Quickbooks Accounting Software
A Detailed Review of QuickBooks as an Accounting Software
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QuickBooks as an Accounting Software: A Guide to the Popular Program
An Introduction to QuickBooks
QuickBooks Online is an accounting software program that uses the cloud, giving you access to a comprehensive mobile application that can help you streamline a wide variety of accounting practices. The program has been designed to be user-friendly, allowing you to customize your applications to meet your specific needs. Through this program, you may be able to automate a number of accounting tasks that you currently do manually. That way, you can save time, make sure your employees are using their time wisely, and access the information you need to make decisions about your company. This software suite comes with multiple tiers that you can customize depending on your budget. Then, if you need to scale up or back your commitment to QuickBooks, you can do so relatively easily.
QuickBooks itself has owned by Intuit, which has been producing accounting software programs for 40 years. With incredible experience, the features of this program have been honed over the years, which shows through in the usability of the program. As a result, QuickBooks has developed a reputation as one of the best accounting applications available today.
The Main Features of QuickBooks
If you are wondering if QuickBooks is right for your company, it is important to take a look at the numerous plans that are available. Some of the plans have been designed for larger companies, While others have been designed for small businesses. Some of the most popular plans available through QuickBooks include:
QuickBooks Self Employed
The first option is called QuickBooks Self-Employed. This is a great option for freelancers, and it costs $15 per month. Even though it might be a bit expensive for freelancers who have a relatively tight budget, it does include a tax feature that is usually a premium edition.
The program has been specifically designed for self-employed freelancers, and it likely will not contain enough features to help small businesses or sole proprietorships that require complex features to handle business taxes. Using QuickBooks self-employed, you will have access to invoicing programs, receipt caps your features, quarterly tax estimates, and balance sheets that can help you run your company.
Even though the program is expensive for Freelancers, the tax addition links directly to TurboTax, streamlining tax processes for Freelancers. Even though there are other free accounting solutions available, QuickBooks Self-Employed does have access to more advanced features that can more reliably track income and expenses. Those who are freelancers running a business might find this level appropriate for them.
If you aren’t a freelancer, this program is going to fall short of what you need, but it is helpful for freelancers because it can help you maximize your schedule C deductions. There’s also a fully functional mobile app.
QuickBooks Simple Start
The next option is called QuickBooks Simple Start. This is a great program for businesses that are on a tight budget. It costs $25 per month and is one of the most affordable options for small businesses that are looking for basic features. It is more powerful than QuickBooks Self-Employed, but it is also more expensive.
This program gives access to invoicing and receipt capture capabilities. It also comes with expense tracking, mileage tracking, and sales tracking. The program provides features that can help with 1099 contractor management, and it allows access to customizable reports.
These are all features that a lot of small businesses require. One of the downsides of his program is that it does not provide access to inventory tracking. It is possible to get around this issue by syncing QuickBooks Simple Start with a third-party program. This could be the best option for businesses that also require inventory tracking but are also looking for a way to limit the amount of money they spend.
QuickBooks Plus
If you have a small business that is growing relatively quickly, then you may need a program that gives you access to even more features. The next option is QuickBooks Plus, which costs $70 per month. There are numerous additional features that make this a great platform for companies that need help with inventory and custom pricing.
Of note, this plan does provide users with access to all the features of the above plans. At the same time, it also gives access to several other features. This includes inventory tracking, project profitability tracking, custom job pricing, and custom job costing. It also gives businesses access to user accounts that can take advantage of this program at the same time.
Clearly, this platform is more expensive, but it also comes with numerous added features that could make it worth it for growing businesses. If you run a business that needs sales tax monitoring, customer quotes, and customized pricing, then the added functionality is that this program could be useful.
Of note, if you are familiar with QuickBooks, you may be interested in the QuickBooks Essential; however, that tier is being phased out in an effort to push people toward this plan. If you do not require project profitability tracking and inventory tracking, and this plan could be too expensive for you. You may be better off with QuickBooks Simple Start instead. On the other hand, if your business is growing quickly, and you need more user accounts, then you may want to look into the QuickBooks Plus plan.
QuickBooks Advanced
Finally, if you have a high-performing business, then you may want to move up to the highest tier. This is a platform that is designed for small and medium businesses. It costs $150 per month, which is very expensive, but it could be worth it for companies that are getting ready to take that next step. This is a platform to provide you with access to 25 user accounts, far more reporting capabilities, a dedicated account manager from QuickBooks, and an extensive online training program that can help you get the most out of the program.
