QuickBooks Online For Dummies. David H. Ringstrom

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Chapter 2

      Embracing QuickBooks Online

      IN THIS CHAPTER

      QuickBooks Online and QuickBooks Online Accountant are cloud-based accounting software programs. Actually, it’s more apt to call them accounting ecospheres, because as you’ll see throughout the book, you can layer on functionality with add-ons from Intuit and third-party developers. In this chapter, I help you determine which version of QuickBooks fits your needs best from both functionality and cost standpoints.

I’ll Subscribe to That

QuickBooks Online isn’t your father’s accounting software. Back in the day, you’d pay once for a software license and use it as far into the future as you chose. Such perpetual licenses have mostly fallen by the wayside in favor of subscriptions, often referred to as Software as a Service (SaaS). The good news for accounting professionals is that QuickBooks Online Accountant is free and includes one free QuickBooks Online Advanced subscription for you to use for your own use. Everyone else must choose and pay for a QuickBooks Online subscription. Unlike old accounting software, you don’t have to install QuickBooks Online on your desktop computer, which means there are no software patches to keep up with. Any changes or improvements appear automatically the next time that you log in. If you end your subscription, however, you also end your access to the software, apart from a one-year period during which you can view transactions and run reports.

      QuickBooks Online is available at five price and functionality levels:

      All versions of QuickBooks Online have three features in common:

      After you assess your needs, as described in Chapter 1, use the following information to identify the lowest subscription level that will meet your requirements. You can upgrade to a higher level at any time, but you can’t downgrade.

      QuickBooks Online Self-Employed

      This version is aimed at freelancers and self-employed people who file Schedule C of IRS Form 1040. Unlike the higher level offerings, QuickBooks Self-Employed allows you to mix business with pleasure, meaning that you can separate personal and business expenses and mileage. It’s best suited to someone with a side hustle who wants to keep track of their business and simplify income tax filing.

      QuickBooks Simple Start

      A QuickBooks Simple Start subscription is great for a new business with basic bookkeeping needs. With Simple Start, you can

      Although the Simple Start version supports accounts-receivable functions, you can’t set up invoices to bill customers on a recurring basis or track unpaid bills. It does include a trial balance and a general ledger, however.

      Although the Simple Start version allows two accountants to work in the client’s company, Simple Start is still designed for a single user, so an accountant who uses QuickBooks Online Accountant can’t establish a Simple Start company for a client.

      This version offers more than 50 reports that you can customize and save. Go to this address to establish a QuickBooks Simple Start subscription: https://quickbooks.intuit.com/pricing. If you’re on the fence between Self-Employed and Simple Start, you’ll have more options in the future with Simple Start.

      QuickBooks Online Essentials

      A QuickBooks Essentials subscription builds on the Simple Start functionality by allowing you to