Not only does Quickbooks Solopreneur help freelancers navigate the scary waters of estimated quarterly taxes, but it 5 things you absolutely need to know as a business owner on yelp also gives them basic bookkeeping tools to track income and expenses. We’ll break down the pros, cons, pricing, and other details for each product to help you make the most informed purchasing decision. You can, however, switch your business’s account from QuickBooks Desktop to QuickBooks Online without losing your data. A notable new feature is Spreadsheet Sync, which helps you generate consolidated reports across multiple entities easily. It is an advanced feature that lets you import and export data between QuickBooks and Microsoft Excel.
Support options are fairly similar for both QuickBooks Online and QuickBooks Desktop, with the more expensive plans offering better support options. QuickBooks Desktop is designed for small to mid-size businesses that are looking for the reliability of a desktop software solution. QuickBooks Desktop is also a good fit for niche businesses such as nonprofit organizations, retailers, and general contractors looking for a more industry-specific solution.
If your home or office has a slow or unpredictable internet connection, QuickBooks Desktop can ensure you can reach most of your data even if the internet goes down overnight. The downside to locally stored data, though, is that you can only access it from where it’s stored. You can pay extra (or upgrade to a pricier plan) to get data hosting through QuickBooks, which will let you access some financial information—though not all of it—on a different device. For instance, if you choose the Simple Start plan, you’re the only person who can use the software—apart from your accountant, with whom you can share your business’s account at no additional cost.
Which Is Best For My Business?
Both QuickBooks Online and QuickBooks Pro offer a good number of helpful integrations and add-on products. However, QuickBooks Online offers over 750 integrations to QuickBooks Pro’s 260+ integrations. Both include the basic reports you’d expect to find with accounting software, such as a balance sheet, a Profit & Loss report, a cash flow statement, etc.
Software type
Service or project-based businesses should choose accounting software that can track project costs, revenues, and profits. The software must have tools to track time, record billable hours or expenses, send invoices for progress billings, or monitor project progress and performance. QuickBooks Enterprise is designed for large businesses or small enterprises and starts at $1,481/year or $142/month. Not only is QuickBooks Online easier to use, but it offers additional support — for a fee. QuickBooks Online users can sign up for QuickBooks Live Bookkeeping to assist with getting the books up to date and managing bookkeeping tasks.
For operations paying their employees through checks, QuickBooks Online Essentials fits the bill. It is also suitable for those doing business outside the US, as it supports multiple currencies, unlike Simple Start. Essentials even lets you record employees’ worked hours and track billable hours by customer and project. Customer service is evaluated based on the number of communication channels available, such as phone, live chat, and email. Software providers also receive points based on other resources available, such as self-help articles and user communities. Finally, they are awarded points based on the ease with which users will find assistance from independent bookkeepers with expertise in the platform.
Small Business Statistics for 2024
QuickBooks Solopreneur works very well for one-person businesses, especially those what is irs form 8832 with a limited client base and minimal expenses and income streams. The tier provides features such as invoicing, expense tracking, and mileage tracking that can help users effectively manage business finances. Additionally, it has tax filing capabilities for those who report their income on Schedule C (Form 1040), making it ideal for solo proprietors and single-member LLCs. QuickBooks Online offers four standard plans—Simple Start, Essentials, Plus, and Advanced—with prices ranging from $35 to $235 per month.
- To get the best possible experience please use the latest version of Chrome, Firefox, Safari, or Microsoft Edge to view this website.
- Both versions have mobile apps, but the app for the Desktop version primarily functions as a way to upload receipts, and the Online mobile app is robust in comparison.
- QuickBooks Desktop is designed for small to mid-size businesses that are looking for the reliability of a desktop software solution.
- If you run businesses in multiple locations and want to see which one is most profitable, an upgrade to Plus from Essentials is worth the price.
Additionally, it enables you to record and track payments made to 1099 contractors. With four plans, robust features and a user-friendly interface, QuickBooks Online is the ideal choice for most small businesses. Compared to QuickBooks Online, QuickBooks Desktop offers more advanced accounting. QuickBooks Desktop also offers different versions of its software for certain types of businesses (construction, nonprofits, manufacturing, etc.). These versions offer industry-specific reports, in addition to 50 more reports than you’ll find on QuickBooks Online.
In the battle between QuickBooks Online and Desktop, it’s best to focus on the differences between the two accounting software options since they are so similar. We’re firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers. The Ascent, a Motley Fool service, does not cover all offers on the market. Reporting options are good in both applications, though only one of the applications offers industry-specific reporting options.
Though there are occasional how to claim cca on a business vehicle navigation difficulties, QBO is incredibly easy to use overall. In the past, customers could choose between annually renewing plans and single-purchase software with a license that stayed valid for three years. If you purchased a Desktop Pro plan in 2021, your software will still work until 2024—but new customers who bought the 2022 software version can only choose annual subscriptions.
