Selecting an accounting software program is essential for smooth, small business operations. These computer accounting programs make it easy for smaller-sized businesses to execute financial and organizational actions with just one tool. Healthy bookkeeping practices are the basis of a profitable business, so it is important to choose wisely.
At Source Online Bookkeeping, we specialize in online bookkeeping for small business. When helping new clients choose an accounting software program we feel will be best for their small business one program stands out: QuickBooks Online® by Intuit.
QuickBooks Online® accounting software for small business is made specifically for sole proprietors, partnerships, corporations and nonprofits. Depending on your needs there are a number of subscription packages that offer progressively more options:
- EasyStart: Best for small business with just a few employees and that need invoicing capabilities
- Essentials: Best for small businesses that need to have a billable expenses option, to track arrears and to have access for up to 3 users.
- Plus: Best for retailers or other small businesses that need inventory tracking, project management, and access for up to five users
- Advanced: Best for larger small or mid-sized business that could benefit from more specialized reporting capabilities, custom user permissions, a dedicated support manager, and up to 25 users
So while EasyStart is great if you just need an accounting program to create invoices and track payments, if your accounting needs are more complicated such inventory tracking and you have more people working on your accounts you may consider the Plus or Advanced plans. The most popular QuickBooks Online® package among the small business family of subscriptions is the Essentials plan which covers all the basics.
If you start modestly and find you need more functionality, there is no problem upgrading between the small business family of packages. And, on the off-chance, you find that Quickbooks Online® isn’t working for you, since there is no contract, you can cancel at any time.
We’re so confident in QuickBooks Online® as an essential online bookkeeping for small business tool that we’re sharing our top 7 reasons why it might be best for your small business.
QuickBooks Online® is a Cloud-Based Program
QuickBooks Online® uses a cloud-based server to operate the accounting program and store all users’ data and information. This provides several time and money saving benefits that make the life of the small business owner so much easier and provides much peace of mind. A few of these advantages include:
- Inherent cybersecurity system protects your data.
- Software is always up-to-date
- Automatic back-ups
- Easily outsource tasks to an online bookkeeping firm.
- Access information from anywhere.
- Access data from multiple devices.
- Excellent mobile app with many features and functionality
- Easy collaboration
- Transition to a paperless operation.
QuickBooks Online® Can Scale-Up
A growing enterprise needs tools and systems that can grow and adapt alongside them. As a small company grows, new employees, service offerings, and a growing client list greatly impact its bookkeeping needs. QuickBooks Online® accounting software is designed to do just that.
QuickBooks Online® provides opportunities for businesses to grow and adapt without having to switch to a new accounting program. It is able to accommodate a company’s new and on-going evolutions.
QuickBooks Online® is Easy to Use
Another favorite feature of QuickBooks Online ® is its inherent ease of use. Intuit has created a robust user interface in the QuickBooks Online® program that is easy to learn and navigate. Business owners without a strong background in accounting and bookkeeping should have minimal trouble learning to operate the program. And tax time is a cinch.
For those who need assistance, Intuit provides tutorials and service representatives to help guide them covering an extensive range of topics. Since QuickBooks is such a popular and well-established software, there are also numerous online resources and community forums on platforms such as YouTube, Facebook or even reddit.
QuickBooks Online® Integrates with Business Apps
Integrating with commonly used business apps helps QuickBooks Online® stand out from its competitors. As businesses become increasingly mobile and remote, it’s crucial to have technological tools that support these changing needs.
With QuickBooks Online®, businesses can integrate their accounting software with other essential programs and applications. This allows for greater accuracy and efficiency when tracking and recording financial data, including invoices, taxes, and expenses.
QuickBooks Online® integrates with over 650 popular business apps. A few of the apps that QuickBooks® can integrate with include:
- PayPal
- Shopify
- WooCommerce
- Square
- Stripe
- Google products such as gmail and Google Sheets
- Salesforce
- HubSpot
- Rotessa
- Plooto
- RBC PayEdge (formerly known as Waypay)
- TSheets (time tracking)
- Hubdoc
- Receiptbank
- Wagepoint
Superior Operations Management
A business’s finances and how its operations are managed are inextricably linked. QuickBooks Online® makes communication between these areas more efficient with their inventory and contact management capabilities. A streamlined bookkeeping system that makes sensible use of automation, will make your life easier and more productive as a small business owner.
Inventory Management
Manage your small business’s products and services using QuickBooks Online®. Inventory management functions can be used to track inventory, organize inventory by whether it is taxable or not, record transaction basics, enable reorder notifications, create purchase orders and other helpful tasks.
Contact Management
Keep track of clients, customers, suppliers, and other essential contacts in your QuickBooks Online ® software to easily access pertinent information for a smooth bookkeeping process. If you outsource your bookkeeping tasks to a certified QuickBooks Online® bookkeeping firm, having all this information in one spot will ease communication.
Robust Reporting Capabilities
You can create up to 100 different reports with QuickBooks Online®, depending on your subscription package. This includes basic reports such as balance sheets, profits and loss statements, and cash flow statements or more specialized reports such as sales reports by customer, location or class. Detailed and accurate reporting is critical to determine your actual financial status and to develop business plans going forward.
QuickBooks Online® has a Canadian-Specific Version
Canadian businesses have unique needs when it comes to accounting and bookkeeping. Many software accounting programs aren’t able to accommodate all Canadian small business owners’ bookkeeping needs.
QuickBooks Online® Canada is an accounting software that is designed specifically for the needs of Canadian businesses.
Key Canadian-specific features to note include:
- Can handle multiple currencies.
- Reports and calculates Canadian sales taxes including GST, HST, and PST
QuickBooks Online® is Built For Canadian Small Businesses
Every small business in Canada deserves to have an accounting software program that understands their bookkeeping and accounting needs. QuickBooks Online® offers Canadian proprietors a useful program they can use to keep their books in order.
Source Online are certified experts for QuickBooks. If you need help, reach out; we can train and support you and your team.