QuickBooks Online: Which Version Should You Choose?

May 25, 2022

Question:

How do I know which version of QuickBooks Online I need? What about add-ons?

Facts:

There are several versions of QuickBooks Online, from here on referred to as “QBO”, the higher the subscription cost the more features. QBO can also be integrated with certain software applications for an additional cost.

Discussion:

So, how do you choose which version is right for you and your business? And what are those options?

QuickBooks Easy Start: Designed for cash-based businesses, small businesses and out-of-home businesses. Unfortunately, we are unable to access and support a client with this version of QBO.

The features are listed below:

• User number: 1
• 20+ reports
• Track sales, expenses, and taxes
• Create invoices and payments
• Online banking
• Capture & organize receipts with the click of your camera

QuickBooks Essentials: Designed for everyday users including service-based businesses and businesses that aim to grow.

The features are listed below:

• User number: 3
• 40+ reports
• Everything listed above in Easy Start
• Customize user setup – protect sensitive information from other users
• Manage and pay bills, print cheques right from QBO and keep track of who you owe
• Track time – track billable hours by client and/or employee

QuickBooks Plus: Designed for businesses that need advanced accounting features.

The features are listed below:

• User number: 5
• 60+ reports
• Everything listed above in Essentials
• Track project profitability – see the revenue and costs for each induvial project
• Inventory tracking – Track products and costs as well as keep track of item count and value
• Track classes and locations – Use classes to sort departments, products, or anything else you need. You can also use locations to sort data by separate office or regions

QuickBooks Self-Employed: For sole proprietors filing T1s. Unfortunately, we are unable to access and support a client with this version of QBO.

The features are listed below:

• User number: 1 (Not compatible with Quickbooks Accountant; cannot add payroll)
• Track sales, expenses, mileage, and taxes
• Create invoices and payments
• Online banking
• Capture & organize receipts with the click of your camera
• Sort business and personal transactions

QBO Mobile App: This app is designed for companies on the go.

The features are listed below:

• Add information like customers and suppliers.
• Select transactions can be entered including invoices, estimates, expenses, invoice payments and deposits.
• Review and categorize bank transactions.
• Review basic reports

QuickBooks Payroll (ADD-ON): Do your payroll straight from your accounting software and reduce double entry time.

The features are listed below:

• Pay employees by cheque or direct deposit with no additional fees
• The taxes will be automatically calculated for you, for accurate reporting
• Run payroll and employee reports

Recommendation:

For more information and a recommendation on which version of QuickBooks Online you should consider for your business, contact us today! We have QBO specialists ready to get you set up and keep you going.