QuickBooks for Small Business – Which Version Do You Need?

Just as you need a bank account for smooth money transactions, the right accounting platform is also necessary to manage the business financial landscape. This is where QuickBooks can play the bigger role and be your go-to partner, as it’s multifunctional and offers features that help you streamline the accounting processes.

Intuit has launched different versions of QuickBooks that cater to various organizations, be it small to medium enterprises or large conglomerates. QuickBooks Enterprise is the perfect solution for large enterprises; however, choosing the right one for small enterprises can be daunting.

Let’s get into the world of Intuit, where we’ll focus on selecting the best QB version for small business owners. This guide will provide the necessary information and help you make the right decision to drive your business toward financial success.

QuickBooks Versions Overview (Pro Plus, Premier Plus, Mac Plus, Enterprise)

Intuit QuickBooks Desktop is an on-premises accounting software. For each added user, you need to purchase a separate license. QuickBooks has several variants that cater to different industries. The QB versions include QuickBooks Enterprise, Pro Plus, Premier Plus, and Mac Plus. QuickBooks offers several features, including invoicing, finance management, expense tracking, reporting, and inventory management.

QuickBooks Enterprise

QB Enterprise supports 40 users, so it can be the best choice for mid to large-level corporations. The enterprise version of QuickBooks provides end-to-end management solutions that include advanced reporting, pro-level Inventory management, e-commerce integration, salesforce CRM connector, and a lot more.

It serves a broad range of industries, including contractors, retail, manufacturing, non-profits, and wholesale. Business owners can assign roles and permissions to each user using QB Enterprise.

QuickBooks Enterprise can manage 100,000 inventory items and is available in 4 models – Silver, Gold, Platinum, and Diamond.

Key Features

• Sales Forecast
• Bin Location Tracking
• Bar Code Capabilities Without Add-on
• Advanced Pricing Options
• Premium Reporting Capabilities

Get an original QuickBooks Enterprise license from Ace Cloud, an Intuit Authorized QuickBooks Solution Provider.

QuickBooks Mac Plus (Discontinued)

As the name signifies, it is specifically designed for Mac users. This on-premises desktop accounting solution provides incredible accounting features, including expense tracking, invoicing, tax tools, and report building, all optimized for Mac users. QuickBooks Mac version supports a multi-user model; multiple users can use this version simultaneously. This version can be easily converted from Mac to PC and vice versa. The robust invoicing feature of QB Mac allows you to create professional invoices.

Key Features

• Budget Management & Forecasting
• Simple Reconciliation of Discrepancies
• Multi-user Access
• Customization of Products & Services list
• Enhanced Project Management

Note: Intuit decided that after July 31, 2024, it’ll no longer sell new subscriptions to QB Mac Plus.

QuickBooks Pro Plus (Discontinued)

QuickBooks Pro Plus is the basic version of QB, and it provides all the essential features that every business requires for basic transactions, including invoicing, accounts payable management, and sales tax reports.

This version is suitable for companies that want to grant less access, as only 3 users can use it. Moreover, it is pocket-friendly as its overhead cost is lower than other QB editions. QB Pro Plus provides multiple features, including bill tracking, transaction monitoring, customized reports creation, inventory management, and more. Furthermore, QB Pro Plus can be an ideal accounting software for SMBs.

Key Features

• Expense Tracking
• Basic Reporting
• Integration with Microsoft Excel
• Automated Online Backups
• Tracking Inventory Quantities

Note: Intuit has made a decision that after July 31, 2024, it’ll no longer sell new subscriptions of QB Pro Plus.

QuickBooks Premier Plus (Discontinued)

QuickBooks Premier Plus supports additional features compared to the QuickBooks Pro version. 5 users can use this QB version, with industry-specific editions tailored to manufacturing, finance, retail, and more. Premier Plus QuickBooks version enables you to track sales and other expenses, manage inventory, create multiple invoices, create customized charts and reports, etc.

Key Features

• Industry-specific Tools
• Track Sales Order
• Generate Financial Forecast
• Set Up Price Levels
• Track Inventory Assemblies

Note: Intuit decided that after July 31, 2024, it’ll no longer sell new subscriptions to QB Premier Plus.

Can I Access QuickBooks Remotely?

