QuickBooks, SchmikBooks, it’s all the same, right?
I was lucky enough to attend a training about QuickBooks Online (QBO), during Intuit's visit to Boston this week. Lucky enough? Well, I'm a geek like that! QuickBooks is a robust accounting program, but they also have an online version which is a great option for some businesses.
By this point, you know that I value my money AND my time, and I know that you do too. I'm always looking for time-saving tools for me and my clients.
Most of my clients are actually on QuickBooks Online already. If you’re not on QBO, this is why you might like it:
- Anytime, everywhere access. This is a no-brainer. No dedicated machine. If you’re a Mac user, you don’t have to baby your ancient PC because you don’t want to purchase a new version of QB. This will work on any machine that has internet access (Google Chrome or Firefox are preferred browsers).
- It’s streamlined. While the desktop version of QB has all sorts of bells and whistles for almost any type of business, QBO gives most service-based businesses what they need in order to run their business. Revenue, expenses, reporting, snapshots and scorecards. Streamlined = Less time on bookkeeping, more time to focus on core business.
- Want more QB love? There are apps that you can add-on to the software to get awesome features like enhanced timesheet management, transaction upload/download/delete/etc. Have a tedious manual task that will cost a fortune in time or money to implement? I bet there’s an app for it.
- Separate access for your accountant. OK, this is also available in regular QB, but the activity log tells you who has done what. You can have separate log-ins for your bookkeeper and your tax preparer.
- Monthly subscription. No need to invest in software or upgrade every few years. The cost is spread out over the year.
- Always up to date. Suddenly, your accounting system is cutting edge and so is your approach to your business finances. You're always up to date, no need to install software or purchase the newest version, it's always included.
- You can schedule invoices and integrate with Intuit Payment Network. If you invoice the same amount monthly, you can enter the credit card info once, then set it and forget it. Talk about easy! You just saved loads of invoicing time, and the cash comes in automatically according to your schedule. Brilliant.
- Payroll options. If you have employees, there’s a payroll solution that will for you. You can approve payroll from your mobile device on the road. No more stressing or rushing back to the office to approve it.
QBO is not for all businesses, but it’s a great choice if you:
- Have a service based business
- Want easy access to your numbers
- Want an easy-to-use online accounting system
Considering other online accounting solutions? Be sure to get one which gives a balance sheet and profit and loss. Many other online solutions are simply for managing income and expenses, but miss out on the balance sheet.
One more thing…
There are three different QBO options, with different services and price points (ranging from $13 - $40/month). Before choosing, be sure to talk with a pro about the best version for you. Also, if you purchase your subscription thru a proadvisor (like me), you can get discounted rate of at least 25% for the first year.