Quickbooks is one of the best accounting software applications that are available in the market. Not only for the large business houses, but the tool also works perfectly for small businesses as well. This was made clear when hundreds of small businesses said that they relied heavily on the application because of its high performance.
However, the different business owners have different opinions on the right version of the tool that best suits their needs. Comparing the different versions of the tool to find out the best can be a challenging task.
QuickBooks Pro Vs. QuickBooks Online
Both online and desktop versions are available for the users. The desktop version of the application is pretty expensive than the online one and does not have any added functionality to the online version. Such a factor is encouraging small and medium-sized businesses to opt for cloud-based applications.
The QuickBooks online plans are more popular among the entrepreneurs as it is less expensive, can be used on the tablets, and smartphones. Also, it gives freedom to upgrade or downgrade the plan as and when required. The best part of the online version is, it has no maintenance requirements.
QuickBooks Self Employed
QuickBooks Self Employed has currently three versions. The first one is QuickBooks Self Employed, the second is QuickBooks Self-Employed Tax Bundle, and the third one is QuickBooks Self-Employed Live Tax Bundle.
The first one is the least expensive version starting from $7 per month. The features that are offered are sufficient o meet the small business needs. This version allows its users to track personal as well as professional expenses separately. It also offers features such as mileage tracking, creating and sending invoices from anywhere, tax estimation, and managing your schedule C deductions.
QuickBooks Self-Employed Tax Bundle
There are a set of additional functionalities with this tier while still including all the features available at the lower level. This version allows you to seamlessly transfer all your tax details from QuickBooks to TurboTax. This is an add on that includes fees for one federal and one state return.
QuickBooks Self-Employed Live Tax Bundle
The Live Tax Bundle has a set of additional features other than the previous one. These include a qualified CPA who will provide unlimited help and advice, and he will also conduct a final review of your tax returns before you file them.
This is one of the most expensive of all three versions. The version includes access to the lower tiers and has some of the additional features for tax filing. These include unlimited help and advice from a qualified CPA.
So which version will suit me best?
Intut has a variety of similar software packages that have different features. All these are available with different names and are dedicated to serving different purposes. The application starts with an application for a single user. This version allows its user to track sales, income and expenses.
The Essentials version allows three users to use its features. This version also allows tracking the payment status. It allows its users to make payments to multiple vendors simultaneously.
The Plus version of the application supports five users. This version has the same features as the Essentials. The version is able to track inventory and monitor project profitability.
The advanced version of the application gives access to up to 25 users. This version is more inclined towards the enterprise level rather than the small business. This version is the most expensive one. At the same time, it will also include the services of a dedicated account manager, business analytics, along with the features to import and send batch invoices. All these features add value to large enterprises.
So now you have information on all the versions and features of QuickBooks, it is time to find out what suits your business best and get started.
Source – Business news daily