Small businesses often find that manual bookkeeping becomes daunting and time-consuming, particularly as sales increase and payroll is part of the equation. Using accounting software allows repetitive tasks to be completed quickly and keeps your company's books up to date more effectively. Start-ups and small businesses are better able to track expenses, maintain accurate records, and run professional reports with a streamlined accounting process.
Accounting Software Choices
Accounting solutions include three types:
- Commercial-off-the-shelf or COTS - An affordable option that generally offers all the features necessary for a small business.
- Enterprise Resource Planning or ERP - This is typically used for larger operations, is more expensive, and is more complicated than needed in a small business. It is a great option when your company grows and becomes much larger.
- Customized accounting software - Customized software comes with a higher price tag and becomes more complex.
QuickBooks Online Benefits
QuickBooks Online or QBO is COTS accounting software that is scalable to meet the demands of your business without spending money on options you don't want or need. As a cloud-based platform, users can work anytime or anywhere without being constrained to the office. Significant benefits of QBO include the following:
- With several levels of coverage, QBO is flexible and expandable as your business grows. Every level offers a 30-day free trial. The starter package is called Simple Start and is cheap, starting at just $15/month with 50% off in the first three months. After that, it is $30/month. The highest plan is $100 a month, which goes to $200 monthly after the first three months. The bonus is that you can easily upgrade without losing information when you need more coverage.
- It includes robust features of higher priced accounting software such as invoicing, reporting, expenses, and income, inventory management (only on Plus plan and above), mileage tracking, automatic bank, and credit card feed that brings over all the transactions, tracks contractors, estimates, cash flow, and more! For a full explanation of each plan, check out the QBO website.
- Works well with outsourced bookkeepers, accountants, and finance companies. Its online access means real-time changes, so no trading back-ups with others.
- Useable from day one and an easy-to-learn platform makes QBO a time-saving alternative. No downtime for data downloads or steep learning curves. Also, QBO offers free templates and a sample chart of accounts to get you going quickly.
- Security and privacy are vital in today's global world of technology. QBO keeps all your information safe and stored in its cloud. If you use a desktop accounting software, computer breakdowns can lead to a loss of data. Online storage also allows multiple individuals to work in the software at once.
- QBO has a mobile app, so on-the-go work is a breeze. Approved employees in the field or at remote locations are able to access real-time information at any time!
- Integrates with many other apps like Gusto, PayPal, Bill.com, Expensify, and more.
- A payroll service is available for an added cost. No more figuring out payroll deductions or remembering to pay payroll taxes! This is a convenient way to do payroll as it links with the software and consistently updates to ensure you are compliant with new laws or procedures.
- Additional add-on services include QuickBooks Payments and QuickBooks Time. The QuickBooks Payments add-on allows business owners to receive payments via credit card, debit card, ACH, e-check, invoice, and digital wallet. There is a per-payment charge, depending on the type of payment. QuickBooks Time provides time management and scheduling that is perfect for remote working employees and those with multiple job sites. This feature comes with a per-month fee and a per-user per-month fee. With multiple ways to clock in, track PTO, and reminders for clocking in and out, QB Time is efficient and useful for any small business.
- With over 28 years of experience and 7 million customers all over the world, QuickBooks knows what businesses need to succeed in the accounting arena. Save time and money with the versatile QBO platform!
