QuickBooks Essentials Review and Guide: Is it The Best Choice For Your Company?

Ultimately, the decision on which QuickBooks version to choose should be carefully based on a careful assessment of your business size, needs, growth trajectory, and budget. Each version offers a unique set of features, and it’s important to select the one that aligns closely with your current requirements while also considering future growth and needs. So, keep reading to discover whether QuickBooks Essentials is the financial management game-changer your business has been searching for. Our team ranked all the best accounting solutions using a points-system for each category. Once they were done, they compiled all category scores for each brand into a single 5-point score.

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.

  1. This option is best for large businesses that could benefit from the extra support features, like a dedicated manager or virtual training classes.
  2. Service or project-based businesses should choose accounting software that can track project costs, revenues, and profits.
  3. The information provided is for educational purposes only and we encourage you to seek personalized advice from qualified professionals regarding specific financial decisions.
  4. The A/P section focuses on vendor management, bill management, bill payments, and other payable-related transactions.

The main differences between the two QuickBooks plans are the ability to create billable expenses and assign them to customers, track inventory costs, and calculate P&L by project. Other helpful features in Plus are budgets, classes, customer types, locations, and unlimited report-only users. We are committed to providing you with an unbiased, thorough, and comprehensive evaluation to help you find the right accounting software for your business. We meticulously and objectively assess each software based on a fixed set of criteria—including pricing, features, ease of use, and customer support—in our internal case study. As you can see, Plus is notably more expensive than Essentials for only slightly more features. With it, you’ll be able to track the status of all your bills, record any payments from customers (in addition to recurring invoicing) and pay your bills all from the same place.

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You can easily connect to any third-party app from within the application, saving you a ton of time in the process. QuickBooks Online and QuickBooks Desktop have very different pricing structures, with QuickBooks Online available by a monthly subscription, while QuickBooks Desktop has an annual cost. You can easily access all QuickBooks Online features from the dashboard, where you’ll find a vertical menu bar to the left of the screen. While the dashboard is a bit cluttered, you can easily customize it to only display the information you wish. Those interested in trying out QuickBooks Online can access a free 30-day demo with sample data that allows you to easily explore system features and functions without spending a lot of time entering data.

For tax notices not in collections, it will deal directly with the Internal Revenue Service (IRS) and cover up to $25,000 per year in penalties, regardless of who’s at fault. However, you must submit IRS notices to QuickBooks within 15 days of receiving them, and it must have reviewed your payroll setup before the incident. It offers more integrations, as well as a much smoother integration process that allows you to access third party apps directly within QuickBooks Online without the need to sync applications or import data. Support options are fairly similar for both QuickBooks Online and QuickBooks Desktop, with the more expensive plans offering better support options. At Business.org, our research is meant to offer general product and service recommendations.

If you wanted to add on a payroll plan, both plans require you to pay an additional $45 to $125 a month (discounted to $22.50 to $62.50 for the first three months). Because Plus has more capabilities for tracking your inventory, it can also offer project profitability tracking. You can get detailed reports on budgeting and classes to see how much money you’re making and where it’s https://intuit-payroll.org/ coming from. There is no need to download QuickBooks Online because it is connected to the cloud, which means you can access online accounting from any device with an internet connection. You can download the QuickBooks Online mobile app from the Google Play Store or Apple App Store. Accept credit cards and payments anywhere and we’ll automatically calculate sales tax for you.

The information provided is for educational purposes only and we encourage you to seek personalized advice from qualified professionals regarding specific financial decisions. QuickBooks Payroll integrates with QuickBooks Online, which integrates with over 750 other business applications. QuickBooks Desktop offers more than 100 standard reports that can be customized as needed. All reports can be exported to Microsoft Excel for customizing, viewing on screen, printing, or emailing directly to recipients. QuickBooks Online wins this one, offering easy system navigation from the user dashboard. Users can access features via the vertical menu to the left of the screen or by using the drop-down menu bar at the top, and the My Shortcuts option allows you to add a shortcut to frequently used features.

