+1 450 255 0135

QuickBooks Online: A Must-Have for Business Accounting

Key Takeaways:

  • QuickBooks Online is a cloud-based accounting software that allows users to create, store, and send invoices from any device without the need to save anything on their computer or load disks. Personal data and settings are stored safely in “the cloud”.
  • Shopping on QuickBooks Online may be affected due to heavy traffic on servers, requiring a verification process that includes image verification by entering characters shown.
  • Understanding the three basic financial reports – balance sheet, income statement, and cash flow statement – is essential to managing business finances, which includes daily, weekly, monthly, quarterly, and annual accounting tasks. Using QuickBooks can make the process easier and more efficient.
  • QuickBooks Online Accountant offers features for both client bookkeeping and firm accounting, including the core features of QuickBooks Online Advanced at no extra cost, custom charts, custom fields, batch transactions, and automated workflows. A one-time virtual session with a QuickBooks expert is available for new QBO monthly subscribers within the first 30 days of their subscription for live bookkeeping guided setup.
  • QuickBooks Online is offering a discount for the first three months of service for new customers who sign up for the monthly plan using the “Buy Now” option. The Accurate Books Guarantee is available for Active Customers who have provided their current business tax return. QuickBooks is also offering free assisted migration from QuickBooks Desktop to QuickBooks Online for desktop customers migrating to QuickBooks Online.
  • The revenue share program allows QuickBooks Online Accountant firms to enroll and manage new subscribers for certain subscriptions and add-ons to earn revenue.

Introduction to QuickBooks Online

Introduction to QuickBooks Online

Photo Credits: Terminl.Ca by David Miller

QuickBooks Online is a popular online accounting software that is used by over 80% of small and medium-sized businesses. This section explores the benefits and differences between QuickBooks Online and QuickBooks Desktop.

Benefits of using QuickBooks Online

Entrepreneurs and businesses can benefit from using QuickBooks Online as their accounting software. Automatic backups, analytics, and collaboration with accountants make accounting and bookkeeping easier and more efficient. Plus, invoicing and billing become faster than traditional methods. Transactions can be imported directly into the platform, and mobile apps let you check finances on the go.

QuickBooks Online streamlines administrative duties, boosts profits, and increases productivity. It also offers advice on taxes, inventory, and year-end accounting to minimize inefficiencies and maximize potential. An e-commerce store saw a 60% increase in sales and better customer satisfaction after automating sales data with QuickBooks Online.

QuickBooks Online is more convenient and preferable than QuickBooks Desktop for many entrepreneurs and businesses.

Differences between QuickBooks Online and QuickBooks Desktop

QuickBooks Online and QuickBooks Desktop have lots of differences in features, accessibility, pricing, and data capacity. Here’s a table with the details:

Features QuickBooks Online QuickBooks Desktop
Accessibility Internet connection needed as it is cloud-based. Can access from anywhere. Must install on a computer. No access from other locations w/o remote access tools.
Pricing Subscription-based, different tiers for business needs. Costly in long-term but frequent updates & no manual upgrades. One-time payment for each year’s version upgrade. Has all features. Cheaper in short-term but needs manual upgrades every few yrs.
Data Capacity Limited data capacity based on computer’s storage space. Much higher data capacity as data stored in the cloud.
User interface customization options
(Users can create tailored forms & reports)
Better options to cater to business needs. Limited report customization for users & accountants.

Intuit is working on improving report customization.

Lots of 3rd-party add-ons integrate w/ QuickBooks Desktop, enhancing mgmt accounting flexibility e.g. project management tools & POS systems.

For accountants & bookkeepers needing advanced accounting features, QuickBooks Desktop is better. Easy to transition between versions & move client files.

Third-party app integration is another difference. QBD add-ons only for Windows users. QBO add-ons like Hubdoc can reduce invoice-capturing workloads.

Both systems compete well vs. Sage & Xero. QuickBooks is user-friendly. QBO better to manage business finances than spreadsheets.

Example: transition of client’s older manually run accounting system to QBO. Reviews show migrating older records took less time using QBD. Customization experience improved when given cloud-based access at different locations simultaneously through QBO rather than working from a desktop version.

Overall, both QuickBooks Online & QuickBooks Desktop have their pros & cons. It’s up to the user to decide which platform best suits their needs.