Small businesses often need the flexibility to access their accounting data from anywhere, anytime. According to a report from Sage (Sage Practice of Now 2018 Report), 67% of accountants prefer cloud accounting.

QuickBooks Online

To address the need for remote access, Intuit has QuickBooks Online for small businesses. With QB Online, you can easily track income and expenses and manage invoices and payments, all from a centralized and accessible platform. Additionally, QuickBooks Online integrates with various 3rd party apps and services to extend its functionality, making it a versatile and comprehensive solution for enterprises looking to simplify their accounting processes.

Key Features

• Multi-User Access
• Mobile Access
• Inventory Management
• Automatic Backups

QuickBooks Online offers powerful accounting capabilities, but it may not encompass all the features or provide the same user experience as QuickBooks Desktop.

QuickBooks Hosting

Intuit has also authorized some 3rd party cloud hosting providers to host their QuickBooks Desktop software (Pro, Premier, Mac, and Enterprise) on their cloud servers. Ace Cloud is one such QuickBooks hosting provider. Hosting QuickBooks Desktop gives you the best of both worlds – the benefits of cloud and desktop features and the same functionality.

With Ace Cloud, a QuickBooks hosting solution, you will get:

• 99.99% uptime
• Collaboration – anytime, anywhere access
• 45-day backup · Secure Infrastructure
• 24×7 Customer support

Moreover, you can make work easier by using QuickBooks on the cloud, but before making any decision, first take the QuickBooks hosting free trial; this will help you make the right decision.

What Factors Should Small Businesses Consider When Choosing the Best QuickBooks Version?

The right accounting software can streamline your financial management process and contribute to your company’s growth and success. So, when selecting the best QuickBooks version for your small business, it’s crucial to consider different factors that directly address your business pain points.

Understanding Business Requirements

The initial step you should follow while choosing the QuickBooks version is to understand the business key requirements; this will help you make the right decision that matches your needs. To pick the right accounting software, first identify the accounting-related tasks.

Understanding the complexity of your accounting needs will help you identify the loophole, and as a result, you will be able to pick the ideal QuickBooks version for small businesses.

Industry Specific Features

Check the features offered by QuickBooks’ different versions and ensure they align with your business needs. Moreover, if you are looking for industry-specific features for non-profit, manufacturing, or accounting, you can consider the QuickBooks Enterprise version.

Scalability and Customizability

Select the version that allows you to scale your business without applying any additional costs. Also, look for the customization option so that you can tailor specific business tasks, such as customizing invoice templates.

Pricing Plans

Cost is one of the crucial factors that you should consider. First, you should consider your budget and the pricing of each QuickBooks version. QuickBooks offers a different range of plans suitable for small to mid-level businesses.

To pick the best version at an affordable rate, compare the features and cost of each version; it will help you choose the best value for your business.

Integration Compatibility

Your small business can integrate several applications (such as Bill.com, MS Office, Fishbowl Inventory, Shopify POS, etc.) with QuickBooks to manage inventory, reporting, HR, and other functions. If you are looking to integrate different software or apps, check QuickBooks integration compatibility. Choose the version that supports the integration of essential third-party apps to streamline business workflow.

User Support and Training

Check each version’s user support and training resources; accessing reliable learning material and customer support helps you understand comprehensive software usage and its benefits. With QuickBooks, you can access world-class support, including live chat, phone support, and video tutorials, allowing you to resolve issues quickly and maximize your software’s capabilities.

Cloud or On-premise

When considering hosting options for your business, cloud hosting offers several advantages over on-premise hosting. With cloud hosting, your data is stored on remote servers maintained and managed by a third-party provider.

Moreover, cloud hosting eliminates the need for upfront investments and ongoing maintenance costs. On-premises hosting requires you to purchase and maintain your own hardware and infrastructure, making it more expensive.

Overall, cloud hosting provides a cost-effective and efficient solution for businesses seeking to streamline their operations and focus on their core activities without managing complex infrastructure. Conclusion

A clear understanding of your business needs and pricing helps you pick the best QuickBooks Desktop version. If you need QuickBooks for small businesses, then start with small, and later, you can upgrade it; by doing so, you can save money.

Frequently Asked Questions