QuickBooks Online is becoming more and more popular to use for small business owners – and it isn’t hard to see why!
With QuickBooks Online, you have the option to pay month to month, to download transactions directly from your online banking, and to add a payroll subscription if necessary. It is a web based program you can access anywhere with your laptop or tablet, it can be linked with many Point Of Sale apps that help you track your sales and payments, and it has several different plans from which to choose from to best fit your needs.
But how do you know which plan is best for you? We will go through each option and outline what they offer so you can make an informed decision.
All plans of QuickBooks Online offer the ability to do the following: tracking income and expenses, creating invoices and accepting payments, and running financial reports. But each plan has its own unique capabilities on top of those!
- The first option available is for Independent Contractors – those who can consider themselves self-employed. This version can also track miles. It is a very simple plan and the most affordable.
- The next plan up from Independent Contractor is the Simple Start plan. In addition to the basic capabilities this version can also be used to send estimates and track sales and sales tax.
- The Essentials plan has all the same capabilities as the Simple Start, but adds the ability to manage bills, track time, and can have multiple users.
- The final plan option – and the most popular – is the Plus plan. It has all the abilities of the Simple Start and Essential plans, but can also be used to track inventory and track contractors who will need to receive a 1099.
Another great advantage of using QuickBooks Online is the ability to give your accountant or bookkeeper access to your books. This enables your tax professional the ability to access your bookkeeping and reports in real time while you are able to continue to enter invoices and other transactions freely and without interruption.
The cost of the plans can vary from $10 to $50 a month – but make sure check with your QuickBooks Pro Advisor before you sign up as there are regular sales and discounts they have access to. Call or visit your Larson and Company office for more information on how to get your plan set up.