Understanding QuickBooks? Features, Versions, and Benefits for Your Business

Introduction

QuickBooks has become a household name for businesses and freelancers alike when it comes to accounting software. Whether you are a small business owner, a freelancer, or an accountant, QuickBooks has a version tailored to meet your needs. With features like expense tracking, tax management, and seamless invoicing, it offers a one-stop solution for all your accounting requirements. In this article, we’ll dive into different QuickBooks versions, cost, and features that make it the go-to accounting software along with how QuickBooks Online Accountant and desktop download version are different.

What is QuickBooks?

QB is a comprehensive accounting software developed by Intuit. Launched in the early 1990s, QuickBooks has since evolved into a versatile tool for businesses and individuals alike. The software allows users to manage their income, expenses, and taxes, all while offering a user-friendly interface. Key features include invoicing, expense tracking, tax preparation, and financial reporting. With both desktop and cloud versions, QuickBooks ensures flexibility for its users.

What is QuickBooks Self Employed?

QuickBooks Self Employed is designed specifically for freelancers, gig workers, and independent contractors. If you’re self-employed, managing expenses, taxes, and income can be tricky. QuickBooks Self Employed simplifies this by offering features that are perfectly suited for individuals who need to track mileage, estimate quarterly taxes, and stay on top of their business expenses.

Tracking Mileage and Expenses

• • One of the standout features of QuickBooks Self Employed is its ability to automatically track mileage through the mobile app. This is especially useful for freelancers who travel frequently for business. Additionally, the software helps in categorizing and tracking expenses, ensuring that nothing is missed when it’s time to file taxes.

Tax Estimations and Deductions

• • Quarterly taxes can be a headache, but QuickBooks Self Employed simplifies this by calculating estimated quarterly taxes based on your income and expenses. It also identifies potential deductions, ensuring you don’t pay more than you need to. With these features, tax season becomes far less daunting for freelancers and gig workers.

What is QuickBooks Online Accountant?

QuickBooks Online Accountant is a specialized version tailored for accountants and bookkeepers. It offers tools and features that allow accountants to manage multiple clients and collaborate efficiently.

Managing Multiple Clients

• • With QuickBooks Online Accountant, accountants can manage all their clients in one dashboard. It offers tools for tracking client progress, managing their books, and reviewing reports. This makes it easier for accountants to stay organized and deliver high-quality service to each client.

Collaboration with Clients

• • The software also makes collaboration easier by allowing clients to access their financial data in real-time. Accountants can request documents, review client records, and offer suggestions, all within the same platform. This streamlines the accounting process and enhances communication.

What is QuickBooks Desktop?

QB Desktop is a robust accounting software solution designed primarily for small to medium-sized businesses that require powerful financial management tools. Unlike its cloud-based counterpart, QuickBooks Online, QBES Desktop is installed locally on your computer and allows users to manage accounting functions, including invoicing, payroll, inventory, and expenses.

The desktop version comes in several editions, such as QuickBooks Pro, Premier, and Enterprise, each tailored to specific business needs, offering advanced features like job costing, time tracking, and industry-specific reporting. It’s a great choice for businesses that prefer a one-time purchase model and need more granular control over data management and reporting with quickbooks self employed.

Some key benefits of QBD include:

• • Offline Access: You don’t need an internet connection to use the software, which is ideal for users in remote locations.

• • Customizable Features: Users can personalize their reports and workflows to suit their specific business needs.

• • Advanced Inventory and Job Costing: Especially useful for industries like manufacturing or construction, where tracking costs and managing detailed inventories are essential.

However, the downside of QB Desktop is the lack of mobility since it’s tied to a specific device, and you’ll need to manage backups and updates manually. Here comes the role of a cloud hosting provider like OneUp Networks that can add the software benefits on the cloud by QuickBooks Hosting.

 

QuickBooks Desktop Download:

For those who prefer a more traditional approach, QB Desktop remains a popular choice. Downloading QuickBooks Desktop is simple, and the installation process is fairly straightforward.

Installation Tips and Common Troubleshooting

• • To download QuickBooks Desktop, visit the official Intuit website and select the version that best fits your needs. Once downloaded, follow the step-by-step instructions for installation. If you encounter any issues, such as activation errors, there is ample online support to guide you through troubleshooting.

QuickBooks Online Cost

QBO comes with several pricing tiers, each designed to cater to different types of users. QuickBooks Online cost tends to be more affordable with monthly subscription plans, while QBD requires a one-time purchase or annual subscription. The basic plan starts at a relatively low monthly cost, but there are also advanced plans that offer additional features such as payroll integration and multi-user access.

Which Plan is Best for You?

• • The plan you choose depends on your business needs. If you are a freelancer or small business owner, the Simple Start or Essentials plan might be sufficient. However, larger businesses that need advanced features like inventory management and multiple users should consider the Plus or Advanced plans. For more detailed comparison, do check our QBO vs QB Hosting blog.

Is QuickBooks Worth the Cost?

• • Absolutely. QuickBooks cost offers robust features for both individuals and businesses. The real question is which version suits you best. QBO provides cloud access and regular updates, while QBD offers more in-depth features for advanced accounting needs. Similarly quickbooks self employed also has unique features for individuals.

QB Multi-Level Category

• • A relatively lesser-known but powerful feature is its multi-level category system. This allows businesses to organize their transactions more efficiently.

Organizing Transactions Efficiently

• • Using multi-level categories, you can break down your expenses into more detailed subcategories. For example, instead of simply tracking “Marketing Expenses,” you can have subcategories like “Social Media Ads” and “SEO Services.” This feature makes financial tracking more granular and efficient.

How to Clock In Hours in QuickBooks Desktop?

For businesses that rely on hourly employees or need to track billable hours, QB Desktop has a built-in time-tracking feature.

Step-by-Step Guide to Clocking in Hours

1. Open QB Desktop.
2. Go to the Employees section.
3. Select the Time Tracking option.
4. Enter employee hours or link with a time-tracking app.

Integrating Time Tracking with QuickBooks Desktop

• • You can also integrate third-party time-tracking apps with QBD, making it even easier to track and bill for hours worked.

Conclusion

Whether you’re self-employed, a small business owner, or an accountant, QuickBooks has a solution tailored to your needs. From the tax-saving features of QuickBooks Self Employed to the powerful client management tools in QuickBooks Online Accountant, there’s something for everyone, it continues to be one of the most versatile and user-friendly accounting platforms on the market.

FAQs

• • Can QuickBooks Self Employed help with quarterly taxes?

Yes, it automatically calculates estimated quarterly taxes based on your income and expenses.

• • Is QuickBooks Online Accountant free for accountants?

QuickBooks Online Accountant is free for accountants, offering tools for managing multiple clients.

• • What’s the difference between QuickBooks Online and QuickBooks Desktop?

QuickBooks Online is cloud-based and offers subscription plans, while QuickBooks Desktop requires a one-time purchase and offers more advanced features. Desktop version can also be hosted on cloud with MSP and experience the benefits of QuickBooks Hosting.

• • How do I download QB Desktop?

Visit the Intuit website, choose the version you need, and follow the instructions for downloading and installing.

• • Can I organize transactions in QuickBooks using categories?

Yes, QuickBooks allows you to organize transactions using multi-level categories for more efficient financial tracking.