QuickBooks Online Plus

When it comes to cloud-based accounting solutions for small and medium-sized businesses QuickBooks Online (QBO) stands out as one of the top choices. Among its various pricing plans, QuickBooks Online Desktop is often regarded as the sweet spot for businesses that need more than basic accounting features but aren’t yet ready for the advanced tools offered in higher-tier plans.

QuickBooks Online Plus offers a balance between affordability and robust functionality making it ideal for growing businesses. In this blog, we will take a detailed look at QuickBooks Online Plus exploring its key features benefits pricing, and best practices for getting the most out of this powerful tool.

What is QuickBooks Online Plus?

QuickBooks Online Plus is a mid-tier subscription plan within the QuickBooks Online family designed for small to medium-sized businesses that require more functionality than the basic Simple Start plan but don’t need the extensive features of the Advanced plan.

QuickBooks Online Plus comes with features that help businesses manage accounting tasks like invoicing expense tracking payroll and tax preparation but also includes advanced tools like project tracking inventory management and the ability to handle multiple users with customized permissions.

Key Features of QuickBooks Online Plus

QuickBooks Online Plus is packed with features that address a variety of business needs. Whether you’re a service-based business a retailer or a growing enterprise QBO Plus offers tools that can scale with your business.

1. Invoicing and Billing

QuickBooks Online Plus makes invoicing simple and customizable. You can:

Create professional invoices: Choose from multiple templates add your logo and include payment terms and due dates.
Send invoices electronically: Email invoices directly to clients saving time and postage costs.
Set up recurring invoices: If you bill clients on a regular basis you can automate the invoicing process to save time.
Track invoice status: You can see when clients have received viewed and paid invoices and even send reminders for overdue payments.

For businesses that need to keep cash flow steady the ability to automate recurring invoices and set reminders for overdue payments is a significant time-saver.

2. Expense Tracking

Tracking business expenses is vital for managing profitability and staying tax-compliant. QuickBooks Online Plus allows you to:

Sync bank accounts and credit cards: Import transactions from your bank and credit card accounts automatically.
Categorize expenses: Assign each expense to a specific category (e.g. office supplies utilities etc.) to make financial reporting easier.
Attach receipts: You can take pictures of receipts with your mobile device and attach them to transactions in QBO for future reference.
Track bills: You can manage and pay bills directly through QuickBooks Online making it easier to track accounts payable and avoid late fees.

This feature ensures that you have a clear view of your business’s expenses helping you stay on top of spending manage your budget and make more informed decisions.

3. Project Tracking

QuickBooks Online Plus shines when it comes to project management. If your business handles multiple projects or jobs QBO Plus allows you to:

Create and manage projects: Track project expenses and income in one place.
Assign expenses and time to specific projects: For each project, you can allocate costs like materials labor and other overheads.
Generate project-specific reports: Get real-time insights into how much money is being spent and earned on each project allowing you to evaluate the profitability of your projects.

For businesses in industries like construction consulting or any other project-based service the ability to track individual projects makes it easier to stay within budget and ensure timely billing for completed work.

4. Inventory Management

Inventory tracking is another strong feature of QB Online Plus. It is designed for businesses that need to manage product stock whether you’re selling physical goods or managing supplies. Features include:

Track inventory levels in real-time: You can track stock levels sales and purchases.
Automatically update inventory: When you sell products QB Online Plus will automatically update the quantity of items available.
Manage vendors and purchase orders: You can create purchase orders track suppliers and manage reorder points.
Generate inventory reports: You can generate reports to see which products are selling well and which ones need to be restocked.

Whether you’re running a retail shop or an online store inventory management tools in QuickBooks Online Plus help ensure that you don’t overstock or run out of crucial items.

5. Multi-User Access with Custom Permissions

QuickBooks Online Plus allows you to add multiple users with different levels of access making it easy for teams to collaborate on financial tasks. You can assign roles such as:

Admin: Full access to all features and settings.
Accountant: Access to financial reports transactions and other key data.
Employee/Standard User: Limited access to invoices bills and payroll (depending on permissions).

