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How to Use QuickBooks for Your White-Paper Business Plan

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You really should write a strategic plan before you write a white-paper business plan. A strategic plan, by the way, doesn’t need to be more than a page or two in length. In fact, the hard part of a strategic plan isn’t in the writing, but in the sacrifice: giving up certain categories of opportunities, markets, and tactical approaches that may be comfortable or familiar. Obviously, you can’t write a good white-paper business plan — or at least one that’s based on a sound strategy — until you have a strategic plan in place.

Here is the first page of the QuickBooks Business Planner. You can use the wizard to see what it does.

You can also get detailed information on writing a business plan in both English and Spanish from the US Small Business Administration (SBA) website .

Here is the home page of the SBA website. You’ll find this page easiest to get to (because all you need is the domain name), so you may want to start your exploration of the SBA’s business planning resources here.

If you click the Starting & Managing link and then choose Create Your Business Plan in the list of links displayed, you see a page of information that the SBA website offers about writing a business plan. It provides links to additional pages of detailed information about the process of writing a business plan, such as a page that provides advice on doing strategic planning and a page that supplies step-by-step instructions for the actual work of writing your plan.

The SBA website changes, predictably, but you should be able to hunt down its links to relevant business planning topics, such as “business plan basics,” “writing the plan,” and “using the plan.”

These business plan templates provide very good starting outlines, so don’t be misled into thinking that something that Microsoft has provided for free to Word or PowerPoint users is in some way inferior to what real businesses use. Microsoft has done an excellent job of showing what information belongs in a white-paper business plan.

Most white-paper business plans and new-venture business plans require a pro forma financial forecast. Typically, in a hard-copy printed business plan, you include such a forecast.

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5 Best Business Plan Software in 2022

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When you’re starting a business, developing a strong business plan will be one of the first steps you take. Your business plan will cover everything from a detailed explanation of your products or services and pricing model to at least three years of financial projections—plus much more. Therefore, whether you’re not sure how to get started or you’re just looking to make the process easier, you may want to turn to business plan software for help.

In this guide, we'll break down five of the best business plan software options—discussing their pros, cons, features, pricing, and more—so you have all the information you need to decide which solution is right for your small business.

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The 5 best business plan software options

The right business plan software will make the process of writing your business plan much simpler. Like many business software solutions, however, there are a number of different business plan software options out there—each of which has a unique set of features, user experience, and price.

This being said, if you're looking for a place to start your search for the best business plan software, you can explore the five top options below:

How much do you need?

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We’ll start with a brief questionnaire to better understand the unique needs of your business.

Once we uncover your personalized matches, our team will consult you on the process moving forward.

1. LivePlan

Best overall business plan software.

If you want template-rich, modern-feeling business plan software, then LivePlan may be the right pick for you. LivePlan excels with their user interface, which feels updated and slick, and also offers intuitive, easy-to-use features and options.

Their step-by-step instruction will help you kick things off from the beginning, and you can take advantage of their online learning center to continue to gain business skills.

Affordable plans, including pay-as-you-go option

No long-term contracts or cancellation fee; 60-day money-back guarantee

Modern, intuitive interface; cloud-based, can be used on Mac, PC, as well as tablets

Ability to create unlimited plans in one account; over 500 customizable templates

Variety of business resources including video tutorials, step-by-step instruction, and general customer support

Limited integration options

Challenging to enter your own financial modeling projections

Can be difficult to learn

Ability to create an unlimited number of business plans on one account

More than 500 business plan templates spanning various industries

Integration with Xero and QuickBooks Online

Real-time tracking of financial data with accounting integrations

Ability to export your business plan to Word or PDF

Expert advice and step-by-step instruction included

Performance dashboards for tracking against budgets and sales goals

Ability to create and export a one-page pitch executive summary

Annual plan: $15 per month, billed every 12 months

Six-month plan: $18 per month, billed every six months

Pay-as-you-go plan: $20 per month, billed once every month

2. GoSmallBiz

Best for multiple business management tools in one platform.

Next on our list of the best business plan software options is GoSmallBiz, which is much more than just a business plan software. With GoSmallBiz, you have access to business continuity planning software with features that cover creating a roadmap, working through business and legal forms, building a website, and more.

In this way, GoSmallBiz is great for startups or newer businesses looking to access multiple business management tools through one platform.

Unlimited business consultation and extensive library of online resources

Multiple business tools in one software

Website consultation analysis and business assessment

Industry-specific business plan templates with emphasis on financial projections and statements

Expensive monthly cost compared to alternatives

Limited business plan features

Entire business plan can only be exported to Microsoft Word

Outdated interface

Industry-specific business plan templates with step-by-step building wizard

Ability to create financial statements and projections

Free website hosting and website builder

Customer relationship manager with integration with MailChimp

Digital marketing dashboard with social media and Google Analytics integrations

HR document builder

Corporate minutes writer

Business documents library

Business courses library

Unlimited business consultation

$39 per month, no contracts, free cancellation

Best for simple, fast business plan creation.

If you're looking for free business plan software, Enloop will be one of your closest options—they offer an all-inclusive seven-day free trial, no credit card required. Additionally, unlike some of the other options on our list, Enloop is strictly dedicated to business plan creation, including automated text writing, financial forecast comparisons, and a real-time performance score that tracks your progress.

This being said, if you'd prefer the most straightforward, fast, and simple way to write your business plan, Enloop will be a platform worth considering.

Simple and straightforward software, solely dedicated to business plan creation

Seven-day free trial

Automatic text generation available to streamline the writing process

Affordable plans with annual discount option

Limited additional educational resources

Only one template option

No integration options

Ability to create three business plans with customizable text, images, tables, charts, and over 100 currency symbols and formats

Includes automatic text generation for each plan section that you can then customize

Automatically generated financial statements

Includes financial performance comparison analysis (using three ratios with Detailed plan and 16 with Performance plan)

Real-time performance score to track your progress

Ability to invite users to edit (two with Detailed plan, five with Performance plan)

Pass/fail report and certificate to help you identify issues with your plan

Free plan: Seven-day free trial with no credit card required

Detailed plan: $19.95 per month or $11 per month, paid annually

Performance plan: $39.95 per month, or $24 per month, paid annually

Best for startups looking to acquire funding or find investors.

Part of the Startups.com suite, Bizplan gets top marks for their user interface—it’s intuitive, easy to use, and modern. You’ll work with a step-by-step business plan builder to get exactly what you’d like from your business plan. It may remind you of a modern website builder, since it has drag-and-drop tools to build templates.

Moreover, for one subscription fee, you have access to all of the tools in the Startups.com network, including self-guided courses, how-to guides, masterclass videos, and more. All in all, with a direct connection to Fundable, Bizplan is a top business plan software option for startups looking to acquire funding and find investors.

Subscription gives you access to all Startups.com tools

Lifetime access subscription option

User-friendly drag-and-drop business plan builder

Excellent educational resources

Connection to Fundable great for businesses looking for capital

No free trial

No templates based on industry

No mobile access

Drag-and-drop templates for business plan building

Financial command center to track all business financials in one place

Unlimited account collaborators

Ability to share business plan online with investors

Online resources including self-guided courses, masterclass videos, how-to guides, mentorship access

Unlimited software use for Fundable, Launchrock, and Startups.com

Monthly plan: $29 per month

Annual plan: $20.75 per month, billed at $249 per year

Lifetime access: $349 one-time fee

5. PlanGuru

Best for financial planning and budgeting.

Finally, for some of the strongest financial features among business plan software options, including budgeting and forecasting, you might check out PlanGuru. Whereas the other solutions we've reviewed were first and foremost focused on writing a business plan, PlanGuru is dedicated to business financial planning —providing the tools you need to create budgets, financial forecasts, reports, and more.

Therefore, if you need a software solution that can streamline the financial piece of your business planning processes, PlanGuru will certainly have the most to offer.

Extensive financial tools and detailed forecasting, budgeting, and reporting capabilities

Substantial library of resources

Cloud-based and desktop options

14-day free trial and 30-day money-back guarantee

Expensive, especially for additional users

Only focuses on the financial aspect of business planning; no templates or tools for basic business plan writing

Difficult to use without prior financial knowledge

Cloud-based version of software, as well as locally installed Windows version (desktop version has a few more features)

Works with QuickBooks Online, Xero, and Excel

Budgeting and forecasting for up to 10 years

Over 20 standard forecasting methods

Formula builder to create custom methods

Ratios and KPIs

Dashboard and reporting tools

Help guides, video tutorials, knowledgebase, and live U.S.-based customer support

14-day free trial

$99 per month (additional users $29 per month)

$899 per year (additional users $299 per year)

What to look for in business plan software

Ultimately, it's up to you to decide, which, if any, of the best business plan software solutions on our list is right for your business.