Many or all of the products featured here are from our partners who compensate us. This influences which products we write about and where and how the product appears on a page. The best QuickBooks Online plan for you depends on the size of your business and your particular needs. If you deal with inventory or large projects heavily, Plus is the best option.

How They Compare: QuickBooks Online vs. QuickBooks Desktop

If you’re okay with the price and aren’t worried about working through technical problems by yourself, QuickBooks Online can help you get your finances in line. It’s easy to set up and use, which is crucial when you’re delving into the world of finances—the numbers themselves are hard enough to wrangle without clunky software to hold you up. Connect seamlessly with your current apps to keep your business running smoothly. In the end, it’s all about getting the job done right and on time while ensuring “on time” is tracked properly for every employee every time.

QuickBooks Payroll offers time tracking with its Premium or Elite plans at no extra cost. However, if you need knowledgeable and easily-accessible customer support or want a bare-bones budget-friendly solution, it’s wise to consider other options. For example, Patriot is a great choice for companies on a budget, and OnPay offers expert support for a flat-fee service. Blueprint is an independent, advertising-supported comparison service focused on helping readers make smarter decisions. We receive compensation from the companies that advertise on Blueprint which may impact how and where products appear on this site. The compensation we receive from advertisers does not influence the recommendations or advice our editorial team provides in our articles or otherwise impact any of the editorial content on Blueprint.

QuickBooks Online Essentials

However, self-employed persons should consider Self-Employed—unless they have an employee, which will require an upgrade to Simple Start. A notable new feature is Spreadsheet Sync, which helps you generate consolidated reports across multiple entities easily. It is an advanced feature that lets you import and export data between QuickBooks and Microsoft Excel. You can easily generate custom reports in a single spreadsheet, create complex calculations, and use Excel’s built-in tools to work on your data. Once the data is finalized in Excel, you can easily post it back to QuickBooks Online Advanced.

When you purchase QuickBooks Live Bookkeeping, you get a dedicated bookkeeping expert who virtually assists you with your accounting. This service can include help with expenses, bank reconciliation, setup, running reports, and even tax support. In addition to QuickBooks Online, Intuit offers a desktop product called QuickBooks Desktop, which is locally installed rather than cloud-based.

Tools like QuickBooks can help – but they’re not the only tools available to construction companies. As Winter & Co. expands its range and prepares to launch an online store, the role of QuickBooks Essentials in facilitating this growth is undeniable. The software has been a fundamental part of the company’s journey, aiding in its evolution and helping Nicole manage the intricate aspects of her business. With the easing of lockdowns, Wayward Brewing is looking forward to a resurgence in business.

Depending on your business, the ability to integrate with other applications may be convenient, while for others, it can be a necessity. QuickBooks Desktop features are better developed than comparable features found on QuickBooks Online. QuickBooks Desktop is designed for small to mid-size businesses that are looking for the reliability of a desktop software solution. QuickBooks Desktop is also a good fit for niche businesses such as nonprofit organizations, retailers, and general contractors looking for a more industry-specific solution.

Its intuitive design and features, like easy receipt scanning and financial management through an app, made it a perfect fit for Nicole’s busy lifestyle. The software enabled her to keep all her finances in one accessible place, streamlining the management process and saving valuable time. Between the QuickBooks Online monthly fee, monthly payroll cost, bookkeeping support, payment processing fees, and other integrations, the cost of QuickBooks Online can add up quickly.

Build your business and your knowledge

Let’s look closer and compare debt-to-asset ratio: calculation and explanations with its siblings, including Simple Start, Plus, and Advanced, to help you choose the best fit for your business needs. When selecting the right QuickBooks version for your business, it’s essential to understand the differences and similarities among the options available. So, if you’re looking for a solution that can easily handle your financial complexities while offering room for growth, QuickBooks Essentials could be your go-to choice.

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