When you choose accounting software for managing your finances can make a big difference. QuickBooks Online is one of the most popular options out there and it offers plans to fit different business needs. Two of the most commonly compared plans are QuickBooks Online Advanced vs Plus. They should seem similar but some key differences in features. QBO provides various plans such as Simple Start, Essentials, Plus and Advanced but we will discuss only QB Online Advanced vs Plus.
They both offer various features for managing your finances. In this blog, you will understand about QuickBooks Online Advanced vs Plus, key features, advantages & disadvantages and also figure out which plan is best fit for your business right now.
What is QuickBooks Online?
QuickBooks Online is the best version of QuickBooks software for managing business finance. It lets you handle tasks like track income, expenses, send invoices, pay bills, manage payroll and generate reports. QBO is an easy to use interface which works in all devices like mobile, tablets and computer. It should be a cloud based feature which needs only an internet connection to run and you can access your account from anywhere through internet connection.
What is QuickBooks Online Advanced?
QuickBooks Online Advanced is the more advanced version of QuickBooks Online and it is used by businesses that are medium or large size. It is built for growing businesses who need more features, flexibility and control over their accounting. In this feature, you should add up to 25 users. QuickBooks Online Advanced also includes advanced reporting tools that help you to understand your finances in detail. This plan comes with an automatic workflow such as invoicing, bill payment and approval process to save time and reduce the chance of errors.
What is QuickBooks Online Plus?
QuickBooks Online Plus is the more advanced version of QuickBooks Online and meant for small businesses that have up to 5 users. It allows you to track income, expenses, create invoices and pay bills that need more than basic accounting features. In this feature, you can track inventory which is helpful if you are selling products or services. You can also manage budget, track time for your employees or contractors and work on projects that make it a great choice for businesses. QuickBooks Online Plus is easy to use and can be accessible from anywhere.
Key Features of QuickBooks Online Advanced vs Plus
Here we discuss key features of QuickBooks Online Advanced vs Plus.
For QuickBooks Online Advanced
- Up to 25 users accessibility and used for a longer term.
- Offer premium customer support with priority services.
- Advance features like custom reporting, business analysis and managing multiple currencies.
- Track inventory, workflow automation with advance permissions for managing roles and access across users.
- Provide advanced reporting options and allow you to create custom reports that fits your business.
- Offer advanced customization options with ability to integrate more complex systems.
- Comes with high cost but best for businesses who need scalable features.
For QuickBooks Online Plus
- Allow up to 5 users with 24/7 customer support available.
- Cover basic features like track income or expenses, create invoice, running payroll and generate reports.
- Provide standard financial reports such as profit or loss, balance sheet and cash flow but limited customization of report.
- Allow integration with a wide range of apps.
- More affordable than Advanced, make it ideal for small businesses with basic needs.
Advantages and Disadvantages of QuickBooks Online Advanced vs Plus
QuickBooks Online Advanced vs Plus have advantages and disadvantages.
QB Online Advanced
Advantages:
- Scalability: This plan is perfect for growing business or large companies. You can add on up to 25 users to make it suitable for teams.
- Custom Reports and Insights: You can create highly customizable reports that suit your business. You can also get deep insight into your business and advanced analytics to help make decisions.
- Advance Features: Its advanced features like inventory management, multi-currency support and workflow automation, this is ideal for businesses with more complex needs.
- Integration: It is integrated with a wide range of apps for large scale operation.
Disadvantages:
- Higher Cost: QuickBooks Advance is more costly than Plus.
- Complex Setup: Due to its more advanced features, setting up can take longer time.
- Requirement of Larger Team: This plan is ideal for those who need more than 5 users.
QB Online Plus
Advantages:
- Affordable for Small Businesses: QuickBooks Plus is cost-effective for small businesses who need essential accounting features.
- User-Friendly: It is easy to set up and use, this feature is useful for non-accountant who have basic understanding of accounts.
- Core Features: It has all core features like income or expenses tracking, invoice creation and bill management. It should cover all small business needs.
- Integration: It can integrate with most third-party apps.
- Reports: You should get basic reports like profit or loss, balance sheet and sales.
Disadvantages:
- Limited User Access: Only support up to 5 users, which may be limiting for businesses who have a team.
- Basic Features and Customization: Lacks of advanced features such as custom reports, advanced inventory management and more. It can only provide limited features. Reports and other features are not customizable like Advance plan.
- Limited Customer support: It provides 24/7 customer service but it is not a high priority.
Which Plan is Best for Your Business?
QuickBooks Online is the best platform to manage your finances and it offers different-different plans such as Simple Start, Essential, Plus and Advanced Plan. But we only talk about QB Online Advance vs Plus. QuickBooks Online Advanced is best for large businesses who want more than 5 users. It is accessible for up to 25 users. It provides advanced features like custom reporting, deep analysis and more. QuickBooks Online Plus is best for small businesses who need basic features. It is accessible for up to 5 users which is helpful for tracking invoices or expenses, managing bills and creating basic reports.
Conclusion
In conclusion, we hope this blog helps you to understand about QBO Advanced vs Plus. Both plans are helpful for managing your finances, so choose the best QuickBooks plan according to business size, needs and potential growth. When business requires advanced features than QuickBooks Online Advance is good but if business requires basic features than QuickBooks Online Plus is good.