It’s a risk-free way to get hands-on experience with the platform before committing to a paid plan. If you’re collaborating with a small team and need more than basic bookkeeping, the Essentials plan offers a solid upgrade. For $65 per month (or $32.50/month with the 50% discount for the first three months), you get everything in the Simple Start plan, plus some helpful additions. The Essentials plan allows up to three users and includes time tracking, bill pay, and more robust reporting features. This makes it a good fit for small businesses that need to manage bills and invoices more efficiently. Picking the right accounting software is crucial for any business owner.
QuickBooks Live Bookkeeping:
You can create detailed reports that provide insights into your business’s financial health. This feature helps you make data-driven decisions, plan for the future, and present financial information to stakeholders with confidence. The Essentials plan builds on the Simple Start plan by adding features like bill management, multiple currency handling, and enhanced reporting. It is ideal for growing businesses that need to manage more complex financial operations and collaborate with a small team.
Monitor Project Profitability
I found it incredibly easy to customize invoices to match my brand, and you can too. This feature ensures you get paid faster by allowing you to send professional invoices directly to clients. Plus, you can track the status of each invoice, so you always know who owes you money and when payments are due. QBO offers some automation features, but they might not be enough for scaling businesses. As your transaction volume increases, manual data entry and reconciliation can create bottlenecks.
This means you must first cancel your Solopreneur subscription and then sign up for the QuickBooks Online version you wish to upgrade to. Plus allows you to assign classes and locations to transactions, providing insights into the performance of various divisions or locations. This feature is invaluable for businesses operating in multiple areas or departments, helping identify the most profitable units. Once fulfilled, POs can be seamlessly converted into bills, streamlining your purchasing process. The QuickBooks Online comparison chart below highlights some of the key features of the five plans.
The solopreneur plan generates a profit and loss report but lacks a balance sheet—a crucial tool for providing a comprehensive view of your business’s financial health. For businesses seeking expert financial guidance, QuickBooks Live Bookkeeping provides on-demand access to certified bookkeepers. You can try it out with a free trial to see how this personalized support can simplify your accounting tasks. QuickBooks Online (QBO) is cloud-based accounting software that lets you manage finances from anywhere with an internet connection.
- This version is a great starting point if you need a simple, affordable solution to manage your self-employment finances.
- Cloud-based software operates entirely in the cloud (on the internet), whereas locally-installed software is downloaded and installed on a single, on-premise computer.
- You may quickly post the completed data from Excel back into QuickBooks Online Advanced.
- The Payroll Core + Essentials combines the Essential subscription with the same Payroll features.
- This feature simplifies asset management and aligns with standard accounting practices.
- Integrations are third-party add-ons that give you additional features and capabilities.
When should you use QuickBooks Essential, Advanced, Simple, and Plus for Your Business?
QuickBooks Online and QuickBooks Solopreneur are the best for businesses wanting cloud-based software with mobile apps. QuickBooks Solopreneur is specifically for freelancers, while QuickBooks Online is a good fit for nearly any size business. Businesses that require multiple users or want more accounting features will benefit more from using QuickBooks Online. There are six QuickBooks versions that allow business owners to manage their accounting and finances.
You can access your financial data from anywhere with an internet connection, whether you’re at the office, working from home, or traveling. This flexibility also makes it easier to collaborate with team members and share information with your accountant. QuickBooks Desktop, being tied to a specific computer, lacks this flexibility. While you can access your data remotely with some workarounds, it’s not as seamless as QBO’s cloud-based access. QuickBooks offers native integrations with over 750 popular business apps, boosting functionality and connectivity.
You can generate all the reports you need with the financial information entered into your company’s bookkeeping software. Bookkeeping software gives you a great snapshot of what your business’ finances look like. By having all of your financial information in one easily accessible interface, you will be able to plan and prepare for the future with a high degree of accuracy. We’re here to make migrating your desktop data and getting to know QuickBooks Online as seamless as possible. Easily do it yourself, or get help from a specialist if you have questions.
