Choose the Version of Quickbooks Online that Best Suits Your Business
Updated: Nov 2, 2018
Businesses big or small rely on having access to timely and reliable financial information to be successful. Financial awareness empowers managers to make confident, strategic decisions that move their business closer to its goals. Accurate financial statements are a direct product of the accounting department - its staff and accounting software.
The most popular and user-friendly accounting software on the market and in the cloud is Quickbooks Online. QuickBooks Online is an accounting solution for small to medium scale enterprises. Its array of features is guaranteed to improve the speed and efficiency of day to day bookkeeping tasks.
Its Easy to Understand.
A noteworthy feature of QuickBooks Online is its user friendly interface. Users of QuickBooks Online get instant insight on their finances with built-in charts and graphs. Important questions like “how much money needs to be collected?”, “where is the most money being spent?” and “am I profitable?” can be answered with just a quick glance at the dashboard. Aside from being colorful and visually appealing, the overall flow is simple and easy to understand. It takes only a few minutes to learn where each tool is located and how to use it.
It’ll Save You Time.
Do less work with Quickbooks Online. Bank accounts can be linked and transactions uploaded with just the click of a button. Sales are recorded instantaneously when credit and debit card payments are processed within the software. Choose from hundreds of third-party apps that sync to Quickbooks Online and eliminate manual data entry.
The creators of Quickbooks Online understood that each business is unique and needs to be treated as such. Quickbooks Online can be customized to accommodate the complexities of every business without breaking the bank. The web based program is available in three different versions – Simple Start, Essentials, and Plus. How do you pick which version of Quickbooks Online best suits your business?
To determine this just ask yourself the following five questions:
1. How many users besides the accountant will need access to the software?
2. Will unpaid bills be managed in Quickbooks Online?
3. Does inventory need to be tracked?
4. Do the finances need to be separated for multiple business locations or different lines of business?
5. Are report features like budgeting and industry comparisons important to me?
Quickbooks Online Simple Start is designed to provide the basic accounting features that every business needs to get by. One user can access Quickbooks Online to keep track of income and expenses, link bank accounts, create invoices, take payments, and print checks. Simple Start is perfect for new or micro businesses with simple bookkeeping needs. If you answered no to all questions above and plan on being the only user with access to the software, then Simple Start will likely be your best option.
Quickbooks Online Essentials is a slightly more powerful version of Quickbooks Online. Up to three users can access the software. In addition to the features available in Simple Start, users can manage unpaid bills and set up recurring invoices. Essentials also allows users to compare profitability with industry trends. This option is best for small businesses that want to use Quickbooks Online to manage their accounts receivable and payable functions. Essentials may be the best fit for your business if you answered no to questions 3, 4, and 5.
QuickBooks Online Plus is the most comprehensive accounting program in the series. It is intended for growing or established businesses that have inventories to keep track of, multiple locations to supervise, and the need for advanced reporting. If you answered yes to questions 3, 4, or 5 then select Plus to take advantage of all that QuickBooks Online has to offer.
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Need to hire a bookkeeper? Schedule a free consultation with a Quickbooks Online bookkeeper. Contact eBookkeeping Solutions today to receive a product recommendation that is specific to your business.