When it comes to managing the books of accounts, business owners can opt for QuickBooks Online or Quickbooks Desktop. Nonetheless, both of the aforementioned software are very different in reality. Both Quickbooks Online and its Desktop counterpart are the options for small business owners to deploy for bookkeeping in Mississauga. Additionally, both are excellent software and offer complete double-entry accounting as well as automatic processing of closing entries. You may also look to switch to either of these two options as a small business owner to manage your books. Before you do, you should have a look at the difference between the two to choose one for your business.
What QuickBooks Online is for
Initially, QuickBooks Online was designed for small business owners who desired online access. However, it has evolved over time as a significant and easy-to-use accounting application. Plus, you can access it from anywhere today on any type of device.
What QuickBooks Desktop is for
QuickBooks Desktop targets the needs of SMBs that look for a reliable desktop software solution to manage books of accounts. It’s a good fit for nonprofit organizations, retailers, and general contractors who need an industry-specific accounting solution.
Features in Quick Books Online vs. Quick Books Desktop
Both QuickBooks Online and QuickBooks Desktop provide an excellent selection of features. Still, QuickBooks Desktop seems to have more comprehensive software than QuickBooks Online.
QuickBooks Online features differ from plan to plan that you may choose to use the software. You should also thoroughly investigate the features in each plan to choose the right plan as per your needs. One of the noticeable features in QuickBooks Online embrace is easy online banking connectivity, which automatically matches bank and credit card transactions with expenses and drastically reduces the amount of necessary journal entries. Here are the other features that QuickBooks Online offers:
The acounting feature in QuickBooks Online is handy; nonetheless, the standard plan of the software includes 250 accounts only. The automatic bank reconciliation feature keeps it easy for businesses to reconcile their bank balance with the general ledger. Also, a budget feature is available in the software to create monthly, quarterly, and annual budgets.
The sales feature lets businesses track all of their customers, create custom invoices and post payments. You can also send a payment reminder to customers to pay their due payments. Plus, a payment link in the invoice also makes it easier for customers to make payments online.
Business owners can track their business expenses from a single screen, embracing the option to electronically pay their bills. They can also view the bills that need to pay, as well as see any bill status by the vendor or due date.
Features in Quick Books Desktop
QuickBooks Desktop has better-developed features than QuickBooks Online when you compare the two. It’s not web-based software, yet you can host it online for more convenient access. The best feature of this software is its use of centers, which provides a central point for all activities. Identical to QuickBooks Online, QuickBooks Desktop has somewhat plan-driven but more expensive plans to use its best features. It also offers automatic bank feeds to connect and download transactions automatically. Other features in this software you may use and manage bookkeeping in Mississauga for your business are as follows:
The Vendor Center:
The Vendor Center in QuickBooks Desktop is a central point for managing all vendor activities. You can manage from the initial entry of vendor details to entering information for each vendor via this feature. Its Bill Tracker feature allows users to view all recent bills with their due dates. You can also view recently paid and due bills, plus you can pay bills via check, ACH transfer, or credit card.
The Customer Center allows you to manage all customers, embracing the ability to generate invoices, process customer statements, and record payments, in addition to processing sales orders and sales receipts.
The Inventory Module in QuickBooks Desktop renders solid inventory management capability. You will find advanced inventory functions in the Premier edition of the software. Some of those include low stock alert notification, the ability to set reorder levels, and product tracking as per part number. You can also add product cost and create a reorder point through the same feature in QuickBooks Desktop
QuickBooks Desktop also offers easy incorporation with QuickBooks Payments to make it easier for customers to accept payments online.
When it comes to managing bookkeeping in Mississauga, small business owners can opt for QuickBooks Online or QuickBooks Desktop. QuickBooks Online has evolved over time as a bookkeeping solution for small business owners. Moreover, QuickBooks Desktop is a reliable desktop software solution to manage the books of accounts. Some noteworthy features in QuickBooks Online include the following: Accounting, Sales, and Expenses. Plus, significant features in QuickBooks Desktop are: The Vendor Center, Customer Center, and Inventory. Lastly, it’s up to your business needs whether to opt for QuickBooks Online or QuickBooks Desktop.