Basics of QuickBooks

BY Eddy Hood On Jun 06, 2019 With 2 Comments

Keeping track of the flow of a business’s finances is easily the most important piece of data for a company. Ultimately, regardless of the industry or niche being served by your organization, turning a profit is the most important aspect of operations. After all, without money, your business can’t stay afloat. This means keeping tabs on finances is paramount for all business owners.

quickbooksLuckily, many tools and services exist that can help increase the visibility of your cash flow while empowering your ability to make business decisions. QuickBooks is one such tool and is easily the most commonly used among small businesses.

What is QuickBooks?

QuickBooks is accounting software which you can link with your bank and credit card accounts to track and analyze the flow of money through your business. QuickBooks helps to relieve you of the painstaking process of data entry while also providing you with accurate and up to date books. You can also use QuickBooks to categorize transactions, so you have an itemized list of expenses and income.

QuickBooks learns from your interactions with the program to automate categorization for expenses. You can use QuickBooks to manage bills, track miles, and manage contractors while keeping tabs on invoicing. It also generates reports which you can use to gain invaluable insights into where your money is going each month while keeping track of spending trends to find opportunities for saving money.

QuickBooks Reports

QuickBooks offers various reports for businesses to get a grasp on their finances such as profit and loss reports, sales by customer summaries, job profitability details, unpaid bills details, and inventory valuations. QuickBooks can also generate payroll reports and tax preparation information. These reports can be viewed as summaries or in detail and with graphics to make the information more digestible and easier to understand.

You can view one-click standard accounting reports or create custom report templates that give you the exact information you need for your unique organization. Businesses can gain valuable data from the proper use of QuickBooks. I’m sure you’re wondering what all this is going to cost you.

QB-online-logoHow Much is QuickBooks?

QuickBooks functions on a software as a service (SaS) subscription model. There are three primary tiers of QuickBooks service: Simple Start, Essentials, and Plus.

***The following prices are as of June 6th, 2019 as advertised on the QuickBooks website.

  • QuickBooks Simple Start Plan

The Simple Start plan is $10/month for the first 3 months ($20/month afterward) and offers basic access to QuickBooks services including sales, expense, and profit tracking. You can also use this basic plan to create and send invoices and track sales tax. This plan allows for one user in addition to your accountant having access to it.

 

  • QuickBooks Essentials Plan

The Essentials plan is $20/month for the first 3 months ($40/month afterward) and provides everything from the Simple Start plan in addition to the ability to manage and pay your bills as well as track time. You can also generate sales quotes and transact in multiple currencies. This plan allows for three users in addition to your accountant.

 

  • QuickBooks Plus Plan

The Plus plan is $35/month for the first 3 months ($70/month afterward) and provides everything from the above plans as well as the ability to track your inventory and create purchase orders. You can also track project and job profitability. This plan allows for 5 users plus your accountant to access the software.

Regardless of which plan you pick, you can always get help from an accounting consultant to ensure your QuickBooks investment pays off.

 

  • QuickBooks Advanced

The Plus plan is $60/month for the first 3 months ($150/month afterward) and provides everything from the above plans but it allows for 25 users plus your accountant to access the software. In addition, you have advanced invoicing features, reporting add-ons via Fathom, premium support, and better user permissions.

Regardless of which plan you pick, you can always get help from an accounting consultant to ensure your QuickBooks investment pays off.

 

Getting Help With QuickBooks

If you need help with accounting, bookkeeping, or making the most of your QuickBooks investment, Ignite Spot is the partner you need. We are a Certified ProAdvisor for QuickBooks Online and Desktop which means we have proven our expertise in all things QuickBooks and are ready to help you make the most of this incredible software. Contact us today to learn more about how we can help your business realize its goals.

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My name is Eddy Hood. I've coached over 500 businesses on how to become more profitable. I'm the Founder & CEO of Ignite Spot, and I have mad parallel parking skills.

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