QuickBooks online is the accounting Software, which offers five version of accounting. Every version has their own features and the special feature too, which differentiate it from other. The five version of QuickBooks Online are:
- QuickBooks Online Self-Employed: Best for the owners of small businesses providing services who don’t have any employees and who report business income on Schedule C of their personal tax return
- QuickBooks Online Simple Start: This one is best for the businesses those have small services that have regularly issue invoices and that have employees
- QuickBooks Online Essentials: Best for small businesses that require tracking invoices due, expenses to customers, assigning billable, time and give access to up to three people
- QuickBooks Online Plus: QuickBooks Online Plus is great for wholesalers, contractors, retailers, and other small businesses that require inventory tracking, access for up to five users, budgeting, and job costing.
- QuickBooks Online Advanced: Midsize and small businesses can use this as they want more detailed reporting, a dedicated support manager, up to 25 users, and customer user permissions.
The plan that is which of the version of QuickBooks online you must use depends on the numbers of users required by you and the advance features like inventory, Advance Payable, time and the expense billing is required by you or not.
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QuickBooks Online Comparison Chart: Pricing & Features
Following is the comparison chart for QuickBooks Online on the bases of Features:
|Number of Users Included||1||1||3||5||25|
|Track Income & Expenses||✔||✔||✔||✔||✔|
|Create & Send Invoices||✔||✔||✔||✔||✔|
|Invite Accountant to Access Your Books||✔||✔||✔||✔||✔|
|Connect Bank Accounts||✔||✔||✔||✔||✔|
|Capture Receipts via Mobile App||✔||✔||✔||✔||✔|
|Unlimited Customer Support||✔||✔||✔||✔||✔|
|Use Custom Tags to Categorize Transactions||✔||✔||✔||✔||✔|
|Track Assets & Liabilities||✔||✔||✔||✔|
|Create Estimates & Convert to Invoices||✔||✔||✔||✔|
|Manage Sales Tax||✔||✔||✔||✔|
|Payroll Service (Additional Fee)||✔||✔||✔||✔|
|Online Customer Payments (Additional Fee)||✔||✔||✔||✔|
|Prepare & Issue 1099s to Contractors||✔||✔||✔||✔|
|QuickBooks Live Online Bookkeeping Service (Additional Fee)||✔||✔||✔||✔|
|Input & Track Unpaid Bills||✔||✔||✔|
|Pay Bills Directly From QuickBooks||✔||✔||✔|
|Record Multicurrency Transactions||✔||✔||✔|
|Unlimited Time-tracking-only Users||✔||✔||✔|
|Create Purchase Orders (POs) to Place Orders With Suppliers||✔||✔|
|Track Inventory Using the First-in, First-out (FIFO) Method||✔||✔|
|Create & Manage Budgets||✔||✔|
|Track Profitability by Classes, Customer Types & Locations||✔||✔|
|Track Job Profitability||✔||✔|
|Unlimited Reports-only Users||✔||✔|
|Create Invoices by Batch||✔|
|Custom User Permissions||✔|
|Dedicated Success Manager||✔|
|Training for Staff||✔|
|Visit QuickBooks Self Employed||Visit QuickBooks Simple Start||Visit QuickBooks Essentials||Visit QuickBooks Plus||Visit QuickBooks Advanced|
Versions of QuickBooks Online 2022
Following are the five versions of QuickBooks Online from which you have to select one as per your need:
QuickBooks Online Self Employed:
The cloud-based applications which are specially designed for the employees who are self-employed individuals that type users are known as QuickBooks Online Self-employed. The best examples for the QuickBooks Online self-employed are real estate agents, Freelancers, ubers drivers and the consultants who are independents.
The Self Employed application is the affordable and user friendly program. It is very helpful in automate and streamline your accounting process.
QuickBooks Online Self-Employed is Good for
There are some reasons due to which QuickBooks online 2022 is fit for some company policy. From these we can get a hint that Self-employed application will be best or not in that type of version or not:
- It is very useful for the freelancer who needs to track the profit and the expenses.
- It is good for the freelancers who want to file the tax return of the federal.
- QuickBooks Self-Employed is good for the freelancers who needs the app of mobile bookkeeping.
- It is necessary and useful for the Businesses who needs the software’s and the applications which are easy to use or we can say user friendly.
- The business is very useful for those who want to track the mileage of the vehicle for which you are paying travel allowance for that vehicle according to their mileage.
QuickBooks Online 2022 Self-Employed is not Good for
There are some reasons due to which QuickBooks online 2022 is not fit for some company policy. From these we can get a hint that Self-employed application will be best or not in that type of version or not:
- In case you want to grow your company in future, so in that case QuickBooks Online 2022 Self-Employed will not work, because Self-employed is single enter system and the growing business needs double reasons for accounting.
- In case if invoicing the user has to add recipient and the information regarding sales, the user has to create invoice again and again.
- It does not allow you to work with multiple companies. So, in that case you can have to work with on one company at a time.
- It does not have any payroll system, so if you have to pay employees then you have to work on other version.
Features of QuickBooks Online 2022 Self Employed
There are many features of theself-employed version but some of them are:
- It had a ability to track the mileage.
- You can easily connect to the bank and credit card accounts.
- You can maintain your personal expenses apart from business expenses.
- You can easily upload receipts.
- You can maintain reports of profit and loss as it does not have balance sheet.
QuickBooks Online 2022 Self-Employed Include
Following are the key features which are available on the dashboard of the application:
- Left menu bar
- Profit and Loss
- Estimated Taxes
Advantages and Disadvantages of QuickBooks Online 2022 Self-Employed
- User interface and navigation
- Tracking of mileage and expenses
- Maintain separate records for business and personal expenses
- The estimate tax payment is calculating Quarterly.
- Transfer if C tax information to Turbo tax.
- Can’t work with the multiple businesses at a time.
- Lacks of the balance sheet
- Not able to track unpaid Bills.
- Invoicing facility is limited.
- No integrated payroll.
QuickBooks Online Simple Start:
QuickBooks Online simple start is best for that type of small service business which has employees and the user have to issue invoices regularly.
QuickBooks Online 2022 Simple Start include:
Following are the key features which are available on the dashboard of the application are:
- Raise of Invoices
- Manages Expenses
- The management of the payroll
- Easy report for finances and the management
- The import of data is easy
- Feature of multi user
Advantages of QuickBooks Online 2022 Simple Start
Some of the advantages of the simple start are:
- Ready for GST
- Signing is very easy
- The integration is in vast range
- Enhanced Safety
- Better sales invoices
QuickBooks Online Essentials
It is best for that type of business who needs to assign billable and expenses to the customers. It is best for those types of companies which wants online access of their books. In this you can get all the bookkeeping tools. It had the ability that it can easily upload files related to the banks and financial.
Why it is Easy to Use
There are following are the same reasons due to which it is easy to use by the user, they are:
- It includes Setup guide and the interference tools.
- It helps in allow for the import of the bank and credit card transactions in QuickBooks. The importing is very important because it reduces the time required for the recording and categorizing the expenses and deposits.
Features of QuickBooks Online 2022 Essentials
There are many features of QuickBooks online 2022 online essential but some of them are the following:
- It will create the invoices, estimates and the budgets for the customers.
- It provides reports like reports related to financial, sales and tax. These types of three records include the receivable accounts aging, the comparison between profit and the loss, and the reconciliation of reports.
- It allows you to set up the vendors in which you can easily enter the bills as you receive them and then create them to send it to next.
- The online banking is one of the strongest features of online essential. In this your bank account is reconciles by going through each and every transaction by making sure that the every information matches to the software related to QuickBooks Software.
- It allows three user accesses in the software.
QuickBooks Online Plus 2022:
It helps in managing and views all the business parts in one place. It can easily track the cost of the labor, payroll and the expenses with the job costing. You can also manage the inventory and the stock of yours.
Key Features of the QuickBooks Online Plus
- In this you can easily get the clear view of the profitability for the project with the help of user-friendly dashboard and the detail reports.
- Whenever the inventory is low or running out you can get the notification for that.
- It had the ability of running specific budgets, inventory and the class reports.