Managing Business Finances with QuickBooks Online

Managing Business Finances with QuickBooks Online

Photo Credits: Terminl.Ca by Mason Green

Managing business finances is a crucial aspect of running a successful business. In this section, we will discuss how QuickBooks Online can help simplify the process and enhance accuracy. From daily accounting tasks to quarterly and annual accounting tasks, we will cover a range of essential financial management tasks that QuickBooks Online can streamline. With QuickBooks Online, business owners can better manage their finances, save time, and make more informed decisions based on accurate financial data.

Daily Accounting Tasks

Accounting tasks are essential for managing a business. QuickBooks Online offers features to help you keep track of income and expenses.

  • Record daily transactions with an easy-to-use interface.
  • Categorize transactions properly.
  • Reconcile bank accounts regularly.
  • Send invoices and track overdue bills.
  • Review financial reports daily.

QuickBooks Online also offers daily notifications. These features help simplify accounting tasks.

For small retail stores, QuickBooks Online’s auto-reconciliation feature is a relief. Before, it took hours each week. Now, you have extra time to rest away from work.

Weekly Accounting Tasks

Weekly accounting tasks are critical for managing QuickBooks Online business finances. They include:

  • Reviewing & categorizing bank and credit card transactions.
  • Generating financial reports.
  • Invoicing customers quickly.
  • Paying bills on time.
  • Reconciling accounts.

Business owners should also remember to back up data in case of unexpected losses.

Reminders & automation can help stay on top of accounting tasks. Regularity is key to smooth out any kinks in the process & avoid errors. Taking time each week for accounting tasks simplifies handling other business operations.

Monthly Accounting Tasks

Monthly accounting tasks are fundamental for keeping accurate records in business financial management. Such tasks comprise bank account reconciliation, tracking unpaid bills, checking inventory levels, and examining budget variances. QuickBooks Online offers training and keeps upgrading its features to enhance the user experience.

Doing these tasks routinely makes data orderly and decreases errors. Additionally, daily chores such as invoicing customers, managing expenses and income sources, and supervising cash flow, are also of great importance.

As per a QuickBooks Online survey of small businesses, 53% reported saving about 40 hours every month by taking advantage of the software for their accounting purposes. These annual and quarterly accounting tasks are also essential for successful financial management. By integrating all of these keywords in an organic way, we can make sure that the text is informative and helpful for people needing instructions on financial management.

Quarterly and Annual Accounting Tasks

Quarterly and annual accounting tasks are important for business owners. QuickBooks Online has useful features for these tasks.

  • For example, it is great for quarterly tax filings. It also helps track expenses, income and sales tax.
  • QuickBooks’ budget planner assists in comparing actual and budgeted income and expenses. This helps understand financial health.
  • P&L reports aid in evaluating profit and loss statements to identify trends.
  • It is also useful for checking customer and vendor balances to avoid overdue receivables or payables.
  • Once a year, it is good to do a thorough audit or review. Custom reporting with industry-specific templates helps with financial analysis.
  • Integrations with Google Sheets and Excel export options make sharing easier.
  • QuickBooks Live assistance provides live bookkeeping services, so businesses don’t need to hire experts.

QuickBooks Online Accountant: Features for Both Client Bookkeeping and Firm Accounting

QuickBooks Online Accountant: Features for Both Client Bookkeeping and Firm Accounting

Photo Credits: Terminl.Ca by Noah Martin

From bookkeeping for clients to accounting for the firm itself, QuickBooks Online Accountant is a valuable tool for small business owners. Two standout features of QuickBooks Online Accountant are the Your Books Section, which offers essential features at no additional cost, and QuickBooks Live, which provides live bookkeeping services.

Your Books Section: Core Features of QuickBooks Online Advanced at No Extra Cost

QuickBooks Online Advanced provides core features in the “Your Books” section, at no extra cost. These features are designed to make financial management for businesses easier.

One of these core features is the Automated Categorization tool. It uses machine learning to classify transactions into pre-set categories, saving time.

The second feature is the Reclassify Transactions tool. It helps users to group and label accounts or transactions, to improve bookkeeping.

The third feature is Batch Transactions. This lets users edit, delete or transfer multiple transactions in one go.

Furthermore, QuickBooks Online Advanced has extensive reporting capabilities. It can produce reports on sales, expenses, and profit/loss summaries. Custom fields can be changed for invoices, purchase orders, estimate forms and receive payment forms. This allows a tailored approach to meet specific needs. Audit reports can be produced, to increase control and accuracy over workflows and processes.

