Following on from our last article on The technological evolution of accounting systems, we present a summary of the different options available on the QuickBooks online platform. There are several versions of QuickBooks online, and it can be difficult to choose the one that’s right for you. There are four versions of QuickBooks, each with its own features and pricing.
Among these choices, you’ll find the following 4 options: Startup, Standard, Plus and Advanced. To help you make sense of it all, here’s a summary of each so you can choose the version that best suits your needs!
Start
Startup is the basic version of QuickBooks Online. It enables you to use the bank connection to facilitate accounting processing, as well as the option of scanning expense invoices for faster processing. Reports such as trial balance, income statement, balance sheet, etc. can also be printed. It also provides access to the mileage tracking and quotation use module.
This version is the least used, as it allows only one user. It does not include the option of using invoice and payment management. It is therefore impossible to use the accounts payable module. However, it is possible to use the accounts receivable option. With its lower cost, this option could be of interest to the self-employed beginner.
Standard
This version is by far the most popular. Not only is it affordable, but it gives you access to all the modules you need for proper accrual accounting. In addition to supporting everything the Starter version offers, it allows up to 3 active users. The Standard version also offers accounts payable accounting, support for foreign currency transactions, and the ability to track hours worked and billable to your customer for proper re-invoicing.
More
As you’d expect, the Plus version not only includes all the functions of the previous versions, but also offers the option of creating projects and classes to determine whether a job has been “profitable” or not. This is an interesting option, since it analyzes the results and helps you find ways to improve your profitability. It also offers the possibility of creating monthly and annual budgets, as well as tracking inventories, while doing your accounting. Up to 5 active users are possible.
Advanced
Now let’s take a look at the fourth choice, the Advanced version. This option is the deluxe choice in QuickBooks Online. It allows you to have an unlimited number of classes and general ledger (GL) accounts in your chart of accounts. In fact, you can have up to 25 active users! This version has been created for larger companies with many employees, who need greater control and restricted access for employees according to their function.
In conclusion, all the versions on offer are interesting options. All you need to do is analyze your needs carefully and then choose the best option for your business. We’re confident that you now have all the information you need to make an informed decision when choosing your QuickBooks online plan. Give it a try and you’ll be pleasantly surprised!
An article by Cédrick Gouin, Accounting Technician