So, if you're trying to figure out how to choose between the various options out there, it might be helpful to compare your top choices based on the following criteria:

Features: As we've seen different business plan software solutions offer different features. You'll want to look carefully at the feature list of any software and determine what features are most important for your business needs. Do you need an extensive library of templates with detailed customization? Would you prefer software that includes an online learning center for business skills? Are you looking for a solution that combines business plan writing with other tasks? It may be useful to list out your ideal feature set, so you can compare individual software plans to that list.

Price: Although you might be able to find some free business plan software options (or at the very least, free trials), in most cases, you'll need to pay a subscription fee to access the platform you choose. Therefore, you'll want to think about what your budget is for this business tool and what type of software is most cost-effective for your needs.

User experience: User experience can vary widely among different business plan software options. You’ll find some programs that are newer or have been recently updated. Others might have the kind of interfaces that felt new years ago but are now pretty out of date—and, subsequently, make them a little harder to use. The right user experience for your needs is genuinely a matter of opinion and comfort—nevertheless, it's worth testing thoroughly testing out a platform to ensure that it can truly work for you before investing in a monthly or annual subscription.

The bottom line

There's no doubt that properly crafting your business plan is important for the future growth and success of your small business. Luckily, the right business plan software should make the process much simpler.

This being said, whether you opt for one of the best business plan software options listed here, or another platform entirely, you'll want to take the time to compare multiple solutions and ensure you choose the one that's right for your business.

As we mentioned, it can be helpful to think about the features you're looking for, your budget, and your user-experience preferences ahead of time—that way, you'll have a set of criteria in mind as you explore different solutions.

Ultimately, perhaps the best thing you can do to find the right software is to actually test out the platforms themselves—either by using a free trial or a money-back guarantee.

This article originally appeared on JustBusiness, a subsidiary of NerdWallet.

On a similar note...

Home > Business > Business Startup

• 5 Best Business Plan Software and Tools in 2023 for Your Small Business

Data as of 3 /13/23 . Offers and availability may vary by location and are subject to change.

We are committed to sharing unbiased reviews. Some of the links on our site are from our partners who compensate us. Read our editorial guidelines and advertising disclosure .

A business plan can do a lot for your business. It can help you secure investors or other funding. It can give your company direction. It can keep your finances healthy. But, if we’re being honest, it can also be a pain to write.

Luckily, you don’t have to start from scratch or go it alone. Business plan software and services can help you craft a professional business plan, like our top choice LivePlan , which provides templates, guidance, and more.

You’ve got quite a few choices for business plan help, so we’re here to help you narrow things down. Let’s talk about the best business plan tools out there.

• LivePlan : Best overall
• BizPlanBuilder : Most user-friendly
• Wise Business Plans : Best professional service
• Business Sorter : Best for internal plans
• GoSmallBiz.com : Most extra features
• Honorable mentions

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LivePlan: Best overall business plan software

Data as of 3 /13/23 . Offers and availability may vary by location and are subject to change. *With annual billing

LivePlan has been our favorite business plan software for a while now, despite the stiff competition.

There’s a lot to like about LivePlan. It has pretty much all the features you could want from your business plan software. LivePlan gives you step-by-step instructions for writing your plan, helps you create financial reports, lets you compare your business’s actual financials to your plan’s goals, and much more. And if you ever need inspiration, it includes hundreds of sample business plans that can guide your writing.

LivePlan software pricing

But the best part? You get all that (and more) at a very competitive price. (You can choose from annual, six-month, or monthly billing.) While LivePlan isn’t quite the cheapest business plan builder out there, it’s not too far off either. And if comes with a 60-day money back guarantee. So there’s no risk in trying LivePlan out for yourself.

With a great balance of features and cost, LivePlan offers the best business plan solution for most businesses.

BizPlanBuilder: Most user-friendly

Need something easy to use? BizPlanBuilder fits the bill.

BizPlanBuilder doesn’t have a flashy, modern user interface―but it does have a very clear, intuitive one. You’ll be able to see your plan’s overall structure at a glance, so you can quickly navigate from your title page to your market trend section to that paragraph on your core values. And as you write, you’ll use a text editor that looks a whole lot like the word processing programs you’re already familiar with.

BizPlanBuilder software pricing

Data effective 3/13/23. At publishing time, amounts, rates, and requirements are current but are subject to change. Offers may not be available in all areas.

BizPlanBuilder also offers lots of helpful guidance for actually writing your plan. It gives you pre-written text, in which you just have to fill in relevant details. It offers explanations for what information you need to include in each section of your plan and way. It even gives you helpful tips from experts, so you’ll have all the information you need to plan like a pro.

So if you want planning software with almost no learning curve, you’ll like BizPlanBuilder.

Wise Business Plans: Best professional service

• Custom quote

Unlike all the other companies on this list, Wise Business Plans doesn’t offer software. Instead, it offers professional business plan writing services―meaning someone does all the hard work for you.

Now, you might think that sounds expensive―and you’re probably right (you have to request a custom quote for your plan). But there’s a lot to be said for expertise, and Wise Business Plans has plenty of that. Your business plan will get written by an experienced writer (with an MBA, no less). They’ll get information from you, do their own research, and then write your plan. You get one free revision, and you can always pay for more.  

Wise Business Plans service pricing

Your end result will be a polished, entirely original business plan. (You can even get printed copies.) And best of all, you won’t have to spend your precious time working on the plan yourself. Wise Business Plans takes care of all the hard parts, and makes your business look good while doing it. Sounds like a service worth paying for, right?

Put simply, if you want the most professional business plan possible, we recommend using Wise Business Plans’s writing service.

Business Sorter: Best for internal plans

Many businesses need plans to show to people outside the company (to get financing, for example). But what if you just need a plan for internal use? In that case, we suggest Business Sorter.

Business Sorter uses a unique card-based method to help you craft the perfect business plan. (You can watch a demo video to see how it works.) You’ll plan some of the usual things, like finances and marketing. But Business Sorter also lets you make plans for specific teams and team members. It also emphasizes more internal matters, like operations, that might get overlooked in a business plan for outsiders.

Business Sorter software pricing

After you’ve made your business plan, Business Sorter also helps you stay accountable to it. You can create tasks, give them deadlines, and assign them to team members―giving you basic project management tools to make sure your business plans become business actions. (Oh, and did we mention that Business Sorter has the lowest starting prices of any software on this list?)

It all adds up to a business plan software that works great for internal planning.

GoSmallBiz: Most extra features

Want to get way more than just business planning software? Then you probably want GoSmallBiz.

See, GoSmallBiz offers business plan software as part of its service―but it’s just one part of a much bigger whole. You also get everything from discounts on legal services to a website builder to a CRM (customer relationship manager) to business document templates. And more. In other words, you get just about everything you need to get your startup off the ground.

GoSmallBiz software pricing

Don’t worry though―you still get all the business planning help you need. GoSmallBiz gives you business plan templates, step-by-step instructions, and the ability to create financial projections. And if you get stuck, GoSmallBiz will put you in touch with experts who can offer advice.

If you want business planning and much, much more, give GoSmallBiz a try.

• PlanGuru : Best financial forecasting
• EnLoop : Cheapest tool for startups

We recommend the software above for most business planning needs. Some businesses, though, might be interested in these more specialized planning software.

Honorable mention software pricing

PlanGuru: Best financial forecasting features

PlanGuru is pretty pricey compared to our other picks, but you might find its forecasting features worth paying for. It has more forecasting methods than other software (over 20) plus it lets you forecast up to 10 years.

EnLoop: Cheapest tool for startups

EnLoop doesn’t have our favorite features or interface, but it does have really, really low pricing plus a seven-day free trial. It's the most affordable software for startup business planning and still provides all the essential features like financial analysis, team collaboration, charting, and more.

Data as of 3 /13/23 . Offers and availability may vary by location and are subject to change. * With annual billing

Several of our previous favorite planning software, including BusinessPlanPro and StratPad, seem to have gone out of business.

A business plan is a written, living document that tells the story of your business and what you plan to do with it. It serves as the source of truth for you—the business owner—as well as potential partners, employees, and investors, but it also serves as a roadmap of what you want your business to be.

Why you need a business plan

While some small-business owners don’t see the point of creating a formal business plan, it can have some concrete benefits for your business. For example, one 2016 study found that business owners with written plans are more successful than those that don’t. 1

Still too vague? Then let’s get specific.