QuickBooks Essentials vs. Plus: At a Glance
For most plans, phone support is available from 6 am to 6 pm on weekdays, or from 6 am to 3 pm on Saturday, although the QuickBooks Advanced plan includes 24/7 phone support. Live chat and a chatbot are also available as forms of support that can guide users towards answers that can’t be addressed through online resources. In addition, it offers cash flow projection tools that will further help with creating and maintaining the best budget. QuickBooks Online is a feature-rich accounting software that will handle your business needs, from customizable invoices and reports to over 750 third-party integrations. 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. You can generate reports in Simple Start and get access to over 40 reports with Essentials.
This article comparing QuickBooks Online vs. QuickBooks Self-Employed offers further insights into the various QuickBooks offerings. QuickBooks Plus is the most popular plan for businesses since it includes features such as inventory tracking, project management and tax support. Midsized businesses with several customers or clients might benefit from the ability to track profitability with QuickBooks Plus. If your business has complex inventory management needs, particularly if you deal with manufacturing or wholesale, you might find software like Xero more suitable. Alternatively, if you’re a freelancer or solopreneur with very basic accounting needs and a tight budget, Wave, a free accounting software option, might be a practical starting point.
Also, as your data grows, you might encounter performance issues or storage limitations, depending on your plan. Choosing the right QuickBooks Online plan means understanding the costs, available discounts, and the potential return on investment. Let’s break down what each plan offers and how it can benefit your business. Choosing the right one depends on your business needs, size, and industry. A Live bookkeeper cannot begin cleaning up your past books until they receive the required supporting documentation, which your bookkeeper will request from you after your first meeting. Once your bookkeeper receives all the necessary documentation, they’ll typically complete your cleanup within 30 days.
For process-oriented, scaling companies, QuickBooks offers mature tooling. But for those seeking transformation, beyond accounting into unified business intelligence, Business Central stands alone. Launched in 2006 in New Zealand, Xero positions itself as a born-in-the-cloud, user-first accounting platform. Its strength lies in intuitive usability and wide integration capabilities. Designed for businesses that prefer nimbleness and global operations, Xero often appeals to digitally native teams and international startups.
Check For A QuickBooks Online + Payroll Bundle Discount
Larger businesses will be looking at QuickBooks Premier, QuickBooks Enterprise, or the QuickBooks Online Advanced plan, depending on the number of users they need. The real thing that sets QuickBooks Premier apart from QuickBooks Online and QuickBooks Pro is the industry-specific features. You also can have one to five users with QuickBooks Premier (instead of QuickBooks Pro’s three-user limit).
- It also features great inventory tracking with end-to-end sales order fulfillment.
- Most integrations come with monthly subscription fees, so be sure to account for these extra costs when calculating your total costs for QBO.
- Set up online bill payments with third-party apps, schedule recurring product orders, make partial bill payments, and integrate with third-parties like Bill.com, PayPal, and Apple Pay.
With QuickBooks, many simple tasks are handled automatically, such as online banking and invoicing. According to the QuickBooks site, individual businesses interested in Enterprise can work out a customized pricing solution that saves them some money. But without any sort of discount, and if you add all 40 users to your account, you’re looking at more than $52,000 a year.
QuickBooks Pricing Plans in Detail
When choosing a QuickBooks plan, consider the security features each plan offers. QuickBooks Online Advanced includes continuous cloud backups and data restoration for better data protection. Users can manage access with custom roles, enhancing collaboration and security. When assessing accounting software, check if QuickBooks fits your industry’s needs. QuickBooks offers specialized features for various sectors, boosting efficiency and supporting specific tasks. The QuickBooks Online plan that’s best for you largely depends on the number of users who will be using the quickbooks compare plans program, the size of your business and your particular needs.
If you’re planning to offer equity or stock options to your employees, you’ll probably need to determine your company’s 409A price. View the profitability of your projects, calculate costs, and connect with QuickBooks Payroll and TSheets. Automatic and manual GPS tracking can be categorized into business and personal trips for potential tax deductions. View detailed mileage reports and transfer your mileage when you upgrade your QuickBooks plan.
If not, QuickBooks Online is much more user-friendly, even for accounting newbies. QuickBooks Online is easier to use than the desktop versions, but QuickBooks Desktop Pro, Premier, and Enterprise have stronger features and accounting. This QuickBooks comparison explains the differences between each version. QuickBooks Enterprise is best for large businesses with up to 40 users looking for advanced accounting software.