QuickBooks Live: Live Bookkeeping Services for Small Business Owners

QuickBooks Online is invaluable to small business owners. It offers a range of specialised services for managing financial records. One of these is QuickBooks Live, which provides live bookkeeping help from qualified professionals. They can offer advice on accounting matters, making it easy for non-accountants to keep track of their finances.

The QuickBooks Live team have the know-how to help businesses setup books, categorise transactions and make budgets. They can also create financial reports and aid in filing taxes, so business owners can spend more time running their operations.

In addition, QuickBooks Live subscribers get extra benefits. These include discounts for new customers and help with setting up. Plus, businesses wanting to switch from QuickBooks Desktop to QuickBooks Online can use an assisted migration service for a smooth transfer.

Overall, QuickBooks Online plus QuickBooks Live make it the perfect source of accounting support for small business owners.

QuickBooks Online: Offers and Discounts

QuickBooks Online: Offers and Discounts

Photo Credits: Terminl.Ca by Christopher Wilson

QuickBooks Online offers a range of features to help businesses manage their finances efficiently. New customers may be eligible for a discount on the first three months of service, depending on the current promotions. QuickBooks Live Bookkeeping can provide guided setup for new subscribers. The service also offers assisted migration for QuickBooks Desktop to QuickBooks Online, ensuring a seamless transition for users. Additionally, QuickBooks Live Monthly Bookkeeping can help keep accurate books for businesses and can be a valuable tool for accounting.

Discount for New Customers for the First 3 Months of Service

Are you new to QuickBooks Online? Get a discount for the first three months of service! The discount applies to all plans: Simple Start, Essentials, and Plus. Signing up is easy and you’ll have instant access to your account.

Remember that discounts may differ. There may be seasonal promotions or other special offers at the time of sign-up. Some plans even include bonus features, such as guided setup and free assisted migration from QuickBooks Desktop.

These discounts are great! They work with any plan or package, so small business owners with different needs and budgets can find the best option and get the discounted rate. Plus, you can renew or upgrade the discounted subscription through your online account dashboard.

QuickBooks Live Bookkeeping Guided Setup for New Subscribers

New subscribers of QuickBooks Online can use the guided setup service, QuickBooks Live Bookkeeping. It provides small business owners with personalized support for setting up their accounting system and managing their financial books.

To use this service, follow these 3 steps:

  1. Choose your plan. Select either QuickBooks Live Full Service or QuickBooks Live Bookkeeping Setup.
  2. Answer questions about your business. This includes what you sell, how you sell it, income expenses, etc.
  3. Connect with an expert. A certified bookkeeper will connect with you through video chat to review your answers and help customize your accounting system.

Note: this service is only available if you choose either the QuickBooks Live Full Service or QuickBooks Live Bookkeeping Setup options upon subscription.

QuickBooks Live Bookkeeping makes it easy for businesses to manage their finances without needing someone experienced in accounting. Don’t lose sleep over messy books – QuickBooks Live Bookkeeping has got you covered!

QuickBooks Live Monthly Bookkeeping: Accurate Books Guarantee

QuickBooks Live Monthly Bookkeeping brings the unique Accurate Books Guarantee. If a QuickBooks Live expert makes a mistake, the company will take responsibility and fix it fast.

This guarantee provides peace of mind that financial statements are accurate and on-time. Plus, monthly reports keep businesses compliant with tax laws.

The Accurate Books Guarantee is exclusive to QuickBooks Live Monthly Bookkeeping. It gives companies the confidence to make smart decisions about their business. QuickBooks Online also provides free migration to move away from QuickBooks Desktop. Say goodbye to outdated software and get ready for the future!

Free Assisted Migration from QuickBooks Desktop to QuickBooks Online

QuickBooks Online now offers free, assisted migration from QuickBooks Desktop. It’s easy to switch to a cloud-based, more accessible accounting system. The process is user-friendly and straightforward.

Steps to migrate from QuickBooks Desktop to QuickBooks Online:

  1. Upload the existing QuickBooks Desktop company file to the secure server in QuickBooks Online.
  2. QuickBooks Online verifies accuracy and cleanliness of the data.
  3. QuickBooks Online migrates the data to QuickBooks Online.

This process usually takes 3 days, with zero business disruptions. Customers who migrated from other accounting software get this service for no additional cost. Plus, they get onboarding and dedicated support throughout the process.