If you ever seek business funding (from, say, banks, angel investors , or venture capitalists ), you’ll have to prove that your business deserves the money you want. A formal business plan―complete with financial data and projections―gives you a professional document you can use to make your case. (In fact, most potential investors will expect you to have a business plan ready.)

Even if you’re not seeking funding right now, a business plan can help your business. A formal plan can guide your business’s direction and decision making. It can keep your business accountable (by, for example, seeing if your business meets the financial projections you included). And a formal plan offers a great way to make sure your team stays on the same page.

What to include in your business plan

Not all business plans are created equal. To make a really useful business plan, you’ll want to include a number of elements:

• Basic information about your business
• Your products/services
• Market and industry analysis
• What makes your business competitive
• Strategies and upcoming plans
• Your team (and your team’s background)
• Current financial status
• Financial and market projections
• Executive summary

Of course, you can include more or fewer elements―whatever makes sense for your business. Just make sure your business plan is comprehensive (but not overwhelming).

How business plan software can help

With so many elements to include, business plan creation can take a while. Business plan software tries to speed things up.

Most business plan software will include prompts for each section. In some cases, you can just fill in your business’s specific information, and the software will write the text for you. In other cases, the software will give you specific guidance and examples, helping you write the text yourself.

Plus, business plan software can help you stay organized. You’ll usually get intuitive menus that let you quickly flip through sections. So rather than endlessly scrolling through a long document in a word processor, you can quickly find your way around your plan. Some software even lets you drag and drop sections to reorganize your plan.

Sounds way easier than just staring at a blank page and trying to start from scratch, right?

Choosing business plan software

To find the right business plan builder for your business, you’ll want to compare features. For example, would you rather write your own text, getting prompts and advice from your software? Or would you rather go with a fill-in-the-blank method?

Likewise, think about the elements you need. If your plan will have a heavy focus on finances, you’ll want to choose business plan software with robust financial projection features. If you care more about market and competitor analysis, look for software that can help with that research.

You may also want to find business plan software that integrates with your business accounting software . Some plan builders will import data from Xero, QuickBooks, etc. to quickly generate your financial data and projections.

And of course, you’ll want to compare prices. After all, you always want to end up with software that fits your business budget.

The right business plan software can make your life easier. With LivePlan ’s wide breadth of features and online learning tools, you can’t go wrong. Plus, BizPlanBuilder 's one-time pricing makes it easy to invest while Business Sorter has a low starting cost. And if you're business is looking to grow, GoSmallBiz and Wise Business Plans will scale with you.

But of course, different companies have different needs. So shop around until you find the software that’s best for you and your business.

Now that you've got a business plan, take a look at our checklist for starting a small business.  It can help you make sure you have everything else you need to get your startup off to a good start!

Related content

• 7 Steps to Build a Successful Project Management Sales Plan
• Best Project Management Software and Tools in 2023
• 4 Cost Management Techniques for Small Businesses

Creating a business plan can take anywhere from a couple hours to several weeks. Your timeline will depend on things like the elements you choose to include, whether you use software or hire a writing service, and how much research goes into your plan.

That said, much of the business plan software out there brags that it can help you create a fairly detailed plan in a few hours. So if you’re going the software route, that can help you set your expectations.

If you want to get the most out of your business plan, you should update it on a regular basis―at least annually. That way, you can continually refer to it to inform your company’s strategies and direction.  

At the very least, you should update your business plan before you start looking for a new round of funding (whether that’s with investors or lenders).

Thanks to business plan software, you can easily write your own business plan rather than pay someone to do it for you. And in most cases, software will cost you less than a professional business plan service.

There are some times you might want to go with a service though. If time is tight, you might find that it’s worth the cost of a service. Or if you’ve got big investor meetings on the horizon, you might want the expertise and polish that a professional service can offer.

Ultimately, you’ll have to decide for yourself whether business plan software or a business plan service will work better for your company.

Methodology

We ranked business plan software and tools based on features, pricing and plans, and connections to project management and other services. The value of each plan and service, along with what it offers, was a big consideration in our rankings, and we looked to see if what was offered was useful to small businesses or just extra. The final thing we looked at was the ease of use of the software to see if it's too complex for small businesses.

At Business.org, our research is meant to offer general product and service recommendations. We don't guarantee that our suggestions will work best for each individual or business, so consider your unique needs when choosing products and services.

Sources 1. Harvard Business Review, “ Research: Writing a Business Plan Makes Your Startup More Likely to Succeed .” Accessed March 13, 2023.

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Business Plan Tool QuickBooks: The Best Choice?

• The 'business plan tool quickbooks' simplifies creating detailed plans while integrating vital financial data, offering increased accuracy and time-saving features.
• Incorporating AI technologies aids in aligning startup strategies with evolving market trends effectively, providing a competitive edge.
• Utilize QuickBook's robust business plan tool to seamlessly integrate real-time data into detailed financial forecasts, harness pre-designed templates within Quickbooks for structuring comprehensive sections, and embrace financial planning features that allow startups to maintain agility and scalability amidst evolving market conditions.

Have you ever felt like creating a business plan is like trying to solve a Rubik's Cube in the dark? We get it. It's tough to tackle the maze of market analysis, financial projections, and strategy outlining. But what if I told you there's a secret weapon that could light your way? Enter the QuickBooks Business Plan Tool.

In this blog post, we're diving into how this nifty feature can transform business planning from a dreaded chore into a streamlined process. We'll cover everything from the basics of QuickBooks to an insider look at its Business Plan Tool so you can crush your business goals with confidence. Stick around to unlock the blueprint for success without all the guesswork — because who doesn't love a shortcut to victory?

Table of Contents

Understanding QuickBooks Business Plan Tool

Starting a business is an exciting venture filled with challenges and opportunities. At the heart of this journey lies the business plan, a document that outlines your business goals and the strategies you will use to achieve them. In today's digital age, entrepreneurs have access to various tools that can simplify the process of creating a comprehensive business plan. One such tool that has garnered attention is the QuickBooks Business Plan Tool.

Overview of QuickBooks

QuickBooks is renowned for its robust accounting solutions tailored for small to medium-sized businesses. It offers a suite of financial software that helps companies manage their finances more efficiently. From tracking expenses and managing invoices to generating detailed financial reports, QuickBooks has become an indispensable tool for many entrepreneurs.

Introduction to QuickBooks Business Plan Tool

For startups looking to streamline their planning process, QuickBooks provides a business plan tool quickbooks designed to facilitate the creation of professional-looking business plans. This feature-rich platform allows users to customize their plans while integrating real-time data from their financial reports.

Why Use a Business Plan Software?

"A goal without a plan is just a wish."

This adage underscores the importance of having a solid plan when venturing into the entrepreneurial world. A business plan not only serves as a roadmap for your company but also acts as an essential communication tool for investors, partners, and employees. Using specialized software like QuickBooks' business plan tool ensures that you cover all critical aspects of your plan with precision and clarity.

Crafting Your Startup Vision with QuickBooks

When using QuickBooks as your chosen business plan software , you'll find features designed specifically with startups in mind:

• Template Selection : Choose from various templates that best match your industry or startup idea.
• Customization : Tailor every section of your business plan to reflect your unique vision and strategy.
• Financial Integration : Directly pull in financial data from your accounting records within QuickBooks.
• Collaboration : Share your business plan with team members or advisors and work on it collectively.

The Impact of AI on Startups

Incorporating AI into startup ventures can significantly accelerate growth and innovation. Aspiring entrepreneurs are increasingly leveraging AI technologies to analyze market trends, predict consumer behavior, and automate routine tasks—leading to smarter decision-making and enhanced productivity.

For instance, exploring AI project ideas can give startups a competitive edge by introducing new ways to engage customers or streamline operations.

Aligning Financial Goals with Market Trends

A well-crafted business plan should align with current market trends while keeping financial goals attainable yet ambitious. By utilizing platforms like QuickBooks alongside AI-driven analytics tools, startups can gain insights into industry shifts and customer demands—enabling them to adjust their strategies proactively.

Step-by-Step Guide: Using QuickBooks Business Plan Tool

Creating a business plan using QuickBook's tool involves several key steps:

• Initial Setup : Input basic information about your startup, including name, structure, and objectives.
• Market Analysis : Conduct thorough research on your target audience and competition.
• Strategy Formulation : Define marketing strategies using data-driven insights.
• Financial Projections : Develop realistic projections based on past performance (if available) or industry benchmarks.
• Review & Refinement : Iterate over each section ensuring consistency throughout the document.

