A small hobby turned into a large project that turned into a small business. Many people who’s hobbies turn into businesses are clueless on how to manage and track their finances. Luckily there are many options out there. One option that isn’t a stranger to managing a company’s finances is Quickbooks. There are several options available that have the ability to grow with the company through various upgrade features.
Quickbooks is a software that was created by Intuit Inc. Their software has many options that are capable of managing the finances of self-owned small businesses to construction contractors to larger corporations. This software could be used for payroll, inventory, sales, marketing, merchant services, invoices, tax services, and training. Quickbooks is available online through a monthly subscription plan or your could buy a license for your desktop for a one time fee.
Quickbooks online is a great option for small businesses. They have three different options that range in price from six to eighteen dollars per month. There is also an option to add payroll services for an additional cost that is determined by the amount of employees. A good thing is that your are not locked into one service and could change plans based on what your needs are at any time. A benefit of using the online version is that it updates automatically, so you know you are always using the current version. Also when using the online version, you don’t have to worry about your data getting lost if your computer breaks and data is unable to be recovered. This is because your data is stored on online servers that have an extra layer of protection to prevent data loss.
The online versions of Quickbooks for small businesses include these versions: Simple Start, Simple Start Essentials, and Simple Start Essentials Plus. All versions track income, create and track invoices, link to your bank to organize transactions, import data from Excel or Quickbooks desktop, automatic data backup, security to ensure only you access your info, take snapshots of receipts, and the option to share information with your accountant. Quickbook Simple Start Essentials also includes the options to set up automatic, recurring invoices, manage and pay bills from vendors, compare your sales trends with industry trends, control what data users could access, track billable hours by customer, handle multiple currencies, and have up to three users. Simple Start Essentials Plus Includes all the features of essentials as well as the options to create and send purchase orders, track inventory, manage 1099 contractors, allow employees and contractors to enter time worked, create budgets to estimate future expenses, categorize income using class tracking, track sales and profit over multiple locations, and have up to five users.
If you are self-employed and don’t need all the extras, Quickbooks also offers an online version for freelancers for three dollars a month. This allows you to track income and expenses, capture and organize receipts, estimate quarterly taxes, run basic reports, and track miles. If you are a one man show, this is a good place to start. As your business grows, you could decide to upgrade your plan for more features. Whatever your financing needs are for your company, there is a version of Quickbooks for your needs. Quickbooks has been around for years and is a common ground for many accountants across many businesses.