Efficient management of a small business's financial records is a pivotal task for ensuring its success. The choice of the right accounting software can significantly influence the growth trajectory of your small business. Small businesses require access to a range of accounting features at an affordable price to effectively manage their financial operations.

QuickBooks, as the leading accounting software, is packed with valuable features and supported by multiple integrations. If you're new to QuickBooks, we're here to guide you in selecting the most suitable QuickBooks version for your small business, a decision that can make or break your financial operations and growth.

Are you unsure about which QuickBooks version to use for your small business? Rest assured, our team of experts at +1-877-750-0672 are here to guide you in choosing the best QuickBooks version for your business.

Quick Overview of the QuickBooks Products for Your Small Business

Intuit, the parent company of QuickBooks, offers different versions and plans for its users. Depending upon your business type and requirements, you can pick any of the versions and the plans that best suit you.

The different versions of QuickBooks are:

1. QuickBooks Online.

2. QuickBooks Solopreneur.

3. QuickBooks ProAdvisor Program.

4. QuickBooks Online Accountant.

5. QuickBooks Desktop account.

6. QuickBooks Online Payroll.

7. QuickBooks Money.

8. QuickBooks Payments.

Each version of QuickBooks has its own different plans. QuickBooks, with the simple plan, is best suited for small businesses, while larger businesses go with the advanced plan, which includes sales, advanced inventory, and reporting features.

QuickBooks for Small Businesses: How to choose the Right Version for your business?

With so many versions and different plans, it becomes difficult for users to pick the right accounting application for their business. If you are also confused about which QuickBooks version to pick, the factors mentioned below might help you.

Features

Different QuickBooks versions have their own specific features/ functionalities. Think of the feature that your business needs the most before picking QuickBooks for small business. QuickBooks plans have a plethora of features, including invoicing, income and expense tracking, detailed financial reporting and tax calculations.

However, the mid-and high-tier plans have additional advanced features that are beneficial for complex businesses. If you are still confused about the different products, use the free trial version before finalizing QuickBooks for your small business.  

Ease of Use

QuickBooks has the most user-friendly interface. However, when choosing the right QuickBooks version for your business, think of the interface, how the setup works and what setup entails. Also, do not forget to think about the customer support service the product is offering.

Integration with third-party Tools

Small businesses prefer to use QuickBooks because of its intuitive interface. The application allows businesses to manage their finances without any problems. Also, the application easily integrates with third-party software such as payroll services and CRM to simplify complex accounting operations.

Accessibility

Another factor that needs to be considered while picking the best QuickBooks version for your business is the accessibility of the software. If your business has the requirement for quick and anywhere access to the software, go with QuickBooks online. Otherwise, you can go with the QuickBooks desktop.

Scalability

Not all QuickBooks plans are scalable or allow you to move easily from one plan to another plan. If you think your business needs someone who can handle complex queries in the future, choose the one that best accommodates those needs.

Users

Before finalizing the QuickBooks product, make a list of the number of users who will need to access your account. All the QuickBooks products have a set number of maximum users who can use the product. Since the QuickBooks desktop products' pricing is based on the number of users, pick the QuickBooks products wisely.

Costs

Last but not least, the factor that decides the QuickBooks version is the cost of the application. Some QuickBooks versions are more expensive than others. So, while picking the higher versions of QuickBooks, evaluate what your business can afford.

Also Read : QuickBooks Online Vs. Desktop

QuickBooks for Small Businesses: Why Do Businesses Rely on It?

QuickBooks offers several benefits that provide detailed financial reporting and easily integrate with a number of third-party software to streamline the workflow, making daily business work easier.

Easy to Use Interface

QuickBooks is designed with the user in mind, offering an intuitive interface that anyone can navigate, even without an advanced accounting team. This ease of use gives you the confidence to manage your finances effectively, no matter your level of expertise.

Payroll Management

The higher versions of QuickBooks come with integrated payroll management that handles the employee's payments and tax calculations. With the payroll, you can easily calculate the net and gross pay, as well as deductions and exemptions for the employees.

Easy tax Handling

Calculating and filing taxes is never easy for businesses. QuickBooks helps small businesses monitor taxes and file taxes on time.

Inventory Management

Managing the inventories in real-time becomes a difficult task for small and medium business owners. The software has an inventory management service that tracks the inventory in real-time, analyzes the purchase data and manages purchase orders. Also, businesses can easily avoid stock or overflow situations as inventory management helps maintain the optimal inventory level.

Automatic Backup

Most small businesses forget to create a backup of their financial data due to work overload. QuickBooks creates the automatic backup of your records. If your business runs into a problem, you can easily restore your data, which saves your business.

Expense Tracking and Invoice Handling

With QuickBooks, you can track your expenses easily. Simply connect your credit card or bank account with QuickBooks, get all your expenses categorized, and download them in just a few minutes. You can even record your expenses manually and ensure that you pay your bill on time.

QuickBooks also allows you to track and create invoices and send them directly to customers/ vendors. The application tracks how much money each client owes you and records the income. Expense tracking and invoice handling help small businesses as they are often unable to track their expenses.

Affordable Pricing

Many startups and small businesses operate on tight budgets during their initial days. QuickBooks offers a range of pricing plans, making it a cost-effective solution that can grow with your business. You can start with the most basic plan and upgrade as your business expands, ensuring you always have the right tools for the job.

Wrapping Up

QuickBooks transforms the way businesses operate and manage their finances. From expense tracking to inventory management, QuickBooks for small businesses enhances your business growth. By leveraging these tools, you only need to focus on the growth and not on the administrative tasks.

Hopefully, this post provides relevant information about QuickBooks. If you have further queries, you can speak to the experts at QbookAssist at +1-877-750-0672.

Also See : QuickBooks Enhanced Vs Assisted Payroll