Each step requires careful consideration; hence why having access to innovative good business plan ideas can serve as inspiration during this process.

Advantages Over Traditional Methods

Using modern tools like those provided by QuickBooks presents several advantages over traditional methods:

• Increased accuracy through automated calculations
• Time-saving features allowing focus on strategic thinking rather than formatting
• Improved collaboration capabilities
• Accessible updates reflecting real-time changes in financials

These benefits highlight why more entrepreneurs are opting for digital solutions like business plan tool quickbooks .

• The business_plan_tool_quickbooks simplifies creating detailed plans while integrating vital financial data.
• Incorporating AI technologies aids in aligning startup strategies with evolving market trends effectively.

Creating a Business Plan with QuickBooks

Starting a new business is an exciting venture, but it also comes with its fair share of challenges. One of the first and most critical steps in turning your startup idea into a reality is crafting a comprehensive business plan. This document not only serves as a roadmap for your company's future but also plays a pivotal role in securing funding and guiding decision-making processes.

In the digital age, where efficiency and accuracy are paramount, utilizing tools like QuickBooks can significantly streamline the process of creating your business plan. Known primarily for its robust accounting features, QuickBooks also offers an invaluable business plan tool that can help entrepreneurs design detailed and investor-ready plans with ease.

Accessing the Business Plan Tool in QuickBooks

QuickBooks simplifies financial management for startups and established businesses alike. But many entrepreneurs are unaware that beyond accounting, it provides features to assist with strategic planning. The QuickBooks planning tool is accessible within the software suite, designed to help users draft business plans without leaving the application.

To access this feature:

• Open your QuickBooks software.
• Navigate to the "Planning & Reports" section.
• Select "Business Planning Tools."

Here you will find resources tailored to guide you through each section of your business plan, from executive summaries to market analysis.

Using Templates and Financial Planning Features

One of the most significant advantages of using QuickBooks for creating your business plan is its collection of business plan templates . These templates serve as structured guides that prompt you to fill in relevant information about your business objectives, target markets, competitive landscape, marketing strategies, operational plans, and financial projections.

"A goal without a plan is just a wish." – This anonymous quote captures the essence of why meticulous planning is essential for any successful startup.

The financial aspect of any business plan is crucial; investors want clear insights into how their money will be used and what kind of return they can expect on their investment. With QuickBooks' financial planning capabilities integrated directly into its business planning tools, startups can leverage real-time data from their accounting records to create accurate forecasts and budgets.

QuickBooks helps generate various financial statements such as cash flow projections, profit & loss statements, and balance sheets — all necessary components when painting a picture for potential investors or stakeholders about the viability of your startup idea.

Crafting Your Executive Summary

The executive summary sets the tone for your entire business plan; it's often what readers look at first and remember most. Therefore, it should encapsulate everything that makes your startup unique and promising — think mission statement meets elevator pitch. When using QuickBooks’ template system within its business plan tool , you’ll be prompted to include key elements such as:

• Your startup's vision.
• The problem you're solving.
• Your proposed solution (product or service).
• Target market overview.

Delving Into Market Analysis

Understanding your market thoroughly cannot be overstated when developing a startup's strategy. Through QuickBook’s resources on market analysis within its planning toolset, entrepreneurs are encouraged to research:

• Industry outlooks.
• Target demographics.
• Competitor benchmarks.

This step ensures that startups do not operate in silos but instead recognize external factors influencing their success trajectory.

Outlining Operations Plans

Operational plans lay out how daily activities align with achieving long-term goals. Within this framework provided by QuickBooks’ templates lies an emphasis on:

• Organizational structure.
• Supply chain logistics.
• Production schedules if applicable.

These details illustrate how well-thought-out internal processes can support sustainable growth.

Financial Projections Made Simple

Creating realistic financial projections might seem daunting but using historical data from your existing QuickBooks records can simplify this task immensely. Projections should cover:

• Start-up costs: How much capital do you need upfront?
• Sales forecasts: What revenue do you anticipate?
• Expense estimates: What will be your ongoing operational costs?

With these projections embedded in your business plan templates , presenting them becomes less about guesswork and more about informed predictions grounded in actual figures from similar past operations or industry standards if you're just starting out.

Marketing Strategies That Resonate

No matter how innovative or needed your product or service may be if potential customers don't know about it or understand why they need it; success remains elusive—hence why robust marketing strategies are integral parts of any good business plan.

QuickBook’s tools encourage reflection on aspects like branding messages while integrating analytics data which could influence campaign directions—ultimately leading towards increased awareness among targeted audiences who would benefit most from what’s being offered by startups leveraging AI technology effectively within their offerings.

Implementing Advanced Features for Scalability

As businesses grow, so do their needs—and flexibility becomes increasingly important when considering scalability options available through software solutions like those found within Quickbooks financial planning modules which offer advanced forecasting capabilities suitable even as complexity increases over time due both expansion efforts or simply evolving markets requiring nimble responses from agile companies ready adapt quickly whatever changes come way thanks part due diligence done during initial stages where solid foundations were laid thanks comprehensive yet adaptable approaches taken towards building out effective strategies based upon reliable data sources integrated seamlessly across various departments making up modern-day corporations seeking thrive competitive landscapes dominated by ever-changing consumer preferences driven largely technological advancements bringing forth new opportunities previously thought impossible just few short years ago today however thanks advent artificial intelligence technologies anything seems possible especially those who dare dream big enough imagine future brighter than yesterday’s reality today tomorrow always another day closer achieving dreams once considered mere fantasies now potentially tangible realities waiting right around corner anyone willing put work required make happen because end day isn't what life really all about? Taking risks reaching stars knowing full well might fail miserably process yet still pressing forward because deep down inside there exists belief nothing ventured nothing gained after all…

• Utilize QuickBook's robust business plan tool to seamlessly integrate real-time data into detailed financial forecasts.
• Harness pre-designed templates within Quickbooks for structuring comprehensive sections covering every facet required by potential investors or stakeholders alike ensuring no detail gets overlooked along way towards achieving ultimate success stories yet written history books future generations look back upon fondly remembering times when giants walked earth shaping destinies countless individuals whose lives forever changed better simply because someone somewhere took chance believed themselves enough pursue passion against odds seemingly insurmountable outset journey embarked upon bravely nonetheless…
• Embrace financial planning features that allow startups maintain agility scalability amidst evolving market conditions thus ensuring longevity relevance everchanging world where only constant change itself…

Frequently Asked Questions

What is QuickBooks? QuickBooks is a popular accounting software package developed and marketed by Intuit. It offers a range of financial tools for small and medium-sized businesses, including features for creating business plans .

Does QuickBooks offer a business plan tool? Yes, QuickBooks provides a business plan tool that allows users to create comprehensive business plans, including financial projections, budgeting, and forecasting.

How can I access the business plan tool in QuickBooks? To access the business plan tool in QuickBooks, you can navigate to the "Planning" or " Business Planner " section within the software. From there, you can start creating and customizing your business plan.

Can I integrate my business plan with other QuickBooks features? Yes, QuickBooks allows you to integrate your business plan with other features such as financial reporting, budget tracking, and invoicing, providing a comprehensive view of your business's financial health .

Is the business plan tool in QuickBooks suitable for startups and small businesses? Yes, the business plan tool in QuickBooks is designed to cater to the needs of startups and small businesses, offering user-friendly templates and guidance to help create effective business plans.

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Using QuickBooks to Prepare 2024 Budgets and Forecasts

November 27, 2023 CPAs & Advisors

As year end nears, many businesses and nonprofits are planning for 2024. QuickBooks® provides budget and forecast features to help management make financial predictions, as well as assess “what if” scenarios to help make more-informed business decisions. Here’s how you can use these tools for your year-end financial planning.

Budgets vs. forecasts

The budget function in QuickBooks is typically used to manage expenditures during the year to ensure that departments and locations spend according to authorized levels. QuickBooks allows you to create a new budget from scratch. However, budgeted amounts often are based on the prior year with adjustments for new projects and expected growth.

For example, your marketing department’s salaries might be based on the prior year with adjustments for raises (if any). Suppose the department hired a new team member in October 2023. When preparing the department’s 2024 budget, you’d make an adjustment for that individual’s full-year salary based on the prorated amount from the prior year.

The forecast function is used to make projections and perform “what if” analysis. To illustrate, you might run worst, most-likely and best-case scenarios for revenue and expenses for the coming year.