If you have a rapidly growing small business or a medium business, and you have a strong, consistent cash flow, and this might be the right program for you. If you require a customized in-house accounting software program, then it may be time to move on from QuickBooks; however, if you are not there yet, then this plan could be right for you. With access to a wide variety of reporting capabilities, you can customize your reports to meet your needs. Furthermore, even though there are a lot of features with this program, the extensive online training will make sure you completely understand them, allowing you to get the most out of your experience with QuickBooks. Finally, if you have questions or concerns about your experience with QuickBooks, your account manager can help you. It is true that this program carries a hefty price tag, but if your business has consistent cash flows, then it could be worth it.
What About the Premium Add-Ons?
Because QuickBooks is arguably the most comprehensive accounting software program out there, it should come as no surprise that there are premium additions you can take advantage of if you need something more.
You have the ability to upgrade your plan to any tier at any time. Because this is a cloud-based accounting software program, you simply have to alter your subscription to access the other features. At the same time, if you realize you are not taking advantage of all the features, you can reduce your plan to save money.
If you have questions about how to get the most out of QuickBooks, you can add a professional QuickBooks set up for $50. This helps you get your program up and running as quickly as possible, as a professional will help you install and adjust your program to meet the needs of your business.
If you would like to link QuickBooks to TurboTax, and you might be interested in the tax add-ons. The first is $10 a month, which allows you to pay quarterly taxes directly and file state and federal tax returns annually. There is also a more expensive bundle that is $20, but it gives you access to CPA consultants when you need that. That way, you can have a professional account and take a look at your taxes before you submit them.
By the way, you can also take advantage of a payroll add-on. There are several plans available through this premium addition.
Breaking Down the Payroll Addition Plans
There are several payroll Edition plans through QuickBooks. These include:
- Payroll Core: This plan is $45 a month. It gives you access to payroll taxes and forms, health benefits, direct deposit payments, and 401K plans.
- Payroll Premium: This plan is $75 a month and includes all the features of the Payroll Core plan. It gives you access to workers’ compensation, HR support, same-day direct deposit, and mobile time tracking capabilities.
- Payroll Elite: This plan is $125 per month, and it gives you access to all the features of the other two plans. You receive access to 24/7 customer support, white glove set-up assistance, a dedicated HR advisor, project tracking, and text regulatory protection.
Even though these additions can be expensive, they do give you access to a number of other features. You should take a look at the size of your business and see if this is something you require.
QuickBooks Pros and Cons
Clearly, there are a lot of features that come with QuickBooks. At the same time, you may be wondering if this is right for you. That is why you need to weigh the benefits and drawbacks of using QuickBooks.
You should think about these drawbacks and compare them to the benefits available. Then, think about the needs of your company and see if this is something you require.
QuickBooks Pricing and Plans
There is a lot of confusion about which QuickBook plans are right for which companies. A quick breakdown of the plans discussed above include:
- QuickBooks Self-Employed: This plan is $15 per month. It has been designed specifically for freelancers and sole proprietors. It does not have the features necessary to run a small business.
- QuickBooks Simple Start: This plan is $25 per month. It provides you with access to basic expense tracking, invoicing features, and tax deductions. It has been designed for relatively small businesses.
- QuickBooks Plus: This plan is $70 per month. It has been designed for up to 5 users. It gives you access to all of the plants above in addition to inventory tracking, bill pay options, and the ability to manage your payments.
- QuickBooks Advanced: This plan is $150 per month. It gives you access to a wide variety of customization and automation features. It allows up to 25 users to use an account at the same time.
Keep in mind that if you need help getting any of these programs set up, you can ask a professional to help you for $50. There are also payroll premium features you can include for an additional price depending on what you choose.
QuickBooks Cloud and Mobile Capabilities
QuickBooks accounting software is based in the cloud. Therefore, you should not have to worry about remote employees getting lost in the shuffle. They should be able to access the information they need to do their jobs from just about anywhere. This also comes with added security and scalability. If you need to increase or decrease your subscription to QuickBooks, you can do so with the click of a button.
In addition, the program also gives you access to a comprehensive mobile application. All of the mobile applications come with all the features included, and you can download them for any device. This is another way you can make sure your employees can stay up-to-date as they are on the go.
A Summary of QuickBooks: A Premier Accounting Program That Saves Times
Ultimately, QuickBooks is the best accounting software available. It is true that many of the plans are quite expensive; however, if your business has a strong cash flow, then plans might be worth it. Furthermore, the plans at the lower end of the spectrum are not as expensive.
There are numerous reasons why this program is at the top of the list. First, it is one of the easiest programs to use. Second, it provides access to an unparalleled level of features. Finally, you have total control over what features you pay for and what features you do not. This is a program that can make it much easier for you to handle accounting for your business. Once you get used to it, you can also take advantage of numerous integrations that can help you streamline your daily operations. If you are looking for the best accounting software program available today, then you should consider going with QuickBooks.
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