QuickBooks Solopreneur works well for one-person businesses, especially if your bookkeeping knowledge is limited or if you need to separate your business and personal expenses. If your work is project-based or you what is work in process inventory and how often work remotely, it’s also a good solution. Get unlimited expert help as you prepare your business taxes.

A notable new feature is Spreadsheet Sync, which helps you generate consolidated reports across multiple entities easily. It is an advanced feature that lets you import and export data between QuickBooks and Microsoft Excel. You can easily generate custom reports in a single spreadsheet, create complex calculations, and use Excel’s built-in tools to work on your data. Once the data is finalized in Excel, you can easily post it gross margin wikipedia back to QuickBooks Online Advanced. Batch expensing allows you to record and categorize multiple expenses at once instead of entering them individually.

This helps your business to receive international payments with ease. We’re firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers. The Ascent, a Motley Fool service, does not cover all offers on the market. Connecting your bank or financial institution also ensures that your account balances are current and reports are accurate.

Which QuickBooks Online plan is right for you?

Whether you’re a small business owner, a freelancer, or just starting out on your entrepreneurial journey, managing your finances effectively is crucial. In this comprehensive guide, we’ll walk you through the basics of getting started with QuickBooks Simple Start, from setup to understanding its features and functionalities. If so, it’s worth choosing a QuickBooks subscription level with the QuickBooks Multicurrency feature.

1. These can be useful for companies with more complex business structures and accounting workflows.
2. Most importantly, Plus will separate the cost of your ending inventory from COGS using first-in, first-out (FIFO).
3. Meanwhile, Simple Start is a good starting point for most small businesses, especially those that don’t need to enter bills, track billable hours, and manage projects and inventory.
4. Its basic plan is in line with QuickBooks Simple Start, at $15 per month.
5. QuickBooks Online offers four standard plans—Simple Start, Essentials, Plus, and Advanced—with prices ranging from $35 to $235 per month.

Track receipts and more for tax time

A Live Bookkeeper cannot begin cleaning up your past books until they receive the required supporting documentation, which your bookkeeper will request from you after your first meeting. Once your bookkeeper receives all the necessary documentation, they’ll typically complete your cleanup within 30 days. In some cases, your cleanup may take longer depending on timeliness of documentation and the complexity of your books.

How to Set up a Local Entity: Step-by-Step Guide for Businesses

This means you must first cancel your Solopreneur subscription and then sign up for the QuickBooks Online version you wish to upgrade to. Check out our evaluation of the best QuickBooks alternatives for additional recommendations, which include free and paid options. The QuickBooks Online comparison chart below highlights some of the key features of the five versions. We include in-depth, side-by-side comparisons of each plan against its next-level tier in the sections that follow. Use the apps you know and love to keep your business running smoothly. Connect seamlessly with your current apps to keep your business running smoothly.

The ability to generate comprehensive financial reports is invaluable for understanding your business’s performance over time. QuickBooks Simple Start offers an array of customizable reports that provide insights into various aspects of your finances. These reports include profit and loss statements, cash flow analyses, and expense breakdowns. By leveraging these reports, you can assess the effectiveness of your financial strategies, identify trends, and make data-driven adjustments double declining balance method: a depreciation guide to optimize your business’s financial outcomes.

Sign up to receive more well-researched small business articles and topics in your inbox, personalized for you. Ease of use includes the layout of the dashboard and whether new transactions can be initiated from the dashboard rather than having to navigate to a particular module. Other factors considered are user reviews specific to ease of use and a subjective evaluation by our experts of both the UI and general ease of use. If you run businesses in multiple locations and want to see which one is most profitable, an upgrade to Plus from Essentials is worth the price. For more information about its features, read our review of QuickBooks Solopreneur. Also, check out our comparison of QuickBooks Online vs Solopreneur for a more general guide on when to use each.