Although QuickBooks Online is a great cloud-based accounting platform, it isn’t the only one. Available in industry-specific editions; includes inventory management, advanced reporting, job costing, priority customer service and more. QuickBooks Solopreneur is a “lite” version of the online product that’s ideal for people who earn income from a variety of sources and helps to separate personal and business finances. Customer support includes 24/7 help from a virtual assistant (chat bot) as well as live phone and chat support during daytime hours, Monday through Saturday.

1. If you want the benefits of QuickBooks Premier Plus with QuickBooks Enhanced Payroll, sign up for the QuickBooks Premier Plus + Payroll plan.
2. QuickBooks Online Advanced now offers a fixed asset accounting feature that allows you to enter and track fixed assets, such as vehicles, buildings, and equipment.
3. The rating of this company or service is based on the author’s expert opinion and analysis of the product, and assessed and seconded by another subject matter expert on staff before publication.

QuickBooks Online Additional Fees and Features

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. Once you’ve recorded your billable time, you can add it to your invoice and then send it to your client. This feature what expense category is bookkeeping is ideal for service-based businesses that charge work by the hour, such as lawyers and independent contractors. QuickBooks Solopreneur (formerly known as QuickBooks Self-Employed) costs $20/month or $120 for the first year. This software is best suited for freelancers, allowing them to track income and expenses, track mileage, estimate quarterly taxes, and run basic reports.

Live Expert Assisted doesn’t include cleanup of your books or a dedicated bookkeeper reconciling your accounts and maintaining your books for you. Live Expert Assisted also doesn’t include any financial advisory services, tax advice, facilitating the filing of income or sales tax returns, creating or sending 1099s, or management of payroll. Read on for a breakdown of QuickBooks Online plans and costs, along with guidance on which package is right for your business. From pros and cons to hidden fees and add-ons, we’ll explain everything you need to know about this top-rated accounting software and its pricing. Service or project-based businesses should choose accounting software that can track project costs, revenues, and profits.

This requires the software to allow users transitioning from other bookkeeping software to import their chart of accounts (COA), vendors, customers, service items, and inventory items. Ideally, form 3052, practitioner’s statement of medical need there will be a wizard to walk the user through the import process. Plus includes inventory accounting that allows you to monitor stock items and quantity—a necessity if you’re selling products. It also lets you update inventory costs and quantities, separate taxable from nontaxable items, and set up alerts if you’re running out of stock. Most importantly, Plus will separate the cost of your ending inventory from COGS using first-in, first-out (FIFO). You’ll need to make this tedious calculation in a spreadsheet if you choose a lower-tier plan.

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. The A/P section focuses on vendor management, bill management, bill payments, and other payable-related transactions. A/P features include creating vendors and bills, recording purchase orders and converting them to bills, creating service items, and recording full or partial bill payments. Retailers and wholesalers should choose Plus so that they can track the quantity on hand and the cost of inventory. Contractors should also select Plus to track the profitability of individual projects. Other businesses should consider whether tracking P&L by class and location is worth the extra $34 per month.

Advanced

QuickBooks Solopreneur is an easy-to-use version of QuickBooks for solo business owners. If you are a sole proprietor who uses Schedule C (form 1040), QuickBooks Solopreneur is designed for businesses like yours. To learn more about what is included in each version of QuickBooks, keep reading or explore QuickBooks Online subscription levels. Click here for the latest QuickBooks Online pricing, promotions, and subscription information. No, it is relatively easy to use, although corrections can be more challenging.

Business

QuickBooks Online plans are incredibly scalable, so you can start small and upgrade to a larger plan in the future. Make sure you small business accounting are on the right QuickBooks plan, so you aren’t paying for features you don’t need. For example, if you bought the QuickBooks Plus plan because you thought you’d be using the Project Management feature and you haven’t used it in over a year, consider downgrading to the Essentials plan. This service gives you access to a QuickBooks debit card, cash flow forecasting, and QuickBooks Envelopes, which is a place to set aside savings. Enjoy zero annual or late fees, 1.5% cashback on all business purchases, and a flexible credit limit with the Stripe Corporate Card.

Essentials is not a good fit for those who need to buy, sell, and track inventory, create purchase orders, mark expenses billable, track projects for job costing, or create budgets. You can explore QuickBooks Online plans if your business requires more robust features, or keep reading to learn more about what features are offered in QuickBooks Online plans. You’ll be able to access your account anywhere with an internet connection.