What Is QuickBooks & How Does It Work?

Additional ACH payments for Basic and Premium users cost 50¢ per transaction, and if you need expedited payments (typically the next business day), then you’ll pay $10 per transaction. Additionally, plans include automated bill creation and automatic categorization, but the higher versions include additional features, like unlimited 1099 filing top 10 tax tips about filing an amended tax return and custom bill approval workflows. You can sign up for Premium and Elite with a 50% discount for three months. The Plus Plan is $25.50 per month for the first three months, then becomes $85 per month, and adds up to five users. It also has inventory management and gives you the ability to project profitability with forecasting reports.

Instead, you will need to contact QuickBooks Sales by phone or purchase a subscription through an authorized QuickBooks reseller. QuickBooks keeps your financials organized, providing one place where you can easily manage your business and get real-time insights on how your business is doing. The QuickBooks Online plan that’s best for you largely depends on the number of users who will be using the program, the size of your business and your particular needs. If you are self-employed and report income on Schedule C of your personal income tax return, the QuickBooks Self-Employed plan will likely make the most sense. Due to its several features, QuickBooks is a game-changer for businesses seeking efficient Financial Management and data-driven decision-making. From saving time to ensuring financial accuracy and providing valuable insights, QuickBooks empowers businesses to thrive in a competitive market.

1. For inventory management, you’ll need to opt for the Plus plan at $90 per month.
2. Note that the QuickBooks Online Desktop app is different from the QuickBooks Online mobile app.
3. However you work, no matter what your business does, QuickBooks has a plan for you.
4. In this section, we’ll overview the six versions of QuickBooks, giving the pros and cons of each.

Merchant Maverick’s ratings are not influenced by affiliate partnerships. Each QuickBooks product varies based on price, features, and usability. QuickBooks Online is easier to use than the desktop versions, but QuickBooks Desktop Pro, Premier, and Enterprise have stronger features and accounting.

QuickBooks Enterprise: Best For Large Businesses

QuickBooks Pro Plus is one of the four desktop applications QuickBooks offers. QuickBooks Pro is locally-installed software with highly developed features like contact and lead management, expense tracking, project management, accounts payable, invoicing, and more. In terms of accounting, QuickBooks Pro is one of the most developed solutions available, boasting a chart of accounts, journal entries, bank reconciliation, 130 reports, and more.

They can either enter it themselves using the QuickBooks mobile app or submit it manually and a bookkeeper on your end can enter the details in the app. For an extra $50, sign up for a one-time live Bookkeeping setup with any of its plans. You’ll get the most value out of QuickBooks Online if you understand how to use its transaction tags and reporting capabilities. If you’re not sure whether you’re getting the most of these features, consider asking your accountant to review your chart of accounts and how you’re categorizing transactions. QuickBooks Online is not free to use, but new customers can choose between a 30-day free trial or a 50% discount for three months. Competitors like Xero and FreshBooks offer basic inventory tracking for less, but it isn’t as advanced.

With more advanced features, and multiple users, QuickBooks Online is very popular. This will suit the accounting needs of most small and medium sized businesses. It also offers integration with a wide range of third-party solutions – including Wise Business. However, freelancers that need good tax support and don’t require the more advanced features found in QBO may find everything they need with QuickBooks Self-Employed.

QuickBooks for Mac

It’s important to note that if you choose the free trial, you will lose the promotional pricing. You will have to choose between the promotion or the free trial in this case. Consequently, some traditional accountants and bookkeepers find it complicated at first, because it doesn’t “behave” the way manual ledger bookkeeping used to.

The best thing about using QuickBooks Payroll is that it’s integrated with QuickBooks, so your financial statements are always up to date as of the latest payroll run. You have to purchase a QuickBooks Payroll subscription to run payroll, but you have several levels of service to choose from to fit your needs. Spreadsheet Sync lets you generate customized reports in a single spreadsheet using data from different QuickBooks Online company files.

QuickBooks Desktop Pro Plus: Best For Medium Businesses

What’s more, you can also have your payroll taxes completely taken care of with the software. Putting the software in charge should ease any tax-related stress as it will calculate, file, and pay the taxes. You can even scan and store receipts and track mileage through the mobile app.

You can also purchase a subscription from an authorized QuickBooks reseller. Quickbooks Self-Employed has very limited integrations, but the Turbo Tax integration is one of the greatest parts of the software. When you’re ready to file taxes, you can pull all of your QuickBooks Self-Employed data directly into Turbo Tax to make filing easy. If you can’t decide if QuickBooks Online, QuickBooks Desktop, or another QuickBooks version is right for your business, this guide is for you.

One of the best ways to improve your cash flow is to offer customers the option to pay their invoices online. You can add QuickBooks Payments (formerly known as Intuit Merchant Services) so that customers can pay online directly from their emailed invoice. All QuickBooks products have a maximum user limit, so think about who will need access to your account, especially since the desktop products are priced based on the number of users.

Available for Android and iOS devices, it lets you create and send invoices, accept payments online, and assign expenses to projects or customers. In addition to accounting products, QuickBooks offers payroll and POS software, along with payment processing services. QuickBooks Enterprise is the most customizable and powerful version of all the QuickBooks products, making it ideal for larger businesses with complex finances. It builds on Premier Plus with QuickBooks’ most advanced inventory, reporting and pricing capabilities.

Other QuickBooks-related products

Tracking inventory as you sell them, entering the details in the right expense account and calculating taxable income at the end of the financial year can be very cumbersome manually. Katherine Haan, MBA is a former financial advisor-turned-writer and business coach. For over a decade, she’s helped small business owners make money online. When she’s not trying out the latest tech or travel blogging with her family, you can find her curling up with a good novel.

QuickBooks Self-Employed is tax software created to help freelancers manage their finances. QuickBooks is quite intuitive; that’s why the company is called Intuit! These include TurboTax (for preparation https://intuit-payroll.org/ of personal income tax returns) and ProConnect (tax software for accounting professionals). Once you sign up, you’ll be able to use features that accommodate the type of business you own.

For example, Xero ranges from $13 to $70 per month and includes unlimited users and basic inventory management in all plans. Similarly, FreshBooks ranges from $17 to $55 per month, with time tracking in all plans. QuickBooks Online Simple Start costs $30 per month, includes only one account user (plus access for two accountants) and does not offer billable hours tracking, bill pay or inventory management. For multiple users, bill pay and the ability to add billable hours to invoices, you’ll need to upgrade to the Essentials plan, which costs $60 per month. For inventory management, you’ll need to opt for the Plus plan at $90 per month. Each plan varies in terms of features and the number of users allowed.