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How to Know Which QuickBooks Online Subscription is Right for Your Business

QuickBooks Online Subscription Levels and Your Business

Which QuickBooks Online Subscription is Right for Your Business?

QuickBooks Online Subscription Levels and Your Business

Here’s a big surprise: I use QuickBooks Online to manage my business finances and wouldn’t have it any other way! I’ve been using it for years and am constantly impressed with the new features that consistently roll out as well as the overall power and flexibility of the software. I am so proud to support a product that truly roots for the success and growth of small businesses everywhere. And, the best part is? There are multiple versions of the software to choose from and I’m sharing my knowledge about the variety of offerings with you today!

With four subscription levels, it may be hard to decide on which QuickBooks Online subscription is right for your business. Before committing to any one level, let’s take a look at a few deciding factors that will help narrow down your options.

 

Choosing the most fitting one right off the bat will save you both money and time:

QuickBooks content inclusion Tick mark First, you won’t be paying for features that you don’t really need.

QuickBooks content inclusion Tick mark Second, although you can upgrade subscription levels pretty easily, downgrading is a more delicate step-by-step process that I highly recommend outsourcing to a QuickBooks ProAdvisor.

QuickBooks Online Subscription Levels and Your Business

So, now you’re ready to use QuickBooks Online—Awesome!

You just need to know... where to start?

 

Let’s look at the four different levels and what type of businesses they’re the best fit for:

Note that each subsequent level up contains the same or similar features as the preceding level.

 

  • QuickBooks Self-Employed: This option was uniquely designed for simple Schedule C businesses that need help tracking income and expenses.

A good fit for QuickBooks Self-Employed would be Uber drivers, independent real-estate agents, graphic designers, and other freelancers. With this option, you’ll get single-user access, bank feeds, and the ability to quickly separate business from personal spending. If you need to invoice customers, this feature is available as well as the ability to receive payments online—quickly!

QuickBooks content inclusion Tick mark Other features include mileage tracking and estimated quarterly tax calculations.

 

  • Simple Start: This level is great for the business that requires single-user access. With Simple Start, you can create unlimited estimates and invoices as well as manage Accounts Receivables. You can also record and print checks, connect unlimited bank and credit card accounts, add QuickBooks Payroll as well as QuickBooks Payments, and connect 3rd party apps from apps.com. Additionally, you’ll have access to over 20 reports including basic financial and A/R reports.

 

  • Essentials: If you need more user-access, the middle-tier option, Essentials, allows up to 3-users with customized access. With this level, you also have the option to create recurring transactions, which allows you to schedule transactions to automatically post or to create template transactions to be used in the future. Hello, automation!

QuickBooks content inclusion Tick mark If you have Accounts Payable to manage, you’ll definitely want to start at this level.

Another great feature is the ability to create delayed charges and credits. These are non-posting transactions throughout a certain period that will be billed in the future. For instance, if you’re working on a project and need to include additional products or services to be added when you create the final invoice, you’ll enter a delayed charge to be used later. Watch this process in action here!

QuickBooks content inclusion Tick mark Additional features include multi-currency as well as 40+ reports including, A/P, Products/Services, and Company Snapshot.

 

  • Plus: This level is the most robust and will give you all the features offered in QuickBooks Online. With Plus, you can have up to 5 company users and up to 25 total.

If you have any amount of inventory, you need Plus, which is the only level that allows for inventory tracking. With inventory functionality, at this subscription level, you can also create Purchase Orders.

Class and location tracking is also a big feature here. If you need to segment operations into different classes or have multiple locations, you’ll want Plus.

QuickBooks content inclusion Tick mark Other important features include budgeting, preparing, and printing or e-filing forms 1099-MISC, and 65+ reports including classes and location as well as inventory and time-tracking.

I hope this post serves to better inform you about getting started with this powerful business tool. If you have any questions about choosing the right QuickBooks Online subscription for your business or if you’re interested in switching over to QuickBooks Online, reach out and let’s talk!

Set on your subscription level and ready to order? You can do that here!

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