Quickbooks introduced their latest most robust version of their online accounting software some time back and it definitely has some features that many businesses could utilize. There are definitely powerful enhancements to move your business forward. But at $150 a month, it is significantly more expensive than their other options. So, who is Quickbooks Online Advanced Accounting software appropriate for? Let’s take a look.
User Access: You can have up to 25 users which is 5 times as many as with their next lower level. So, if you have a large accounting department or if you have other types of users that you want to access your Quickbooks file, then the additional users will be handy. This is great if you have employees that you want to track their time in QB or if you maintain inventory and several employees who need access to Purchase Orders and other inventory tasks. Plus the next feature enhances how those users can work.
User Roles: User roles can be customized in Advanced far beyond what is possible with the other versions. You can create unique user access for just about every employee so you control what they can do, what they can see and what tasks they are allowed to perform. You can really drill down to specific tasks and reports that each employee can access or see.
Priority Support: You get a dedicated Account Support Team and jump to the top of the line when you need technical support. Your designated Account Manage can answer all of your How To, Where Do I find questions so you get answers immediately. That saves you from needing to contact your accounting firm when you need a quick answer that is just about how to do something.
Batch Invoicing: You can import and send batch invoices. This is really helpful if you create invoices in another program and want to be able to enter them into your accounting software in bulk. It is also handy if you are converting from another software and want to import your invoice history. If you create high volume of invoices that are almost identical except for the customer, you can create them in a template and when done, import all of them at once.
Enhanced Custom Fields: 48 of them. These are huge and can be used for many purposes. An example is Sales Rep that you can design with a drop-down list so the correct sales rep is assigned to each transaction. Many, many more uses for custom fields. These translate to your reporting so you can pull reports by filters that are critical to your business decision making process. Some other examples are:
- Renewal Date
- Due Date
- Referred From
- Project Manager. Endless ideas of how to use.
Automated Work Flows: Advanced helps you automate certain work flows to make you more effective and efficient. You can save time and mitigate risk with automated workflows. Configure reminders and triggers based on your own rules and Automate reminders for improved cash flows and more.
Chart of Accounts: If you have a large Chart of Accounts, 250 or more, you would have to upgrade to Quickbooks Online Advanced because the other options will not support a Chart of Accounts that large.
Reports: My favorite feature is the robust financial reporting with their partnership with Fathom. With Quickbooks Online Advanced, you get the reporting power of Fathom which is really powerful. Beautiful reports that have graphs and charts AND you can use and create KPIs (Key Performance Indicators) specific to your business and track your performance. Plus, it is interactive for planning purposes. If you want to see what an increase in sales would do if you want to see what a different gross profit margin would do, you simply change that measurement and Voila, the financial reports show you what that change would do to the bottom line. It is truly powerful, useful and could change how you strategize, plan and create better success for your business.
Free training: You and your employees get access to lots of on-demand training videos so your employees can get up to speed quickly and on their own schedule. You get a $2,000 credit toward these videos that are usually at additional cost. Get a group of employees together to watch these videos and they all get trained in the same identical way and all get the same information so they can now work as a team to support each other.
If you have a growing business or one that has been more complex than the other online versions could effectively manage, Quickbooks Online Advanced might be a good fit for you and well worth the $150 a month. Getting 20 additional users saves you quite a bit, so if you are limited by the number of users in your current version, this may be a great idea. Really, $1,800 a year for powerful, useful accounting software that you can customize to manage your business tasks, financial reporting and management reports is not very much.
Remember, accounting software is a tool. It is not the be all and end all of running a successful business. Once you have an accounting process that is streamlined, accurate and timely, that is when the magic can happen because you use that financial information to make decisions, to make changes, to improve so that your business can reach its potential.
For our Advisory Clients, we include the subscription for QBO Advanced in our monthly fee. With wholesale billing, your CPA firm may be able to save you some money on the subscription that is worth more than the 2 month offer Intuit offers you.