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QuickBooks for Small Business: Which Version Do You Need?

basic quickbooks

If you need to compare actual and estimated project costs, then you will need to upgrade to QuickBooks Online Advanced. It’s a new feature that allows you to compare your projected expenses for a project and the actual costs incurred during its completion. This helps you better track whether each project is profitable or not. You can access QuickBooks Bill Pay directly from within your QuickBooks Online account. If it’s a new bill, click Save and Schedule Payment; if it’s an existing one, select Schedule Payment.

QuickBooks Online is a cloud-based subscription service that gives you access to the software from wherever you are. You can use any device that has internet connection to login to your account. QuickBooks’ other cloud-based product, QuickBooks Self-Employed, focuses on freelancers and contractors who want to maximize end-of-year tax-write offs. It works best for self-employed business owners who file their taxes with TurboTax, another Intuit product. All QuickBooks plans—even plans limited to one user—include free accountant access.

basic quickbooks

As of 2023, you can still purchase QuickBooks Pro Plus, but only if you reach out directly to QuickBooks’ sales team. If you contact the sales team, they’ll most likely try to sell you on QuickBooks Online rather than a desktop Pro subscription. QuickBooks Online is not free to use, but new customers can choose between a 30-day free trial or a 50% discount for three months. You can also use QuickBooks’ ProAdvisor network to find certified accountants and bookkeepers.

Because the product is cloud-based, it’s accessible anywhere with an internet connection. QuickBooks is a well-established accounting software that is widely used by businesses from a variety of industries. With five plans, each at different price points, users can choose the plan that best meets their business needs without paying for additional features that they don’t want. As a business grows, users can easily upgrade to a more advanced plan with additional features seamlessly. QuickBooks is the platform most used by professional accountants so if you plan to work with an accountant, they will likely be very familiar with the platform, its features and capabilities.

QuickBooks Options & Pricing

To enter a new fixed asset, you need to provide important details, such as the asset name and depreciation details. Click on the cogwheel on your company dashboard and select Spreadsheet Sync under TOOLS. Next, activate the Spreadsheet Sync add-on by clicking Let’s Go in the pop-up window. Follow the screen prompts, and you’ll be able to install Spreadsheet Sync and sign in using your login details. With Essentials, you can track your unpaid bills easily and pay them directly within QuickBooks.

As with time, these billable expenses will be available to add to the customer’s next invoice. You don’t need the payroll add-on to track employee time for billing purposes. You need at least QuickBooks Essentials to track billable hours and Plus to track billable expenses. To help you stay on top of your receivables, QuickBooks will record the income and track how much each customer owes you automatically. You can view the number of your outstanding invoices—known as your accounts receivable (A/R)—and how many days they’re overdue by running an A/R aging report. All of the features discussed and images presented below are primarily based on the cloud-based version, QuickBooks Online, which is our overall best small business accounting software.

Banking services provided by our partner, Green Dot Bank, Member FDIC. After any initial trial period, you will be charged the standard rates for your product. With QuickBooks Online Simple Start, you’ll be able to see your income, track your expenses, and know where your business stands, all in one place.

Additional QuickBooks Premier Costs

As a QuickBooks ProAdvisor, Mark has extensive knowledge of QuickBooks products, allowing him to create valuable content that educates businesses on maximizing the benefits of the software. It will even calculate your estimated quarterly tax payments and remind you when they’re due. Your COA in QuickBooks provides a complete listing of all the accounts you need to track your financial data.

  1. Accept credit cards and payments anywhere and we’ll automatically calculate sales tax for you.
  2. Run payroll on any device with taxes, compliance & reporting built-in.
  3. QuickBooks offers six accounting products, but one of its online accounting plans will be the best choice for most small businesses.
  4. QuickBooks Enterprise is the desktop lineup’s most robust plan — it allows up to 40 users and has industry-specific versions.

