QuickBooks can be categorized into five separate categories. These include Self-Employed, Simple Start, Essentials Plus and Advanced.
Selecting the appropriate application for your needs mainly depends on the number of users you have and a few extra features. If you’re a sole proprietor, using QuickBooks Self-Employed is probably your best option.
QuickBooks Self-Employed can be best to use if you are a service-based entrepreneur, independent contractor or freelancer. Using this application makes it simpler and more organized to track expenses and income, separate your personal and business transactions and file a Schedule C with the IRS.
QuickBooks Simple Start
Simple Start is the basic level for Online QuickBooks. Tracking income and expenses, invoicing and accepting payments, maximizing tax deductions and running general reports are capabilities you can complete with this version. Using this functionality is essential when examining your balance sheet, profits, losses and expenses.
Capturing and organizing receipts, tracking miles and managing cash flow are other capabilities provided by the Simple Start version. Tracking sales and sales tax can be challenging without the right tools. Online QuickBooks automatically calculates taxes on your invoices, making this task more efficient to complete correctly.
Sending a professional estimate for your services and managing 1099 contractors can also be completed correctly using the Simple Start version.
Upgrading to the Essentials version includes Simple Start’s capabilities and gives you the ability to include three users, manage and pay bills, and track time.
QuickBooks Essentials Plus
Using the Essentials Plus version should be done if you want to include up to five users, track inventory or track the profitability of the project you’re operating, all in one specific area. Tracking payroll, expenses and labor costs can all be completed with a bird’s eye view.
The Advanced version of Online QuickBooks is intended for businesses with up to 25 users. It also includes the ability to batch invoices and expenses, customize access by role, automate workflows and restore company data. Tracking financial and non-financial KPIs to gain more insight into your performance can be done using this version’s in-depth analysis tools.