Are you ready to start using QuickBooks Online but not sure where to start? Choosing the right subscription level for you and your business is essential in getting the most out of QuickBooks Online (QBO). First, congratulations for taking the first step to cloud-based accounting. Whether you are just starting out as a new business owner or you have been around the block a time or two, cloud-based accounting is the way of the future.
If you are reading this, it is likely you have already decided that QBO and cloud-based accounting is right for you. So just to solidify that you made the right decision, below are a list of the benefits of QBO;
Company Data can be accessed from many platforms, PC or Mac.
Access data from multiple devices, browser or tablet; QuickBooks Online mobile access is included with QuickBooks Online Subscriptions at no extra cost.
Users can access data from anywhere at any time. Users in different locations can work at the same time - no reason to transfer files back and forth.
All the data is hosted, backed up, and secured by Intuit’s servers using 128-bit encryption.
Attached supporting documents and transactional messaging allows for greater collaboration and centralization of information.
Invoices are automatically created and sent to clients, including delayed customer charges for unbilled time and costs.
Comprehensive Audit Log and Activity Log track all changes made to the company data including login information, list changes and access by third-party apps.
Schedule Reports to be emailed to anyone at regular intervals.
Further organize data with both class and location tracking; you can choose from seven label options for your customers.
Bank transactions are automatically downloaded to the Banking Center.
Subscribe to and use Intuit approved third party apps from inside QuickBooks Online
Post to multiple Accounts Receivables and Accounts Payable lines in a single journal entry
Track inventory using the first in, first out (FIFO) method.
So now that I have fully convinced you that you are making the right decision by choosing QBO, lets talk about the three subscription levels offered: Simple Start, Essentials, and Plus. QBO also offers a Self-Employed version but I find it less than thrilling and lacking in substance. You may also add Payroll and Merchant services for an additional subscription fee.
You can also visit https://quickbooks.intuit.com/online/compare/ to view a detailed comparison and prices.
So which of these subscriptions levels will meet your business needs? Well this decision is based on your needs, so what are your needs? How many users will be accessing your books? What reports do you want? Once you have finalized your expectations from QuickBooks Online, choose the best plan from the above described subscription levels.
Is inventory tracking on your list of essential items? Then the Simple Start and Essentials subscriptions will not work for you as these two versions of QuickBooks don't support inventory tracking.
QuickBooks has come up with the following three scenarios to help you make your decision:
Still not sure?
I recommend starting out with the Simple Start to get a hands on feel for what QuickBooks Online is all about. After all, you can always choose to subscribe up to the next level but not down.
Committing to and choosing a subscription level can be a little daunting but hopefully this article has taken the stress of this decision down a couple notches. After all, the important thing here is that you are on the right path to financial understanding and growth for you business!