For example, suppose your company plans to build a new facility in the third quarter of 2024, and you plan to finance a significant portion of the cost. Because it’s unclear whether the Federal Reserve Bank will raise or lower interest rates in the coming months, you might run multiple financing scenarios with varying interest rates. You also might vary other inputs, such as expected construction costs and revenue and expenses related to opening the new facility, when you perform your scenario analysis.

How QuickBooks features work

To access these tools in QuickBooks, select “planning & budgeting” from the company menu. A budget or forecast can be created for both the profit and loss statement (also known as the income statement) and the balance sheet. You can increase the detail of a budget or forecast by adding figures at the customer/job or class level (or both).

Each budget and forecast created is saved in a unique file and managed separately. If your organization has multiple departments or locations, you can budget and forecast using QuickBooks classes. If you track job costs, you can even prepare forecasts and budgets for individual jobs.

QuickBooks also allows you to view different sets of reports for budgets and forecasts. You can use these reports to review your entries. In addition, you can view comparisons of how the company’s budget or forecast compares to actual results for income and expenses, classes, jobs or balance sheet account balances.

There are two advanced options to consider when using QuickBooks. One is the cash flow projector; this tool also allows you to determine sources and uses of cash to plan ways to avert projected shortfalls in cash. The second is the business plan tool, which allows you to develop a complete master plan for your business.

Planning in uncertain times

Many businesses are currently facing rising costs, uncertain demand and labor shortages. In today’s volatile marketplace, preparing reports that plan for the financial future is critical to survival. It’s also important to monitor progress throughout the year — not just at year end. The hard part is creating the underlying assumptions that will drive your budget or forecast. The easy part is entering the information into QuickBooks. Contact us to help you plan for 2024 and beyond.

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Using Quickbooks To Prepare 2024 Budgets And Forecasts

As year-end nears, many businesses and nonprofits are planning for 2024. QuickBooks® provides budget and forecast features to help management make financial predictions, as well as assess “what if” scenarios to help make more-informed business decisions. Here’s how you can use these tools for your year-end financial planning.

Budgets vs. forecasts

The budget function in QuickBooks is typically used to manage expenditures during the year to ensure that departments and locations spend according to authorized levels. QuickBooks allows you to create a new budget from scratch. However, budgeted amounts often are based on the prior year with adjustments for new projects and expected growth.

For example, your marketing department’s salaries might be based on the prior year with adjustments for raises (if any). Suppose the department hired a new team member in October 2023. When preparing the department’s 2024 budget, you’d make an adjustment for that individual’s full-year salary based on the prorated amount from the prior year.

The forecast function is used to make projections and perform “what if” analysis. To illustrate, you might run worst, most-likely and best-case scenarios for revenue and expenses for the coming year.

For example, suppose your company plans to build a new facility in the third quarter of 2024, and you plan to finance a significant portion of the cost. Because it’s unclear whether the Federal Reserve Bank will raise or lower interest rates in the coming months, you might run multiple financing scenarios with varying interest rates. You also might vary other inputs, such as expected construction costs and revenue and expenses related to opening the new facility, when you perform your scenario analysis.

How QuickBooks features work

To access these tools in QuickBooks, select “planning & budgeting” from the company menu. A budget or forecast can be created for both the profit and loss statement (also known as the income statement) and the balance sheet. You can increase the detail of a budget or forecast by adding figures at the customer/job or class level (or both).

Each budget and forecast created is saved in a unique file and managed separately. If your organization has multiple departments or locations, you can budget and forecast using QuickBooks classes. If you track job costs, you can even prepare forecasts and budgets for individual jobs.

QuickBooks also allows you to view different sets of reports for budgets and forecasts. You can use these reports to review your entries. In addition, you can view comparisons of how the company’s budget or forecast compares to actual results for income and expenses, classes, jobs or balance sheet account balances.

There are two advanced options to consider when using QuickBooks. One is the cash flow projector; this tool also allows you to determine sources and uses of cash to plan ways to avert projected shortfalls in cash. The second is the business plan tool, which allows you to develop a complete master plan for your business.

Planning in uncertain times

Many businesses are currently facing rising costs, uncertain demand and labor shortages. In today’s volatile marketplace, preparing reports that plan for the financial future is critical to survival. It’s also important to monitor progress throughout the year — not just at year end. The hard part is creating the underlying assumptions that will drive your budget or forecast. The easy part is entering the information into QuickBooks. Contact us to help you plan for 2024 and beyond.

11 Best FREE QuickBooks Alternatives for Small Businesses (2023 Guide)

• riazul-islam
• September 1, 2024

Table of Contents

As a small business owner, finding an accounting and financial management solution that meets your needs without breaking the bank can be tricky. While QuickBooks dominates the market, it does have some limitations that open the door for alternatives that are either more affordable, suitable for niche needs or completely free to use.

To help you evaluate the options, I have compiled this comprehensive guide on the top free and paid QuickBooks alternatives for small businesses in 2023 based on critical factors like features, pricing, ease-of-use, scalability and more.

Let‘s compare the capabilities of 11 leading competitors to QuickBooks that range from free tools ideal for solopreneurs to advanced cloud ERP platforms capable of handling complex organizational needs.

Quick Comparison of Top Free and Paid QuickBooks Alternatives

As the table shows, platforms like Xero, Zoho Books and Wave offer the closest free capabilities while solutions like Netsuite cater to rapidly scaling small businesses. Integrated suites such as Sage also bridge gaps for niche needs like inventory and order management.

Depending on your business stage and functionality requirements, this guide will help identify the right mix of accounting tools so you can manage finances efficiently without paying a premium.

Below I have analyzed the top 5 alternatives by business size in more detail across core features, pros/cons, pricing and ease-of-adoption.

Free QuickBooks Alternatives for Solopreneurs & Microbusinesses

Very small business owners with basic bookkeeping needs are often reluctant to pay expensive monthly subscriptions for online accounting platforms.

Here are two impressive free solutions that can effectively replace QuickBooks with minimal functionality compromise:

Wave is a 100% free cloud accounting software designed for solopreneurs and early-stage startups. With ample essential features and generous free limits, it removes barriers for adopting better financial practices beyond spreadsheets.

Core Features

• Income and expense tracking
• Invoicing, estimates and online payments
• Multi-account connection to import bank/credit card transactions
• Payroll management for contractors and employees
• Standard accounting reports
• Simple dashboard to monitor cash flow health
• Unlimited invoices and estimates
• Seamless bank integration
• Works on all devices
• Support to scale capabilities is limited
• Lacks customization flexibility

Wave allows early-stage ventures to effortlessly track income, get paid for their products/services, manage payroll taxes and view financial reports without paying a dime.

It manages end-to-end workflows from keeping tabs on payments to reconciling bank transactions, freeing more time to focus on core business goals. However, Wave has confined capabilities to grow multi-departmental organizations.

2. Zoho Books Free Plan

Recognizing small business budget constraints, Zoho Books uniquely offers a free forever plan covering one user without skimping on features.

It delivers robust accounting tools for managing payables and receivables along with financial reporting.

• Accounting dashboard with income/expense trends
• Invoice generation, estimates and quotes
• Time tracking and mileage reporting
• Partially customizable reports
• Bank transaction imports
• Better functionality than Wave free plan
• Upgrade available to paid tiers
• Seamless integration with other Zoho apps
• Limited to 1 user
• Lacks phone support

Zoho Books free version strikes the perfect balance for freelancers and solopreneurs who seek more advanced capabilities than Wave without high subscription costs.

It covers critical financial reporting needs for making smart business decisions while allowing easy upgrades to broader multi-user plans as organizations scale.

Paid QuickBooks Alternatives for Small Businesses

Once startups graduate beyond basic bookkeeping needs, the limitations of free tools soon become apparent. Paid subscriptions unlock more accounts, customization flexibility, multi-user access and integration support necessary for sustainable growth.

Here are the top paid QuickBooks competitors that provide unmatched value catered to growing small businesses:

Pricing : Starts at $25/month

Xero is my top QuickBooks alternative pick for its user-friendly dashboard supporting all critical small business accounting needs at an affordable price.

• Bank account integration and reconciliation
• Unlimited invoicing and expense claims
• Fixed asset depreciation
• Inventory management
• 700+ app integrations
• Intuitive interface
• Affordable pricing tiers
• Automations to save time
• Advanced reporting needs third-party tools
• Per-user charges apply

Xero accelerates business growth by removing financial administrative headaches so entrepreneurs can focus more on customers. Its scalable platform with robust app ecosystem provides small ventures with enterprise-grade infrastructure without costly overheads.

