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Edmonton Accounting Firms | What Makes Quickbooks Online Different

When entrepreneurs have grown their business to the point of needing to purchase accounting software for the first time, Edmonton accounting firm says business owners should understand with the features of QuickBooks online is, to decide if that is the right software for them. While there is many other different brands of software that entrepreneurs can use, the recommendation is for entrepreneurs to stick with the software that is very popular. Not only is QuickBooks the largest accounting software in the world, but the online version offers unique features that business owners should be aware of that can help them have accurate and up-to-date financial information. Since 50% of all Canadian entrepreneurs fail within the first five years of business, twenty-nine of those failed entrepreneurs say that the reasons why they failed is because they ran out of money in their business. That statistic can be impacted by having up-to-date and accurate financial statements for business owners to use in their making business decisions to ensure that they are making the best decisions for their business possible.

When entrepreneurs are looking at QuickBooks online, there are several features that make it unique and better than the desktop counterparts. Business owners may hesitate when they hear QuickBooks online, because it has not always had the best reputation. Even though it has been around for almost 20 years, the lack of functionality and difficulty to use gave it a reputation of being not as easy to use as QuickBooks desktop. However, the makers of QuickBooks, into it has been recently improving QuickBooks online to the point where it is considered an extremely good if not better alternative to their desktop version. If entrepreneurs are avoiding thinking about it because of its reputation, they should reconsider.

One of the best features of QuickBooks online is the fact that it has several automation processes that can help entrepreneurs keep up-to-date records. If entrepreneurs are able to get their credit card statements digitally, which most credit cards are offering, will be able to take that PDF, save it as a CSV file and imported directly into QuickBooks online. All the transactions on that statement will get automatically entered into the software, eliminating the need for entrepreneurs to manually enter that data. Not only is this faster, but it can be more accurate, because the human element is removed from it. Business owners can further ensure the accuracy of the information by taking the bank statement and comparing it to the most recent entries.

There is also a bank feed feature in QuickBooks online says Edmonton accounting firms that allows business owners to sync up there QuickBooks online to their bank account, so that all bank transactions are uploaded to the software in real time. These automated features can help entrepreneurs stay current with their financial transactions, and have more accurate financial information. This can result in entrepreneurs having the best financial statements in their business that they can make better business decisions with. There is many reasons why entrepreneurs to choose QuickBooks online, especially over QuickBooks desktop in this automated future can significantly help entrepreneurs.

Edmonton Accounting Firms | What Makes Quickbooks Online Different

One thing that should put entrepreneurs mind at ease when they are making a decision on which accounting software to choose is that there is no real wrong answer says Edmonton accounting firms. All the software that they choose from will be able to allow entrepreneurs to have accurate financial information. The determining factor to those decisions, will be how easy it is to use the software, and when that is the case, business owners should look at QuickBooks online.

QuickBooks online can offer entrepreneurs great features that set it apart from the desktop counterparts. One of the most significant ways that QuickBooks online is different says Edmonton accounting firms, is that it allows business owners to access the information from any computer that has Internet. This is perfect for small businesses, because instead of needing to have their accounting software housed on a central server, as long as they have Internet access, they or anyone they delegate responsibility to can access the software and work on it. This means that if entrepreneurs have multiple business locations, or if they want to work from home or on the road this is possible.

Another great feature of young able to access the software anywhere that there is Internet is being able to update the file simultaneously. A great application for that is if an entrepreneur has sent off their fiscal year end information to their Edmonton accounting firms to work on their year-end statements, they can be updating their financial information while their accountant is working on that information. Using desktop versions of the software, would make that very impossible. Entrepreneurs would have to send the file off to their accountant to work on it, and then wait for that file to come back before the entrepreneur could continue working on it. By allowing simultaneous updating of the software can help entrepreneurs stay current, even when they are getting their corporate year-end work done.

The online component of the software can help entrepreneurs significantly ensure that no matter who they want working on their finances can do so in whatever way that is best for them. Whether it is delegating certain financial responsibilities to employees, hiring a bookkeeper or an Edmonton accounting firm, using an online accounting software can help entrepreneurs significantly.

One of the last things that entrepreneurs should keep in mind when choosing a QuickBooks software for their business, is understanding that into it is slowing down the developments and updates on QuickBooks desktop. This is usually indicative of a software company eventually stopping supporting the software altogether. While this is probably several years away, and entrepreneurs were already on QuickBooks desktop should not concerned, anyone who is looking to get into QuickBooks for the very first time should consider QuickBooks online instead of QuickBooks desktop to ensure longevity and continuity of their accounting software for many years to come.