We will be covering this in our in-depth courses, which should be considered a must if you are starting a business, or maybe are considering an upgrade to your QBO subscription.
Here are the different subscriptions (from Intuit) which lay out each plan's benefits.
NOTE: We have the ability to offer 50% off of any QB subscription. If you need help choosing, we are happy to assist.
Option 1: Quickbooks Online Simple Start
- Quickbooks Online account
- Automatic data backup
- Bank-level security and encryption
- One full level access user
- Invite up to two (2) accountant users
- Unlimited invoices and estimates
- Ability to charge sales tax to customers
- Print checks and record transactions
- Import from QB Desktop
- Import/export lists from Excel
- Add payroll to pay W-2 employees and file taxes
- 20+ reports
Who should use this plan? The single member business in a service type business, in startup mode, with 0-2 employees, and for the DIY-er who doesn't really want to outsource accounting.
Option 2: Quickbooks Online Essentials
- All Simple Start Benefits... plus...
- Access for three (3) users with permission controls
- Manage and pay bills, including the ability to pay later
- Automatic invoice creation on recurring schedule
- Compare sales profitability with industry trends
- Delayed charges and credits
- 40+ reports
Who should use this plan? A service business who does not need to keep inventory, but has payables/receivables to manage. This is also the plan if you have an outsourced bookkeeping service as they need access to your books. This is the subscription if you have clients who you must maintain billing for a subscription service- like a chamber membership, gym membership, etc.
Option 3: Quickbooks Online Plus
- All simple start and essentials benefits...plus....
- Access for five (5) users and up to 25 users paid
- Unlimited time tracking only users
- Unlimited reports only users
- Track billable hours by customer
- Purchase Orders
- Class and location tracking
- Track inventory using FIFO
- Prepare and print 1099-Misc
- Two sided items
Who should use this plan? Any service or product manufacturing company which has inventory. If you issue a PO to purchase goods (which you should!), this is your plan. This is the more robust of the subscriptions- which allows your accounting team the opportunity to effectively manage your books, analyze reports, collect, pay bills, and assemble budgets. If you are mature enough to need this subscription, we recommend not doing it yourself.
If you are struggling because you think QBO isn't performing to the level in which it should, we can help (at no charge) with an audit of your subscription to make sure you have the right plan.
For more information about plans and Quickbooks, please visit http://quickbooks.intiuit.com/online/compare. The bullet points in this list were taken directy from Intuit. SSR offers advice regarding subscriptions to choose, and training based on that subscription as we are QB ProAdvisors.