QuickBooks Online is unique with its user-friendly features. It’s available to new and long-term customers, with uninterrupted access once they sign up. QuickBooks put this feature in place to cater to its growing customer base.

Revenue Share Program: Enroll and Manage New Subscribers for Certain Subscriptions and Add-Ons

Revenue Share Program: Enroll and Manage New Subscribers for Certain Subscriptions and Add-Ons

Photo Credits: Terminl.Ca by Andrew Jackson

For businesses wishing to make more money, one useful tactic is signing up and organizing new subscribers for certain subscriptions and add-ons. QuickBooks Online has a Revenue Share Program, which offers a commission for each new subscriber. Program participants can easily handle enrolled subscribers through the QuickBooks Online Accountant portal. This provides a straightforward and convenient way to increase revenue, so businesses can concentrate on growth and success.

Be aware that the Revenue Share Program only applies to certain subscriptions and add-ons. So, it is essential to carefully go over the program guidelines and eligibility criteria before enrolling. As well as the program, businesses can boost their revenue by delivering excellent customer service and promoting subscriptions and add-ons through social media and other marketing platforms. With these strategies, businesses can effectively grow their subscriber base and raise revenue.

Five Facts About QuickBooks Online: A Must-Have for Business Accounting:

  • ✅ QuickBooks Online enables users to create, store and send invoices from any device. (Source: https://quickbooks.intuit.com/global/)
  • ✅ Personal data and settings in QuickBooks Online are stored safely in ‘the cloud’. (Source: https://quickbooks.intuit.com/global/)
  • ✅ Understanding the three basic financial reports (balance sheet, income statement, and cash flow statement) is essential. (Source: https://quickbooks.intuit.com/ie/small-business-accounting-checklist-and-infographic/)
  • ✅ Using accounting software like QuickBooks can make managing finances easier and more efficient. (Source: https://quickbooks.intuit.com/learn-support/en-us/help-article/company-file/firms-accounting-quickbooks-online-accountant/L8hCIQ77L_US_en_US)
  • ✅ Intuit is offering free assisted migration from QuickBooks Desktop to QuickBooks Online for customers who sign up to migrate or until July 17, 2023, subject to capacity. (Source: https://quickbooks.intuit.com/accountants/products-solutions/accounting/quickbooks-online/)

FAQs about Quickbooks Online: A Must-Have For Business Accounting

What is QuickBooks Online?

QuickBooks Online is a cloud-based software that allows users to create, store, and send invoices from any device. It is an online accounting software sometimes called software as a service (SaaS).

What are the features of QuickBooks Online?

QuickBooks Online offers features such as creating invoices, tracking expenses, managing sales tax, creating financial reports, and accepting online payments through QuickBooks Payments. It also allows users to create recurring transactions such as bills or invoices, and it has a direct deposit feature that can be used with the Green Dot Bank.

What is the ProAdvisor Discount?

The ProAdvisor Discount is a discount offered by Intuit to QuickBooks Online Accountant firms that enroll in the Revenue Share Program and add and manage new subscribers for certain subscriptions and add-ons. Each participant is eligible to receive a 30% revenue share on Rev Share Subscriptions and 15% revenue share on Rev Share Add-Ons for the first 12 months.

What are the recommended tasks for managing business finances with QuickBooks Online?

A recommended timeline for accounting functions includes daily, weekly, monthly, quarterly, and annual tasks. Daily tasks include checking cash position. Weekly tasks include recording transactions and documenting and filing receipts. Monthly tasks include reconciling bank accounts and reviewing past-due receivables and payables. Quarterly tasks include reviewing inventory and asset values and preparing and reviewing financial statements. Annual tasks include reviewing the budget and tax planning.

What is the Accurate Books Guarantee?

The Accurate Books Guarantee is offered by QuickBooks Live Monthly Bookkeeping to active customers who have provided their current business tax return. If a Live Bookkeeper makes an error that requires the books to be re-opened, the error will be corrected for the month it occurred at no additional charge.

What is the process for canceling a QuickBooks Online subscription?

To cancel a QuickBooks Online subscription, customers can go to Account & Settings in QBO and select “Cancel.” However, they will not receive a pro-rated refund. Sales tax may be applied where applicable.

Like this article?

Share on Facebook
Share on Twitter
Share on Linkdin
Share on Pinterest

Leave a comment