Does QuickBooks Online makes sense for your business?
Looking for a user-friendly software for managing your finances? QuickBooks Online might be the platform for you. It’s among the best-known accounting software out there and is a very appealing option for smaller businesses without a dedicated finance department.
Now let’s talk about why.
Bookkeeping in the cloud gives you real-time access
First off – QuickBooks Online is a virtual, cloud-based bookkeeping service. One of the biggest advantages here is that all your data is automatically backed up online. So, if there’s ever a fried hard drive or some other unforeseen IT crisis on your end, your business’s financial records won’t be compromised or lost forever.
What’s more – you can access your financial records in real-time, from anywhere through your laptop, tablet or phone. That way, you’re not restricted to a single desktop computer in an office. Plus, any changes or updates you make are automatically saved and synced across all your devices.
From a training and onboarding perspective, QuickBooks has earned a reputation for being intuitive and user-friendly – especially for people moving to a cloud-based accounting platform for the first time.
Strong safety and security means less stress
Convenience and cloud-access is all well and good, but is QuickBooks Online actually a safe spot for your data? The short answer is – yes.
Intuit, the company behind QuickBooks, uses multiple layers of state-of-the-art security, encryption and authentication technologies so your business’s financials stay private and locked down. For example, to access any of your data or move any funds, you must use a personal identification number (PIN) and a unique customer ID number.
QuickBooks also uses multi-factor authentication and a password feature to ensure only you (or those you designate) can access your account. Even if your password or PIN gets compromised or lost, QuickBooks provides a few additional layers of protection to keep the wrong people from getting in.
Automation and app integration for smoother workflows
We all want to work smarter, not harder. QuickBooks Online helps cut back on the more tedious paperwork tasks so you can put your focus where it matters most. How? By automating your day-to-day business processes, like sending out recurring vendor invoices, scheduling and tracking payroll, and reporting on business metrics.
Automating these processes will make your transactions timelier and also ensure nothing major falls through the cracks.
QuickBooks Online integrates seamlessly with most of the major e-commerce apps, like Amazon Business, PayPal, Square and Shopify, so you can bring all your sales and transactional data together into the QuickBooks platform. This helps eliminate the need for manual data entry and allows you to review everything in one place.
The system will also manage your information all year ‘round, flag any duplication or errors and help you catch smaller problems before they become much bigger issues.
Looking beyond sales and transactions, QuickBooks Online can integrate with several other types of apps to smooth out your workflow. Here are a few quick examples:
- SOS Inventory lets you manage your inventory orders and manufacturing.
- TSheets helps simplify your payroll and invoicing
- Fathom offers a series of dashboards so you can track exactly how your business is performing in terms of cash flow, growth and profitability.
- One of our favourite apps, Hubdoc, allows your raw paperwork – including receipts, invoices or bills – to be scanned and backed up in a secure, digital hub. This eliminates the need to keep all your original papers hanging around. Now, what’s even cooler is that Hubdoc will automatically extract the relevant data from your paperwork, so there is no manual entry needed.
Three QuickBooks tips to turn you into a power user
Now that we’ve gone over why QuickBooks online might be the right bookkeeping services tool for your business, we’ll set you up with three of our favourite QuickBooks tips and tricks to help you save time and effort.
- Use Google Chrome to run QuickBooks Online
In our experience, we’ve found that running QuickBooks Online in Google’s Chrome browser provides better all-around performance in terms of speed and stability than other major browsers like Edge, Firefox and Safari.
For an even faster experience, consider installing the QuickBooks Online desktop app.
- Get an automated emailing system up and running
The newest versions of QuickBooks online let you automate a number of tasks and save you piles of precious time. Take emails, for example. A number of different communications can be sent out automatically, including invoices, sales reports and more.
- Keep yourself organized with attachments
Cut out the endless hunts for files. QuickBooks Online lets you attach documents – including bills, receipts, invoices and other memos – to customer and supplier profiles for more organized and efficient record keeping.
QuickBooks consulting, help and more
Need a hand migrating your bookkeeping over to QuickBooks? Want to learn even more time-saving shortcuts and tips?
Whatever you or your team’s level of expertise might be, we can offer custom-tailored QuickBooks training and consulting to suit. Simply drop us a line to set up a session!