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There are 3 important QuickBooks Online Add-ons that may be important to the way you manage your business with QuickBooks Online. This article will discuss these QuickBooks Online add ons and will provide you with information that you should consider to make an informed business decision. This article will inform you of the additional expenses that may not be apparent when considering the purchase of 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- For approving, processing, and recording credit card sales QuickBooks Online Merchant is required. By using MasterCard, Visa, American Express and other credit card types you can attract new customers, help you get paid quicker, and reduce your time in collecting payments, thus reducing collection risk from customers. These capabilities to accept credit card payments are called merchant account services. With a QuickBooks Online Merchant account, you can authorize and process credit card transactions with either QB Online Basic or QB Online Plus. The add-on ability to process & record payments from your customers, eliminates the need to manually record after-the-fact credit card sales in your QuickBooks. For this add-on, there is a onetime set up fee of $59.95 and a monthly fee of $19.95, along with standard authorization fees and credit card sales you need to purchase QuickBooks Online Merchant. When purchasing from a Certified QuickBooks ProAdvisor there are substantial discounts available to you for these services.

A cost saving aspect is that 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 QB desktop software, 2002 or higher. Intuit designed their online 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. In a few moments, you are informed if the customer payment is approved or declined by the credit card company. (For example, the other day when I was in a major department store, and they manually inserted my credit card for the credit card imprint into a manual credit card reader,so even large national department stores still have manual processes.)

Payroll Add On- Having employees including yourself requires you to remit payroll taxes to the federal and state governments. Using a payroll software package or add-on makes this process easy for the typical business owner. Intuit, sells Payroll for QuickBooks Online separately. Payroll is not included with either QuickBooks Basic or QuickBooks Plus. Intuit offers these payroll products as of the date of this article (a) QuickBooks Online Basic ($9.95 monthly) and payroll ($9.95 monthly) and (b) QuickBooks Online Plus ($34.95 monthly) and payroll ($9.95 monthly),sometimes Intuit offers a 20% discount for Plus version. By purchasing QB Online Plus from a Certified QuickBooks ProAdvisor there is another 20% discount available to you bringing the total discount to 40%. QuickBooks ProAdvisor discounts for special pricing are subject to change.

Inventory Add On- Currently, both QuickBooks Online Basic and QuickBooks Online Plus do not offer an inventory accounting package. Many small businesses keep their inventories in Excel and record inventory amounts monthly,quarterly or annually in QuickBooks Online. However, alternatives are available; for instance, you can purchase an inventory add-on such as OE Companion which offers a 30 day free trial inventory accounting or you can obtain other inventory add-ons from the Intuit Market Place located on the Intuit website. I have not reviewed any of these add-ons and make no warranties or representations regarding their compatibility or suitability for your needs. We can look forward to the future, as 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.

Sandor Lenner,CPA-MBA has been providing accounting services for 35 years. He is also a Certified QuickBooks ProAdvisor and is able to offer discounted QuickBooks software. QuickBooks Online Edition ” Starting as low as $9.95 a month. Subscribe to my free monthly newsletter. I will not share your email with anybody.