Small business accounting is full of challenges. From invoices to payroll to end-of-year taxes, figuring everything out without accounting software can be difficult. That’s where QuickBooks online comes in.

Quickbooks Online is accounting software mainly for small businesses that is used to manage their accounting needs. You can use Quickbooks Online to keep track of your business’s financial health, invoicing customers, paying bills, preparing taxes, and generating reports.

Quickbooks online is great for service-based businesses because it allows companies to work remotely with their bookkeeper or accountant by logging in to their Quickbooks account from any browser. 

The QuickBooks product line provides several solutions that work great for anyone, from a freelancer to a midsized business. QuickBooks offers several alternatives, but we recommend Quickbooks Online for most new businesses. You can try QuickBooks Online for free with a 30-day trial that doesn’t require your credit card details.

Here are the top 10 benefits of QuickBooks Online for your bookkeeping and accounting.

1. Shared data access

If you share your company’s accounting data with others, you’ll appreciate how QuickBooks’ online Program works. Since the program is cloud-based, you just need to access a username and password. This means that anyone from your company can log in and use the software on their computer.

If you use an upgraded version, you can simultaneously have multiple people using different aspects of the Program. QuickBooks Online also enables your accountant to access the data to help you keep your books up to date.

However, if you worry that someone can gain access to your id and password, just keep that information confidential and choose a strong password to hack.

2. No need for backups

There is an abiding fear of losing your data with traditional Quickbooks methods because it’s initially saved in your computer and has to be backed up onto your server; then, there is a possibility you might lose that crucial information if something should go wrong.

Thank god this is not the problem with Quickbooks online because the Program automatically backs up all your financial data stored in Intuit’s servers.

3. Online help is available anytime

If you ever want help with anything about QuickBooks online, you have fast access to Intuit’s online help desk as long as you pay for the user license.

If you face any issues with the Program while using it, professionals from QuickBooks online will help you solve them. Also, you don’t have to pay the fees for the service.

4. Automatically send invoices to clients

QuickBooks online helps to send invoices and statements to clients regularly. Instead of doing things the traditional way by printing out bills, attaching the documents, and then mailing them out, you just have to use QuickBooks to make your work easy. 

You just need the email address of the company’s accounting team to send the invoices and statements, and then the rest is taken care of by QuickBooks. 

5. Transactions will automatically load into the program

Certain transactions in your bank account, like payments and purchases, will automatically be mentioned in QuickBooks Online. You just need to verify them to make sure that everything is correct. You might also change the details and codes.

This is much easier than mentioning every transaction manually and then coding it. Of course, QuickBooks Online will save a lot of your time. You’ll really appreciate how much simpler it is just to go in and double-check this information.

6. Can receive electronic payments directly

We all can agree that online payments make our life so much simpler. You don’t have to go to the bank or ATMs, process checks, and even input those payments into QuickBooks by hand. It will be easier to process online payments, such as bank transfers, credit and debit card payments, and ACHs.

By using Quickbooks, you have to send the invoice to the client; after receiving invoices, your client just has to click on the link to make the payment. Kudos, you receive your payment instantly.

7. Useful iPhone and iPad apps

If you truly want to update your financial records from anywhere, you’ll definitely try the QuickBooks apps for the Apple iPhone and iPad. Both of these can be used with your QuickBooks online user license, and both applications link directly to the cloud version of the Program.

If you make any changes in the one Program, then it will automatically appear in the other. Probably you don’t want to work on your company’s books while on vacation, but the good news is that you can.

8. Run reports from everywhere

QuickBooks Online comes with several reports. Your general user license determines the amount that you receive. If you want to run reports other than those already included, you’ll need to contact customer care.

Our point is that you can check these reports anytime from anywhere. Since QuickBooks is cloud-based, you can get the reports wherever your laptop is present. If your boss needs a report while driving your car, you can pull up that report on your iPhone and send it over easily. QuickBooks online just makes it simpler.

9. Inventory tracking is easy

Quickbooks is more than just accounting; it can also track your inventory. Thanks to the several uses of this program, you’ll find that it’s much needed. The old accounting apps go a long way, especially when you’re in your warehouse, checking to make sure that you have all of the inventory you’re supposed to. If anything needs updating immediately, you can do it right in QuickBooks.

10. Don’t worry about software upgrades

Software updates can be a nightmare for accountants. You have to stop what you’re doing, backup your existing Program and all its information, and then hope that the new version installs correctly. If they don’t, you’ll eventually be on the phone with customer services for hours trying to fix your software. 

This isn’t a problem with the online version of QuickBooks. The software is in the cloud, and the new version installs automatically. Since QuickBooks handles these updates, you won’t have to struggle. The latest version will just appear magically.

Subscription levels for QuickBooks Online

Self-Employed:- QuickBooks Self-Employed is designed especially for independent contractors and freelancers. The cost of QuickBooks Self-Employed is $15/month.

Simple Start:- QuickBooks Online Simple Start is created to support solo business owners, Limited Liability Companies, partnerships, and other types of small businesses so you can form a chart of accounts with up to 250 accounts to meet your requirements. However, it is the best fit for solo-entrepreneur small business owners with basic accounting needs.

Essentials:- QuickBooks Online Essentials has all of the features of Simple Start, with extra functionality for businesses with more needs.

Plus:- QuickBooks Online Plus has all the features included in Simple Start and Essentials and more functionality for small businesses with more complicated needs. It’s the most popular subscription level.

Advanced:- QuickBooks Online Advanced is the latest subscription level in the QuickBooks family. It includes Simple Start, Essentials, and Plus’s features, with additional features for a growing business approaching mid-market size. 

Related:- Best tax software for small business

Conclusion

If you’re looking for techniques to add value to your accounting business, it’s time to invest in the right tools and tech. QuickBooks online addresses the needs of many small business owners for their accounting requirements.

Every business is unique, so the important thing is to know what you want and find out if Quickbooks online would be suitable for your needs.

Our team of qualified bookkeepers and accountants has a decade of knowledge working with QuickBooks and can assure that your company makes the most of QuickBooks. Find out about Invedus outsourcing bookkeeping services here.