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When asked about the best accounting software for small business, the one unanimous name that rings in the mind is QuickBooks. QuickBooks has been winning this popularity for years now and is adored by millions of small business owners and their accountants around the globe. It is adored for its affordability and the robust feature suite that comes with it.
So, it is not a challenging task to choose QuickBooks for your accounting. But it is challenging to choose which edition of QuickBooks goes fit for your small business. QuickBooks comes in a variety of flavours, each catering to specific needs. All you have to do is identify your need, surf over the QuickBooks plan, explore with a free trial and take the plunge.
It might be baffling looking at these plans and pricing if you are a newbie to accounting software. That’s why we have compiled a detailed breakdown of the overview of QuickBooks plans and versions to pick the best version of QuickBooks for small business.
Before we dig deep into details, here is a rough sketch of different arrays of plans and versions QuickBooks comes in. QuickBooks has one for every cadre business owner. Whether you are a freelancer, self – employed or a big business entrepreneur, QuickBooks has got you covered on your accounting chores.
QuickBooks is majorly available in two platforms – online and desktop. There are four options to choose from QuickBooks Online – Simple Start, Essentials, Plus and Advanced. In light of the desktop version, you have QuickBooks Pro and Premier and a Mac version. Apart from this, there is an Enterprise version for big enterprises. And there are three more editions in the online version purely dedicated for Self Employed.
Let’s break down each into detail to narrow down your search for the best version of QuickBooks for small business.
QuickBooks began offering Online editions for professionals who need on the go access. These plans from QuickBooks Online for small businesses are becoming popular among the small business crowd. One of the major arguments favouring QuickBooks Online is that it requires no installation. There is nothing to download as everything is web-hosted. All that you need is a sound internet connection to access and update your books. Furthermore, app updates automatically happen as QuickBooks releases one.
All these four versions of QuickBooks Online are for small businesses. These applications support income and expenses, receipt capture, tax deductions, invoice and payments, mileage tracking, cash flow, estimates, sales and sales tax and contractors. The user access and other advanced features may vary in each version.
As the name suggests, this plan is a very basic one that is suitable only for a single user. So, if you have more employees and need more user access, you should probably skip this plan and move to the next tier.
Simple Start, apart from the aforementioned features, can send estimates, track sales and sales tax and manage 1099 contractors. $12.50 per month for the first three months and $25 dollars per month after that for single-user access.
This package is a little boost from the Simple Start. It has everything that Simple Start has along with enhanced profit and loss reporting and bill pay features such as tracking payment statuses and paying multiple vendors at the same time.
An Essentials subscription plan starts at $20 per month for the first three months and $40 dollars for the following months. Essentials gives three users access to QuickBooks Online.
As Intuit puts it, Plus is the most popular edition of QuickBooks Online and popularly adored as the best version of QuickBooks for small businesses so far. Plus includes the same features as Essentials and Simple Start, as well as other advanced features such as time-tracking, bill management, inventory management and project profitability.
Starting at $35 per month for the first three months, and $70 per month in regular, Plus gives five users access to QuickBooks Online.
This is the top-level access of QuickBooks Online. The Advanced provides all features from the previous editions, plus you can more powerful and customized reports, customized access enhanced analytics and insights. Most advanced features like data restoration, workflow automation and exclusive integrations are available under this plan. You will also enjoy a dedicated accounts manager and the ability to import and send batch invoices and expenses here.
This plan costs about $75 per month for the first three months and $150 per month in the later months and allows about 25 users access. This cost and feature are for an enterprise setup rather than for a small business.
A bonus that all plans have is the accountant’s access. You can invite your accountant or bookkeeper to share your books. And all your data will be stored safely in the cloud with bank-level security.
No matter any plan you choose in QuickBooks Online, you will get a free mobile app that you can access on the go, anywhere anytime. Also, you will be guided by one of the support executives at every inch of your way. Most importantly, you are free to integrate any app that you already use with QuickBooks Online.
There are hundreds of applications scattered in the Intuit App Store to integrate with your QuickBooks to get your accounting done faster. PayTraQer is one such application that can sync online payments with QuickBooks automatically, without any human intervention. While QuickBooks can do the accounting proficiently, you need to feed the values manually to get your accounting process started. Manual keying eats up more time and labour and is highly prone to errors. So, choose the best QuickBooks for small business, automate your bookkeeping with PayTraQer, let QuickBooks do the accounting while you sit in the breeze.
You have to be informed that this plan pricing is for May 2021. The price of QuickBooks Online fluctuates with time and so we do not provide any assurance on the exact monthly fee. There is an additional fee depending on the number of users.
The desktop versions of QuickBooks for small businesses are installed on your computer, instead of online cloud access. You have to purchase a user license for each user’s computer. QuickBooks desktop can accommodate multiple users, but you will have to invest in licences for each user. Also, software updates are not included unless you pay for the Plus version with a yearly subscription fee.
The desktop version has Desktop Pro, Pro Plus and Mac.
And Desktop Premier and Premier Plus.
Though QuickBooks pushes its users to migrate to online versions stating “3 out of 4 customers get more work done with QuickBooks Online vs. QuickBooks Pro”, there are still many companies comfortable with the Desktop versions. QuickBooks Desktop justifies their choice with more add-ons in reporting, accounting features, payroll and inventory management.
There is also a QuickBooks Enterprise version, which is the most powerful version of QuickBooks. It is purely dedicated to medium to large enterprises, especially for those who are planning to expand in multiple locations.
This plan supports up to 30 users for $112.50 per month for the first 12 months and later for $125 per month. This is the desktop version of QuickBooks Online Advanced.