QuickBooks Online vs QuickBooks Pro 2022 – Features and the Differences
When it comes to accounting software, QuickBooks Pro 2022 is one of the best options to work with. There are several different accounting software out there, but this one does a great job with collaboration and documentation of transactions to share them online. QuickBooks comes in a wide variety of price segments and features based on your business model.
When it comes to QuickBooks there are several versions available and it can get confusing as to which one is the best. When it comes to which one is best, it depends mostly on your business model, the complexity of your transactions, and the number of employees.
So if you are looking to record your expenditure, profit, and loss and calculate payroll easily QuickBooks helps make things a whole lot easier.
- What is QuickBooks?
- QuickBooks Online vs QuickBooks Pro 2022 – The Differences
- Why Is QuickBooks Important?
- What Is QuickBooks Pro?
- What Are the Features of QuickBooks Pro?
- QuickBooks Desktop 2022
- What Is QuickBooks Online?
- What Are the Features of QuickBooks Online?
- QuickBooks Online 2022
- QuickBooks Online vs QuickBooks Pro 2022 Pricing
- Closing Thoughts
- Frequently Asked Questions
What Is QuickBooks?
QuickBooks is an accounting software used to record transactions like expenditure revenue, current liability, and capital for running a smooth business. It can also be used for taxation purposes that come at the end of the financial year.
Based on the different accounting software used worldwide, QuickBooks is likely the most popular software used in America. Besides this, it’s also great to comply with industry standards as this software is used in several countries worldwide.
QuickBooks Online vs QuickBooks Pro 2022 – The Differences
When it comes to QuickBooks Online vs QuickBooks Pro, QuickBooks Online can be more accessible. Also, it comes with a pair of choices and is more suited for the new business owner. That said, QuickBooks Pro 2022 is much better for professionals that have been in the industry longer. This software is also better for detailed recording of transactions for financial analysis to ensure capital from investors and banks.
Besides this, QuickBooks Online is better suited for business owners with less capital and who are likely to move around on a day-to-day basis. On the other hand, QuickBooks Pro is a complete accountancy software capable of recording complex transactions and can make use of vital information for reports.
Why Is QuickBooks Important?
QuickBooks helps you bring your books up to date, categorize transactions, and reconcile accounts. Close the books at the end of the financial year and run detailed reports to see what needs improvement.
When it comes down to it, although marketing and sales play important roles, finance is also pivotal. With the help of proper financial planning, you can ensure that HR, marketing, and other business activities are well maintained and properly funded.
QuickBooks also lets you keep track of your expenditure and income. Aside from this, also assess where you are and what you require as a company. This can help keep business running smoothly.
What Is QuickBooks Pro?
Unlike QuickBooks online, QuickBooks Pro 2022 is a desktop application that allows enterprises to track their company transactions, expenses, and revenue. QuickBooks Pro requires that you have the software installed on your desktop or laptop and the information for the same is only stored locally. However, for the accurate and detailed financial reports and recording of transitions, QuickBooks Pro a great option.
What Are the Features of QuickBooks Pro?
1. Automated Payment Reminders
With QuickBooks Pro 2022, you can set automated payment reminders to let you know about the amounts of cash being deducted from your account. Aside from this, it also helps track you credit line in the case of recurring payments. This way, you’re never caught off guard and your payments are automated and carried out in a timely manner.
2. Add P.O. Number to Customer Correspondence
Unlike some of the other accounting software, Quickbooks Pro 2022 allows users to add the purchase order number to their customer correspondence. This makes things a whole lot easier to track and makes your job a whole lot easier.
Most of the time, purchase orders can span over several weeks or even months, and they’re constantly subject to changes. For this, having your purchase number added can ensure that you can track these to make adjustments.
3. Customized Payment Receipts
If your company is dealing with a wide variety of transactions and clients, having customized receipts can save you time. Besides this, it helps you structure your deals and transactions in a way that is relevant to your company’s goals and business objectives.
4. Create Customer Groups
QuickBooks Pro 2022 allows users to create customer groups that are specific to your client’s or customer’s needs. Creating customer groups is a great way to later create curated mailing lists, understand your sales, and better improve your business goals.
5. Advanced Bank Feeds
This feature allows users and companies to download bank details, information, and transactions directly to the software for accounting requirements. Making user of advanced bank feeds can make your accounting process a lot easier to track and notice discrepancies
6. Track Invoice History
When doing business there can be long and complex invoices that take place. However, to make things easier, Quickbooks Pro 2022 helps you track your invoice history. Tracking your invoice history over a long period of time; be it weeks, months, or years is invaluable in accounts.
