Your business is ready to start accepting payments and dedicate business accounts specifically to that income. Congratulations! Now what? We recommend QuickBooks for many of our clients and friends looking to manage cash flow online and simplify account reporting.
QuickBooks is an accounting software tool with products perfect for small to medium-sized businesses. It allows companies to accept business payments, manage and pay bills, streamline reporting, and assist with payroll functions. But with many versions and features available, it can be challenging to know which version is right for your needs.
We’re comparing popular online QuickBooks versions to help you find the right package for you. From Self-Employed to the all-encompassing Advanced version, there really is something for everyone. Which version is right for your business? Let’s find out!
QuickBooks Self-Employed is designed for Independent Contractors needing to separate their business and personal expenses from one another. It is a great beginner package for those just starting with their services and those who file Schedule Cs. Keep in mind, QuickBooks Self-Employed only allows for one user per account, so if you have multiple team members needing access to its tools, QuickBooks Essentials would be the best option for you.
QuickBooks Simple Start
QuickBooks Simple Start gives users access to income reports, expense tracking, and business metrics all in one place. This option is a great step up from confusing spreadsheets and allows you to track all of your business data in one location. Simple Start is perfect for new businesses just starting out who need more robust reporting and tracking than the self-employed options offers. Solo entrepreneurs, gig workers, freelancers, and companies that only sell services may want to consider Simple Start as their package of choice.
QuickBooks Essentials gives businesses the ability to track bill statuses, record and create payments, and view reporting in one simple space. Essentials also offers the ability to pay multiple vendors and bills simultaneously and create checks from anywhere to be printed when needed. This package is an excellent option for service-based businesses that invoice for their work. This package offers three users seats, allowing for more team members to delegate different areas of the business accounting as needed.
QuickBooks Online Plus helps you manage and view all parts of your business, all in one place. Plus allows users to track labor costs, payroll, and expenses with job costing. Users can also see project profitability with clear dashboards and reports and manage or track inventory and stock. QuickBooks Plus is a great option for larger businesses with inventory that need more hands-on deck. This package allows for five users, giving employees specific access to features and reducing errors with auto-syncing.
QuickBook Advanced is the most customizable QuickBooks option and offers integrations with some best-in-class apps to streamline their business. The Advanced choice is ideal for growing businesses with multi-step workflows needing to improve the efficiency of repetitive tasks. Automations can include reminders for improved cash flows, triggers based on your own rules, and solutions that reduce user error risk in your reporting.
Because this option offers the most users at 25, users can easily protect sensitive data and share reports without sharing a log-in. QuickBooks Advanced may be the right solution for their needs if a business is outgrowing its current accounting solution’s capabilities.
We also love QuickBooks because it’s a seamless experience to upgrade or downgrade from one version to another. Use what works best for your business now while knowing that your future business needs will also be covered.
Working with QuickBooks is much more than merely choosing accounting software. QuickBooks allows your business to collaborate easily with accountants and those outside of your company who may need insight into reports and more. QuickBooks is used universally, meaning it integrates seamlessly with third parties and the knowledgebase of how to harness QuickBooks for your business is endless.
Have other QuickBooks questions? Let us know by contacting our team today!