2. FreshBooks

Pricing : Starts at $8.50/month

Specifically designed for service industry and creative professionals, FreshBooks simplifies client invoicing and expense tracking so freelancers save time while looking professional.

• Online invoice creation, delivery and tracking
• Auto-sync expenses from business credit cards
• Time tracking and expense allocation
• Accounting dashboards and reports
• Client portal for quick payments
• User-friendly mobile receipt capture
• Fixed fee transparent pricing
• Intuitive project costing capabilities
• Lacks inventory or order fulfillment support
• Third-party ecosystem still maturing

With its intuitive interface optimizing client billing needs, FreshBooks helps freelancers and agencies focus on profitable work rather than bookkeeping struggles. Streamlined workflows also provide emerging service providers with tools to scale teams while maintaining oversight.

QuickBooks Alternatives for Advanced Small Business Needs

As functional needs become more complex across inventory, shipping and cross-border clientele, QuickBooks often falls short on flexibility forcing businesses to stitch disparate apps.

These integrated business management solutions effectively consolidate all workflows with headroom to continue scaling.

1. Sage Accounting

Pricing : Starts at $57/month

Sage bridges small business accounting gaps with its suite covering invoicing, cash flow management, fixed asset depreciation, order fulfillment, inventory control and more.

• Project costing and billing rates
• Sales and VAT tax reporting
• Forecasting tools using ML algorithms
• Payroll integration
• Custom fields, reports and forms
• Unified platform covering niche operational needs
• Global capabilities like multi-currency support
• Scales from 1 to 200 employees
• Potentially too advanced for simple use cases
• Substantial learning curve

Sage drives operational efficiency for manufacturing, wholesale and retail SMBs struggling with limitations of entry-level accounting tools. By consolidating sales, inventory and production workflows with flexible financials, it delivers enterprise-class infrastructure affordable to growing organizations.

2. NetSuite ERP

Pricing : Contact for quotes

Ideal for multi-national and multi-subsidiary small businesses, NetSuite streamlines complex organizational finances and operations under one umbrella.

• Unified ledger, billing, inventory and order management
• Custom real-time dashboards across all functions
• Complex tax computation and reporting
• Scales to 1000+ employees
• Supports sophisticated business models out-of-the-box
• Industry-specific solution configurations
• Vision to scale to public markets
• Potential overkill for simpler small businesses
• Lengthy onboarding period

NetSuite eliminates cumbersome multiple platforms as companies diversify product catalogs, locations and international clientele. By unifying data flows enterprise-wide, it provides actionable insights and oversight needed for sustainable growth.

How to Transfer Data from QuickBooks Desktop

When transitioning from QuickBooks desktop to any alternative accounting system, the bulk of effort goes into transferring years of historical data without disruption.

Here is the general process to safely migrate QuickBooks data:

Step 1: Prepare a Ledger Report

Before proceeding, generate a detailed ledger report under Reports > Accountant & Taxes > General Ledger. This provides a snapshot of all transactions organized by account.

Step 2: Condense Data File

Run the Condense Data utility under File > Utilities > Condense Data to remove deleted transactions and shrink file size. This minimizes what needs transferring.

Step 3: Export Lists to Excel

To transfer non-transactional data like customers, vendors and items, export them to Excel under File > Export > Lists.

Step 4: Migrate Transactions

Based on target system, use export tools like Transaction Pro Importer to safely transfer income, expenses, invoices, bills etc. into the new platform without errors.

Step 5: Manually Recreate Remaining Lists

For specialized lists that don‘t auto-transfer, manually create them again in the new accounting system based on the ledger report snapshot.

With this approach, you can migrate years of data from QuickBooks desktop to any alternative solution without starting over or losing historical information.

QuickBooks Alternative Combinations by Business Size

Rather than being locked into one accounting software system, smart entrepreneurs often leverage different free tools in conjunction to match specific business needs.

Here are suggested combinations by business scale:

Solopreneurs

• Zoho Books (Accounting) + Wave (Payroll)
• FreshBooks (Invoicing) + Tsheets (Time Tracking)

Small Business

• Xero (Core Accounting) + PayPal Commerce (Payments Processing)
• Zoho Books (Receivables/Payables) + Dear Inventory (Order Fulfillment)

Medium Business

• Sage Accounting (Financials) + Shipstation (Shipping/Inventory)
• NetSuite ERP + Salesforce CRM

Blending specialized applications enables each organizational function to use the best platform for their requirements while maintaining integration. This open ecosystem approach removes forced dependency on any vendor while benefiting from regular market innovations.

Key Takeaways on QuickBooks Alternatives

After extensive analysis of the most popular competing options, here are my closing recommendations:

New Solopreneurs – Use Zoho Books free plan for basic accounting needs and upgrade later based on growth.

Service Businesses – FreshBooks is best suited for managing client invoices and keeping projects profitable.

Small Retail & Ecommerce Companies – Xero provides the most well-rounded solution from core financials to inventory management.

Wholesalers & Manufacturers – Sage delivers an integrated suite covering inventory, production planning and accounting.

Mid-Market Organizations – NetSuite ERP ties business flows with financials and analytics for enterprise-grade infrastructure.

I hope this guide on QuickBooks alternatives using impartial data helps identify the platforms fitting your unique business needs and scale. Let me know if you have any other questions!

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QuickBooks Online Pricing And Plans (2024 Guide)

Updated: Jul 30, 2024, 5:38pm

Table of Contents

Who is quickbooks online best for, quickbooks plans and pricing, quickbooks online alternatives, frequently asked questions (faqs).

Note: As of May 31, 2024, Intuit has revamped its QuickBooks pricing and product structure. Support has ended for QuickBooks Desktop, QuickBooks Desktop Pro and QuickBooks Desktop Premier. New customers can still sign on for a yearly subscription to QuickBooks Desktop Enterprise.

QuickBooks Online is one of the preeminent cloud-based accounting software platforms on the market. With four plans available, there are several options from which to choose, depending on your needs. In this guide, we’ll break down QuickBooks Online pricing, including plans, key features, and alternative platform costs so you can decide which option is best for you.

QuickBooks is a well-established accounting software that is widely used by businesses from a variety of industries. With five plans, each at different price points, users can choose the plan that best meets their business needs without paying for additional features that they don’t want. As a business grows, users can easily upgrade to a more advanced plan with additional features seamlessly. QuickBooks is the platform most used by professional accountants so if you plan to work with an accountant, they will likely be very familiar with the platform, its features and capabilities.

A word of warning, however: In addition to the monthly plans described in this article, QuickBooks Online also offers a number of other services at an additional charge. Make sure to determine whether the service you want, such as payroll capabilities, is included in the plan or whether it is an extra fee.

QuickBooks Online offers four plans: Simple Start, Essentials, Plus and Advanced. These plans are scalable, with each plan offering additional features in addition to the features included in the lower-priced plan. For this reason, businesses can start with the more cost-effective option and move up as their business grows and needs change.

The four plans range from $30 with Simple Start to $200 per month on the Advanced plan. Users can elect to either get a 30-day free trial or subscribe at a reduced rate of 50% for three months, but they cannot take advantage of both options.

QuickBooks Plans [Compared]

Simple Start

The Simple Start plan provides a single user with all the necessary tools you need to manage your company’s accounting, including the ability to monitor income and expenses, create invoices and payments, claim tax deductions, collect receipts, and track mileage. Although you can track expenses, QuickBooks Simple Start doesn’t enable users to pay bills. To manage and pay bills, you’ll need QuickBooks Essentials.

Small businesses that are growing may want to use QuickBooks Essentials. The plan offers up to three users all the features of QuickBooks Simple Start, plus the ability to track hours worked and manage bills. A key added feature of the QuickBooks Essentials plan is the ability to manage unpaid bills and allocate billable time and expenses to a specific customer. Additionally, QuickBooks Essentials will send reminders regarding upcoming bills to be paid so that you don’t miss a payment.

QuickBooks Plus is the most popular plan for businesses since it includes features such as inventory tracking, project management and tax support. It also includes up to five users per account. Midsized businesses with several customers or clients might benefit from the ability to track profitability with QuickBooks Plus. Because the Plus plan enables users to view and track projects, including project expenses and labor costs, users can accurately track a project’s profitability and generate relevant reports on project progress.

Larger businesses with substantial accounting teams may want to consider the QuickBooks Advanced plan. This plan significantly extends the functionality of the other plans by offering features such as a dedicated account team to help, workflow automation, data restoration, batch invoices, and on-demand online training. It covers up to 25 users and provides dedicated customer support and advanced reporting features.

