Your Guide to QuickBooks Accounting Software

August 26, 2015

quickbooks software

Whether you want to upgrade your old accounting software or you are just starting out with a new business, you’ve probably looked into QuickBooks. Maybe you even browsed through their website a bit, but quickly got overwhelmed. That’s not at all surprising, because with the many software products, editions and tiers of service QuickBooks offers, it’s easy to get lost. That’s when it’s time to call Relate CPA and speak with a trained Maryland QuickBooks ProAdvisor. And to help you navigate QuickBooks products, we’ve put together this brief overview of each one.

QuickBooks for Desktop

QuickBooks for Desktop is the original QuickBooks product that remains in high demand among thousands of businesses to this day. After all, desktops and laptops are what most of us use at work, and the good old desktop version of QuickBooks gets the job done.

QuickBooks Desktop Tiers

  • QuickBooks Pro – up to 3 simultaneous users
  • QuickBooks Premier – up to 5 simultaneous users
  • QuickBooks Enterprise – up to 30 simultaneous users

Essentially, they differ in terms of how many users you can have simultaneously accessing the software. Each of the tiers also offers slightly more complex features and settings. For example, QuickBooks Premier has industry-specific functions, such as tracking inventory reorder point by vendor for wholesalers. The larger your business, and the more QuickBooks users you have, the higher the tier you will need to choose.

In some cases, you may need a higher tier not due to the user requirement, but because of the features not offered in lower tiers. If that’s the case, be sure to consult with your local Maryland QuickBooks ProAdvisor to determine the best solution. There are numerous ways in QuickBooks to do the same thing, so there may be a workaround for your problem without having to upgrade.

Payment Structure

You pay a one-time fee for any QuickBooks desktop product. But keep in mind that QuickBooks releases a new, improved version of each of the software tiers once a year. You don’t have to upgrade, but if you choose to, it will be an extra cost.

QuickBooks for Mac

QuickBooks for Mac speaks for itself—it’s a version of the software specifically designed for Macintosh users. Note that this product doesn’t come with any tiers.

QuickBooks Online

If you are not familiar with the QuickBooks line of products, you might think that QuickBooks Online is just an online version of the desktop edition. It is far from that. QuickBooks Online is a stand-alone software that offers some features you won’t find on a desktop, but is also missing a few.

The main appeal of QuickBooks Online is that it’s cloud-based, and therefore you can access it from any internet-connected device. This is a great solution for business owners who are always on the go. It also integrates seamlessly with your bank accounts and syncs on its own, making sure your numbers are always up to date.

QuickBooks Online Tiers

  • QuickBooks Simple Start
  • QuickBooks Essentials
  • QuickBooks Plus

Just like its desktop counterpart, QuickBooks Online has 3 product tiers. The first tier is very limiting and is unlikely to be useful for most businesses. It’s more of an introduction step to help you see if you like the system. QuickBooks Online Essentials and Plus, on the other hand, are packed with features and can be useful for both service-based and retail businesses, online or brick and mortar.

Payment Structure

QuickBooks Online is a subscription-based software, which means you pay a monthly fee. However, this includes your annual upgrades, so you can be assured you are always running the most up-to-date version.

QuickBooks for Industries

QuickBooks Premier for desktop also comes with 5 different editions, each configured to be used for a specific industry. For example, QuickBooks for contractors has job costing tools and retailers and wholesalers enjoy comprehensive inventory management.

  • QuickBooks for Contractors: freelancers, consultants or part-time workers
  • QuickBooks for Retailers: food trucks, coffee shops, electronics stores
  • QuickBooks for Non-profits: charities, private foundations, religious groups
  • QuickBooks for Professionals: architects, landscapers, wedding planners, etc.
  • QuickBooks for Manufacturing and Wholesale

Additional Features

Some of the QuickBooks features can be purchased separately regardless of your software version and edition. These add-ons and integrations include things like:

  • Payroll administration and direct deposits
  • Ability to accept credit and debit cards online and on mobile devices
  • Advanced inventory
  • Point of sale solutions
  • Demandforce integration for service-based businesses

So which is the right QuickBooks product for your business? This will depend on many different factors, from your company size and number of employees to your unique accounting challenges. Feel free to get in touch with Relate CPA if you need help purchasing or setting up your QuickBooks accounting software.

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Lake County Accounting Services: Astatula (34705), Clermont (34712), Eustis (32727), Fruitland Park (34731), Groveland (34736), Howey-in-the-Hills (34737), Lady Lake (32159), Leesburg (34749), Mascotte (34753), Minneola (34755), Montverde (34756), Mount Dora (32757), Tavares (32778), Umatilla (32784), and more.

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