Recently at One 8 Solutions, we made a big transition by migrating 19 years of QuickBooks® Desktop data over to QuickBooks Online which was a game-changer for us. We went through a few hurdles in the process but in the end, we learned a lot and are excited to help our clientele make the switch over to streamline accounting processes and maximize business results. There are four different subscription levels in QuickBooks Online which offer various levels of bookkeeping, business management and help control cash flow and reporting while keeping all your data accessible all in one place. QuickBooks Online Simple Start is the most basic version, followed by Essentials, Plus and Advanced. Here are five ways QuickBooks Online can positively impact your bottom line.
QuickBooks is designed to help you with everyday organization, from expenses, to connecting bank and credit card accounts for automatic downloads, to categorization and far more. The Banking Center in QuickBooks Online is the central location for managing day-to-day bank transactions downloaded from your bank and credit card accounts. Connecting bank and credit card accounts to QuickBooks Online is a simple process. Once completed you can connect your online bank and credit card accounts directly to your QuickBooks company file. When you connect your online bank accounts to QuickBooks Online, the program will automatically download the last 90 days of transactions recorded by your bank. The program will match existing entries already in QuickBooks online and add new records for incoming transactions without a matching entry. This feature ensures your accounts are always up-to-date and drastically reduces the amount of daily data-entry. The efficiencies built into the Banking Center translate into higher profit margins, better and real-time data, and a more profitable business.
QuickBooks can help a business control cash flow. The software automatically stays on top of who owes you money and will even email overdue customers. Automated invoicing, and more, will streamline processes, dropping more to the bottom line. Most businesses do not recognize the importance of good numbers or how to put them to work to improve company performance. Having accurate, real-time financial data and the knowledge of how to put them to work for a company is a powerful component of business success.
QuickBooks software automatically tracks inventory on hand and per-item cost so you can keep a better handle on productivity and profit margins, among other things. In addition, it provides real-time data with one-click reporting capabilities that explains how your business is performing.
More and more business owners are on the go and need easy and fast visibility to their accounting data. The QuickBooks Online Mobile App allows instant access to your QBO data from your mobile device. You can create multiple types of transactions and attach supporting documents or photos from your mobile app. Download the QuickBooks Mobile App to your Android phone, iPhone, or tablet. Once you complete the installation, log in to your company file.
With Receipt Capture you can use your camera to capture a receipt as the time of purchase then directly upload receipts to the QuickBooks Online Banking Center where QuickBooks will read the receipt and either match it to an existing transaction or allow users to add a new transaction.
QuickBooks Online has allowed us to work faster, smarter, and more effectively for our clients. Let us help you do the same. To learn more about QuickBooks Online — or to discover which QuickBooks® subscription version is best for you, Schedule Time with Jonathan Bello, or call (617) 332-8522.