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Other businesses should consider whether tracking P&L by class and location is worth the extra $34 per month. In addition, QuickBooks Solopreneur, a new and improved version of QuickBooks Self-Employed, is designed for one-person businesses and is available for $20 monthly. QuickBooks Online is a good option for many small businesses that are looking to make invoicing customers easy and integrate invoicing and payments into the general ledger. Small businesses can customize how they use the platform so that they only use the features they need.

However, existing Pro and Premier users can still renew their subscriptions. With QuickBooks Desktop, you must make an Accountant’s Copy of your data file and send it to your ProAdvisor. The copy will allow you to continue to work on transactions in the current period while your accountant makes adjustments to past periods.

QuickBooks Self-Employed is a QuickBooks Online product for contractors and freelancers, specifically for those who do not have separate business and personal financial accounts. It starts at $30 a month and includes basic features only, such as mileage tracking and invoicing. In both QuickBooks Online and Desktop, you can assign costs to your inventory items and track the quantities sold to calculate the cost of goods sold (COGS). Service or project-based businesses should choose accounting software that can track project costs, revenues, and profits.

QuickBooks Online is simply easier to learn, provides a detailed onboarding process, and is very intuitive. The software itself may look like an outdated image on some monitor within a cubicle maze, but it’s versatile in what it can do. The dashboard does an excellent job dividing all accounting aspects into a flowchart type of view, while the sidebar provides quick access to a list of features. That said, it can feel overwhelming and confusing if you don’t have prior accounting knowledge. While the two iterations are different in some aspects, they’re essentially the same product, and the differences between them aren’t as glaring as they are with other accounting software solutions.

Can I switch from QuickBooks Solopreneur to any higher version of QuickBooks Online?

Advanced is slightly better than Plus and the other QuickBooks Online plans in A/P and A/R because of its batch invoicing and expense management features. Batch invoicing allows you to create multiple invoices at once rather than creating them one at a time. This can be useful if you have many customers who need to be invoiced for the same products or services. You just need to create a single invoice template and then apply it to all the customers who require the same invoice. QuickBooks Online has four pricing tiers and offers 50% off for the first three months when you purchase. The first tier is the Simple Start Plan at $15 per month for the first three months, then is $30 per month.

Advantages of QuickBooks Online Plus

The software must have tools to track time, record billable hours or expenses, send invoices for progress billings, or monitor project progress and performance. This takes into account customer management, revenue recognition, invoice management, and collections. Meanwhile, Simple Start is a good starting point for most small businesses, especially those that don’t need to enter bills, track billable hours, and manage projects and inventory. It includes payroll processing, which allows you to calculate and track payroll taxes, and it lets you track assets and liabilities and use automated sales tax on invoices. Additionally, it enables you to record and track payments made to 1099 contractors. QuickBooks Solopreneur works very well for one-person businesses, especially those with a limited client base and minimal expenses and income streams.

QuickBooks Money

The Plus Plan is $45 per month for the first three months, then becomes $90 per month, and adds up to five users. It also has inventory management and gives you the ability to project profitability with forecasting reports. The Advanced Plan is the final tier for $100 per month for the first three months, then reverts to $200 per month. This allows more users (up to 25) and increases analytics for users to assess the business’s health.

A notable new feature is Spreadsheet Sync, which helps you generate consolidated reports across multiple entities easily. It is an advanced feature that lets you import and export data between QuickBooks and revenue and expense year Microsoft Excel. You can easily generate custom reports in a single spreadsheet, create complex calculations, and use Excel’s built-in tools to work on your data. Once the data is finalized in Excel, you can easily post it back to QuickBooks Online Advanced. With Plus, you can create projects and add income, expenses, and wages. The Projects tool helps you manage different jobs and projects for your clients and track costs related to labor and materials.

1. QuickBooks Payroll allows you to pay your employees by checks or direct deposits, e-file and e-pay taxes, print and e-file W-2 Forms at year-end, and more.
2. While QuickBooks Online does offer security features like multi-factor authorization and encrypted data storage, it’s accessible by anyone with employee login credentials and an internet connection.
3. QuickBooks Online is cloud based, which means you can access your QuickBooks account anywhere you have the internet and an internet-enabled device.
4. Essentials even lets you record employees’ worked hours and track billable hours by customer and project.

This plan gives you all the basics needed to run your business accounting, including income and expense monitoring, invoice and payment capability, tax deductions, receipt capture and mileage tracking. Speaking of extra fees, QuickBooks Desktop also charges for e-commerce app integration, invoice-based payment acceptance, and online data hosting. If you choose QuickBooks Desktop Pro Plus, you’ll also need to pay extra if you want to access customer service via live chat. Notably, only QuickBooks Desktop Enterprise includes 24/7 customer service.