QuickBooks, from Intuit, is a powerful suite of financial management tools designed to support businesses of all sizes. While Intuit is a technology company, not a bank, they partner with Green Dot Bank, Member FDIC, for banking services. Understanding the various QuickBooks offerings is crucial for businesses to choose the right solution. This article provides a comprehensive comparison of different QuickBooks “editions,” helping you navigate their features and select the best fit for your needs.
QuickBooks Online Editions: Cloud-Based Accounting Solutions
QuickBooks Online (QBO) offers a range of cloud-based accounting solutions suitable for various business needs. These editions provide flexibility and accessibility, allowing you to manage your finances from anywhere with an internet connection.
Discount Offer Terms for QuickBooks Online
New QuickBooks Online subscribers can often benefit from promotional discounts. Typically, these offers include a discount applied to the monthly price for the first few months of service, after which the regular monthly list price applies. These offers are generally available for QuickBooks Online, QuickBooks Payroll, QuickBooks Time, and QuickBooks Solopreneur across all tiers. Subscriptions auto-renew monthly until canceled. Adding or removing services will adjust your fees accordingly, and sales tax may apply. These offers are usually for new QBO customers signing up for a monthly plan and cannot be combined with other QuickBooks offers. It’s important to note that these are limited-time offers. Cancellation is easy through the Account & Settings in QBO, and it becomes effective at the end of the monthly billing period. You will retain access for the remainder of the billing period but will not receive a pro-rated refund. Terms, conditions, pricing, features, and support are subject to change.
QuickBooks Live Bookkeeping Guided Setup
For new QuickBooks Online monthly subscribers within their first 30 days, QuickBooks Live Bookkeeping Guided Setup offers a one-time virtual session with a QuickBooks expert. This service helps users set up their QuickBooks Online account, including chart of accounts, customized invoices, and connecting bank and credit card accounts. It does not cover desktop migration or Payroll setup and is not available for QuickBooks trial users. The expert guides you through the setup process, but the service is limited to QuickBooks Online account setup. Terms, conditions, pricing, features, and support are subject to change.
QuickBooks Online Features
QuickBooks Online is packed with features designed to streamline your accounting processes:
- Automated 1099 e-file & delivery: Prepare 1099s within QuickBooks at no extra charge. For a fee, the 1099 E-File Service allows Intuit to e-file federal 1099 information with the IRS and mail copies to contractors. Contractors also gain online access to their 1099s with this paid service. State filing is typically not included, and you should verify state-specific requirements.
- QuickBooks Online mobile app: Manage your business on the go with mobile apps for iPhone, iPad, and Android devices. These apps provide access to QuickBooks Online features, though not all features are available on mobile. Mobile access is included with your QuickBooks Online subscription, subject to data availability and occasional downtime. Product registration is required.
- QuickBooks app integration: Extend QuickBooks functionality by integrating with various online services through apps.com. These services may have their own terms, conditions, and fees.
QuickBooks Live Full-Service Monthly Bookkeeping
QuickBooks Live Full-Service Monthly Bookkeeping provides ongoing expert bookkeeping support. Upon signing up, a Live Bookkeeper assists with cleaning up your books from your last tax return or business incorporation date up to the month before your subscription started. Initial cleanup services include updating bookkeeping, connecting accounts, categorizing transactions, reconciling accounts, and providing summary reports. The cleanup process requires you to provide necessary documentation to your bookkeeper, who will request it after your first meeting. Cleanup completion time depends on documentation timeliness and book complexity, typically taking around 30 days.
Ongoing monthly services include QBO feature overviews, customer and vendor setup, reporting assistance, chart of accounts setup, help with bank connections, expense classification, categorization, reconciliation, historical data import, and general bookkeeping practice assistance. Some basic bookkeeping services may not be included and are determined by your Live Bookkeeper based on the information you provide. Refer to the QuickBooks Terms of Service for detailed service information.
QuickBooks Payroll Editions: Managing Employee Payments
QuickBooks Payroll offers different editions to manage your employee payments and payroll taxes efficiently.
Additional Payroll Offer Terms
Payroll services involve per-employee monthly fees in addition to the base subscription cost. Contractor payments via direct deposit also incur monthly fees. The service typically includes one state filing, with additional state filings incurring extra monthly charges for Core and Premium plans (Elite plan includes additional state tax filings at no extra charge). Discounts generally do not apply to additional employee or state tax filing fees.
