QuickBooks Online is an excellent tool to keep on top of your bookkeeping for your private practice. But which QBO subscription is the best choice?
The short answer: The Quickbooks Online ‘Essentials’ subscription.
It’s almost always the best fit for my clients because it has all the features you’ll need, including:
- Connect your business bank accounts to the software to automatically sync your transactions
- Enhanced reporting so you can create beautifully customized financial reports (something you don’t get with the Simple Start or Self-Employed plans.)
- It supports up to 3 users on the account; so you, your bookkeeper, and your tax professional #DreamTeam (plus you have total control on what users ‘see’ and ‘access’ with the ability to set access levels!)
For therapists and private practice owners that are serious about their bookkeeping, keeping that income and those expenses organized, and making tax time a breeze, QuickBooks Online Essentials is a great fit!
I also need to say one thing. If you’re thinking about QuickBooks Self-Employed, DON’T DO IT! I know it’s cheap, but it’s not for you. QBSE is designed for ‘side gigs and freelancers’. Even if you’re just seeing clients on the side, it still doesn’t have the full-blown accounting functions you need. And if you ever decide to upgrade to the better subscription levels, you cannot migrate ANY of your data over to your upgraded account! (Just to name a few cons!)
If you’re not quite ready for a full blown accounting software, a spreadsheet can work great, too! I created one specifically for therapists in private practice and you can find it in The Bookkeeping Cure™️ for Therapists!
If you’d rather not even deal with the headache of choosing and setting the software up or managing your bookkeeping, we at Therapeutic Bookkeeping can do all of those things for you! Therapeutic Bookkeeping is a virtual accounting firm working exclusively with therapists all across the United States!
