Comparing QuickBooks Online Plans: Finding the Right One for You
Figuring out the accounting and bookkeeping of your small business can be intimidating, but it’s a necessary step in ensuring you manage your finances properly. Fortunately, there are many accounting services for small businesses available in software, like QuickBooks Online.
An exceptional cloud-based accounting software for entrepreneurs, QuickBooks Online is one of the most popular programs. It helps business owners automate their bookkeeping, monitor taxes, and take advantage of its reporting capabilities. It comes in multiple plans to suit various budgets and business needs, ensuring that you pay only for what you need. This article will compare the different plans to help you figure out the best one for your business. Here’s what you need to know:
QuickBooks Online Simple Start Plan
If you use your debit or credit card to pay for your expenses and have basic invoicing needs for your customers, you’ll benefit most from this plan. Additionally, if you are a contractor or consultant who needs to monitor each of your expenses as they occur, offers invoices, receives payment, or needs to process simple reports, this plan is perfect for you.
This plan will help you organize all the data you need to file sales taxes properly, prepare your income tax returns correctly, and conduct reports to determine how well your business is doing throughout the year.
QuickBooks Online Essentials Plan
Meanwhile, if you pay for expenses at later dates through credit from your suppliers or purchase goods and pay for them at another time but must record the expenses before doing so, you’ll benefit from this plan. It also offers more advanced invoicing options, allowing you to track more details like work crew or sales reps on your invoices. You can also account for gratuities and tips and input your employees’ time. Lastly, if you operate using multiple currencies, this plan will remove the headache of constantly needing to convert them, saving you valuable time.
QuickBooks Online Plus Plan
If you require even more advanced reporting options, you’ll need to subscribe to the QuickBooks Online Plus Plan. Its features enable you to assign locations and “classes” to your transactions so you can report them by location, division, or other classifications that make it easier to categorize.
The Plus Plan is handy for those who need to track and sell inventory since you can accurately account for the cost of the items you sell, send purchase orders to your vendors and suppliers, and keep an eye on inventory quantity. It also helps you stay on top of your budgeting, ensuring you know your financial status. Finally, it comes with a Projects tool that you can use to handle different jobs for your customers, making it useful for monitoring costs against project estimates.
Conclusion
QuickBooks has made it much easier for small businesses to handle their finances, keep track of their cash flow, and serve their customers better. Each plan comes at a different price to accommodate different budgets while offering unique, valuable features. By using our guide, you’ll find the perfect QuickBooks Online plan for your business!
If you need more help with QuickBooks, let us know at Beam Financial Group. We provide accounting services for small businesses by empowering entrepreneurs to control their finances, confidently make smart decisions, and expand their reach. Contact us today to learn more about how we can help you!