What QuickBooks Version Should You Use?

Posted on 04/08/2023 by Niko Venev

With the large range of QuickBooks solutions available to users, it can be challenging to pick the right product. Thankfully, choosing the best QuickBooks solution is as easy as considering your business's financial characteristics and your personal accounting needs.

       

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What QuickBooks Is Best for Me if I'm an Average User?

Most professional users who want an online accounting software solution and have an uncomplicated financial scenario can find a number of QuickBooks solutions suitable. The QuickBooks products that help millions of business owners and employees get on financial track include:

  • Simple Start
  • Essentials
  • Plus
  • Advanced

All of these solutions build upon each other. For example, Simple Start is the lowest tier and provides a number of essential accounting solutions that can help you:

  • Track income and expenses
  • Find tax deductions
  • Manage receipts, invoices, and payments
  • Calculate sales tax
  • Understand cash flow
  • Generate reports
  • Monitor 1099 contractors

It can be prudent to consider the higher tiers of QuickBooks, especially if you need to do more organizing or want additional assistance managing your finances. Investing in a more advanced version of QuickBooks can save you money in the long run.

Essentials is the next tier up from Simple Start, and it allows users to track time and manage bill payments as well as grants access to three additional users. Plus combines all of the features of Simple Start and Essentials and lets users track inventory and projects, enter time, and manage and pay bills. QuickBooks Advanced is the most feature-rich of the common QuickBooks software packages, with all of the functions of Simple Start, Essentials, and Plus and a wide range of additional capabilities, including:

  • Access for 25 additional users with customized roles
  • Custom fields
  • App integrations
  • Data and financial analysis through the use of Excel
  • Employee expense management
  • Automated processes and tasks
  • Crucial data backup

Using QuickBooks Advanced can be the perfect solution for you if you have a somewhat large, successful business with complex needs but aren't at the corporate level yet.

 

What QuickBooks Should I Use if I'm Self-Employed?

QuickBooks Self-Employed has a number of tools that can streamline accounting tasks for entrepreneurs who need a basic financial management solution. It appeals to those who can classify themselves as:

  • Freelancers
  • Sole proprietors
  • Independent contractors
  • Small-business owners

QuickBooks has integrated various individual and professional financial solutions into this software. For example, users can easily differentiate between personal and business expenses, maximize deductions, track mileage, and have their quarterly taxes estimated. Additional tiers of the Self-Employed version can offer more functionality, such as the ability to pay taxes, transfer financial information to other accounting software, or confer with a certified public accountant (CPA) on advanced tax issues.

When you're considering QuickBooks Self-Employed, consider the size of your business and ask yourself if you have employees, track inventory, or use contractors. If the answer to any of those questions is "yes," then you may have to entertain another version of QuickBooks, like QuickBooks Enterprise.

 

Which QuickBooks Is Right for Me if I Need a Corporate Solution?

If you're employed by a corporation, QuickBooks Enterprise might be the best choice for you. QuickBooks Enterprise's industry-specific solutions make it an ideal choice for businesses that are complex or constantly changing, such as those involved in:

  • Accounting
  • Wholesale
  • Construction and contracting
  • Professional services

Enterprise solutions can support 30 or more users and can provide you with convenient tools to monitor and manage large businesses. Subscription levels include Gold, Platinum, and Diamond, which provide advanced reporting and payroll solutions. The highest subscription, Diamond, offers businesses ways to handle inventory and orders, monitor pricing, and manage bill workflow.

 

Sign Up for QuickBooks Classes at Certstaffix Training

Which QuickBooks you should use will be different for everyone, but one thing that won't be different is the best place to learn this software. At Certstaffix Training, we offer a variety of hands-on, instructor-led QuickBooks training courses that can help you master the ins and outs of QuickBooks as efficiently as possible. Sign up today to get started!

 

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