What Is QuickBooks Advanced & Why Is It Better Than Plus?

QuickBooks Online Advanced is the most powerful version of QuickBooks Online, designed for growing businesses that require more sophisticated features and capabilities than the Plus version offers. It provides a comprehensive suite of tools that cater to complex business needs, ensuring enhanced efficiency, deeper insights, and greater scalability. For businesses outgrowing the functionalities of QBO Plus, upgrading to QBO Advanced offers significant benefits that streamline operations and support growth.

Let’s check out some of the key features of QuickBooks Online Advanced not included in Plus.

Estimate vs Actual Reporting

Project estimate vs actual reporting is a critical feature in QBO Advanced that allows businesses to compare their estimated project costs with the actual expenses incurred. This functionality helps in tracking project performance, identifying cost overruns, and making informed decisions to stay within budget. By analyzing the variances between estimated and actual costs, businesses can improve their estimating accuracy and project management efficiency.

This feature is particularly useful for service-based businesses that rely on accurate project costing to maintain profitability. It provides detailed insights into where discrepancies occur, enabling managers to take corrective actions promptly. Additionally, it aids in future project planning by highlighting areas where estimates need adjustment, ensuring better financial control and project execution.

Revenue Recognition

Revenue Recognition is a sophisticated feature in QBO Advanced that ensures businesses comply with accounting standards when recognizing revenue. It allows businesses to record revenue accurately based on the delivery of goods or services, rather than at the point of invoicing. This method aligns with Generally Accepted Accounting Principles (GAAP), providing a true representation of financial health.

For businesses dealing with long-term contracts or subscription models, this feature is invaluable. It helps in matching revenue with the period it is earned, ensuring accurate financial reporting and compliance with regulatory requirements. By using the Revenue Recognition feature, businesses can avoid premature revenue recognition, which can distort financial statements and impact decision-making.

Advanced Reporting

Advanced reporting in QuickBooks Online Advanced offers powerful tools to create highly customizable reports that provide deep insights into various aspects of the business. Users can build tailored reports to analyze financial data, track key performance indicators (KPIs), and uncover trends. This capability goes beyond the standard reporting available in QBO Plus, allowing for a more granular analysis of business performance.

With advanced reporting, businesses can generate detailed financial reports, sales reports, and operational reports that cater to specific needs. The flexibility to customize reports ensures that users have access to the most relevant data, facilitating informed decision-making. This feature also supports data visualization, making it easier to interpret complex data and share insights with stakeholders.

Fixed Asset Management

Fixed Asset Management in QBO Advanced enables businesses to track, manage, and depreciate their fixed assets efficiently. This feature helps in maintaining accurate records of assets such as machinery, equipment, and vehicles, ensuring that their value is properly accounted for in financial statements. It also provides tools for scheduling maintenance and tracking asset locations.

Effective fixed asset management ensures that businesses can maximize the use of their assets and extend their lifespan. By automating depreciation calculations, QBO Advanced reduces the risk of errors and ensures compliance with accounting standards. This feature also aids in making informed decisions about asset acquisition, disposal, and replacement, contributing to better financial management.

Priority Support (Priority Circle Membership)

Priority Support through the Priority Circle Membership is an exclusive benefit of QBO Advanced. This membership provides access to a dedicated account manager and priority customer service, ensuring that users receive timely and personalized support. With faster response times and expert assistance, businesses can resolve issues quickly and minimize downtime.

The Priority Circle Membership also includes access to premium training and educational resources. This ongoing support helps businesses maximize their use of QBO Advanced, driving better outcomes and enhancing overall productivity. For businesses that rely heavily on their accounting software, having access to dedicated support ensures smooth operations and peace of mind.

More Users (Up to 25)

QuickBooks Online Advanced supports up to 25 users, significantly more than the 5-user limit in QBO Plus. This increased user capacity is ideal for larger teams that require simultaneous access to the accounting system. Each user can have role-based permissions, ensuring that sensitive information remains secure while enabling team members to perform their tasks efficiently.

For businesses experiencing growth, the ability to add more users without compromising on performance is crucial. QBO Advanced facilitates better collaboration and communication within teams, improving workflow efficiency. The enhanced user capacity also supports the scalability of the business, accommodating future growth without the need for additional software investments.

Contact Paygration

For businesses looking to leverage the powerful features of QuickBooks Online Advanced, Paygration offers tailored solutions to meet your needs. With discounts, free consultations, and ongoing support, Paygration ensures you get the most out of your QuickBooks Online Advanced subscription. Our team of experts is ready to help you choose the right plan, set it up, and provide training and support to ensure your business runs smoothly.

Get started by calling 866-949-7267 or clicking the link below to explore how QuickBooks Online Advanced can transform your business operations. With Paygration, you can rest assured that you have a trusted partner to help you navigate the complexities of business accounting and management.