A Dive into QuickBooks Online
March 21, 2022
March 21, 2022
QuickBooks is the ultimate business accounting software that allows you to track your income and expenses. Businesses use it to make payments, invoice customers, prepare taxes, and view financial reports.
However, your experience with QuickBooks depends primarily on the plan you choose, which can be decided based on the needs of your business. In this article, we take a closer look at the different subscriptions options business owners have.
This subscription level was created especially for freelancers and contractors. You can effortlessly identify business and personal transactions in QuickBooks Self-employed by safely importing transactions from your banking accounts, classifying them to Schedule C tax groups.
QuickBooks will calculate your quarterly tax bills and assist you in avoiding penalties if you pay late. Here are some of the other features you can expect with QuickBooks Self-employed:
- Track mileage automatically
- Have an accountant review your books.
- Generate and forward invoices
QuickBooks Online Simple Start is intended to serve partnerships, sole proprietors, LLCs, and other kinds of small enterprises. It is, however, best suited to entrepreneurs of small businesses who are self-employed and require basic accounting services.
You can use it to merge two QuickBooks backup files easily. Here is a list of the other services and features you can expect with the Simple Start plan:
- Keep track of your expenses and income
- Get unlimited access to invoicing, estimates, and sales receipts
- Use the Sales Tax feature to automatically calculate tax
- Email or upload images of receipts
- Have a maximum of two accounting firms review your accounts
- Schedule over 20 financial reports, which you can view using the Audit Log in QuickBooks Online
Simple Start has several limitations, such as QuickBooks Online export limitations, making it unsuitable for larger businesses.
If you need more functionality, you should go for the Essentials package. Here are some of the features included with this plan:
- Add up to three users
- Run reports to see the billable time
- Track your accounts and bill payments
- Save time by creating recurring transactions
- Use the multi-currency feature to transact in several currencies
- Access to over 40 reports
SaaS Direct can help you integrate your business with QuickBooks Online and discover the features that can help your business blossom, so give us a call to find out more about the services we have to offer!
QuickBooks Online Plus is one of the most popular plans and is ideal for businesses with over 250 accounts. You can use the QuickBooks smart search feature to find what you’re looking for. It includes all the features of Simple Start and Essentials but also offers the following additional services:
- Add up to five users
- Track locations and up to 40 combined classes
- Use the inventory tracking feature to keep track of your buying and selling
- Measure the profitability of the work you are doing
- Create custom budgets
- Generate over 65 reports
The latest subscription tier is QuickBooks Online Advanced. It has all the capabilities of the other plans mentioned already, with more for a developing company nearing mid-market size. These are:
- Add up to 25 users
- Generate several invoices with ease for batch processing
- Unlimited location and class tracking
- Get a subscription to Fathom, an app that assists with financial analysis and reporting
- Dedicated account manager for support
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