If you couldn’t tell from my previous post, I don’t really care for the Self-Employed version of QBO. It’s limited capabilities and inability to upgrade simply means that you are stuck with an accounting software that won’t hold out when you decide to expand your business. Simple Start is a better choice, but it still is limited, especially if you need to hire employees. So let’s get into the two versions of QBO I think are the best and which might be the best for you.
A service-based business that doesn’t need to track job profitability or add on too many users to their QBO would be able to use Essentials to its fullest advantage without needing to upgrade in the future, depending on the business’s growth. Essentials includes the most important parts of an accounting software: the ability to invoice and receive payments, bill pay management, the ability to add on time-tracking employees, and, of course, more reports (this might just be my obsession as a bookkeeper with reports creating a bias towards the other versions ?). This is perfect for a small to medium size business and the price is not too bad at $50 per month, after the three month discount deal.
But if you needed to track inventory, or really want to do job costing for your projects, then Plus would be the best choice for your business. When executed perfectly, this version can track when inventory is bought or sold, let you know when you are running low on supplies and need to reorder, and give you reports on what you’re selling the most of, the cost to get it sold, and what’s on hand. If you’re a contractor with a service business, Plus will track your job profitability. Using the Projects tab in your Plus subscription, you can add in a project, from estimate to final invoice, and track costs like employee time and job supplies purchased. By collecting and analyzing all this data, you can see which types of projects are more profitable to you, helping you to make better decisions when it comes to advertisement. Whether you are a small or medium sized business, this version is perfect for you with a price point of $80 a month after the three month discount deal.
While Advanced is a good choice for mid-sized businesses, this option is a bit overkill, both in price (at $180 a month after the discount offer) and in terms of features offered, for a small business trying to grow. If you are looking to get started with an accounting software, think about reaching out to a bookkeeper or accountant to see if you can get a lifetime discounted price for your business. Most are happy to get you started with this deal and can also guide you through what’s the best choice for you. Some can also get you set up and teach you how to best use your new accounting software.
Are you happy with your subscription or feel like it needs more oomph to it? Let me know in the comments!
