Free consult & free copy of book

E-Myth – “Why most small businesses don’t work & what to do about it”

Contact Us

Stars

Most 5 star CPA Google reviews in Canada

Read Reviews

Chartered Professional Accountants E Myth

1 Fixed Monthly Fee - Planning | Accounting | Taxes | Consulting

Helping Canadian businesses beat the odds!

Edmonton Accounting Firms | Benefits Of Quickbooks Online


The familiarity of QuickBooks programs mean that entrepreneurs are more likely to choose that software over any other accounting software says Edmonton accounting firms. While any software that entrepreneurs decide to use can have the ability to give the entrepreneur accurate financial statements, the fact that QuickBooks is a well-known brand that many people are familiar with reassure entrepreneurs that they will be able to have help with the software if they need it. This is especially important if entrepreneurs are planning on delegating any of the bookkeeping in their business to a future employee.

There are two options when entrepreneurs are considering QuickBooks products, and that is QuickBooks online as well as QuickBooks desktop. QuickBooks desktop it has been around for a longer period of time, and has had many updating in features. However, QuickBooks online has been around for far less time, and has gained a bit of a notorious reputation for being difficult to use, slow and lacking features. However that is perhaps an unfair reputation, because a lot of the functionality of it is limited to how good the Internet is at the time. Not only that, Edmonton accounting firm says that intimate has put in a lot of work into updating QuickBooks online to make it vastly improved with new features and improved speed. Business owners should take a look at QuickBooks online and understand what those new features are, and if it is a great option for their business.

One of the most important things to consider when looking at QuickBooks online, is that it is a software that functions with the Internet. While this can present challenges if a business is in an area where the Internet is not consistent. However, the fact that it is Internet-based means that regardless of where an entrepreneur is, it will be able to access their financial information. This means that an entrepreneur does not need to worry about having a server to host their accounting file, and that when they need to share the file all they have to do is send the information on how to log into their account. Maintaining a server and a network is costly, and unnecessary if a business owner does not have the need.

Not only does it allow entrepreneurs to utilize the information anywhere, but it also allows multiple users to access and work on it simultaneously. This is very beneficial if business owners have sent off their financial information to their Edmonton accounting firms to do their corporate year-end. Traditionally, business owners would have to wait for that financial file to come back before they could continue working on it and updating it. However with QuickBooks online, business owners can actually continue to work on their file, even at the exact same time that their accountant is working on it as well.

The new features of QuickBooks online can help entrepreneurs ensure that there keeping up-to-date financial records, and staying current, no matter where they are in the world, or who else needs to access the information.

Edmonton Accounting Firms | Benefits Of Quickbooks Online

It does not matter which accounting software an entrepreneur uses in their business says Edmonton accounting firms. The most important thing is that business owners use it consistently and properly in order to get the best financial statements they can. Industry Canada says that half of all Canadian entrepreneurs fail within five years, and 29% of those failed businesses say the reason why they failed is because they ran out of cash. Having accurate and up-to-date financial statements can significantly improve entrepreneurs ability to stay in business.

When entrepreneurs are considering which accounting software to use in their business, they tend to want to use any of the QuickBooks products. The reason for that is because the familiarity with that the brand is so massive. Business owners want to use a software that many people are familiar with, and that is very fair. When they are deciding between QuickBooks and QuickBooks online are several things that they should keep in mind. One of the most important things to keep in mind, is that into it, who is the maker of QuickBooks is slowing down the developments and do the updates on the desktop platform. While this does not necessarily mean the software is going to be obsolete soon, and there is no end of date planned, entrepreneurs should take that slowdown as a sign that the makers of QuickBooks are going to stop supporting it at some point in the future. The good news of that says Edmonton accounting firms, is that while they are slowing down or QuickBooks desktop, they are putting more and more effort and updates into QuickBooks online. In fact, there has been some recent updates with QuickBooks online that have improved the functionality of it so much that not only is it a good alternative to QuickBooks desktop but is it actually seen as a preferred version.

One of the best new features of QuickBooks online is the automation that has been developed. A great feature of this automation is that entrepreneurs can hook up there business bank account directly to QuickBooks online. Instead of having to set aside time to manually enter all transactions, the transactions are updated in real time. Every time a check is cashed, a purchase is made, or money is put into the bank account, that is uploaded into QuickBooks online, in real time. Entrepreneur can be watching the transaction as it happens in the business, and on the software.

This automation can not only speed up media data entry, but also make it more accurate says Edmonton accounting firms. While the reason for that is because when people are doing data entry, there is a potential that they could enter the information incorrectly at some point. That would trigger greater errors elsewhere in the software. By having the automated processes, it removes a lot of the potential errors. Business owners need to do is take the bank statement with a credit card statements and review the transactions that have been automatically entered, to verify the accuracy of the information.