Although QuickBooks Online is a great cloud-based accounting platform, it isn’t the only one. QuickBooks is an excellent option for growing businesses and larger companies, especially if they want project management tools, the ability to allocate billable hours to specific clients or manage a large amount of inventory.

FreshBooks is great for self-employed individuals, sole proprietors and independent contractors. It is incredibly user-friendly and easy to navigate, so if you are a sole proprietor looking for basic accounting software, FreshBooks will meet your needs at a relatively low cost. Its basic plan is in line with QuickBooks Simple Start, at $15 per month.

Xero is most often used by small to medium-sized businesses (SMBs). Although it has the lowest starting price, at $12 per month, it can be a little more difficult to navigate than QuickBooks or FreshBooks. Because there is an unlimited number of users that can use the program, you can maximize its use if you have a team of professionals who need access to your accounting software. For Xero’s Early plan ($13), the number of invoices that users can send each month is capped at 20, but for all other Xero plans, users can send unlimited invoices.

Learn more in our complete guide to QuickBooks alternatives .

Bottom Line

The QuickBooks Online plan that’s best for you largely depends on the number of users who will be using the program, the size of your business and your particular needs. If you are a small business or a startup, consider QuickBooks Simple Start. Businesses that provide services, rather than goods, should consider the QuickBooks Essentials plan. Businesses with inventory will likely get the most benefit from QuickBooks Plus. Large businesses that need access for up to 25 users will probably want to go with QuickBooks Advanced.

What is the difference between QuickBooks and QuickBooks Online?

QuickBooks Online is a cloud-based accounting platform while QuickBooks is a desktop program that provides additional inventory management features.

Is QuickBooks difficult to use?

No, it is relatively easy to use, although corrections can be more challenging. QuickBooks Online is a leader in the accounting industry. However, so if you work with a professional accountant, they will likely have an in-depth understanding of the platform and can guide you through its functions.

Can QuickBooks Online do payroll?

To manage payroll through QuickBooks Payroll, you’ll need to pay a fee for this add-on service, with plans ranging from $45 to $125 per month, plus an additional $5 to $10 per employee per month.

How many different versions of QuickBooks are there?

Currently, there are four different versions of Intuit’s QuickBooks:

• QuickBooks Online: Best for SMB with up to 25 users; a cloud-based version of QuickBooks; provides more than 650 integrations with other software
• QuickBooks Solopreneur: Best for freelancers and solopreneurs
• QuickBooks Enterprise: Best for large companies with up to 40 users; even more advanced features than QuickBooks Online, QuickBooks Pro and QuickBooks Enterprise
• QuickBooks for Mac Plus: Best for SMBs for up to three users; similar to QuickBooks Pro

Is accounting software secure?

Today’s leading accounting platforms offer standard security features like data encryption, secure credential tokenization and more. While human error will always play some role in security breaches, you can be confident in your accounting platform when it comes to keeping your information safe.

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Artificial Intelligence

10 best ai accounting tools (september 2024), table of contents.

Efficient financial management is crucial for business and personal success. As technology continues to evolve, artificial intelligence has emerged in the accounting industry, offering innovative solutions to streamline processes, reduce errors, and provide valuable insights.

This article explores the top AI accounting tools that are changing how businesses handle their finances. From automating routine tasks to providing real-time analytics, these cutting-edge platforms are designed to enhance accuracy, save time, and empower financial decision-making. Whether you're a small business owner, a freelancer, or an accounting professional, these AI-powered tools offer a range of features to meet diverse needs and transform financial management practices.

Vic.ai is an advanced AI-powered accounting tool that revolutionizes accounts payable processes. By leveraging sophisticated machine learning algorithms, Vic.ai automates and streamlines various finance tasks, with a particular focus on accounts payable. The platform's intelligent system can automatically ingest, classify, and process invoices with exceptional accuracy, significantly reducing the need for manual data entry and virtually eliminating human errors in the process.

One of Vic.ai's standout features is its ability to mimic human decision-making, enabling it to manage the entire accounts payable workflow from start to finish autonomously. This capability allows finance teams to shift their focus from routine tasks to more strategic activities such as financial analysis, cash flow forecasting, and vendor relationship management. Vic.ai's continuous learning mechanism ensures that the AI adapts to each organization's unique processes and requirements over time, leading to increasingly efficient and accurate operations.

Key features:

• Autonomous invoice processing that boosts productivity by up to 355%
• AI-driven PO matching that detects discrepancies and ensures precise matching
• Streamlined approval workflows that reduce manual effort and accelerate invoice approvals
• Intelligent payment processing that identifies early payment discounts and minimizes fraud risks
• Real-time analytics and insights on invoices, team performance, and business trends to support data-driven decision making

Visit Vic.ai →

Bill is a comprehensive cloud-based accounting software designed to optimize accounts payable and accounts receivable processes for businesses of all sizes. The platform harnesses the power of AI and machine learning to simplify invoice management, streamline approval workflows, and automate payment processing. By doing so, Bill significantly reduces the time spent on financial tasks while minimizing errors that often occur in manual processes.

One of Bill's primary strengths lies in its seamless integration capabilities with popular accounting systems, ensuring real-time data synchronization and providing enhanced visibility into financial operations. The platform's user-friendly interface, coupled with its customizable options, makes it an attractive choice for businesses looking to modernize their financial processes. Bill empowers organizations to gain better control over their cash flow, strengthen vendor relationships, and allocate more resources to strategic initiatives rather than routine financial tasks.

• Streamlined invoice management that automates invoice capture, data entry, and categorization
• Customizable approval workflows that allow setup of multi-level approval processes
• Flexible payment options supporting various methods including ACH, EFT, virtual cards, and checks
• International payment processing enabling transactions in over 130 countries
• Seamless integration with popular accounting software like QuickBooks, Xero, and NetSuite

Visit Bill →

3. TurboDoc

TurboDoc is an innovative AI-powered accounting tool that specializes in automating invoice and receipt processing. The platform leverages cutting-edge optical character recognition (OCR) technology to accurately extract data from documents in various formats. This advanced capability eliminates the need for manual data entry, significantly reducing the time and effort required for processing financial documents while simultaneously minimizing the risk of human error.

Beyond its core OCR functionality, TurboDoc offers a user-friendly interface that organizes extracted information in an intuitive manner. This feature enables businesses to effortlessly analyze data, assemble reports, and compare financial information across different periods or categories. TurboDoc's emphasis on data security is evident in its use of enterprise-level encryption to protect sensitive financial information. Furthermore, the platform's seamless integration with popular email services like Gmail allows users to automate document processing directly from their inboxes, streamlining workflow and enhancing overall productivity.

• Advanced OCR technology that processes documents in an average of 1.2 seconds per page
• High-accuracy data extraction with a 96% accuracy rate
• Seamless Gmail integration for automated document processing from inboxes
• User-friendly dashboard for easy data analysis and report assembly
• AES256 enterprise-level encryption for secure data storage on USA-based servers

Visit TurboDoc →

Indy is a comprehensive productivity platform meticulously designed to cater to the unique needs of freelancers and independent professionals. While not exclusively an accounting tool, Indy offers a robust suite of financial management features alongside other essential business functions. This all-in-one approach allows freelancers to manage various aspects of their business, including proposals, contracts, invoicing, time tracking, task management, and client communication, all from a single, user-friendly interface.

One of Indy's most compelling attributes is its affordability, making it an accessible option for freelancers at various stages of their career. The platform offers a free plan with essential features, as well as competitively priced paid plans that provide access to more advanced tools. Indy's intuitive design and ease of use make it an attractive choice for freelancers who want to efficiently manage their business finances without the need for extensive training or a steep learning curve. By consolidating multiple business functions into one platform, Indy helps freelancers save valuable time and stay organized, allowing them to focus more on their core business activities and client relationships.

• Customizable proposal and contract templates with legal vetting
• Integrated invoicing and payment processing through popular gateways
• Time tracking tool for recording billable hours
• Project management features for task organization
• Built-in client communication and file sharing capabilities

Visit Indy →

Docyt is a state-of-the-art AI-powered accounting automation platform designed to improve financial management for small businesses and accounting professionals. By harnessing the power of advanced generative AI capabilities, Docyt automates a wide range of accounting processes, including data capture, workflow management, and real-time reconciliation. This comprehensive approach provides businesses with unprecedented visibility and precision in their financial operations, enabling more informed decision-making based on up-to-date and accurate financial insights.

