Is QuickBooks Right For Your Business?

Accounting blog: Is QuickBooks Right For Your Business?

No matter the size of your business, it is integral to accurately and regularly track your finances. For over 75% of business owners in the small business market, the solution is QuickBooks.

QuickBooks is a business accounting application that assists in several different financial operations. These operations include payroll actions, invoicing, bill management, auto-payments, tracking income & expenses, and more.

Currently, eight main tiered versions of the accounting software are available based on your business size and accounting requirements. The tiers are upgradable and scale in complexity as your company grows.

For companies without large, dedicated accounting departments, QuickBooks is by far the most popular option. Those unfamiliar with accounting or accounting software may require some training. However, many accounting & consulting firms like Volpe Consulting & Accounting offer training services,.

The first main decision your business will need to make when using Quickbooks is whether you want the online cloud-based version or the desktop application.

QuickBooks Online

The cloud-based system known as QuickBooks Online (QBO) is an increasingly-popular option for managing your business finances.

Since QBO operates entirely online via cloud storage, any web browser (desktop or mobile) can run QuickBooks Online. Browser-based accounting gives you access to your finances from any location.

While there are overall user limits, a cloud-based browser application means your finances are not tethered to a singular physical device. Therefore, multiple devices have instant access to your QuickBooks (no download required).

Often, people refer to QBO as a “stripped down” version of the desktop application. However, it is better to look at this cloud-based version of QuickBooks as the perfect solution for small-to-mid-sized businesses with fewer employees, streamlined product/service systems, and less complicated financial records.

QBO: Self-Employed (Freelance)

The smallest, most affordable option for QuickBooks Online is for freelancers or otherwise self-employed individuals. Sole proprietors who file a Schedule C tax form should use QBO: Self-Employed.

While this may be the most simplified version of QuickBooks, it still does all the essentials needed to keep track of your business finances.

QBO: Self-Employed can sync with bank, PayPal, Square, and other accounts to keep track of your business income and expenses. Also, you can quickly take and add photos of your receipts and business transactions.

In addition, Self-Employed creates/sends invoices, tracks/accepts payments, generates basic reports, & estimates quarterly taxes. Plus, Mileage Tracking is a feature exclusive to the QB: Self-Employed option.

However, QBO: Self-Employed is the only plan without the option to upgrade to another tier. If you soon plan on expanding or hiring more employees, you will need to create a new account when moving up to the next plan.

PRICE: $10/month
USER-LIMIT: One (1x)

QBO: Simple Start

If you are a small business LLC, partnership, corporation, non-profit, or a sole-proprietor filing anything more than a Schedule C tax form, then your starting point is QBO: Simple Start.

Unlike Self-Employed, Simple Start is for small businesses intent on eventually growing and expanding. Simple Start is upgradable to any of the higher-tier plans as your company requires more complex accounting.

Simple Start includes all of the operations and features of Self-Employed (except Mileage Tracking). Therefore, Quickbooks’ cloud processes and stores all of your income, expenses, invoices, payments, and reports.

Moreover, QBO: Simple Start adds the ability to track sales and sales taxes for each invoice. This plan will also sync with your favorite e-commerce platforms (like Shopify) and provides a mobile card scanner, allowing you to accept almost any credit card in the world.

Not only does Simple Start integrate sales taxes and generate quarterly tax expenses, but it will also maximize your business tax deductions.

PRICE: $20/month
USER-LIMIT: One (1x)
ADD-ONS: Self-Service Payroll ($35/month) & Full-Service Payroll ($80/month)

QBO: Essentials

Next up is the QuickBooks Online: Essentials plan. This plan is for growing small businesses in need of a bit more detailed financial record-keeping.

QBO: Essentials includes the income/expense tracking, invoice/payment processing, photo receipts, basic reports, quarterly tax estimation, tax deduction maximization, sales tax estimating, and e-commerce connectivity offered in Simple Start.

However, one big step up from the Simple Start plan is the addition of multiple users. With Essentials, up to three users can access QuickBooks Online at a time.

The Essentials plan also includes bill management and payment-scheduling. A final additional feature is the inclusion of time-tracking, employee-accessible time clocks, and billable-hours invoice integration.

PRICE: $35/month
USER-LIMIT: Three (3x)
ADD-ONS: Self-Service Payroll ($35/month) & Full-Service Payroll ($80/month)

QBO: Plus

QuickBooks Online: Plus is the most popular version of the application and includes a wonderfully-robust feature-set for small-to-mid-sized businesses.

The Plus plan includes everything in the QBO: Essentials plan. Impressively, this plan also adds several new features, accesible right at your fingertips.

A plethora of more advanced reports and processes are available, all organizable and customizable. The user-limit increases from three to five, allowing for a small accounting team to access QuickBooks in addition to a boss or operating manager.

