Hey there, NoBronco15. It’s great that you’re thinking ahead about the best tools for managing your non-profits' finances. Let's break down the details and find the perfect fit for your needs.
Currently, with QuickBooks Desktop Pro (QBDT), you manage multiple company files under a single license, meaning your three non-profits operate within separate company files within one software installation. This involves either an annual fee or a one-time purchase price, plus additional expenses for updates and support. It's also important to note about the discontinuation policy that might impact your decision if you prefer continuous software support and updates.
On the other hand, QuickBooks Online (QBO) operates on a subscription basis, with each company requiring its own subscription. Here’s a breakdown of the available plans:
- Simple Start: Create invoices, track income and expenses, capture and organize receipts, and run basic reports like profits and losses.
- Essentials: Includes all Simple Start features, plus manage and pay bills, track time, and access enhanced reports.
- Plus: Everything in Essentials, plus track profitability by project, manage inventory, and access more advanced reporting.
- Advanced: Includes all Plus features, plus deeper business analytics, manage employee expenses, batch invoices, and receive dedicated account support.
Each plan offers different features and pricing options tailored to various needs. You also have the opportunity to utilize QuickBooks Online Accountant (QBOA), which offers a wholesale billing option. With wholesale billing, you can receive significant discounts on the subscriptions you manage, making QBO potentially more cost-effective.
One of the significant advantages of QBO is that it seamlessly handles your core requirements of creating invoices, taking payments, and producing standard monthly financial reports without involving payroll. QBO offers these essential features at a cost-effective price point. Additionally, its cloud-based platform allows you to manage your non-profits' finances efficiently from anywhere with an internet connection. Even if it’s just for your personal use, you’ll benefit from the ease of access, automatic updates, and secure, continuous data backups. This ensures that your bookkeeping tasks are straightforward, reliable, and convenient.
Additionally, I recommend taking advantage of any free trials offered by QuickBooks Online. This way, you can test the platform and see if it suits your workflow: Try QuickBooks Online for free.
In the future, if you decide to transition, you can check out this guide about moving your QuickBooks Desktop file to QuickBooks Online.
Please feel welcome to reply to the thread if there's anything else on your mind. You can tag me in your replies or the Community experts are always here to assist you in making the best choice for your bookkeeping needs.
