What is QuickBooks?
QuickBooks is a software solution used by many small to mid size companies to manage the financial transactions that occur in their business. Having your business income and expenses organized in a manner specific to your needs can provide you access to meaningful information that will help you make informed business decisions.
Which QuickBooks solution is right for your business?
Every business is unique, and every business owner has different goals. What works for one does not work for all. It is important to structure QuickBooks in a manner that will be meaningful to you. What is important to you? The answer to this question will assist in answering one of the most frequently asked questions when making the decision to implement QuickBooks. What version of QuickBooks is right for me and my business?
It is important to select the correct platform and version of QuickBooks to best meet your company’s specific needs. There are two platforms: QuickBooks Desktop (QBDT) and QuickBooks Online (QBO). QBDT is purchased as a license and installed as a download to your computer, local server, or hosted by a third party in a cloud environment. QBO is a web-based application purchased as a software subscription with the availability of 100’s of third party add on applications to meet your needs. The convenience and flexibility using QBDT in the cloud environment provides some functionality of QBO to be able work anywhere with access to your QuickBooks and collaborate with others outside your company.
Each platform offers several versions. QBDT offers Pro, Premier, and Enterprise. QBO offers Self-Employed, Essentials, Plus, and Advanced. Assessing your needs helps determine which version will be best for your business. Questions to ask yourself: How do I want to access the software? How many users need access to the file simultaneously? What type of information do I need to track? What reports will be useful to answer my questions?
Before making a decision, determine what information needs to be tracked and the features needed to track the information, then evaluate both QBDT and QBO. For example, managing inventory in QBDT may be easier, whereas using QBO with a third party add on may better meet your needs. With most versions of QuickBooks, additional licenses can be added as the need for the number of users increases. As your business grows and more features and functionality are needed, upgrading to the next version or changing platforms may be an option. QBO is constantly being updated with new features and fixes. QBDT is upgraded annually with updates provided to licensed users throughout the year.
Working with a professional to help you determine which QuickBooks platform and version is most appropriate for your business operations and your goals will be worth the investment. For additional assistance assessing your QuickBooks and Accounting needs contact Cheryl Willett, Willett Business Management, Inc., (239) 340-4928.
About the author
Willett Business Management can replace your back office with accounting, payroll, and bookkeeping support. When it comes to complex issues, rely on us. We’re dedicated to our clients. We provide QuickBooks set up, support, problem resolution. Unsure which QuickBooks solution is right for your business? We can help you. We developed strategies for both business and individual clients. And we work hard and long hours when they need us—even after tax season. So let us tackle your most pressing financial issues.