Thursday, September 3, 2009

3 Important QuickBooks Online Add-Ons that You May Need to Run Your Business

There are three QuickBooks Online Add-ons that are important to the way you operate and manage your business. This article will discuss three QuickBooks Online add-ons and will provide you with information that you need to consider in order to make an informed business decision about purchasing QuickBooks Online. 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 - In order to approve, process, 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 feature automatically records sales from customers, effectively, in real time, thus eliminating the need to manually record credit card sales in your QuickBooks accounts. For this feature, there is a onetime set up fee of $59.95 and a monthly fee of $19.95, along with standard credit card discount and authorization fees. By purchasing 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.)

Add-on for Payroll - 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)or (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.

Add-On for Inventory - 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 for the purpose of providing information to any prospective purchaser of QuickBooks Online. The article is introductory and does not attempt to assess your specific business needs. Diligence should be undertaken to carefully evaluate your particular needs by either your accountant, CPA, or a Certified QuickBooks ProAdvisor before you purchase any software application or add-on.

No comments: