This article will discuss three QuickBooks Online Add-ons, that you should consider prior to purchasing QuickBooks Online. These add-ons may be important in running your business. This article will inform you of some additional expenses that otherwise may not be clear to you prior to buying QuickBooks Online.
By way of background, the three types of QuickBooks Online products discussed are QuickBooks Online -free, QuickBooks Online Basic,and QuickBooks Online Plus. Please refer to my other articles that compare and contrast the functionality of QuickBooks Online Basic and QuickBooks Online Plus.
Add-On for Credit Card Sales From Customers - To process,approve and record credit card sales you need to purchase QuickBooks Online Merchant. Accepting Visa, MasterCard, American Express and other credit card types can attract new customers, help you get paid faster, and save you time in collecting payments. This ability to accept credit card payments is called a merchant account service. With the QuickBooks Online Merchant account, you are able to authorize and process credit card transactions with either QuickBooks Online Basic or QuickBooks Online Plus. This credit card add-on, processes and records payments from customers, in real time, thereby eliminating the need to manually record credit card sales in your QuickBooks. For this add-on, there is a onetime set up fee of $59.95 and a monthly fee of $19.95, along with standard authorization and credit card fees. If you are able to purchase this from a Certified QuickBooks ProAdvisor there are substantial discounts available for these services.
On the plus side, the use of QuickBooks Online Merchant does save you money because you do not need to lease phone lines and lease terminal hardware or software. It is also important to note that for in store credit card sales, a merchant service card reader does not work and the use of a credit card reader requires QuickBooks desktop software, 2002 or higher. Intuit designed their product so you do not have to use a credit card reader. The alternative is not that bad, you have to manually type in the credit card number and enter the customer sale information typically included in an invoice. A few seconds later, you are informed if the customer payment is approved by the credit card company. (Even some national department stores still have manual processes. Yesterday, I was in a national department store, and they took my credit card and manually inserted the card for the credit card imprint.)
Payroll Add On- Payroll for QuickBooks Online is sold separately and is not included with either QuickBooks Basic or QuickBooks Plus. However, Intuit, offers the following solutions as of the date of this article (a) QuickBooks Online Basic ($9.95 monthly) and payroll ($9.95 monthly) and (b) QuickBooks Online Plus ($34.95 monthly) and payroll ($9.95 monthly),sometimes Intuit offers a 20% discount for Plus version. When you purchase QuickBooks Online Plus from a Certified QuickBooks ProAdvisor there is an additional 20% discount available to you, which in total is a 40% savings. QuickBooks ProAdvisor discount pricing are subject to change.
Inventory Add On- Generally speaking, neither QuickBooks Online Basic nor QuickBooks Online Plus offers an inventory accounting package. Some companies keep their inventories in Excel and record inventory amounts monthly in QuickBooks Online. Alternatively, you can purchase inventory add-ons such as OE Companion which offers inventory accounting with a 30 day free trial or you can obtain inventory add-ons from the Intuit Market Place by going to the Intuit website. I have not reviewed any of these add-ons and make no representations or warranties as to their compatibility, effectiveness and suitability for your needs. On a plus note, Intuit is working on an inventory add on.
This article was written to provide information to a purchaser of QuickBooks Online. The article is introductory and does not attempt to assess your specific business needs. As is the case for any purchase of hardware or software, professional analysis should be undertaken to carefully evaluate your business needs by your accountant, CPA, or a Certified QuickBooks ProAdvisor prior to purchasing any add-on or any software application. - 16890
By way of background, the three types of QuickBooks Online products discussed are QuickBooks Online -free, QuickBooks Online Basic,and QuickBooks Online Plus. Please refer to my other articles that compare and contrast the functionality of QuickBooks Online Basic and QuickBooks Online Plus.
Add-On for Credit Card Sales From Customers - To process,approve and record credit card sales you need to purchase QuickBooks Online Merchant. Accepting Visa, MasterCard, American Express and other credit card types can attract new customers, help you get paid faster, and save you time in collecting payments. This ability to accept credit card payments is called a merchant account service. With the QuickBooks Online Merchant account, you are able to authorize and process credit card transactions with either QuickBooks Online Basic or QuickBooks Online Plus. This credit card add-on, processes and records payments from customers, in real time, thereby eliminating the need to manually record credit card sales in your QuickBooks. For this add-on, there is a onetime set up fee of $59.95 and a monthly fee of $19.95, along with standard authorization and credit card fees. If you are able to purchase this from a Certified QuickBooks ProAdvisor there are substantial discounts available for these services.
On the plus side, the use of QuickBooks Online Merchant does save you money because you do not need to lease phone lines and lease terminal hardware or software. It is also important to note that for in store credit card sales, a merchant service card reader does not work and the use of a credit card reader requires QuickBooks desktop software, 2002 or higher. Intuit designed their product so you do not have to use a credit card reader. The alternative is not that bad, you have to manually type in the credit card number and enter the customer sale information typically included in an invoice. A few seconds later, you are informed if the customer payment is approved by the credit card company. (Even some national department stores still have manual processes. Yesterday, I was in a national department store, and they took my credit card and manually inserted the card for the credit card imprint.)
Payroll Add On- Payroll for QuickBooks Online is sold separately and is not included with either QuickBooks Basic or QuickBooks Plus. However, Intuit, offers the following solutions as of the date of this article (a) QuickBooks Online Basic ($9.95 monthly) and payroll ($9.95 monthly) and (b) QuickBooks Online Plus ($34.95 monthly) and payroll ($9.95 monthly),sometimes Intuit offers a 20% discount for Plus version. When you purchase QuickBooks Online Plus from a Certified QuickBooks ProAdvisor there is an additional 20% discount available to you, which in total is a 40% savings. QuickBooks ProAdvisor discount pricing are subject to change.
Inventory Add On- Generally speaking, neither QuickBooks Online Basic nor QuickBooks Online Plus offers an inventory accounting package. Some companies keep their inventories in Excel and record inventory amounts monthly in QuickBooks Online. Alternatively, you can purchase inventory add-ons such as OE Companion which offers inventory accounting with a 30 day free trial or you can obtain inventory add-ons from the Intuit Market Place by going to the Intuit website. I have not reviewed any of these add-ons and make no representations or warranties as to their compatibility, effectiveness and suitability for your needs. On a plus note, Intuit is working on an inventory add on.
This article was written to provide information to a purchaser of QuickBooks Online. The article is introductory and does not attempt to assess your specific business needs. As is the case for any purchase of hardware or software, professional analysis should be undertaken to carefully evaluate your business needs by your accountant, CPA, or a Certified QuickBooks ProAdvisor prior to purchasing any add-on or any software application. - 16890
About the Author:
Sandor Lenner,CPA/MBA has provided business accounting services for over 35 years. He is a Certified QuickBooks ProAdvisor and offers discounted QuickBooks software. QuickBooks Online Edition " Starting as low as $9.95 a month. Subscribe to my free monthly newsletter. I will not share your e-mail address with anyone.
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