What Is The Best QuickBooks Online Version For IT Companies?

Online offers different versions suited for various business sizes and needs. Its features can be customized to almost any industry, including IT companies. While it offers four versions, we recommend Plus and Advanced for IT companies needing comprehensive accounting features to manage their bookkeeping and financial management workflows. 

We’ll help you decide when to choose QuickBooks Online Plus or Advanced for your IT business.

When to Use QuickBooks Online Plus

For Teams of Up to 5 Users

QuickBooks Online Plus is ideal for small to medium-sized IT firms that need access for up to five users. This allows team members to manage different accounting tasks at the same time, promoting efficient workflow. For instance, one user can handle billing while another focuses on payroll, ensuring smooth operations.

Having multiple users means different parts of the business can be managed simultaneously, especially during busy periods. Customized access ensures data security, allowing team members to collaborate without compromising sensitive information.

For Project Accounting

QuickBooks Online Plus provides robust project management tools, which are crucial for IT firms managing multiple projects. It offers detailed tracking of income, expenses, and profitability for each project. By assigning costs and revenues to specific projects, firms can monitor financial performance and make informed decisions.

Real-time expense tracking helps control costs and maximize profitability. IT companies can generate detailed project reports, providing insights into performance and areas for improvement, ensuring projects stay within budget and are financially viable.

For Inventory Management

QuickBooks Online Plus offers advanced inventory management features crucial for IT firms that need to track software licenses and hardware. This functionality allows companies to monitor stock levels, manage purchase orders, and track inventory costs, ensuring that necessary materials are available and preventing project delays.

Inventory management helps identify slow-moving items and manage stock levels effectively. IT firms can make informed purchasing decisions, ensuring investment in the right materials at the right time, which reduces storage costs and minimizes waste. This feature also helps maintain accurate records of inventory, supporting better financial management and planning.

For Time Tracking and Invoicing

QuickBooks Online Plus simplifies tracking billable hours and adding them to invoices. IT firms can log hours spent on each project, ensuring accurate billing for services. This feature reduces the risk of errors and ensures all billable time is captured.

Integrating time tracking with invoicing makes the billing process faster and more efficient. IT firms can generate detailed invoices reflecting actual time spent on each job, enhancing transparency and customer trust.

For Managing Bills and Payments

QuickBooks Online Plus helps IT firms track and pay bills on time, avoiding late fees and maintaining good supplier relationships. The software provides reminders for due payments and allows scheduling of recurring bills.

Managing payments directly through QuickBooks Online Plus simplifies the process. Firms can make electronic payments, reducing the need for manual checks and saving time. This feature also helps keep accurate records of transactions, ensuring financial records are always up-to-date.

For Budgeting

QuickBooks Online Plus provides budgeting tools that allow IT firms to create detailed budgets for projects and overall business operations. By setting budget targets and tracking actual performance against these targets, firms can identify variances and take corrective actions promptly.

Budgeting helps in planning for future expenses and managing cash flow effectively. IT firms can forecast revenue and expenses, ensuring a clear financial roadmap for the business, particularly useful for managing seasonal fluctuations in work volume.

When to Use QuickBooks Online Advanced

QuickBooks Online Advanced offers all of the capabilities of QuickBooks Online Plus, but you should consider upgrading to this highest version if you need:

More User Access

QuickBooks Online Advanced supports up to 25 users, making it ideal for larger IT firms. This allows different departments to access the accounting system, promoting effective task distribution and collaboration.

Advanced also provides customized user permissions, ensuring each user has access only to the information they need, enhancing security. Larger teams can work together more effectively, improving overall productivity and efficiency.

Advanced Reporting

QuickBooks Online Advanced offers advanced reporting capabilities, providing deeper insights into financial data. IT firms can customize reports to meet specific business needs, offering detailed analysis and aiding informed decision-making.

Advanced reporting tools enable the creation of complex financial reports, integrating data from various sources. This helps identify trends, forecast future performance, and plan strategic initiatives, giving firms a comprehensive understanding of their financial health.

Fixed Asset Management

Managing fixed assets is easier with QuickBooks Online Advanced. IT firms can track purchases, depreciation, and disposal of assets, maintaining accurate financial records.

This feature helps plan future investments and ensure efficient use of assets. Accurate records ensure compliance with tax regulations and optimize asset utilization, providing a clear picture of the firm’s asset base for informed investment decisions.

Priority Customer Support

QuickBooks Online Advanced includes VIP customer support, providing prompt assistance. This includes access to a dedicated account manager for personalized help, reducing downtime and ensuring smooth operations. Priority support also includes advanced training resources, helping IT firms maximize the software’s potential, improving efficiency and productivity.

Conclusion

IT companies looking to leverage the benefits of QuickBooks Online Plus or Advanced can contact Paygration for personalized assistance. Our team offers discounts, free consultations, and ongoing support to help you choose the right QuickBooks version for your business needs. Get started by calling 866-949-7267 or clicking the link below. Let us help you optimize your accounting processes and enhance your business efficiency with the right QuickBooks solution.