How much does it cost for QuickBooks

How much does it cost for QuickBooks

Accounting in business can be a tricky thing. A slight human error can lead to a big blunder. Handling business accounts need vigilance and expertise. When choosing an accountant, both skill and expertise are kept into account. The bigger the company, the more the chances of errors in accountancy.

Today we are living in a digital age. Gone are the times when every single task was to be done by humans. Today, everything is just a click away. Machines and bots have taken place of human labor and do the work much more efficiently with an almost non-existent error rate.

Those who are evolving with the world find themselves at ease after embracing the change. So has the world of accountancy changed? Earlier, the calculations that were performed by humans in writing are now done by the advanced system. Every calculation no matter how long it be is done with a single click.

There are several accountancy software packages available, but choosing the best one is critical. QuickBooks is one such software that took the accountancy market several years back and has been providing good service since its inception.

Glitches in the earlier versions:

When something is in developmental stages, it usually has some major issues. So was the case with QuickBooks. The software had some major glitches. These were:

  • Poor security control with no audit trail.

  • Non-conformity with the traditional accounting standards.

Issues resolved:

The company resolved the glitches within no time and added certain other features that included:

  • Full audit trail capabilities.

  • Double-entry accounting systems.

  • Increased functions.

The rise of QuickBooks:

Founded in 1983 by Intuit, QuickBooks is an accountancy software package available both offline and online. It is particularly for small and medium-sized businesses and carries good features. Apart from businesses, it is also available for individual financial management.

Its initial release was the DOS version based on Quicken codebase. With passing time, its features improved and it became available on both Windows and MAC.

QuickBooks 2000 version:

In 2000, it was in the development phases, and only Basic and Pro versions of the software were available.

2002 QuickBooks:

The Company launched the software for medium-sized businesses with the option of adding in manufacturers, wholesalers, professional service firms, contractors, non-profit entities, and retailers.

2003 QuickBooks:

The software was made industry-specific by adding in the features of workflow processes and reports.

2005 QuickBooks:

With its improved features, it took over 74% of the accountancy market in the USA.

2014 QuickBooks:

Several features were added to QuickBooks. These included; insights on the homepage, a better income tracker, pinned notes, improvement in the registration process.

2016 QuickBooks:

It came with the features of batch transactions, bill tracking, continuous feed label, printer support, and batch delete/void transactions.

2017 QuickBooks:

It allowed smart search by providing automated reports and improved reviewing of report filters.

2018 QuickBooks:

To make the app safer and easier, a mobile inventory barcode feature was added. This came with multi-monitor support, mobile inventory scanning, and a chart of accounts.

2019 QuickBooks:

This version provided the customers with payroll adjustment, a history tracker for customer invoices, and credit transfer between different jobs of a customer.

2020 QuickBooks:

More of the features were added for customer’s easiness. It had the feature of adding the customer’s PO number in e-mail subject lines. It also automatically reminded them about payments. An update was also available.

2021 QuickBooks:

This is the latest version available of this software package. It has improved the payment process with streamlined bank feeds. It also has automated receipt management payment reminders and rule-based customer groups. Also added are batch delete sales orders and data level permissions.

System options:

The software package can be availed in two options. These are:

Offline system:

This is also called the desktop option. It keeps all the books and accounts on one machine. The users cannot access their data remotely.

Online/cloud-based system:

The users can access their data from anywhere at any time. They also have the advantage of upgrading the plans. Plans can also be canceled at any time without paying any installation, set up, or termination fee.

Other than these, the mobile app is also developed for easy access to the customer.

QuickBooks cost:

The cost of the software package depends on the type of subscription being availed. These are as follows:

Online package:

Type of subscription Price of subscription Package features
Simple start $25/month Single user license.
Basic accounting tools.
Essentials $50/month For up to 3 users.
Bill management.
Time tracking.
Plus $80/month For up to five users.
Project tracking.
Project profitability tracking.
Advanced $180/month For up to 25 users.
Online training.
Expert account team.

Self-employed packages:

Subscription type Subscription price Best suited for
QuickBooks self-employed $15/month Sole proprietors.
People with a side hustle.
QuickBooks self-employed tax bundle $25/month Easy document creation by businessmen.
Automatic quarterly payment to IRS.
Federal tax filing for each year.
QuickBooks self-employed live tax bundle $35/month CPA assistance.
Business owners with regular tax bundled accounts.
Final review before tax filing.

QuickBooks Desktop Pro and Pro plus:

Subscription type Subscription price Subscription features
QuickBooks Desktop Pro $400 for 3 years for a single user Customer support.
Single user.
QuickBooks Desktop Pro Plus $300/year for a single user Payroll.
Remote access.
One user

QuickBooks Desktop Premier and Premier plus:

Subscription type Subscription price Subscription features
QuickBooks desktop premier $650 for 3 years for a single user. Customer support.
QuickBooks desktop premier plus $500/year for a single user. Payroll.
Remote access via hosting.

QuickBooks desktop enterprise:

Subscription type Subscription price Subscription features
Silver $1275/year Single user
Online backups.
Customer support.
No payroll.
Gold $1660/year Single user.
Platinum $2040/year Single user.
Advanced inventory and pricing.
Diamond $4020/year Single user.
Advanced inventory and pricing.
Salesforce CRM.
Time elite integrations.

QuickBooks Desktop for Mac:

Subscription type Subscription price Subscription features
QuickBooks Desktop for Mac $400 one time purchase Single user.
Customer support.

international versions:

There are three versions of QuickBooks for its international users as per the country. These are:

Canadian version:

It allows its users to pay Canada's GST, HST, AND PST sales tax.

British version:

This version allows users to pay VAT for the UK, along with supporting Irish and South African VAT.

Australian version:

For Australia’s GST sales tax.

Why choose QuickBooks:

One might wonder that there are a lot of accountancy packages available, then why choose QuickBooks? It has several special features which are as follows:

  • Remote access capability.

  • Remote access payroll.

  • Outsourcing.

  • Electronic payment.

  • Mapping features via integration by Google Maps.

  • Marketing by Google.

  • Improved e-mail functionality.

  • Cloud service.

  • Monthly subscription.

  • Import from excel spreadsheet.

  • Employee time tracking.

  • Pre-authorization of electronic funds.

  • Reports for managing the business.

  • Inventory tracking.

If you are running a small business or have multiple streams of income, QuickBooks is certainly the right choice to handle your business accounts hassle-free.