QuickBooks Online Advanced is the highest tier of QuickBooks Online. It has all the benefits of the previous tiers, just at a larger scale, for larger and more complex businesses.
How Do I Know if I Need QuickBooks Online Advanced?
Here are some signs that you might need QuickBooks Online Advanced:
- Complex Workflows: QuickBooks Online Advanced has enhanced automation features, which is especially valuable for a company that has many workflows that encompass many steps and departments.
- Increased Transaction Volume: Following the growth of your business, there are tendencies to have many transactions in your business. Some of the features of QuickBooks Online Advanced include the ability to accommodate more transactions and generate better reports.
- Need for Customization: QuickBooks Advanced has these capabilities for those who need more form customization and functionality in their financial reports, workflows, or dashboards.
- Multiple Users with Different Access Needs: QuickBooks Online Advanced also offers user permissions and roles to enable users to assign tasks so that some information within the system can only be viewed and worked on by the people assigned to those specific roles.
- Advanced Reporting and Insights: QuickBooks Online Advanced is useful if users require more complex reporting features for business planning.
- Growth Outpacing Current Solution: Perhaps more than your current solution is needed for your growing small business needs owing to increased complexity or volume; hence, using QuickBooks Online Advanced could provide that extra push that your business needs.
Features of QuickBooks Online Advanced
- Get Paid 2x Faster with Automated Invoices
Process your invoices faster to help collect your dues faster. The features are invoicing with options to send invoices repeatedly/follow up and payment options for clients, enabling them to pay bills online.
- Auto-Track Income and Expenses
Automatically consolidate your financial transactions from your banks and credit card accounts, thus reducing the effort required to enter your transactions.
Stay ready for the tax season by keeping your financial papers in order and having well-detailed tax reports.
Improve collaboration with developed access rights systems that enable several users to work on financial activities while tracking the access of individual users to certain data or facilities.
Get enhanced visibility with flexible reports & dashboards to track your business’s financial health and progress.
To eliminate piracy, sophisticated security measures must be adopted to protect financial information, such as encrypted transactions and secure cloud storage.
- Get paid 2 x faster with automated invoices
- Auto-track income and expenses
- Tax Ready
- Collaboration
- Reports and insights
- Data Security
What is the Price of QuickBooks Online Advanced?
In the latest update, it is approximately $180 for a QuickBooks Online Advanced subscription.
However, pricing can vary based on factors such as:
- Number of Users: The base price normally covers a specific number of users, and extra users pay an extra amount.
- Add-Ons and Customizations: Users sometimes have to pay extra for more features, integration with other applications, or customization.
- Promotions and Discounts: QuickBooks may also negotiate a new charge scale from time to time, depending on a client’s needs.
The people at QuickBooks would probably have the most current and accurate information about the cost per plan; therefore, refer to the QuickBooks official website or sales department.
Benefits of QuickBooks Online Advanced?
Here are some benefits that come with QuickBooks Online Advanced: QuickBooks Online Advanced is advantageous for businesses with complex operations and, most especially, those with the ability to grow fast.
Here are some key benefits:
- Enhanced Efficiency: Another example of efficiency can include prepping assemblies with a heavy workload so that automation can assist with invoicing, bills, and reports.
- Customizable Workflows: Make workflows adaptable to your given business processes and needs, enhancing productivity and effectiveness.
- Advanced Reporting and Insights: Create easily understandable and configurable reports that provide better insight into working finances, enabling better business decisions.
- Scalability: Sustainably caters to higher transaction throughput and other evolving organizational needs as your business evolves.
- Improved Collaboration: Post-user control and privileges to ensure more workers get access to unique data depending on their roles, hence improving teamwork while still maintaining privacy.
- Tax Preparation: Stay organized and compile your finances for tax purposes, which will make it easier to prepare for tax season.
- Robust Data Security: Delight in better security measures, including secured transactions and cloud storage of your financial information, to protect your information from potential invaders.
- Dedicated Account Support: The Account Support Team will assist according to your business’s specifics.
How to Set Up QuickBooks Online?
QuickBooks Online Self-Employed setup involves several procedures that will help you get the appropriate setup of your QuickBooks Online for your business.
Here’s a step-by-step guide to help you get started:
Step 1: Get Started On QuickBooks Online
Choose a Plan: Choose carefully from the QuickBooks Online plans, depending on your enterprise’s requirements (Simple Start, Essentials, Plus, or Advanced).
Create an Account: Open your web browser and access the QuickBooks official website – click the “Sign Up” or “Start Your Free Trial” button and proceed to create your account.
Step 2: Set Up Your Company
Enter Company Information: Give information about the company, such as the name, address, and the line of business of the company in which the business is located.
Set Up Your Financial Year: Select the date on which your fiscal year begins. It is very often the same as the calendar year, though it can be different for a specific business.
