I would like to discuss the unique advantages of QuickBooks (QBO) Online. QuickBooks Online is responding to the wishes of business owners. Intuit (the creator of QuickBooks software) found in a survey in the fall of 2011 that 58% of business owners wanted to access business and financial records on- the- run. In the same survey, 63% use at least one online software product for their business needs. In addition, business owners expect to increase their application usage from 2 to 7 in 2012. Finally, 43% of all owners state that all their employees use mobile devices to work outside of the office.
QuickBooks Online has experience growth of 30% to 40% for several years.
Now, I would like to start showing some of the advantages of QuickBooks Online. It reduces workflow cost; by cloud computing, QuickBooks is available anytime and anywhere. It saves costs on data entry- the information is available on the Internet. It reduces the costs of meeting between the accountant and the business owner- travel time is eliminated, allowing the business owner to be more aware of the accountant’s workflow. The secured sharing is stronger- the infrastructure where the data is stored is similar to what the major banks use. The data is encrypted and the speed and productivity increases.
Large training manuals do not exist. The initial setup is faster. QuickBooks Online (QBO) offers automatic backup and upgrades. Business owners do not have to worry about backup files or the latest version of software. Finally, it is very affordable. The costs are subscription based. QBO support is free.
Also, having a software application manage your IT costs reduces the hardware, software, and people who are required to manage it all.
QuickBooks Online can serve the needs of various types of businesses. It has three versions:
1. QuickBooks Online Simple Start
2. QuickBooks Online Essentials
3. QuickBooks Online Plus
QuickBooks Online Simple Start is for business owners that are just starting. One can import customer data from Excel. One can create and manage bills. It measures sales and expenses. It has over twenty one-click business reports. It can handle one bank account or credit card account. It prints checks. It can only accommodate one user.
QuickBooks Online Essentials starts with all of the features of QBO Simple Start. It has automated invoicing, accounts payable, and estimates. It can handle payroll. It has over forty plus one-click business reports. It can manage unlimited downloaded transactions. One can have three users, and permission controls can be created.
QuickBooks Online Plus starts with all of the features of QBO Essentials. It offers for established businesses, time tracking, purchase orders, FIFO inventory management, and 1099 tax forms. It can manage sales tax. It has class and location functions. It has budgeting and planning tools. It has over sixty five plus business reports. One can have five users.
Finally, business owners can increase and grow the power of QuickBooks Online by adding applications (apps) from third party providers. QuickBooks Online handles all of the accounting needs of an organization. Apps can help with small business management. One does not have to reenter data and risk creating mistakes. Recently, Intuit created the Intuit Payment Network. It handles QBO invoices that have been emailed. One can pay them online by check or credit card. Finally, QuickBooks Online (QBO) changes every day since it is online.
In conclusion, QuickBooks Online (QBO) responds to the wishes of the business owner. It has several advantages and can serve the needs of many organizations. One can increase the power of QuickBooks Online (QBO) with business applications (apps).
This discussion gave a brief overview of QuickBooks Online (QBO). If one has questions or needs further information, please do not hesitate to contact St. Louis Accounting Services for a free consultation.