As a business owner, you definitely know how crucial it is to keep your books in order. If you’re using QuickBooks Online to stay organized, there are many QB Online products to choose from. So how do you know when to upgrade to QuickBooks Online Advanced?
It doesn’t take long for disorganization to add up, and for disaster to strike when your bookkeeping isn’t organized. If you’re a single-person business or you don’t have a lot to monitor, using Excel, a Google sheet, or QuickBooks Online Self-Employed might seem sufficient. As your business grows, so do your business needs, and your accounting software of choice can really make or break how smoothly your business operates.
Thankfully, there is no shortage of programs to help keep you and your business’ finances on track. Out of all the accounting programs available, we think the best programs to use are within Intuit’s lineup of QuickBooks programs.
There are a lot of benefits to using QuickBooks in your business. Intuit’s easy-to-use software comes in a variety of programs geared towards helping all business models from the self-employed freelancer, to enterprise-level businesses and all their employees.
Once you meet certain thresholds within your business, you should think about upgrading your QuickBooks software to suit your business’ expansion.
For larger or more complex businesses, we recommend upgrading to QuickBooks Online Advanced.
But how do you know when you should be sticking to your current version of QuickBooks, or when to upgrade to their Online Advanced program? Let’s take a look.
Which QuickBooks Program is Right for Your Business?
The short answer is, it depends— whichever version of QuickBooks you choose to use depends entirely on your small business needs. Are you self-employed? How many employees does your business currently employ? And most importantly, what features are most beneficial to your company’s accounting needs?
There can be a lot to consider, but as long as you know what you need, that can remove some potential uncertainty from the decision-making process.
Desktop vs. Online
It’s important to select the right software for your business’ needs, and the first choice you need to make involves selecting either the desktop or online series of programs. Either will work for your business, but it’s important to consider their differences before you make a decision.
Intuit’s QuickBooks desktop series are programs that you physically install on your business’ devices. However, starting in 2022, QuickBooks’ line of desktop programs are switching to a fully online subscription model.
This means even if you’ve already bought your QuickBooks desktop software, using it will require paying a subscription fee.
However, this transition also means that you’ll always have access to certain features that were previously unavailable in the Desktop versions. Some of these include:
- Unlimited Intuit customer support and data recovery, in case you lose valuable data
- Access to the QuickBooks Desktop mobile app and its convenient features
- Faster processing speeds
You’ll also have access to brand-new features that will make tracking your cash flow faster and easier than ever before.
While the Online and Desktop versions of QuickBooks are becoming more similar, there are still some key differences between them.
There are many plans available to accommodate growing businesses, so it’s all a matter of evaluating your business’s needs and working from there. Since we’ll be highlighting QuickBooks Online Advanced, let’s first take a closer look at Intuit’s array of online QuickBooks programs.
What Comes Standard with QuickBooks Online Programs?
Whether your business is big or small, QuickBooks has what you need to keep things organized. More basic plans don’t include as many bells and whistles as the premium plans do, but all versions of QuickBooks Online include the following features:
- Track income and expenses, and monitor your cash flow
- Invoice your customers and receive payment
- Download credit card and bank transactions
- Track and view everything on your mobile device
- Workflow customization and automation
- Online payroll
Having a more basic array of features will be enough for very small businesses or self-employed individuals. However, once your business starts to grow you want to consider features that not only keep things organized, but that makes keeping track of your finances much easier.
For more information on choosing your ideal program for your bookkeeping needs, check out our article: Which QuickBooks Version Is Right For Me?
Why You Should Be Using QuickBooks Online Advanced
QuickBooks Online Advanced is the highest tier in their online program series, and has all the features of QuickBooks Online Plus as well as additional unique features. Features exclusive to Online Advanced include:
- Businesses can take advantage of batch invoicing and batch transactions
- Access to a key performance indicator (KPI) dashboard
- Up to 25 users included on the account
- Custom user permissions and custom roles that allow program administrators to give users access only to what they need
- Accelerated invoicing
- Automated workflows to reduce potential margin of error
- Integration with premium apps such as HubSpot, DocuSign, and LeanLaw
- Access to a dedicated customer success manager from QuickBooks’ Priority Circle
- QuickBooks training for your staff
- Smart reporting, powered by Fathom, which allows you to import data from QuickBooks into a chart of accounts, keeping track of potentially thousands of accounts all in one place
- Enhanced custom fields
As you can see, there are a lot of features available in this program that you can’t get in the others. For a lot of businesses, this may be much more than you need. However, if you’re part of a larger business, these features may seem right up your alley.
So how do you know when you should switch to QuickBooks Online Advanced?
When to Switch to QuickBooks Online Advanced
If any of those features seem especially enticing or helpful to your business needs, then you should consider upgrading your plan to the Advanced program. As a rule of thumb, larger organizations with more complex accounting needs, as well as nonprofit organizations, should consider using this program to keep their finances running smoothly.
Also, if you’re outgrowing the features in your current accounting software, you should consider upgrading to QuickBooks Online Advanced. As your business grows, it’s important to use the best software available for your financial needs.
If you need help or more personalized guidance with your business’ accounting needs, reach out to Mission Accounting and our team of expert accounting professionals.
Bernard Roesch, Mission Accounting Help’s founder, is a Harvard MBA and a QuickBooks ProAdvisor. He and our team of financial experts can help you unleash the full power of QuickBooks and leverage all its features to your company’s advantage. We also provide ongoing or project-based bookkeeping and CFO services.
Contact us at Mission Accounting today to schedule a consultation for your business’s financial needs. Big or small, we’re here to help you find solutions to all your accounting needs and make keeping your company afloat much easier.