We live in the internet age and much of the desk work required for business is now possible online. This is mainly due to the innovation of online bookkeeping and accounting software, one of which is the subject of discussion today: QuickBooks Online Accountant.
Whether you run a small family restaurant or are the CEO of a corporation, you will always need bookkeeping. It is one of the fundamental parts of the business that cannot be ignored, but unfortunately, a good chunk of small businesses still believe that pen-and-paper bookkeeping is the end all be all. Looking at the numbers in The SMB Group’s 2022 What’s Ahead for SMBs in Financial Management survey, 51% of small businesses do not use any accounting software, with 30% at least making use of spreadsheets, and 21% handling bookkeeping completely offline.
This is not a good sign. Small business owners need to recognize the hidden potential of QuickBooks Online Accountant, and the slew of benefits it can bring to the table. While hiring a dedicated accounting professional is the absolute best choice you can make for your business finance function, we understand that many SMBs simply cannot afford to hire one. Even with Staff Augmentation Services for bookkeeping and accounting present as an alternative, many entrepreneurs simply cannot justify spending money for tasks they can address themselves. And such entrepreneurs are precisely who this article is for. Whether you are heading up a start-up and thinking about managing bookkeeping, or an established business owner curious about online accounting software like QuickBooks Online Accountant, you’ve come to the right place.
In this article, we will look at QuickBooks Online as an accounting software solution and break down the cost, as well as the benefits that come with the various subscription tiers of the program. Let’s jump right into it!
Table of Contents
Why Choose QuickBooks Online
There is great variety and choice available to small business owners when it comes to accounting software solutions, and depending on the context, some are better than others for specific industries. We chose QuickBooks Online Accountant as our recommendation for two reasons.
Firstly, QuickBooks bookkeeping is affordable and easy to use. Most accounting software solutions today are designed with professional accountants and accounting firms in mind, which means they sacrifice simplicity of use for the average businessman. With QuickBooks bookkeeping, this is not the case. The software is intuitive and user-friendly, and even the average businessman can easily operate it.
Secondly, the software is beneficial in almost every business context. Some may be more popular in certain industries. Still, instead of muddling you with industry-specific accounting software, we decided that regardless of the business, QuickBooks Online will be able to meet the necessary bookkeeping demands. QuickBooks is also the most popular bookkeeping software around, so if you ever decide to partner up with another business or are able to hire a professional accountant, chances are that they will also be proficient at QuickBooks and seamlessly integrate with your accounting function.
The Cost and Associated Benefits of QuickBooks Online Accountant
QuickBooks Online Accountant — The Free Trial
QuickBooks knows its consumer base really well, and have generously provided the option of a free 30-day trial run of their basic plan. This is fantastic news for entrepreneurs who just want a taste of what the software has in store, and if they find it unpleasant then they can look into other options.
Regardless of whether you believe online bookkeeping and accounting to be the future of businesses, there is no harm in trying, right? QuickBooks is incredibly secure as a software so there is no chance of your sensitive financial data being compromised, and if you didn’t like it then oh well, at least you now know and can pursue other ventures.
QuickBooks Online Accountant — Simple Start
The simple start package of the software is ideal for small, local businesses. The Simple Start package is perfect for you if you run a cozy little family restaurant or retail store. It includes all the essentials to help you speed through your bookkeeping and accounting and focus on developing the business. Even if you do not have any soaring ambitions for your business, it’s never a bad choice to free up your time and focus your energy towards better strengthening what you have built so far with your blood, sweat, and tears.
We saw what nonchalance and taking things for granted did for businesses during the pandemic. If you don’t stay on your toes in this recessionary spell and keep improving your business, chances are that you may also face similar business hardships. All it takes is $30 a month to get your Simple Start QuickBooks Online Accountant going and trust us, it’s worth it. QuickBooks also sweetens the deal for entrepreneurs still on the fence even after the free trial, providing a special 3-month 50% discount on any of their subscription tiers. So even if you need a few months to truly gauge the software, QBO offers great bang for your buck.
QuickBooks Online Accountant — Essentials
The Essentials package is frankly not as enticing as the last one. The key feature this package offers is the ability to connect three sales channels to QBO and give access to three separate users. This is mainly for businesses with an accounting professional on the team, and is ideal when employing an outsourced QuickBooks Specialist Accountant as it allows you and your bookkeeper to be online simultaneously to discuss accounting and monitor work progress. This package further helps by giving access to a clocking-in system, so your employees can enter their work hours to facilitate the payroll process. All in all, for those who value these extra features, the $55 price seems like quite a steal.
QuickBooks Online Accountant — Plus
The Plus subscription tier is where things get real. The Plus tier is the most popular among the user base and for a good reason. While smaller businesses may be able to get away with the Simple Start package, the Plus tier is for businesses looking to grow and expand. It provides access to five users and sales channels, as well as an inventory management system and project management tools. This tier is just perfect for a growing business that’s diversifying its income streams and has consistent ongoing projects. Instead of paying for a different software solution for inventory and project management, or heaven-forbid doing it all without one, QuickBooks online offers great value at $85 a month. The price may seem a bit steep, but when you consider that the features you receive are integral to business growth and increasing revenue, it becomes quite a worthy investment. And as always, you can simply change your package if you think the costs aren’t worth it.
QuickBooks Online Accountant — Advanced
The Advanced tier is a whole different breed from the previous ones. While QBO was certainly proving itself to be an incredibly robust accounting solution, the Advanced tier is almost a whole different software. QBO throws in almost everything you would ever need for accounting in this package and goes so far as to add extravagant features like workflow automation, which can by itself be software. With workflow automation, 25 users in the loop, inventory, and project management on top of accounting essentials, QuickBooks Online Accountant transcends accounting software and proves to be your one-stop shop for business process solutions. As expected of such a lavish array of features, the price tag is appropriately set at $200 monthly. This is by far the best choice for large bookkeeping and accounting firms, corporations, and conglomerates.
Learn more about how QuickBooks Online Advanced tier, a cloud-based offering, is empowering accountants worldwide and supporting the growth of small businesses during the recession here by Intuit QuickBooks.
Final Verdict
The Simple Start package is by far the best deal QuickBooks offers to small businesses. We recommend against opting for the Essentials tier, instead investing in the Plus option. The benefits of the Essentials package are very marginal, so you may as well pay $30 more for inventory and project management solutions which are far more worth the investment. The advanced tier is reserved for large businesses, and small businesses have little to gain from the expense. Sticking to the Plus package offers the best value for entrepreneurs and is our choice!