In addition to accounting products, QuickBooks offers payroll and POS software, along with payment processing services. QuickBooks Enterprise is the most customizable and powerful version of all the QuickBooks products, making it ideal for larger businesses with complex finances. It builds on Premier Plus with QuickBooks’ most advanced inventory, reporting and pricing capabilities. Enterprise is more easily scalable than other QuickBooks Desktop products, offering four plans and the option to add remote access.

What is QuickBooks, and how does it work?

QuickBooks is an accounting software package created by Intuit, which offers solutions for managing personal, business, and tax finances. QuickBooks’ payroll solutions integrate perfectly with both QuickBooks Online and QuickBooks Desktop. If you want to access financial data remotely, you usually have to pay an additional fee for offsite hosting. QuickBooks Desktop plans also cost an annual fee per user, and most plans only allow for up to five users. QuickBooks Online plans also allow for up to 25 users, which is more than most desktop plans allow.

What is the difference between QuickBooks and QuickBooks Online?

You have easy access to all the common financial statements like balance sheet, profit and loss (P&L) statement, cash flow statements and taxes filed. You can take a printout of these statements for your accountant and send it across to them at the time of filing or invite them to view these statements without needing a login ID or password. Accept credit cards and payments anywhere and we’ll automatically calculate sales tax for you. To manage payroll through QuickBooks Payroll, you’ll need to pay a fee for this add-on service, with plans ranging from $45 to $125 per month, plus an additional $5 to $10 per employee per month. QuickBooks Self-Employed is suitable for freelancers and independent contractors who want to be able to track all their business expenses (such as rent or marketing) in one place. If you report income on Schedule C of your personal income tax return, this cost-effective option might be best for you.

Contractors should also select Plus to track the profitability of individual projects. Other businesses should consider whether tracking P&L by class and location is worth the extra $30 per month. QuickBooks Online is our overall best small business accounting software. To help the purpose of a bank reconciliation narrow down the best plan for your business, answer a few short questions below. This will offer you a customized recommendation based on the responses you give. Afterward, continue reading our article for a more detailed comparison of the five QuickBooks Online plans.

QuickBooks offers a free one-on-one meeting with a QuickBooks ProAdvisor for new users. Your ProAdvisor will help you set up your company file, including adding your business information, setting up accounts, and connecting your bank accounts. Most integrations come with additional monthly subscription fees, so be sure to account for these extra costs when calculating how much QuickBooks is going to set you back. In addition to the basic QuickBooks Enterprise features, QuickBooks Enterprise Platinum also includes advanced inventory, advanced pricing, and bill workflow approvals. With three distinct QuickBooks Desktop options, the pricing structure can be confusing.

The right fit for all kinds of businesses

You can use it to invoice customers, pay bills, generate reports, and print reports to be used to prepare taxes. Simple Start is a good starting point for most small businesses, especially those that don’t need to enter bills, track billable hours, and manage projects and inventory. It includes payroll processing, which allows you to calculate and track payroll taxes, and it lets you track assets and liabilities and use automated sales tax on invoices. Additionally, it enables you to record and track payments made to 1099 contractors. Although you can track expenses, QuickBooks Simple Start doesn’t enable users to pay bills. Service or project-based businesses should choose accounting software that can track project costs, revenues, and profits.

To get the best possible experience please use the latest version of Chrome, Firefox, Safari, or Microsoft Edge to view this website. About half of the tutorials have an average runtime of 5 minutes or less, and the longest is slightly less than 14 minutes long. Most QuickBooks Online tutorials include a video where we demonstrate the concepts presented in each course. We compared its four options in our QuickBooks Online plans comparison.

(The general business version still includes excellent reports—they’re just more broad.) For instance, the general contractor plan includes job costing and reports that organize costs by vendor. The wholesale version breaks down profitability by product, and the nonprofit version lets you generate donor contribution summaries and end-of-year donation statements. In addition to QuickBooks Online, Intuit offers a desktop product called QuickBooks Desktop, which is locally installed rather than cloud-based.

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