Quick Introduction to QuickBooks Online
Introduction Reference: WikipediA
QuickBooks Online (QBO) is a cloud-based accounting service by Intuit Inc. This cloud version is a distinct product from the desktop version of QuickBooks, and has many features that work differently than they do in desktop versions.
QBO offers integration with other third-party software and financial services, such as banks, payroll companies, and expense management software. As of May 2014, QuickBooks Online had the most subscribers for an online accounting platform, with 624,000 subscribers compared to Xero, which reported 284,000 customers as of July 2014.
Nowadays, very few small firms use a basic spreadsheet, like Microsoft Excel for bookkeeping entries. Most companies/businesses adopt more sophisticated accounting software such as QuickBooks to keep track of their accounting journals.
Since the internet has undoubtedly transformed the way we live, everything in the modern world upgraded to online.
From traditional QuickBooks Desktop, Intuit developed the QuickBooks Online that has accommodated the online demands for remote accountants and bookkeepers. And since this platform is more ideal for small businesses, this article will serve as a valuable insights for anybody who plans to build their business with QB Online.
The most important aspect as a business owner is paying attention to the actual NUMBERS of your business. You can use the manual spreadsheets as long as you can handle your transactions while managing your business as well, but if you want a simple + affordable automation, using QuickBooks as you start can return some primary advantages:
1. Organized and accurate financial records
One of the biggest challenges is keeping your financial records organized and accurate. QuickBooks Online will allow you to see and monitor where your accounts stand and easily track your cash flow.
And, like most small businesses, you can watch your profitability “like a hawk” on the top. While the priority is always getting sales, owners need to be equally as passionate on the numbers.
2. Access anytime, on any device
Hence your data is stored in the cloud, this will allow you to run your business or check your numbers anytime, anywhere and from any device. Therefore, your office is not limited to one place but the whole internet where you can roam while running your business.
3. Build better business insights
By creating and looking the reports on regular basis, it will direct you how your business is doing and collaborate with your financial officer on decision-making such as where to spend and allocate the money. This will able your business to continuously grow backup by your discipline in financial managing.
4. Everything is ready on time
When your books or financial records is well organized, the accounting statements reports at either quarter-end or end of the year can be prepared with less hassle, and save time a thousand fold.
Finally, on the taxation months, your accountant can as well calculate your business taxes on time. Then the settlement is now on your part…
But also as a sidenote advice, settle your taxes as much as possible. Trying to outsmart the Internal Revenue and the thinking of saving will actually cost you more like stated on this previous article.