- You can use your smartphone, so that you can have a photo of receipt and the software will categorize and match them to the expenses automatically.
- It will also help in tracking of the bill status.
- It is also very useful in paying the multiple vendors in at same period of time.
- In this you can also entre the hours or the time period at that time, it will automatically send you the notification regarding that.
- It will sort the expenses for the business in the tax according to its category.
- It will help in creating invoices according to the brand, GST, state etc.
- Helps in tracking the miles which you drive on your convince.
- It can accept any mode of payments, like credit card, payments from any state etc.
- It has the ability to protect your sensitive data and can share the reports up-to 5 logins.
QuickBooks Online Advanced:
The version which works on the cloud base application is QuickBooks Online Advanced. It is the hub solutions for the business and accounts. This is specially designed for the growing and the small to mid-sized businesses. It provides customize tracking tools, workflows, real time revenue etc.
Features of the QuickBooks Online Advanced
Following are some of the features of the QuickBooks Online advance:
- Accounts Payable
- Accounts Receivable
- CPA Firms
- Breakdown and constructions
- Cash Management
- Breakdown of the constructions
- Billing and invoicing
- Reconciliation of the bank
- Management of the lifecycle Asset.
- Trailing of the audit
- Integration of bookkeeping service
Platforms on Which Online Advance Work
Some of the platforms on which QuickBooks Online Advance runs are:
- Cloud Based
- Web Based
The features of the QuickBooks online versions depend on the type of your business, that what type or we can say what size of the business you are running. The size of business are small size, medium size etc. In case you are dealing with the inventory or the large products in that case plus is the best option from all the versions. You must choose the version of the QuickBooks online as per your requirement.
The above article will help you in understanding the key features and the detail of the QuickBooks Online. It will also helpful in understanding the versions of QuickBooks Online in detail. You can use the version as per your requirement. But still in any case you are not able to understand what to do and what not to in that case you can take the technical support from our expertise. They will help you in the best way that you can easily rectify your issue and able to choose the version according to your need.
Looking for a professional expert to get the right assistance for your problems? Here, we have a team of professional and experienced team members to fix your technical, functional, data transfer, installation, update, upgrade, or data migrations errors. We are here at Dancing Numbers available to assist you with all your queries. To fix these queries you can get in touch with us via a toll-free number
+1-347-428-6831 or chat with experts.
Frequently Asked Questions (Faqs)
How Can I do 5 Years Comparison in QuickBooks?
Following are the steps in order to have a 3 to 5 years of comparison in QuickBooks:
• First you have to open the profit and loss report on your system.
• Now navigate to the customize button and click on it.
• From the menu you have to select the rows or columns which you want to customize.
• From the drop-down menu of columns field you have to select the years whose comparison you want.
• Once you are done with the above steps, click on the run button in order to run the report.
How can I Run the Comparative Balance Sheet in QuickBooks Online?
The Steps for running of the comparative balance in QuickBooks Online are explained below:
• First you have to navigate to the report menu.
• Now you have to select the balance, Sheet.
• Hit on the customize button in order to edit the report.
• Now you have to select the specific date for the report period.
• Select the rows or column as per your requirement, which you want to customize.
• The section which you filter will be displayed on the report.
• Now hit the run report button so that the report will be customize as per your requirement.
What are the Pros and Cons of the QuickBooks Online?
Following are the pros and cons of the QuickBooks online:
QuickBooks Online Pros
• QuickBooks Online is the cloud-based applications you can use them on internet at anytime and anywhere.
• There is no requirement of servers on the premises.
• Both are very helpful and user friendly in such a way that it reduces the need of the IT staff hours.
• QuickBooks online includes up to 25 users log in.
• It is very helpful in restoring the data files of the company.
• QuickBooks online includes the updated features and the automatic backup.
• It had a feature of adding third party apps for the AP automation which is very helpful in fewer the labor needs, better cash flow management, Streamlined and automated workflows.
QuickBooks Online Cons
• It does not have the robust features.
• The reports are more extensive.
• It offers the customization particularly for the enterprises.
• It has the lack of industry specific edition.