Simple Start runs basic reports, including cash flow statements, profit and loss (P&L) statements, and balance sheets. Some of the other 20-plus built-in standard reports available include P&L by month and customer, quarterly P&L summaries, and general ledger. The biggest difference between Simple Start and Solopreneur is that Simple Start allows you to pay and manage bills. You can track your unpaid bills easily and pay them directly within QuickBooks. You just need to select the bills you want to pay from the Pay Bills window, place a checkmark next to the bills, and then select Save or Save and Print.

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

Upgrade to Plus for $42.50 per month for the first three months, then $85 per month afterward, and you will receive access for up to five users, inventory tracking and the ability to track project profitability. For $1,922 per year, get the Enterprise plan with advanced pricing, reporting and inventory. The higher your plan tier, the more reports and users you can add, although it’s important to understand concurrent users are each sold separately. Yes, QuickBooks Online offers a mobile app that allows you to access your account, track expenses, create and send invoices, and more, all from your smartphone or tablet.

1. I find myself leaning toward the futuristic solution, which makes QuickBooks Online my preferred choice of accounting software (my Ralph Macchio).
2. The best QuickBooks Online plan for you depends on the size of your business and your particular needs.
3. If you run businesses in multiple locations and want to see which one is most profitable, an upgrade to Plus from Essentials is worth the price.
4. The Plus Plan is $45 per month for the first three months, then becomes $90 per month, and adds up to five users.
5. In addition to third-party integrations, QuickBooks Online integrates with native products, such as QuickBooks Payments, QuickBooks Payroll, and QuickBooks Time (formerly TSheets).

QuickBooks Online vs QuickBooks Desktop

This is useful for businesses with multiple departments or divisions and those that provide various types of services. Meanwhile, QuickBooks Desktop allows you to set up classes, but you can’t track your income and expenses by location. If you’re a freelancer, stick with its Self-Employed plan, which is $15 per month 9after the three-month discount at $7.50). Features include mileage tracking, basic reporting, income and expense tracking, capture and organize receipts and estimation of quarterly taxes. The software must have enough reports that can be generated with a few clicks. Moreover, we’d also like to see customization options to enable users to generate reports based on what they want types of revenue to see.

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. Clarify complexity with efficient inventory management and integrated payroll and time tracking.

Once the data what happens when a capital expenditure is treated as a revenue expenditure is finalized in Excel, you can easily post it back to QuickBooks Online Advanced. Batch expensing allows you to record and categorize multiple expenses at once instead of entering them individually. This is especially useful if you have many expenses to record, such as business travel expenses, office supplies, and equipment purchases. You can upload expense receipts in bulk, categorize them according to the appropriate expense account, and then submit them for approval. 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.

Find better features for building your business

Most importantly, Plus will separate the cost of your ending inventory from COGS using first-in, first-out (FIFO). You’ll need to what is window dressing in accounting make this tedious calculation in a spreadsheet if you choose a lower-tier plan. With QuickBooks Essentials, you can track billable time by job and assign it to a specific customer—something you can’t achieve with Simple Start.

Should I switch from QuickBooks Online to QuickBooks Desktop?

She also regularly writes about business for various consumer publications. In evaluating pricing, we considered the billing cycle (monthly or annual) and number of users. POs are essential because they help you specify what products and services you need from your vendor or supplier and by when you need them. When creating POs in Plus, you can input specific items you want to purchase. Our internal case study compares the four standard QuickBooks Online plans for small businesses across major accounting categories and functions to help you decide which one fits your needs. We excluded QuickBooks Solopreneur because it’s not a double-entry accounting system.

Seeing as it’s a program installed on your local system, it relies on the device’s processing power and resources. With larger datasets or complex operations, QuickBooks Desktop might utilize more local processing power compared to the online version. QuickBooks Desktop can feel rigid and resistant to modification or integration—the same way Apple products and iOS felt rigid back when everyone had overheating, self-cooking Android phones.

Head to our detailed QuickBooks Payroll review to see if it fits the bill. Additionally, QuickBooks Online allows you to calculate sales taxes automatically to apply to an invoice based on the customer’s address. This feature is particularly useful if you sell and ship products out of your state. Both versions offer automatic syncing with your bank so you can categorize transactions. Add payroll to QuickBooks Online starting at $45 per month, or to Desktop starting at $50, plus $2 per employee, per month. For $27.50 per month for the first three months, then $55 per month after that, get up to three users, manage and pay bills and track time with its Essentials plan, which is its most popular plan.