Life as a small business owner can be pretty hectic. Between managing operations, servicing customers, and marketing your business, you may have little time to keep up with the bookkeeping part of the equation.
The good news is that keeping your financial records current needn’t be such a tedious and time-consuming job. Intuit’s QuickBooks® Online is designed to reduce the time and frustration of this task and provide the up-to-date financial information you need to make the best decisions for your company.
QuickBooks Online is a cloud-based application, which means you can access your books anywhere, anytime from your computer, tablet, or smartphone. It can also serve as a cloud-based document retention solution with the ability to store receipts and invoices for easy access. It’s as easy as snapping a photo of a receipt from your phone and loading it via the QuickBooks Online mobile app. With the mobile app you can also create and send invoices and estimates in the field, capture customer signatures and automatically track your business mileage.
Intuit has another feature called Bank Feeds that allows you to connect your bank and credit card accounts to automatically import transactions into QuickBooks Online. No more sifting through receipts and manually entering transactions one by one. The only thing you need do is review each item from the bank feed to ensure that it is coded to the correct vendor and category. Over time QuickBooks Online will begin to recognize your monthly recurring transactions (think: internet, utilities, rent, etc.) and automatically code them, further reducing the amount of time you spend on bookkeeping.
Intuit has also been working closely with third-party developers to integrate specialized and industry-specific applications with QuickBooks Online. You may be able to import data directly from a third-party payroll processor, sync daily activity from a point-of-sale system, integrate with project management software, and even streamline your accounts payable process with an application such as Bill.com. Incorporating solutions such as these can help small businesses save a considerable amount of time on clerical tasks, leaving more time to focus on the big picture.
Consult with your accountant or bookkeeper for the best options for your business. Remember, it is very important to get the proper training on these features and applications. If coding and applications are set up incorrectly, they may lead to delivering information that is not correct, resulting in a false sense of income or loss in the business. Your accounting records are only as good as the information that is in them.
David Wolford, CPA, is a supervisor and QuickBooks Certified ProAdvisor at LSWG CPAs; Mark Eyestone is a CAS Staff Accountant at LSWG CPAs.