Have you noticed that I’ve had a bit of a blog theme going the past several weeks? If it seems like I’ve been talking a lot about tools and systems, you’re right! Why? Because our business (and likely yours, too) could not function without the right tools in place. At least, not as effectively. The right tools mean everything, don’t they?
You wouldn’t want to build a house with just a hammer and handsaw. Would you dare fish for swordfish using a cane pole, or try and change your tire with nothing but a screwdriver? You could, but I doubt that you would get the results you are hoping for.
Bookkeeping Software Options
This week, we’re taking a look at QuickBooks Online. There are many solid, well-designed accounting systems out there that work well for different purposes and I am not here to dismiss any of them. As I mentioned in my recent blog about Xero Accounting System, it works just fine for some of our clients. For others, QuickBooks Online (QBO) offers the most comprehensive system to meet their needs. QBO happens to be bookskeep’s go-to system because it is one of the most popular and widely-used systems with the ecommerce businesses.
The standard features offered by QBO include all the A-Z accounting and recordkeeping tasks you would expect from a quality accounting system, such as income and expense tracking, invoicing and accepting payments, tracking sales and sales taxes, and financial reporting. But what makes QBO really work well for most ecommerce sellers are the companion features that round out the system, providing a complete business management platform.
Features such as:
- Multiple users with cloud based software and data storage
- Capture and organize receipts
- Manage 1099 contractors
- Track time
- Track profitability
Our bookkeeping team and the clients they serve are working in QBO daily throughout the month. Since this is a cloud-based system, both have access to QBO at any time. This is nice because the client can decide how hands-on or hands-off they wish to be.
They can check on their financials at any time; they can choose to be responsible for certain portions of the recordkeeping, and the bookkeeper can keep track of everything that happens in the account. It’s very intuitive and user-friendly, and even our clients who are not known for their bookkeeping skills find QBO to be easy to learn and navigate.
Quickbooks for Small Business
If we happen to bring in a new client who isn’t already using QBO, it’s quite easy to get them set up with a QBO account. Once the basic setup is complete, and we sync the bank and credit card transactions, the system is up and running. Converting from QB Desktop to QBO is a smooth operation as well. If we do encounter any bumps along the way, the QBO customer service group is fantastic.
If you’re looking for one accounting system that can handle multiple accounts and high-level activity, grow with your company, and provide detailed financial reports at the click of your mouse, QuickBooks Online is definitely one to consider.