QuickBooks Online has recently updated its pricing structure for the Essentials and Plus plans. It’s important to understand the timeline and how these changes will affect both new and existing subscribers. In this article, we’ll share more details about the pricing increase and a brief overview of the features included in the Essentials and Plus plans.
New QuickBooks Online Pricing Information
QuickBooks Online has raised Essential’s pricing from $55 to $60 per month and Plus from $85 to $90 per month. Prices for Simple Start and Advanced remain at $30 and $200 monthly, respectively. The table below sums up the new QuickBooks Online pricing structure:
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For New Subscriptions (Purchased on or after 2 August, 2023):
Customers who purchase QuickBooks Online Essentials subscriptions on or after 2 August 2023, will immediately be subject to the new pricing structure. In other words, if you subscribe to Essentials on or after this date, you will start paying the updated prices right from the date of your purchase.
For Existing Subscriptions (Purchased before 2 August, 2023):
For customers who already have a QuickBooks Online Essentials subscription purchased before 2 August 2023, the new pricing will take effect, but the timing differs.
The updated prices will apply to existing subscribers on their first billing date after 19 October 2023. This means that if you subscribed to Essentials before 2 August 2023, you will continue paying your current rate until your next scheduled billing date after 19 October 2023.
Why Prices Are Increasing?
The price increase is due to several reasons. One is Intuit’s continuous need to invest in Research & Development (R&D) to improve and innovate its products. Intuit’s commitment to investing more in R&D suggests that they are dedicated to enhancing the functionality and features of QuickBooks Online. These investments require financial resources, which can lead to price adjustments to ensure that the new version of QuickBooks Online is aligned with the needs of modern businesses.
QuickBooks Online Essential’s Top Features
- Income and Expense Tracking: Essentials allows you to effortlessly track income and expenses, making it easier to manage your cash flow. You can connect your bank and credit card accounts to automatically import transactions.
- Invoicing: Create professional-looking invoices with ease, customize them to match your brand, and send them directly from QuickBooks Online. You can also set up automatic invoice reminders to ensure you get paid on time.
- Bills and Vendor Management: You can enter and pay bills within QuickBooks Online Essentials, making it convenient to manage your payables. Additionally, it allows you to track your vendors and their contact information.
- Bank Reconciliation: Reconcile your bank and credit card accounts effortlessly, ensuring that your books are always up-to-date and accurate.
- Sales Tax Tracking: QuickBooks Online Essentials enables you to track sales tax on your sales and automatically calculate the tax due on invoices.
- Reports: Access a variety of reports, including profit and loss statements, balance sheets, and cash flow statements, to gain insights into your business’s financial health.
- Multi-User Access: You can invite up to three users to collaborate on your QuickBooks Online Essentials account. This is beneficial for businesses with multiple team members who need access to financial data.
QuickBooks Online Plus Notable Features
- All Essentials Features: QuickBooks Online Plus includes all the features of the Essentials plan, ensuring that you have access to fundamental accounting tools.
- Project Tracking: Plus offers project tracking capabilities, allowing you to monitor income, expenses, and profitability on a project-by-project basis. This feature is valuable for businesses that engage in multiple projects simultaneously.
- Inventory Management: If your business deals with inventory, QuickBooks Online Plus provides advanced inventory tracking features. You can monitor stock levels, receive stock alerts, and manage your inventory efficiently.
- Class and Location Tracking: For businesses with complex financial structures, Plus offers class and location tracking, which helps you categorize and report on transactions based on different aspects of your business.
- Enhanced Reporting: Plus provides more advanced reporting options, including customizable reports, to help you gain deeper insights into your business’s financial performance.
- Multi-User Access: QuickBooks Online Plus allows you to invite up to five users to collaborate on your account, enhancing team collaboration and data accessibility.
With the recent pricing update, we can expect QuickBooks to become a more powerful accounting solution for businesses. Meanwhile, when considering which plan to choose, it’s crucial to assess your specific needs, budget, and growth potential.