Step 3: Customize Your Settings
Set Up Your Preferences: Select your accounting settings, including the currency you have chosen, your sales tax preferences, and your invoice preferences.
Add Your Logo: You can upload your company’s logo to make changes to the format of the invoices and other documents you issue to your customers.
Step 4: Offline Payment Gateway Step-Wise: Link Your Bank and Credit Card Accounts
Link Accounts: Link your bank and credit card accounts to QuickBooks online account to enable the downloading and sorting of the transactions.
Verify Transactions: Check the transactions imported and sort them so that no two are the same.
Step 5: Enter Your Opening Balances
Input Initial Balances: Input all balance values that your company possesses (for instance, bank accounts, credit cards, loans) that would represent the financial standing of your business when starting to use QuickBooks.
Step 6: The chart of accounts is one of the most critical ledgers, and it needs to be created and set up properly before being used in the business.
Create Accounts: Open accounts related to assets, liabilities, revenues, and costs. QuickBooks Online offers pre-set fields for sorting transactions; however, you may need to change these according to your operations.
Step 7: You can Add Your Customers and Vendors
Enter Contacts: Enter the information for your customers and vendors, such as their names, addresses, and the agreed-upon payment methods.
Set up Products and Services: Provide details about your products and services, including their price and description.
Step 8: Configure Your Taxes
Set Up Sales Tax: If you are selling your products in a country with states, provinces, or local tax zones, it is wise to set the various tax rates and jurisdictions from this section appropriately.
Track Tax Payments: Make a schedule or a diary of any taxes that are payable or any obligations.
Step 9: Create and Customize Invoices
Design Templates: You should ensure that the invoice format used incorporates your company’s details.
Set Up Recurring Invoices: It could be useful to create templates of invoices for regular customers or services with subscriptions.
Step 10: Review and Test
Verify Data: Cross-check all the entries and ensure that all your accounts are in order.
Test Transactions: The system’s ability to complete a few dummy transactions needs to be tested.
Step 11: Start Using QuickBooks Online
Begin Tracking: Begin recording transactions, paying bills, invoices, or performing any other accounting activity through QuickBooks Online.
If you have a problem or require assistance in any way, QuickBooks provides online assistance, a QuickBooks community, and QuickBooks customer support.
What’s the difference between QuickBooks Online Advanced, Plus, Essential, and Simple Start?
There are quite a number of QuickBooks Online plans available, each with its unique features that may suit a business’s requirements. Here’s a comparison of the main differences between QuickBooks Online Advanced, Plus, Essentials, and Simple Start: Here’s a comparison of the main differences between QuickBooks Online Advanced, Plus, Essentials, and Simple Start:
- QuickBooks Online Simple Start
Best For
- New business people with small businesses or persons who work as freelancers and require simple accounting services.
Features
- Track income and expenses.
- Create and send invoices.
- Manage and categorize transactions.
- Generate basic financial reports.
- The account is constrained to a single user, and he/she can only use the account.
Limitations
- Lacks functions for tracking and managing stock, billing, and multiple account features.
- QuickBooks Online Essentials
Best For
- Businesses that do more than only accounting but not more than it requires for small businesses.
Features
- Everything that is included in Simple Start.
- Track and manage bills.
- It has made managing bills and expenses easier.
- Accommodate up to three users (additional users are allowed at a cost).
- Create and send estimates.
- Application that allows monitoring time and additional working hours for employees and contractors.
- It can also integrate with QuickBooks Payments to enable an organization to accept online payments.
Limitations
Limited customization and reporting capabilities compared to higher plans
- QuickBooks Online Plus
Best For
- Small-sized businesses that require additional capabilities and multi-user login.
Features
- All features in Essentials.
- Record stocks’ and control stock.
- Create purchase orders.
- Control and monitor projects, job costs, and contact information.
- Support up to five users (extra users for extra cost).
- Also, it is used to track time both for the employees and the contractors.
Limitations
- The advanced package may still need some high-level features, including customization and reporting.
- QuickBooks Online Advanced
Best for
- Companies with a large number of workers or intricate requirements prefer more control over their payroll software.
Features
- The ability to use and prepare advanced reports as well as create and customize the way the dashboards look.
- More privileges and authority for the end-users in order to control permissions and share tasks more efficiently.
- 24/7 customer support and tailored setup to match users’ preferences.
- The interconnection to other business applications.
- Better options for data security and data backup.
- Automation of multiple transactions, higher limits, and further integration for companies that are expanding.
Limitations
- The most expensive plan comes with most of the functions and amazing customer support services.
Each plan has been developed to cater to different business needs, which means that the right one for the business will depend on its size, its accounting needs, and the amount of money one is willing to invest.
