As a business owner, managing your finances is a top priority. QuickBooks Online offers a range of plans tailored to different business needs. Choosing the right level of QBO for your business can not only save you time and money but also help you gain better financial insights. Today, we’ll guide you through the three current QBO plans and offer tips on how to pick the most suitable one for your business.
- Simple Start: Streamlined Accounting for Smaller Businesses ($30/mo). The Simple Start plan is designed for businesses with straightforward accounting needs. This plan allows you to:
- Track income and expenses
- Capture and organize receipts
- Maximize tax deductions
- Create and send custom invoices
- Run basic reports
- Customize your chart of accounts
Simple Start is an excellent choice if your business generates less than $500k in annual revenue and doesn’t require advanced features such as class tracking or inventory management.
- Plus: Comprehensive Financial Management for Growing Businesses ($85/mo). The Plus plan is tailored to businesses that need additional features and flexibility. It includes all the Simple Start features, plus:
- Class tracking for better expense organization
- Inventory management tools
- Project profitability tracking
- Bill management capabilities
The Plus plan is ideal for businesses generating between $500k and $5 million in annual revenue and that require class tracking to allocate income and expenses across various departments or projects. This plan is particularly suitable for professional service-based industries that need advanced expense categorization.
- Advanced: Robust Financial Solutions for High-Growth Enterprises ($200/mo). The Advanced plan offers the most comprehensive suite of financial tools, designed to cater to the needs of larger businesses generating significant revenue. This plan includes all the features of the Plus plan and adds:
- Accelerated invoicing and payment processing
- Enhanced custom fields for tailored reporting
- Role-based access control for enhanced security
- Dedicated account manager and priority support
- Premium apps and integrations
The Advanced plan is perfect for businesses generating over $5 million in annual revenue, or those that require sophisticated financial management tools and customization options. For example, if you need true GAAP accounting reports, Quickbooks online Statement of Cashflow dos not follow all of the correct reporting requirements. The Business analytics with Excel will allow for the report customization needed to save hours worth of time every month end close. If your business operates within a complex, fast-paced environment and demands an elevated level of support and functionality, the Advanced plan is your best choice.
When selecting the appropriate QBO plan for your business, it’s crucial to consider your current financial management requirements and your plans for future growth. To help guide your decision, ask yourself the following questions:
- What is the size and complexity of my business’s financial operations?
- Do I need advanced features such as class tracking, inventory management, or project profitability tracking?
- Are customizable reports and role-based access control essential for my business?
- Is the availability of priority support and dedicated account management necessary for my operations?
By carefully evaluating your business’s unique financial management needs and growth plans, you can confidently choose the QBO plan that will best support your journey towards success. Remember, as your business evolves, you can always upgrade or downgrade your QBO plan to align with your changing requirements.
If you need to know what other Service as a Software (SAAS) solutions can enhance your QBO accounting experience, be sure to check out this article here. And if you need any help with setting up your QBO and want ongoing service, be sure to reach out to me here.