QuickBooks is a popular accounting software for small businesses that offers a range of products and services to help businesses manage their finances. With so many QuickBooks products available, it can be challenging to know which one is right for your business. We are looking at a few QuickBooks products and services to explain how they differ and to help you understand if one is right for your business.
QuickBooks Online
QuickBooks Online is a cloud-based accounting software that is ideal for small businesses that need access to their financial information from anywhere. With QuickBooks Online, you can manage your finances, track expenses, and invoice customers all from one place. QuickBooks Online offers a variety of features, including automatic bank syncing, customizable invoices, and real-time financial data. QuickBooks Online also offers a mobile app that allows you to manage your finances on the go.
QuickBooks Self-Employed
QuickBooks Self-Employed is designed for freelancers and independent contractors who need to track their income and expenses. With QuickBooks Self-Employed, you can track your business expenses, mileage, and invoices. The software also offers quarterly tax estimates to help you stay on top of your tax obligations. QuickBooks Self-Employed is a simple and affordable solution for self-employed individuals who need basic accounting features.
QuickBooks Online Advanced
QuickBooks Online Advanced offers additional specialized features not available in the standard QuickBooks Online subscription. This tier of service allows for more customization by industry, providing specialized tools to meet specific challenges. With packages for the construction industry, food & beverage, legal and more, these tools can provide greater transparency and management capabilities than the standard plan. However, it is important to keep in mind that this greater degree of specialization will require more specific and detailed input by business owners in order to realize the benefits.
QuickBooks Desktop
QuickBooks Desktop is still around, but it is being phased out as Intuit pushes their QuickBooks Online products. QuickBooks Desktop Premier Plus and QuickBooks Desktop Enterprise are great for businesses with inventory, as well as those that are already familiar with prior versions of QuickBooks Desktop.
QuickBooks Payments
QuickBooks Payments is a payment processing service that allows businesses to accept credit and debit card payments. QuickBooks Payments is integrated with QuickBooks Online and QuickBooks Desktop, making it easy to manage your finances and payments all in one place.
Is One of these QuickBooks Products Right for Your Business?
The right QuickBooks product for your business will depend on your business’s specific needs. If you need access to your financial information from anywhere, QuickBooks Online is a great choice. If you’re a freelancer or independent contractor, QuickBooks Self-Employed is an affordable solution for basic accounting needs. If you need advanced accounting features, such as job costing and inventory management, QuickBooks Online Advanced or QuickBooks Desktop Enterprise may be the best choice for your business. QuickBooks Payments is also a great option for businesses that need a payment processing service that is integrated with their accounting software.
Before diving into a QuickBooks investment it is important to keep in mind that the software is just a tool and that for your business to get the most out of it, you will need to invest time in the accurate set-up and maintenance of the systems. Setting up an accurate and useful chart of accounts is a key step to making QuickBooks a useful tool, and one that many small business owners struggle with. Similarly, having standard procedures and practices in place for the accurate and timely updating of data is crucial to making this business tool work for you.
Working with Haworth & Company
At Haworth & Company, we understand how to get the most out of QuickBooks. We support small businesses that use both QuickBooks Online and Desktop, as well as provide alternatives to get the information they need. When used in this way, clients benefit from our specialized expertise and the power of the QuickBooks platform. Contact us if you are considering moving to QuickBooks, upgrading your current plan, or are unhappy with your current setup.
Disclaimer: This blog content is for general informational purposes only, should not be considered professional advice, and does not establish a client relationship. Haworth and Company is not liable for the accuracy of this information or the content of external links. Please use this information at your own risk, ensuring it suits your specific needs, and consult with a certified tax professional for your own personalized guidance.
