QuickBooks Online


Article Posted on 01/15/2020


I’m signing up for QuickBooks Online.  Which version should I choose?

It’s important to understand your options when first signing up for the online version.  You can always upgrade if you choose the wrong one and you can share with us your specific needs if you need more assistance in choosing.  Read about the differences below, or click this link to see all the details directly from Intuit and compare prices.

https://quickbooks.intuit.com/online-compare/

Self-Employed is only intended for Sole Proprietors and includes 1 user and 1 accounting firm.  It includes the ability to separate business and personal spending, and create invoices and use QuickBooks payments.  You can also track mileage, deductions, and import transactions.  The reports are basic Profit and Loss and an Income Tax Summary.

Simple Start is the next level and may be enough to get you started in QBO.  It can be used for any small business or rental company.  It includes 1 full-access user and 2 accountants.  It can do all of the above plus you can add payroll, 1099s and sales tax.  The reports include a Balance Sheet and 20 more.

Essentials level is going to include up to 3 users.  You can control each user’s permissions at this level.  This includes manage and pay bills and recurring transactions.  If you need to enter daily sales journal entries, this is the right level for you.

Plus level is going to be up to 5 users with controls.  What we normally see people choose this level for is the Class and Location tracking.  Also if you want to enter a budget into QuickBooks, this is the level for you.  There are over 100 reports.

Advanced is the newest offering from QBO.  It includes up to 25 users.  You can import invoices.  Smart reporting is provided by Fathom and you receive a dedicated Intuit employee to help coordinate your help from their support team.

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