What is QuickBooks® Online?
QuickBooks® Online, or QBO for short, is a cloud based financial management software developed by Intuit. It was originally released in 2001, but was completely rebuilt from the ground up in 2013. This user-friendly accounting software tracks and organizes your financial information. It also helps to reduce manual data entry by automating tasks such as invoicing, time tracking, sales tax management, budgeting, bank reconciliation, and inventory management. The user pays a monthly subscription fee to access the software. QuickBooks® Online is the industry standard in accounting software for small businesses. Why should you choose QuickBooks® Online? My top 10 reasons are outlined below.
1. QBO is cloud-based.
Access your company’s financial data from anywhere at anytime with a desktop, laptop, phone, or tablet with simply your username, password, and an internet connection. The QBO mobile app makes it very easy to have access to your account when you’re in the field or on-the-go. Depending on your plan, there are options to give access to up to five additional users including your bookkeeper, accountant, or colleagues.
2. It’s safe and secure.
QuickBooks® Online is a VeriSign Secured™ product. VeriSign® is the leading secure sockets layer (SSL) Certificate Authority. All data transferred online is protected with 128-bit SSL encryption. With password-protected login, firewall protected servers, and the same encryption technology used by the world’s top banks, you can rest at ease knowing that your data is secure. Your company’s financial data is also automatically backed up at all times to Intuit’s servers. You will no longer have to worry about remembering to perform manual backups.
3. Always have the latest updates.
There is no longer a need to worry about costly, inconvenient, and time consuming software upgrades. Since the QBO program is in the cloud, new versions are updated automatically. This means that you always have the most current features and functions available. No muss, no fuss.
4. QBO is scalable and can grow with your business.
There are four plans available to choose from: simple start, essentials, plus, or advanced. You can choose the plan that matches the services your business currently needs. There are optional add-on features available for payroll. There is no contract or commitment required. You simply pay a monthly subscription fee. You can upgrade your plan when necessary as your business grows or your needs change.
5. Ease of use.
QuickBooks® Online is very user-friendly. The centralized dashboard gives users a quick overview of their company at a glance. There are quick links to complete everyday tasks in fewer clicks. The intuitive design makes the program easy to use even for beginners.
6. Range of support options.
If you do run into questions or issues, there are plenty of ways to get assistance. There is in-software help, an extensive knowledge base full of articles, a community forum to connect with other QBO users, email support specialists that respond within one business day, and live support specialists via phone or chat. There are also excellent webinars and tutorial videos available.
7. QBO can connect directly to your bank.
You can set up a secure connection with your business bank account through QuickBooks® Online to have bank and credit card transactions download automatically. Transactions will still need to be added, matched, or excluded by your bookkeeper, but this significantly reduces the amount of manual data entry required every month. Rules can even be set up for frequent or recurring transactions so that QBO can code them automatically for you. Having your bank account connected means that your business information is always up to date so you can see in real time how your business is doing.
8. Ability to interface with applications.
You can eliminate the tedious manual data entry by integrating the apps you already use. QuickBooks® Online is able to interface with loads of third party applications (ex: PayPal, Bill.com, Amex, Square, Shopify, etc.) to collect data and record transactions. Then you can review everything in one place. There are also apps that can simplify and automate other accounting tasks like inventory management, time tracking, running analytics, payroll, project management, and more. You can select industry specific or specialized features to improve productivity and help you run your business more efficiently.
9. Excellent invoicing capabilities and direct payments.
You can create customized invoices from updated templates that fully represent your brand with your logo and company colors. Invoices can be sent straight to your customers by email. If you set up online payments, your customers can pay you directly from the invoice via the included “pay now” link with a debit card, credit card, or ACH bank transfer. You also have the ability to create recurring invoices and schedule automatic payment reminders. The invoice tracking feature makes it easy to see if a client has received, viewed, or paid their invoice.
10. QuickBooks® receipt capture feature.
Maintaining source documents, such as receipts or bills, to back up your transactions is not only good accounting practice, but it is essential in case of an audit. The QuickBooks® Online receipt capture feature allows you to add source documents in three ways.
1 – Scan the receipts directly through the QuickBooks® mobile app.
2 – Drag and drop the image or upload it into QuickBooks® Online.
3 – Forward the receipt by email.
QBO supports PDFs as well as jpeg, jpg, gif, or png image formats. Once the receipts are uploaded, QBO reads the receipts, extracts the information, and automatically matches the receipt to a transaction. The IRS requires that you save all tax related documents for at least seven years after filing your return. Storing all your source documents in QuickBooks® linked directly to the corresponding transaction means that you are organized and can easily pull up the necessary information should the need arise. That’s much more efficient than a shoebox full of receipts!
To sum it all up…
QuickBooks® Online remains the gold standard for small businesses. The fact that it’s easy to use, can be accessed from any location, is cost effective, and is able to integrate with a wide range of additional apps makes it the go-to choice for many small business owners. The monthly payment options with plans to satisfy the needs of every business size and type along with the scalability means that you won’t outgrow it. The new and constantly updated features allow you to leverage technology to save time and make your business more efficient. Keeping your books up to date with a connected bank feed means that you will always have an accurate view of your financial picture. Cloud based software that allows your bookkeeper to access your account directly makes staying on top of your books easier than ever. If you’re starting a new business or looking for a new accounting software, I would definitely recommend QuickBooks® Online! I hope my top 10 reasons why your small business should be using QuickBooks® Online helps to explain some of the most important benefits of this accounting software.
