From Startups to Enterprises: How to Choose the Right QuickBooks Package for Your Business
When you own a small business, efficient financial management leads to success. QuickBooks has become a popular choice as a business accounting solution, but simply deciding to use QuickBooks isn’t enough. There are several different products available, and choosing the right QuickBooks package is important. Each version has features that can make it easy for you to select the right one. When you are considering the different options, think about everything that goes into managing your accounting and take notes as to which Quickbooks features will speak to those needs.
Understanding Your Business Needs
Before you can determine which QuickBooks product fits your needs best, you want to have a clear understanding of what your accounting needs are. If you’ve started your business right, you likely have a business plan to which you can refer. The most important considerations are:
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The Size of Your Business
QuickBooks has the solution for every business size, from freelancers who will be the only ones using the software to large corporations with several employees who need access. Identifying your business size and complexity is the first step to determining which package is right for you. Pricing varies based on whether you are using the desktop version or online. With desktop you’ll pay per user, and for online versions you’ll pay based on functionality needs.
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Your Financial Needs
Consider what you need the Quickbooks to do for you and the scope of financial management required. Do you need a software program to help track inventory? Quickbooks can help you manage cost tracking, properties, location tracking, sales tax , project management, invoices , expenses, and sales forecasting. Different businesses have different needs, and not every QuickBooks option is the best fit for every business.
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Long Term Planning
You want your business to grow, and with increased growth comes increased needs. When you are determining the right package for your business, consider growth projections and future needs. Think about your goals and choose a package that is scalable to meet your current and future needs.
Exploring QuickBooks Package Options
There are several versions of QuickBooks for your business to consider, each with their own advantages.
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QuickBooks Enterprise
QuickBooks Enterprise is as close as you can get to full business management software and is best for larger businesses with multiple users and complex, industry specific needs like inventory management and purchase orders.
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QuickBooks Advanced
QuickBooks Advanced is an online version comparable to QuickBooks Enterprise.
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QuickBooks Essentials Online
QuickBooks Essentials Online is great for small to medium sized businesses and provides cloud-based advantages. This program offers a monthly subscription option, which is great for businesses with changing needs who benefit from the ability to access the program from anywhere. There are numerous features, mobile apps, and a user-friendly interface. However, depending on how many features you need, the monthly cost can increase quickly.
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QuickBooks Desktop
There are several different QuickBooks desktop options, including QuickBooks Pro, Premier Contractor, and Premier Accountant. Both of these options are feature rich with offline capabilities and are perfect for medium sized businesses who will have 1-5 users needing access to the software.
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QuickBooks Plus Online
This one is the most advanced online version and offers features like project tracking, inventory management, premier contractor, and 1099 contractor management. This version works well with niche industries that may have unique business needs.
Comparing Features
Consider what’s important for your needs.
- What are your current accounting practices and tools?
- Do you need integration with existing software and systems?
- Do you need collaboration with multi-user access?
Knowing the answers to these questions can help you assess the various features offered by the different versions, including:
- Invoicing and payment tracking
- Expense tracking and categorization
- Reporting and financial insights
- Inventory management
- Payroll processing
Considering Your Budget
The price of QuickBooks varies greatly depending on the product and subscription you choose. QuickBooks Online Essentials can be a relatively small monthly payment, while QuickBooks Enterprise will require a worthy investment, but comes with far more robust features and the ability to add up to 40 users.
If you are a freelancer looking to manage your own finances, the basic version of QuickBooks Online Essentials Is likely all you will need, whereas if your business is large and your needs are great, QuickBooks Enterprise can offer far more value for your money.
When you are determining your budget for accounting software, look into a cost versus features analysis and evaluate the ROI (Return on Investment) you can expect from the program you choose. The more features you plan to use, the more cost-effective the robust versions can be. For a program that can support multiple employees and can manage the needs of a larger business, an investment in this tool is easy to justify.
Scalability, Future Proofing, and Industry Specific Needs
As your business needs evolve, you want software that can evolve with you to avoid disruption during expansion. Planning for business growth is an essential part of managing your business and can help you determine what the best Quickbooks choice is for your business. In addition, you want to consider if you have industry specific requirements. Retail, service, manufacturing, and other specific industries all have different needs, and some QuickBooks packages are more adaptable to industry-specific add-ons.
Making the Right Decision
Your final decision all comes down to how you prioritize the available features based on your needs. When you know what will help you manage your books efficiently, you can narrow down your options and choose the right software for your business. As a Certified QuickBooks ProAdvisor, Hayley Posner of In Balance Bookkeeping Solutions can help you choose the right Quickbooks package and train you and your employees to utilize this software. Helping you create efficiency in your financial management processes is where we shine. We can help you get the most out of this time-saving software. Contact us for more details or to schedule a training.
