It's often beneficial to use multiple products from one company, because they all work together, so be strategic about the system you adopt. Mona Bushnell. Wondering which version of QuickBooks is the best accounting software for your business? Here's what you need to know. QuickBooks offers versions of its software for freelancers, small businesses and enterprise-level businesses. You can also choose from online and desktop versions of the software. QuickBooks Online is less expensive upfront than the desktop editions.
There's no contract, and the subscription price includes software updates that roll out automatically. It also works on mobile devices, so it's accessible from anywhere. It's usually best to purchase a lower tier of QuickBooks with a low starting price and then upgrade later as needed.
QuickBooks cloud-based software plans QuickBooks Online plans were overwhelmingly more popular with the entrepreneurs we spoke to than the desktop versions of the product. QuickBooks Self-Employed Tax Bundle Like other tiered cloud software, QuickBooks adds more functionality with each tier while still including all the features of the lower levels.
It includes the access of the lower tiers and these additional features for tax filing help: Unlimited help and advice all year from a qualified CPA Access to a CPA who will do a final review of your tax return before you file While these may be valuable features, we haven't personally tested them and cannot vouch for the efficacy of the tax professionals you'll have access to or the user-friendliness of the interface.
Which version of QuickBooks Online should I get? Simple Start The Simple Start version of QuickBooks is only suitable for a single user, so if you have employees, you can skip to the next tier. Buying tips for online versions of QuickBooks You're too busy to read through a bunch of software descriptions and figure out which QuickBooks version makes sense for you — we get it! Start with a basic subscription tier. If your business is at the enterprise level, SMB products probably won't cut it. Choose a tier that supports the number of people who will use the software.
Still consider hiring a CPA or other financial expert to help you understand reports. Choose accounting software that works with the other programs you use. Business News Daily Staff. Takeaway: Schedule C businesses should go with the higher-priced Simple Start if they have employees, need to charge customers sales tax, or need a balance sheet showing assets and liabilities.
The advantages of Essentials vs Simple Start are the ability to manage unpaid bills and assign hours worked to specific customers. In addition to helping you pay bills on time, recording unpaid bills is necessary if you need to produce accrual-based financial statements. Very small businesses that bill customers for hourly services usually find that QuickBooks Essentials meets their needs.
Takeaway: Most companies that choose Essentials over Simple Start do so because they need more than one user. However, service-based businesses that charge customers by the hour should also choose Essentials to assign time to customers. The most crucial improvements are that Plus allows your company to track inventory costs and calculate profit and loss by project. Other helpful features that are included in Plus, but not available with Essentials, are budgets, classes, customer types, locations, and unlimited report-only users.
Businesses that sell products and need to keep track of the quantity on hand and cost of products sold should subscribe to QuickBooks Plus. While Plus is the best QuickBooks Online option for retailers, wholesalers, and contractors, you should also consider checking out our QuickBooks Desktop vs QuickBooks Online guide as QuickBooks Desktop offers more features and flexibility for dealing with inventory and projects. Takeaway : Retailers and wholesalers should choose Plus so they can track the cost of inventory.
Contractors should also choose plus to track the profitability of individual projects. QuickBooks Advanced has many bells and whistles compared to QuickBooks Plus, but no additional features that are crucial to good bookkeeping.
However, as your business grows from small to midsize, you will probably need to upgrade from Plus to Advanced for the additional users. In addition to allowing up to 25 users, Advanced removes the limitations on the number of classes, locations, and accounts imposed by Plus. This makes Advanced ideal for a business with a growing staff, especially considering the maximum number of users for QuickBooks Online Plus is only five. QuickBooks Online Advanced is also the only product with a dedicated success manager and free training for your entire staff.
QuickBooks offers many features which appeal to a variety of small businesses across numerous industries. Selecting the right version will help you be successful as a small business.
A great overview of the various versions of QuickBooks. Another alternative to the online version is to have your pro or premier editions hosted in the cloud. There are several quality companies offering this service and you benefit from the remote access like with the online edition but get the benefit of the full functionality of the desktop versions.
Your email address will not be published. Home Software Applications. Tags: accounting , comparison , quickbooks , Small Business , Technology. Related Tutorials. Software Applications. One Comment. Doug Millington. QuickBooks Online Payroll.
QuickBooks Payments. QuickBooks Commerce. Other Intuit Services. QuickBooks products. Find the right product for your business. QuickBooks Desktop. QuickBooks Enterprise. Select the plan that's right for your small business. Freedom to work across all your devices. For independent contractors who file Schedule C. Learn more. Simple Start. For new businesses just starting out.
For service-based businesses who invoice for their time. For product-based businesses who track inventory. For growing businesses who need more productivity and insights. Compare online plans. QuickBooks Desktop products. Pro Plus Premier Plus Enterprise Compare desktop products.
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