Piles. And piles. And stacks. Of receipts.
Keeping good financial records can be overwhelming – especially for those of us who aren’t accountants by trade. But even if you don’t process numbers in your sleep, you can still manage your business’ books well using an accounting software. You’ll get accurate reporting of all the important numbers, and you’ll get it fast!
We’re sharing the benefits of using an accounting software, including the star option we always recommend. And even better – if you use a software in tandem with a qualified bookkeeper, you’ll save so much time and headaches!!
QuickBooks Online – A Small Business Game-Changer
Have you ever heard of QuickBooks? By a long shot, it’s the software we most recommend to small business owners – with or without an accounting background. Its reliable and known across many different industries.
QuickBooks’ functionality easily tracks clients and vendors and automatically handles all banking-related tasks. It shows you overdue items, payable bills, and has sections for accounting notes and contact information. Now QuickBooks is online, offering small business the ability to manage their accounting, expenses, invoices, and sales from any computer with internet access.
When you sign-up for QuickBooks Online (QBO), there are multiple plan options available. Depending on the size of your business, you can compare plans and explore select features. Our team can help you identify which level of QBO might be most beneficial. You also save on taxes with QuickBooks Online – the software reports it saves small businesses more than $3,000 each year in taxes, and self-employed folks more than $4,000 a year. And as a customer of Gift CPAs, you get access to exclusive discounts for plans, training, setup, and management guidance from QuickBooks.
While many businesses still use the standard QuickBooks desktop edition, we have recommended to many of our clients to switch to QuickBooks Online. QBO contains many of the same features without the need to install software on multiple machines. Our team can assist with any transfer of data from your existing QuickBooks version to QBO and once online, you can access it from any connected computer.
Our number one tip for using QuickBooks is to get it up and running with a qualified accountant, so your systems and processes are clean and fresh from the get-go. If you start to use a few bits you understand, but don’t have it set up correctly, it could mean a mess to untangle down the road.
More Time with QuickBooks Online
What business owner doesn’t wish they had more time on their hands?
An accounting software like QuickBooks Online can automate your accounting reports. Working with a qualified bookkeeper or accountant, you can have QuickBooks set up to easily process your entries and financials to meet your needs. No more pausing all day long to record business transactions. If you use a digital software, records are automatically updated. Even if you’re not quite sure how to record different kinds of transactions, an accounting software will know what accounts to balance, and you can have a bookkeeper help customize it for you!
How much time could you save by using an accounting software that a qualified accountant helps you set up and manage? About 10 hours every WEEK! That’s 40 hours every month, or an entire work week you’ll have back to build your business.
QuickBooks Online functions well for all sorts of businesses. If you’re an independent contractor or a freelancer with a side gig, it’s got the processing power you need. If you sell products or professional services, QBO can meet your needs. Even nonprofit organizations benefit from specialized services within QuickBooks.
More Growth with QuickBooks Online
If you’ve plateaued and are looking to get your business moving forward, you’ll need to know important financial details to get there. An accountant can help you identify what’s best to keep tabs on and what you need to really hone in on improving. Capital and loan acquisition requirements will mean you need to see projections of your balance sheet, income statement, and cash flow statement to make the right investments. QuickBooks Online can help create projections for those three key financial statements so you can plan your company’s future as you work with your bookkeeper.
Fewer Errors with QuickBooks Online
If you’re not an accountant by trade, mistakes in keeping your books might happen more often than you like. But by using an accounting software like QuickBooks Online, you can reduce human error as it will automatically check balances and fix errors in processing. Entries are duplicated wherever needed to run reports and provide you with correct financial information at your fingertips! QuickBooks also provides easy export information into other products such as Microsoft Excel, Word, Outlook, and Microsoft’s Application Compatibility Toolkit (ACT) – no recreating data. The best way to interact with these functions is to have an accountant regularly review your books, clean up any details, and help you manage the day-to-day financials.
Add QuickBooks Online Features to Add More Convenience
By using a reliable accounting software, your day-to-day transactions are easier: you can quickly transfer money within your business accounts and pay invoices due externally. Paying invoices, credit card payments, and more can be done easily with add-on apps. QuickBooks also has capabilities on your phone, and all information is synced between tools. If you are taking payments via a mobile card reader, even that can update directly to QuickBooks in real time. To get all these features synced, you can work with a qualified accountant like Gift CPAs to set up and take off!
Better, Faster, Easier
If you’re tired of stacks of invoices, receipts, and interruptions from tracking every last financial detail, it might be time to look into a tool that can save you hours every week. QuickBooks Online’s reputation, adaptability to every industry, and functionality for businesses large and small will help you streamline your operations. And by working with a qualified accountant, you can have someone managing it hands-on to keep you on track and avoid a nightmare later of costly clean up. You’ll have instant access to the right financial metrics for your business, insight to build your strategy, fewer errors, and the convenience of automatically updated information.
For answers to questions about QuickBooks Online or help if you’ve got the software already but need to better manage it, visit our website or speak with one of our experts about the accounting software. If you’re not sure if it’s the right time to partner with an accounting – take our online quiz to help you decide!
Another tip? Be sure to also keep your applications up-to-date so that your software functions at capacity. Disfunctions or errors in technical features can lead to malfunctions in reporting accurately.