QuickBooks has been one of the longest-running accounting software. With the launch of QuickBooks Online, Intuit has empowered countless businesses with powerful accounting solutions that were previously restricted to desktop solutions using cloud technology. As QuickBooks Online evolved, the product was differentiated to provide options for small businesses and freelancers. While entities such as sole proprietors, limited liability companies, corporations, non-profits, and the like can choose from Simple Start, Essentials, Plus, and Advanced, freelancers can opt for the much more affordable QuickBooks Online Self-Employed. Of the four plans for small businesses, Simple Start and Essentials mostly have basic features. Fast-growing SMBs require more features which leaves us with the QuickBooks Online Plus vs Advanced comparison.
What Are the Common Capabilities of QuickBooks Online Plus and Advanced?
Apart from the regular features that all QuickBooks Online plans have, QuickBooks Online Plus and Advanced share some additional features that SMBs require for scaling their businesses. Here are some of the capabilities that they share.
- Track financial records such as transactions, invoices, and statements.
Categorize taxes by sorting business transactions.
- Update and reconcile payments automatically.
- Track trip miles for deductibles and reimbursements.
- Build detailed reports on sales, inventory levels, and profitability apart from specific purposes such as budgeting and expense handling.
- Generate accurate estimates and convert them into invoices.
- Include billable time in invoices and provide protected access to employees to add their hours.
- Provide access to multiple users while protecting data with auto-sync and user-level access.
- Estimate project profitability with reports taking into account factors such as labor costs, job costing expenses, and payroll.
- Use inventorying features to track data with Excel, and prominent e-commerce solutions.
There are several additional features. Many of these features are such that they may not be required in the immediate future. Growing businesses need not search for external solutions if they opt for QuickBooks Online Plus or QuickBooks Online Advanced.
What Are the Additional Features in QuickBooks Online Advanced vs Online Plus?
QuickBooks Online Advanced is built to cater to SMBs with complex requirements and need a highly scalable solution.
- QuickBooks Online Advanced supports 5x the number of users as QuickBooks Online Plus that accommodates only 5 users.
- Businesses can automate workflows with rule-based reminders and triggers for improving their cash flow.
- Automate backups and restoration capability with changelog history.
- Use Fathom to track financial records and other key performance indicators (KPI) with advanced analytics tools, insightful reports, and benchmarks.
- Simplify financial transaction management with the ability to send invoices in batches to Excel with easy button-clicks.
- Pay bills directly from the QuickBooks interface.
- Role-based access management for providing customized permissions for reports and financial transactions.
- Priority Circle membership assuring the support of dedicated managers from QuickBooks for technical issues.
- Free training for familiarizing teams of new features delivered online.
Is QuickBooks Online Plus or Online Advanced Better for My Business?
QuickBooks Online Advanced costs a little over twice as much as QuickBooks Online Plus but the added automation, reporting, user management, support, and training features are well appreciated by rapidly growing companies. Having said that, it could be prudent to sign up for QuickBooks Online Plus for businesses getting things off the ground and don’t need as many features. The monthly payment plans make it conducive to upgrade to QuickBooks Online Advanced.
Apps4Rent Can Help with QuickBooks Online and Alternatives
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