Tracking invoice history can help with understanding your sales, revenue, and transactions that have transpired over a period of time
7. Smart Help
This feature allows users a system to share content, and communicate with account experts about any potential doubts or issues in their accounts. The smart help feature can be accessed through a dropdown and allows users to LiveChat or contact experienced account veterans.
8. Receipt Management
Managing receipt of payments can be difficult. However, making use of a receipt management system makes your job a lot less difficult. QuickBooks Pro 2022 comes along with a Receipt Management tool to ensure recording your cash receipts is easy and manageable.
9. Landed Costs
While discussing payments to be received, there are several secondary costs that arise in the process of doing business. Through QuickBooks Pro 2022, landed costs can be calculated to ensure the full length of your transaction. Aside from this, there are also secondary costs such as transportation packaging taxes along with others that can be recorded accurately.
QuickBooks Desktop 2022
What Is QuickBooks Online?
QuickBooks Online is the browser and application version of the software that comes at a lower price segment. For many that want to do collaborative work, QuickBooks Online is one of the best options.
What Are the Features of QuickBooks Online?
1. Invoicing Customers
When it comes to doing business, invoicing customers can be a daunting task for those without an accounting background. QuickBooks Online allows users to invoice customers in a way that’s both simple and relatively easy to do.
2. Small Businesses
Small businesses getting a full team of accountants is impractical and expensive. QuickBooks Online allows businesses to record transactions in a manner that is both affordable and easy. To do this, users just need to have minimal working knowledge of accounts.
3. E-Commerce
Businesses QuickBooks Online allows you to generate and track your receipts so you can understand your profit and expenditure for taxation purposes. For most startup e-Commerce companies, keeping track of their expenses can be difficult. With software like QuickBooks Online, however, it becomes an efficient and relatively easy thing to do.
4. Mobile Accounting
Unlike QuickBooks Pro and other accounting software, QuickBooks Online allows you to record transactions on the go provided you have the right credentials. Through mobile accounting on QuickBooks online, you can access QuickBooks from your smartphone, tablet, or laptop making it quite convenient for business owners that travel around.
5. Property Management Companies
For property management companies, QuickBooks Pro provides an easy and ready solution to tracking your repair expenses, registration costs, and your overall revenue. For new property management companies, QuickBooks Pro allows an easy and cost-effective way to track your income and expenses that can help your CPA. When it comes to calculating your overall profit, you can write-off the right business expenses.
6. Not Suitable for Complex Functions
Unlike QuickBooks Pro, QuickBooks Online is not as suitable for recording complex transactions. While convenient for small businesses and businesses with lower capital, QuickBooks Online definitely has its limitations.
QuickBooks Online 2022
QuickBooks Online vs QuickBooks Pro 2022 Pricing
When it comes to affordability, QuickBooks online is by far more convenient software with price segments such as $12.50 / $40 / $90. The varied price segments come with their own unique features and functions. For example, one aspect is the number of users allowed to work on one company’s account.
QuickBooks Online is also a subscription service which means it’s paid on a monthly basis. This makes it easier in case your business grows or your business needs change.
On the other hand, while seemingly more expensive than QuickBooks online, QuickBooks Pro may be more suitable for the more traditional accounts. Priced at only $349.99/year, this accounting software comes with a wide range of features. This makes it more convenient for more complex business transactions that require various fields and details to be filled.
Closing Thoughts
This article was aimed at providing you with the highlights of QuickBooks Online vs QuickBooks Pro 2022 and how you can choose between these two accounting software based on your business requirements.
Based on the pricing offerings, QuickBooks online is more cost efficient when compared to the QuickBooks Desktop Pro version.
FAQs – QuickBooks Online vs QuickBooks Pro
How much does QuickBooks cost?
QuickBooks Pro Online costs $12.50 / $40 / $90 per month based on the plan you choose to opt for. However, in the case of QuickBooks Pro, it costs users only $349 per year but one drawback is the fact that data and files are stored locally.
Is QuickBooks expensive?
No, this software is reasonably priced. In terms of affordability, the wide variety of price segments makes it convenient for different types of users at various prices and business models.
Is QuickBooks overrated?
No, QuickBooks offers users smart and efficient methods of recording transactions that minimize overhead costs. Although a bit complex when starting out, QuickBooks offers users an easy and effective way to record transactions, expenses, and revenue with only basic knowledge.
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Simon Calder
Chris “Simon” Calder was working as a Project Manager in IT for one of Los Angeles’ most prestigious cultural institutions, LACMA.He taught himself to use Microsoft Project from a giant textbook and hated every moment of it. Online learning was in its infancy then, but he spotted an opportunity and made an online MS Project course - the rest, as they say, is history!
