Which product should I buy to create profit and loss?

I'm so glad you've chosen QuickBooks Online to help manage your business,@mdgagnon65. I’m here to guide you through our different plans so you can find the one that best suits your needs, especially when it comes to keeping track of your profit and loss statement. I’ll provide a simple overview of the options available, making it easier for you to select the perfect subscription for your business.

All QuickBooks subscriptions come with an exciting feature that allows you to manage your reports efficiently, especially your profit and loss statement. As you upgrade to higher-tier plans, you'll unlock even more advanced reporting capabilities to enhance your financial insights.

You can explore these help articles where you can find tailored information that suits your needs.

• The Complete Guide To Dropshipping: This article covers the essentials of the dropshipping business model, including product selection, supplier reliability, and effective marketing
• QuickBooks Plans and Pricing: This resource outlines the different plans and pricing options for QuickBooks, detailing features in each plan to help businesses choose the right one suited to their needs.
• Reports included in your QuickBooks Online subscription: This article explains the various financial reports available with QuickBooks Online, highlighting their importance for understanding your business's financial health and aiding decision-making.

In addition to this, I highly encourage you to explore the help article titled Get Started with QuickBooks Online. It offers a detailed overview and expert guidance to help you make the most of your experience with the software.

Feel free to come back to this thread anytime if you have any follow-up questions or need clarification about QuickBooks Online subscriptions. I'm here for you and more than happy to help.

Good question — choosing the right edition of QuickBooks Online Plus (or the other QuickBooks Online plans) for your dropshipping business depends on what you’ll need now and in the near future. I’ll walk you through which plan is what, what features matter for dropshipping (especially P&L and inventory), and give a recommendation for your situation.

Here are the typical tiers and what they offer:

• QuickBooks Online Simple Start
  Entry-level. Single user. Basic income/expense tracking, invoices, bank/credit card feed, basic reports. QuickBooks+2Fondo+2

• QuickBooks Online Essentials
  Mid-tier. Up to 3 users. Adds bill/payable tracking, time tracking, more users access. mycloudbookkeeping.org+1

• Plus (the QuickBooks Online Plus plan)
  Up to 5 users. Adds features like inventory tracking, project profitability, deeper reporting (depending on region) etc. LiveFlow+1

Since you have a dropshipping business, some features will matter more than others:

• You’ll want to produce a Profit & Loss (P&L) statement to see revenue minus costs and understand profitability. All tiers allow basic P&L.

• You may want inventory or product cost tracking (even if you don’t hold stock you may still need to track cost of goods sold, shipping/fulfilment cost, returns).

• You may have multiple users (bookkeeper, accountant, yourself) accessing the system.

• You may have multiple sales channels (Shopify, Amazon, eBay, etc) feeding into your books, so you’ll want good integration and reporting.

• You may want to track bills payable and vendors (for your suppliers) if you pay after goods are shipped, or track costs before payment.

Given you have a dropshipping business and you need to maintain a P&L statement, here’s my take:

• If your business is small, you are the only user, you have minimal complexity (few suppliers, few channels, no need to track inventory or multiple users), then Simple Start may suffice.

• BUT: If you anticipate any of the following:

  • You want to track vendors/suppliers, bills payable (i.e., you purchase goods and pay later)

  • You have or will have multiple users (bookkeeper, accountant)

  • You want to track product cost of goods sold (COGS), returns, shipping, etc cleanly

  • you might want inventory tracking or more advanced reporting as you grow
    Then I’d recommend going with Essentials or Plus.

Specifically for dropshipping: since you may not hold inventory, but you do have cost buying and shipping, you may benefit from Plus if you want nice product/cost/inventory style metrics. But if you’re just starting and want to keep cost down, Essentials might be the sweet spot.

In short: If you’re starting out, go with Essentials. If you’re more advanced or expect to scale, go with Plus.

I suggest:

• Start with Essentials (or even Simple Start if budget is very tight and you’ll do everything yourself)

• But plan to move/upgrade to Plus if you start: multiple sales channels, track inventory/COGS closely, more users, lots of reporting.

So, I would pick: QuickBooks Online Essentials as your starting point.

in case you need more info about dropshipping, check this out: https://scaleorder.com/blogs/the-ultimate-guide-to-organic-dropshipping-niche-selection-short-form-v...