Also, a brand new feature of QBO: Plus allows for project profitability tracking. Track entire projects with detailed Job Costing and clean dashboard comparison modules. You also gain access to a Chart of Accounts with up to 250 entries, and a total of 40 combined class/location trackers.

Inventory becomes streamlined as well with QBO: Pro. Track your products, monitor your costs, see what’s popular and receive alerts when your stock gets low. QBO: Pro will even generate and organize purchase orders.

The QBO: Pro plan also includes 1099 contractor management integration. You can now file 1099s the right way through QuickBooks, assigning vendor payments to proper categories and documenting every payment schedule.

PRICE: $60/month
USER-LIMIT: Five (5x)
ADD-ONS: Self-Service Payroll ($35/month) & Full-Service Payroll ($80/month)

QBO: Advanced

QBO: Advanced is the final top-tier upgrade in the Quickbooks Online family. This plan is the next (and final) step for mid-sized businesses before making the leap into a larger, more complex financial situation.

The devil is in the details with this plan, as it includes everything in the Plus plan and so much more. The user-cap raises from 5 to a staggering 25 users. Chart of Accounts and class/location tracking become unlimited. Accelerated Invoicing and a dedicated Customer Success Manager are new to this plan tier, as well.

Some other significant upgrades include Smart Reporting (powered by Fathom), Premium Care (with Priority Circle), custom user permissions, and self-paced training courses.

PRICE: $150/month
USER-LIMIT: Twenty-Five (25x)
ADD-ONS: Self-Service Payroll ($35/month) & Full-Service Payroll ($80/month)

QuickBooks Desktop

For those companies that need a more full-bodied accounting program, QuickBooks also offers dedicated desktop versions of their software.

Currently, the three-tiered desktop version of QuickBooks is only available on Windows-based PCs.

However, QuickBooks for Mac is finally available again for a one-time payment of $299.95! While this version is not identical to any one version of the PC desktop versions, QB for Mac 2019 is the most in-depth version ever offered.

QuickBooks Pro

The first tier of desktop applications for Quickbooks is the Pro version. This application is downloaded directly to your computer for use both on and offline.

The Pro plan maximizes tax deductions, organizes your income and expenses, tracks detailed business performance, generates financial, sales, and tax reports with one click, and advanced-yet-easy-to-use tools for all your basic business accounting needs.

QuickBooks Pro Plus is a yearly-subscription version of the standard QB Pro desktop application that includes 24/7 customer support, automated data back-up and recovery, and easily-installed software updates.

PRICE: $299.95 (Pro – one-time payment; Pro Plus – per year)
USER-LIMIT: One (1x)
ADD-ONS: Hosting Services (for pricing, call (800) 224-0952)

QuickBooks Premier

Second, the QuickBooks Desktop suite offers the Premier plan for businesses requiring more detailed control over finances.

Expectedly, this plan features everything in the QB Pro plan. However, the user-count is increased to up-to 5 different users. Your accounting team will thank you for the extra access.

QB Premier also generates industry-specific reports, creates sales orders, tracks productivity and inventory costs, and allows you to set product and service prices by customer type.

QuickBooks Premier Plus is a yearly-subscription version of the standard QB Pro desktop application that includes 24/7 customer support, automated data back-up and recovery, and easily-installed software updates.

PRICE: $499.95 (Premier – one-time payment; Premier Plus – per year)
USER-LIMIT: Five (5x)
ADD-ONS: Hosting Services (for pricing, call (800) 224-0952)

QuickBooks Enterprise

So, you’ve hit the big time, eh? If your impressive business enterprise requires you have absolute control over every detail of your finances, you might want to consider using QuickBooks Enterprise.

As you might have guessed, the Enterprise plan includes everything in both the Pro and Premier plans. Enterprise, however, stands tall above all others when it comes to ability.

Enterprise can scale up to 30 different users. It also supports up to 1 million list items. You get advance reporting, advanced pricing, and advanced inventory tools at your disposal. Detailed roles and permissions assignment options are included, in addition to industry-specific tools for contracting, manufacturing & wholesale, non-profit, retail, professional services, accounting, and more.

Finally, QuickBooks Enterprise includes app-integration for over 180 different programs. if QB Enterprise seems like the best option for you, you can specify your Silver, Gold, or Platinum Enterprise plan with QuickBooks to receive a personalized estimate.

PRICE: Dependent on Details (See Website)
USER-LIMIT: Thirty (30x)
ADD-ONS: Hosting Services (for pricing, call (800) 224-0952)

QuickBooks Training & Consulting

Do you need help training your employees on how to use QuickBooks so you can manage certain day-to-day operations with ease?

Volpe Consulting & Accounting Services will tailor your QuickBooks setup to include everything you need to run your businesses finances smoothly.

With official QB ProAdvisor certifications in both the desktop and online versions, Volpe has years of experience with QuickBooks and can help your small business build the appropriate starting point to succeed.

Get started with a free accounting consultation from Volpe Consulting & Accounting!

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