Quickbooks is great accounting software for small to medium-size businesses. There are current 5 different versions of online QB subscriptions to choose from.
Self-employed
Simple Start
Plus
Advanced
No matter you are new to businesses or you are currently using QB already, many people still are not very sure which QB online subscription is right for me?
How to choose the plan that’s right for your business. We will list some pros can con for each subscription:
-self-employed
Pros: It is the cheapest subscription, starting at 15/mo and the first 3 months are half price with a free trial for 30 days. It is good for self-employed freelancers or independent contractors who want to separate their business and personal expenses and optimize the tax deductions by tracking mileages and capture and organize receipts.
It can also estimate quarterly taxes for schedule C and makes simple invoices and accept payments from customers.
Cons: it is only for cash basis, service providers who just want to keep track of their business income and expenses without any needs for payroll, tracking fixed assets, accounts receivable, accounts payable, or inventories. If your business grows, it will not allow the upgrade to the next version of QB to have more features for your accounting needs.
-Simple Start
Pros: It includes all the features of self-employed. It is good for a sole proprietor or single-owner corporations who are starting out their service-based business, who wants to track which customers owe them money, payroll, and sales tax management. The price is now 25/mo and the first 3 months are half price with a free trial for 30 days.
Cons: it does not have the ability to manage & pay bills or to track time for billable hours. If you sell products, it will not allow you to manage your inventories either. It only allows 1 user & 2 accountants
-Plus
Pros: It includes all the features in Simple Start. It is the most popular plan which costs 70/moand the first 3 months is half price with a free trial for 30 days. It is ideal for a growing business that sells products and wants to have more accounting features, such as to manage & pay bills, track your time, track your inventory, or project profitability. It can track multiple revenue streams and/or departments or locations (classes). It also allows budgets & advanced reports with 5 users & 2 accountants included in the plan.
Cons: Although it offers most features you will need for your accounting and bookkeeping needs, it is more expensive than the simple start.
-Advanced
Pro: It is the most expensive subscription at 150/mo and the first 3 months is half price with a free trial for 30 days. It includes all features in Plus with extra features, such as smart reporting (Fathom), unlimited accounts and classes, advanced import and batch entry, user permissions, dedicated manager and online training, and 25 users & 2 accountants & premium care. It is great for growing businesses that need more productivity and insights.
Summary
If you are a freelancer or independent contractor who just wants to track your income and expenses and be ready when it is time to file your tax returns, the Self-employed version is the most economic choice. If you want to have a regular accounting system for your company and your business is planned to scale up, it is ideal to start with the simple plan and upgrade to plus when the time comes.
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