One of the most common questions I get asked is what accounting software we recommend. We’ve been using QuickBooks Online (“QBO”) for quite some time now and it works very well for our clients. However, there are certainly other software packages that you can use to run your business.
This week I want to shed some light on 4 key benefits of using QBO. The items on the list are from my own personal experiences with the program and how making the switch has helped our clients. Regardless of the accounting software you choose to use, I would recommend making sure that it checks all the boxes on this list.
Access
Having the ability to have multiple users in the file at the same time is crucial. Typically there are many users that need access to the accounting software like the owner, bookkeeper, accounting firm, etc. This feature allows multiple users and locations to have access to the program without the need for any additional software.
Third Party Integration
QBO has multiple solutions that allow for automatic transaction processing. First, there is a powerful automatic bank and credit card transaction feed. This feed allows for specific transaction customization that will automatically recur each time, including splitting expenses between accounts and business segments. Secondly, QBO as several features for customer billing, payroll, and email reports that are automatic as well.
Intuit has spent a lot of time over the years working on their integrations. If there is something that you want to integrate with QuickBooks, chances are they have a solution.
Backup and Updates
I know this one doesn’t seem like a big deal, but just a few years ago this was a major issue. I remember many times not having the most up to date software and not having the ability to work on a client file. Not to mention, any time you did any significant work on a file, you had to back it up in multiple spots in case your computer crashed.
Both of these issues have been solved with the QBO platform. Updates and backups are automatic. This seems like standard practice these days but just a few years ago it was not.
Cost Tracking
A major benefit to analyzing a company’s profitability through QBO is the addition of the “locations” feature. In addition to a “class” system, the location system provides even more granularity to determine overall profitability. To those who are unfamiliar with these features, here is an example. Lets say your company has 3 business segments and 10 total clients. By combining the class and location feature you can track profitability by business segment (class) and by each specific client (location).
Conclusion
I know that I have only highlighted the positives of QBO that I have experienced personally. As with everything else in life, there are always some downsides. However, I truly believe these are outweighed heavily by the positives in this situation. If you have an additional questions, shoot me a message at dashworth@thequantifygroup.com!
