of QuickBooks Essentials
Once you’re comfortable with the basics of QuickBooks Essentials, it’s time to explore its advanced features and integrate it with other tools and services. Doing so can greatly enhance your financial management efficiency and provide deeper insights into your business operations. Try these advanced features:
Time Tracking
This feature allows you to track billable hours by client or employee, making it easier to generate accurate invoices and payroll.
Tip: Encourage employees to record their time daily for precise billing and effective project cost management.
Recurring Transactions
Automate recurring bills, invoices, and expenses by setting them up once, and QuickBooks will handle the rest on the scheduled dates.
Tip: Regularly review and update these transactions to ensure they reflect any changes in your business operations.
Multi-User Access
QuickBooks Essentials allows you to grant access to up to three users, ideal for collaborative work within your finance team.
Tip: Assign specific roles and permissions to each user to control who can view and edit financial information.
Budgeting and Forecasting
Leverage your company’s historical data to create budgets and forecasts, helping you plan and predict future financial scenarios.
Tip: Regularly compare actuals against your forecasts and adjust your business strategies accordingly.
Integrating QuickBooks Essentials with Other Tools and Services
Bank Integration
QuickBooks Essentials allows you to connect your bank account for real-time transaction updates and simplified reconciliation.
Tip: Regularly review your bank feeds to stay on top of cash flow and quickly identify any discrepancies.
Integrating with Payroll Systems
If you use a separate payroll system, integrating it with QuickBooks streamlines payroll processing and financial reporting.
Tip: Ensure the integration is set up correctly to automate tax calculations and deductions, saving time during payroll runs.
Linking with CRM Software
Syncing QuickBooks Essentials with your Customer Relationship Management (CRM) software can provide comprehensive customer insights.
Tip: Use this integration to enhance customer data analysis and tailor your marketing and sales strategies.
Utilizing Apps from the QuickBooks Marketplace
QuickBooks offers a robust marketplace full of apps for various functions, including eCommerce and time tracking.
Tip: Explore apps that meet your business needs and integrate them to expand QuickBooks Essentials’ functionality. For example, Workyard is a great option—check out the Workyard integration page on QuickBooks’ website.

➤ QuickBooks Essentials is versatile, catering to construction companies, freelancers, and retail businesses with a range of financial management tools.
➤ The cloud-based platform enables access to your finances anytime, anywhere, making it ideal for today’s mobile-first world.
➤ From expense tracking to multi-user access, QuickBooks Essentials covers both basic and advanced financial needs.
Conclusion
QuickBooks Essentials is a powerful tool for small to medium-sized businesses, offering a range of features to streamline accounting and financial management.
From automating tasks to providing real-time insights, it can help you save time, reduce errors, and make informed decisions.
Whether you’re managing a construction business or another industry, this software is versatile enough to meet diverse needs. By leveraging its features and integrations effectively, you can optimize your operations and focus on growing your business.
While QuickBooks Essentials offers many useful features for construction businesses, consider its limitations for job costing and explore integrations like Workyard or specialized tools like QuickBooks Contractor.
With Workyard, it’s easy to manage the schedules of dozens or even hundreds (or more) of employees while accurately tracking their time on the job with our mobile app’s industry-leading GPS and geofencing capabilities.
Experience the difference Workyard can bring to your employee time-tracking efforts. Sign up for a free trial today or contact (650) 332-8623 for more details.
QuickBooks Essentials typically costs around $50 per month but may vary depending on promotions or discounts. Check the QuickBooks website for the latest pricing.
Yes, QuickBooks allows users to upgrade or downgrade their subscription as their business needs evolve.
QuickBooks Online Essentials includes features such as income and expense tracking, billable time reporting, vendor bill management, recurring transaction automation, and detailed reporting capabilities. It allows for up to three users and provides tools for managing accounts receivable and payable, making it suitable for service-based businesses that invoice for their time
Yes, QuickBooks Online is a cloud-based service that allows you to access your accounting data from any device with an internet connection. This includes computers, tablets, and smartphones, ensuring you can manage your business on the go
QuickBooks provides various support options including a dedicated support team available during business hours, extensive online tutorials, user guides, and a community forum where you can ask questions and share experiences with other users.