With customized user permissions you can ensure that each team member has access to the data they need without compromising the security of your financial information.

6. Reports and Financial Insights

Financial reporting is one of the key strengths of QuickBooks Online Plus. You can generate various reports to gain insights into your business’s financial performance including:

Profit and Loss Report: Tracks revenue expenses and net income over a specific period.
Balance Sheet: This shows your business’s financial standing by listing assets liabilities and equity.
Cash Flow Report: Provides insights into cash inflows and outflows helping you manage liquidity.
Sales Reports: This helps you track your sales performance over time.
Tax Reports: Makes tax filing easier by categorizing income and expenses according to tax rules.

With these reports business owners can make informed decisions regarding budgeting forecasting and business strategy.

7. Payroll Management (Add-on)

QuickBooks Online Plus integrates with QuickBooks Payroll a separate add-on that provides comprehensive payroll management tools. If your business has employees you can:

Run payroll easily: Calculate employee pay taxes and deductions automatically.
Pay employees via direct deposit or check: QuickBooks can directly deposit paychecks into employee bank accounts.
File payroll taxes: Automatically file payroll taxes and generate forms like W-2s and 1099s.

Note that QuickBooks Payroll is an additional cost but it is integrated into QuickBooks Online Plus making it a seamless option for payroll management.

Advantages of QuickBooks Online Plus

QuickBooks Online Plus offers several advantages that make it an appealing choice for businesses:

1. Cloud Accessibility

Because QuickBooks Online Plus is cloud-based it offers the flexibility of remote access. You can log in from anywhere using a computer tablet or smartphone. Whether you’re in the office at a client meeting or traveling you have access to your financial data in real-time.

2. Automatic Backups and Updates

QuickBooks Online Plus automatically backs up your data and installs updates ensuring that you’re always working with the latest features and your data is securely stored. This is a significant advantage over desktop solutions which require manual backups and updates.

3. Scalability

As your business grows you can scale QuickBooks Online Plus to accommodate more users additional features and increased transaction volumes. Whether you’re adding more employees expanding your inventory or branching into new markets QBO Plus can scale with your needs.

4. Cost-Effective

QuickBooks Online Plus offers a robust set of features for a price that is often more affordable than standalone desktop accounting software or hiring an in-house accounting team. For many small to medium-sized businesses QBO Plus offers the right balance of cost and functionality.

5. Security

QuickBooks Online employs industry-leading security measures to protect your financial data. This includes encryption secure cloud hosting and two-factor authentication to ensure that your business’s information is always safe.

QuickBooks Online Plus Pricing

As of 2024 QuickBooks Online Plus is priced at approximately $85 per month. This price may vary depending on promotions or discounts offered by Intuit. You can try QuickBooks Online Plus for 30 days free giving you a risk-free opportunity to test out the features before committing to a subscription.

Best Practices for Using QuickBooks Online Plus

To get the most out of QuickBooks Online Plus here are a few best practices:

Set Up Your Chart of Accounts Correctly: Ensure that your chart of accounts is organized in a way that suits your business model. This will make categorizing transactions easier and ensure that your reports are accurate.
Link Your Bank Accounts and Credit Cards: Automate the transaction import process to save time and reduce errors. Make sure to reconcile your accounts regularly to keep your books accurate.
Use Project Tracking for Profitability: If your business is project-based use QuickBooks Online Plus’ project tracking features to keep a close eye on costs income and project profitability.
Regularly Generate Financial Reports: Use the reports available in QBO Plus to keep a pulse on your financial health. Regularly review your Profit and Loss Balance Sheet and Cash Flow reports to make informed business decisions.
Monitor Inventory and Reorder on Time: If your business manages inventory regularly monitor stock levels to ensure you never run out of critical items or overstock on slow-moving products.

Conclusion

QuickBooks Online Plus is an excellent solution for growing small to medium-sized businesses that need more than basic accounting features. With tools for invoicing expense tracking project

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QuickBooks Online Plus Pricing And Plans (2024 Guide)