QuickBooks Payroll Features
QuickBooks Payroll editions are equipped with features to simplify payroll management:
- HR services: QuickBooks Online Premium and Elite subscriptions include HR support from experts at Mineral, Inc., subject to their Privacy Policy and Terms of Service. HR advisor support is exclusive to QuickBooks Online Payroll Elite. This HR support is not available to accountants calling on behalf of clients.
- Automated tax payments and filings: Automated tax payments and filings are available for both state and federal taxes. Enrollment in e-services is required. Local tax automation is available in QuickBooks Online Payroll Premium and Elite.
- Automated 1099 e-file & delivery: Similar to QuickBooks Online, Payroll editions also offer automated 1099 e-file and delivery services with associated fees for e-filing and mailing.
- Health benefits: QuickBooks partners with Allstate Health Solutions to offer health insurance benefits through Intuit Insurance Services Inc. Terms and conditions from Allstate apply.
- QuickBooks Time: Time tracking is included in QuickBooks Online Payroll Premium and Elite, with varying features across plans. The QuickBooks Time mobile app is compatible with various devices.
QuickBooks Contractor Payments Features
QuickBooks Contractor Payments simplifies payments to contractors and ensures compliance.
- Automated 1099 e-file & delivery: Similar to other QuickBooks services, contractor payments include automated 1099 e-file and delivery options for a fee.
QuickBooks Time Editions: Tracking Time and Projects
QuickBooks Time (formerly TSheets) is a time-tracking solution integrated with QuickBooks, especially in Premium and Elite Payroll editions.
QuickBooks Time Features
- Track project progress: Available in QuickBooks Time Elite, this feature allows detailed monitoring of project timelines.
- Project activity feed: Exclusive to QuickBooks Time Elite, providing a real-time feed of project activities.
- Project estimates vs actuals reporting: Also available in QuickBooks Time Elite, enabling comparison of estimated versus actual project costs.
QuickBooks Enterprise Editions: Robust Desktop Solutions
QuickBooks Enterprise offers powerful desktop-based solutions with advanced features for larger businesses.
QuickBooks Enterprise Features
- Advanced Reporting: Included in all QuickBooks Desktop Enterprise subscriptions, requiring an internet connection for access.
- Advanced Pricing / Control, customize, and automate pricing: Available in Platinum and Diamond subscriptions only, requiring an internet connection.
- Advanced Inventory: Included in Platinum and Diamond subscriptions only, requiring an internet connection.
- Built-in Payroll and Time Tracking: Available with additional terms, conditions, and fees.
QuickBooks Product Information: Further Details
- QuickBooks Online Advanced: Includes one license of Smart Reporting powered by Fathom, supporting a significant number of accounts and classes for data analysis. Additional licenses are available for purchase.
- QuickBooks Money: A standalone offering combining QuickBooks Payments and QuickBooks Checking. Banking services are provided by Green Dot Bank, and money movement services by Intuit Payments Inc.
- QuickBooks ProAdvisor: Subject to the ProAdvisor Program terms and conditions.
- QuickBooks Online Accountant: Additional terms, conditions, and fees apply.
- 2024 QuickBooks Desktop product: Support for 2024 ProAdvisor bundles extends until May 31, 2025, or for the latest version during your active subscription. Refer to the 2024 End User License Agreement for details.
Claims and Guarantees
- Payroll Cost Savings: Surveys indicate that businesses using QuickBooks Payroll report an average payroll cost savings.
- Accurate Books Guarantee: QuickBooks Live Monthly Bookkeeping guarantees accuracy. If an error requires reopening books, they will correct it at no additional charge. See quickbooks.com/live for full details.
Conclusion
Choosing the right QuickBooks edition depends heavily on your business size, complexity, and specific needs. QuickBooks Online offers cloud-based accessibility and various plans, while QuickBooks Desktop Enterprise provides robust desktop solutions for larger operations. QuickBooks Payroll and Time editions integrate seamlessly to manage employees and projects. Understanding the features, terms, and conditions of each “edition” allows businesses to make informed decisions and optimize their financial management processes. Always refer to the official QuickBooks website for the most up-to-date pricing, features, and terms as they are subject to change.
