QuickBooks Online: Advantages & Breakdown of Plans

QuickBooks Online (QBO) has been our preferred platform of choice for quite some time now. It is probably the most popular accounting package and it works very well for our clients and their needs. Let me first start by sharing 4 reasons we use QBO.

Access

Having the ability to have multiple users in the file at the same time is crucial. Typically there are many users that need access to the accounting software like the owner, bookkeeper, accounting firm, etc. This feature allows multiple users and locations to have access to the program without the need for any additional software.

Automatic Backups and Updates

I know this one doesn’t seem like a big deal, but just a few years ago this was a major issue. I remember many times not having the most up to date software and not having the ability to work on a client file. Not to mention, any time you did any significant work on a file, you had to back it up in multiple spots in case your computer crashed.

Both of these issues have been solved with the QBO platform. Updates and backups are automatic. This seems like standard practice these days but just a few years ago it was not.

Third Party Integration

QBO has multiple solutions that allow for automatic transaction processing.  First, there is a powerful automatic bank and credit card transaction feed.  This feed allows for specific transaction customization that will automatically recur each time, including splitting expenses between accounts and business segments.  Secondly, QBO as several features for customer billing, payroll, and email reports that are automatic as well.  

Intuit has spent a lot of time over the years working on their integrations. If there is something that you want to integrate with QuickBooks, chances are they have a solution.

Most Common Software

There isn’t much to this one. QBO is the most common accounting software in the industry. Most of the time when we talk to business owners, they are using QBO. 

The Plans

Now I want to talk about the 3 plans that QBO has to offer. Hopefully this will help you determine which plan is best for you. This isn’t an all-inclusive list, I just wanted to discuss the major differences that are most common.

Essentials $25/month

  • Track income and expenses
  • Send invoices and get payments
  • Manage and pay bills
  • Track sales tax
  • Run standard reports

Plus $70/month (everything in Essentials including the below)

  • Project profitability (job costing)
  • Inventory tracking
  • Time and attendance
  • 1099 production
  • 5 users with assignable rights

Advanced $150/month (everything in Plus including the below)

  • 25 users with assignable rights
  • Customized reporting fields
  • Batch invoices and expenses
  • 24/7 premium support

If you have any questions about making the switch to QBO or understanding which plan is right for you, please reach out. I would be more than happy to help you figure out what is best.