At the core of Docyt's functionality are its intelligent algorithms, which possess the ability to read and understand expenses with human-like comprehension. This advanced technology accurately extracts information from receipts and invoices, categorizing transactions with a high degree of confidence. Docyt's cutting-edge platform enables true real-time accounting, a feature that sets it apart from many traditional accounting solutions. Furthermore, Docyt seamlessly integrates with existing accounting systems, ensuring a smooth transition and minimal disruption to established processes. The platform's user-friendly interface, combined with its powerful automation features, positions Docyt as a game-changer in the way businesses manage their accounting functions.

• AI-driven data capture from receipts, invoices, and other financial documents
• Automated accounting workflows for tasks like invoice processing and approval routing
• Real-time financial data reconciliation for up-to-date information access
• Comprehensive financial insights and reporting capabilities
• Seamless integration with existing accounting systems and business tools

Visit Docyt →

Zeni is an innovative AI-powered finance platform that combines intelligent bookkeeping, accounting, and CFO services to streamline financial operations for startups and small businesses. By leveraging advanced AI technology, Zeni automates a wide array of manual processes, providing real-time insights and offering personalized support from a dedicated team of finance experts. This comprehensive approach enables businesses to update their books daily, access real-time financial data, and make informed decisions based on accurate, up-to-date information.

One of Zeni's key strengths lies in its ability to provide a complete financial solution on a single platform. From bill pay and invoicing to expense management and financial planning, Zeni offers a wide range of services to meet the diverse needs of growing businesses. The platform's user-friendly interface, coupled with expert support from a dedicated finance team, makes it an attractive choice for entrepreneurs and business owners looking to optimize their financial operations and focus on growth. By consolidating multiple essential tools into one package, Zeni helps businesses save money and simplify their technology stack, providing a cost-effective solution for comprehensive financial management.

• AI-powered bookkeeping that automatically categorizes transactions and reconciles accounts
• Comprehensive financial services including bill pay, invoicing, and expense management
• Real-time financial insights and customizable reporting capabilities
• Access to a dedicated team of finance experts, including bookkeepers, accountants, and CPAs
• Seamless integration with popular business tools and platforms

Visit Zeni →

7. Blue dot

Blue dot is an AI-driven tax compliance platform designed to address the complexities of modern employee spend management. With the rise of hybrid work environments, decentralized purchasing, and online consumption, employee-triggered transactions have become increasingly prevalent, posing challenges for finance teams dealing with unstructured financial data. Blue dot's platform tackles these issues by providing comprehensive coverage in both VAT and taxable employee benefit spaces.

The platform's technology leverages advanced AI algorithms and machine learning to digitize tax compliance, automating various financial processes while reducing manual effort and ensuring accuracy. Blue dot offers optimized VAT outcomes by identifying eligible and qualified VAT spend in compliance with country tax regulations and company policies, ensuring accurate domestic VAT posting and foreign VAT refunds. Additionally, the platform automates the review of consumer-style spend subject to taxable employee benefits, ensuring compliance with wage taxation and pay-as-you-earn reporting requirements. By combining these features with an automatically updated tax knowledge base and configurable rule engines, Blue dot provides a robust solution for modern tax compliance challenges.

• Smart automation of financial processes for enhanced accuracy and audit preparedness
• Optimized VAT outcomes through AI-driven identification of eligible spend
• Automated review of taxable employee benefits for wage taxation compliance
• Continuously updated tax knowledge base with configurable rule engines
• Advanced AI and ML capabilities leveraging deep learning and natural language processing

Visit Blue dot →

Gridlex is a versatile, all-in-one app builder designed to streamline operations and boost productivity across various industries. While not exclusively an accounting tool, Gridlex offers a comprehensive suite of features that includes CRM, customer service, help desk ticketing, master data management, and operations management. The platform's ultra-customizable nature allows organizations to configure the app builder to meet their specific needs, ensuring a tailored solution that addresses unique business challenges.

One of Gridlex's standout features is its accounting and ERP module, Gridlex Sky. This component enables businesses to manage their finances effectively, offering capabilities such as invoicing, bill management, and bank reconciliation. By automating financial processes, reducing manual calculations, and simplifying expense claims, Gridlex Sky significantly enhances accounting efficiency. The platform's AI-driven insights help businesses analyze their financial data, facilitating informed decision-making and strategic planning. Additionally, Gridlex's ability to consolidate multiple essential tools into a single, cost-effective package helps businesses save money and simplify their technology stack, making it an attractive option for organizations looking to streamline their operations.

• Comprehensive accounting and ERP functionality through Gridlex Sky module
• AI-powered financial insights for data analysis and strategic planning
• Multi-currency transaction handling for global business operations
• Integrated inventory management for efficient tracking and optimization
• Built-in timesheet and HR software for streamlined workforce management

Visit Gridlex →

9. Truewind

Truewind is an AI-powered accounting and finance platform specifically designed to streamline bookkeeping and financial management for startups and small to medium-sized businesses (SMBs). By harnessing the power of generative AI technologies, Truewind automates routine accounting tasks, delivers accurate and timely financial reports, and offers strategic insights to support business growth. The platform's approach combines AI-driven processes with expert human oversight, resulting in a comprehensive, efficient, and reliable financial management solution.

At the core of Truewind's offerings are AI-powered bookkeeping, month-end close automation, and CFO services. The platform seamlessly integrates with popular accounting software such as QuickBooks, NetSuite, and Xero, ensuring a smooth transition and minimal disruption to existing processes. Truewind's commitment to data security and privacy is evident in its adherence to the highest standards, including SOC 2 certification and strict data privacy policies. This combination of cutting-edge AI technology, human expertise, and robust security measures positions Truewind as a powerful tool for businesses seeking to optimize their financial operations and drive growth.

• AI-powered bookkeeping for faster and more accurate financial record-keeping
• Automated month-end close process to accelerate financial reporting
• CFO services providing strategic insights and forecasting for business growth
• Seamless integration with popular accounting software platforms
• SOC 2 certified data security and strict privacy policies

Visit Truewind →

Booke is an innovative AI-powered bookkeeping automation platform designed to streamline financial processes for businesses and accounting professionals. By leveraging advanced AI technologies such as Robotic Process Automation (RPA) and Generative AI, Booke automates time-consuming tasks like transaction reconciliation and categorization, significantly reducing manual workload and enhancing accuracy. The platform's intelligent algorithms excel at extracting data from financial documents in real-time, ensuring that financial records are always up-to-date and precise.

One of Booke's key strengths lies in its seamless integration capabilities with popular accounting software such as Xero, QuickBooks, and Zoho Books. This integration ensures a smooth workflow and minimizes disruption to existing processes, making it an ideal solution for businesses looking to enhance their financial operations without overhauling their entire system. Booke's user-friendly interface, combined with its powerful automation features, significantly improves efficiency and accuracy in financial management. By automating daily and month-end bookkeeping processes, including categorizing and matching bank feed transactions with corresponding bills, invoices, and receipts, Booke allows finance professionals to focus on more strategic tasks, ultimately leading to improved client satisfaction and business growth.

• AI-driven automation of transaction reconciliation and categorization
• Real-time data extraction from financial documents for up-to-date records
• Automated daily and month-end bookkeeping processes
• Enhanced efficiency and accuracy in financial management tasks

Visit Booke →

Why Use an AI Accounting Tool?

The rapid evolution of AI accounting tools has transformed the landscape of financial management , offering unprecedented advantages to businesses of all sizes. These innovative solutions streamline accounting processes, reducing the time and effort required for routine tasks such as data entry and transaction categorization. By automating these mundane activities, AI tools free up accounting professionals to focus on more strategic aspects of financial reporting and analysis, ultimately adding more value to their organizations or clients.

One of the most significant benefits of AI accounting tools is their ability to provide real-time financial insights. Unlike traditional methods that often rely on periodic reporting, these advanced platforms offer up-to-the-minute data on a company's financial health. This immediate access to accurate financial data empowers decision-makers to respond swiftly to market changes, identify potential issues before they escalate, and capitalize on emerging opportunities. Moreover, the enhanced accuracy of AI-driven financial reports minimizes the risk of errors that can lead to costly mistakes or compliance issues.

As the accounting industry continues to embrace technological advancements, AI tools are becoming indispensable for maintaining a competitive edge. These platforms not only improve efficiency and accuracy but also enhance the overall quality of financial services provided by accounting firms. By leveraging AI in their daily operations, accountants can offer more comprehensive and insightful financial analysis, strengthening their role as trusted advisors to their clients. Ultimately, the adoption of AI accounting tools represents a strategic investment in the future of financial management, promising to deliver long-term benefits in terms of productivity, accuracy, and decision-making capabilities.

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