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Community Leader

Which version of QuickBooks is best for your business?

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Spaces Recap 3-15 Which version.png

The following is a slightly edited transcript of our Twitter Spaces chat about choosing the best version of QuickBooks for your business.  You can follow our QBCares Twitter account to learn about the next Twitter Spaces event, or just keep up with all things QuickBooks. 

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Every small business has different needs when it comes to their QuickBooks program, and today we’re going to highlight some of the main ways that each subscription can cater to those needs. We'll begin by highlighting some of the beneficial features associated with a QuickBooks Online subscription.

There are four different versions of QuickBooks Online, to accommodate different needs. However, one of the great benefits of all of the QuickBooks Online subscriptions is that you’re able to access your account from any device with internet access. You can also download the app, and manage your invoices, transactions, and reports directly from your phone, which makes it a great choice for business owners who are often on the go.

In addition to the easy accessibility, QuickBooks Online is also a great choice for business owners who want to keep detailed records of their business transactions. You’re able to directly connect your bank accounts and set up custom mapping and categorization for your chart of accounts. You can even automate your transaction management with specific banking rules. Any data that’s imported is automatically linked to a large variety of reporting options so that you’re always in the know on your business data and performance.


Next, we will discuss the benefits of the QuickBooks Self-Employed subscription.  

QuickBooks Self-Employed is a wonderful subscription choice for self-employed individuals who are looking for a budget-friendly and streamlined bookkeeping service. One of the features that I find very beneficial is the automatic mileage tracking. With the QuickBooks Self-Employed app, you can do all of your mileage tracking and bookkeeping in one place, rather than managing multiple apps, and it’s super easy to categorize your trips as business or personal to keep your records accurate. I do want to mention that this feature is also offered in all of our QuickBooks Online subscriptions.

I also think QuickBooks Self-Employed is great when it comes to simplifying tax season. It keeps a running total of estimated quarterly taxes, so you always know what to expect, and you can even bundle the self-employed accounts with TurboTax to directly import all of your data when it’s time to pay taxes.


Next we will walk walking through the QuickBooks Desktop features that help small business owners

QuickBooks Desktop is another great option for bookkeeping, and depending on your needs, there are three different Desktop versions to choose from. One of the biggest benefits of a QuickBooks Desktop subscription is that all three versions really cater to inventory management. You’re able to track your inventory, easily account for any inventory loss, and even get notified when inventory is running low.  Another large appeal of QuickBooks Desktop is that it’s a software downloaded directly onto your device, rather than being web based, and it’s incredibly easy to keep hard copies of all of your work. If you’re someone who likes to have backup copies of everything, then Desktop is definitely a great choice.


Before we wrap up today, lets talk a bit about QuickBooks Time and how it ties into QuickBooks

QuickBooks Time can be both a standalone product, or an add-on product, based on your needs. Basically, it’s a platform that can integrate with both QuickBooks Online and QuickBooks Desktop to streamline the time tracking and payroll process. QuickBooks Time allows you to invite all of your employees to clock in, manage projects, and even track working locations all in one place. It can also be used to manage time off accruals, account for time off taken, as well as automatically map overtime and special pay rate rules. The data that is tracked in QuickBooks Time can then be directly imported into your QuickBooks account, and used for project
data, reporting, and payroll. Again, it can also be used as a standalone product, and it has some great reporting features built into it as well. 


As we’ve discussed today, there are different features in each version of QuickBooks that cater to the varying needs of our small business owners. If you’re trying to decide which version is best for your business, it’s
important to compare the available features side-by-side, as well as identify your budgeting needs


We also have test drives available to help you make your decision - they are filled with sample data so you can test the various features before you commit to a specific version.  

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