Managing the books of a small business can be a constant challenge for business owners. Keeping track of invoices and expenses, keeping records, remembering tax obligations – it all takes time away from your core business.
If you’re trying to manage the books with cumbersome paper-based systems, you probably find it even more overwhelming than the average business owner. Accounting software, like QuickBooks Online, can cut the time it takes to manage your business books effectively.
In this blog, we delve into the 11 key benefits of using QuickBooks Online for your business.
#1. QuickBooks Accounting Software Will Streamline Your Financial Management
The main benefit for small businesses is that tools like QuickBooks accounting software can significantly streamline your financial management. You will be able to:
- Automate repetitive tasks
- Get bill reminders for accounts payable
- Monitor your cash flow more closely
- Follow up on outstanding invoices easily with automated reminders.
Managing your books doesn’t need to be time-consuming. Accounting software, like QuickBooks, can also help you avoid human error when it comes to managing your books.
And, what’s more – it’s a user-friendly tool. You don’t need to have a financial background or be a computer whiz to navigate it. Simply sign up for a QuickBooks account and follow the guidelines to set up your business finances.
#2. QuickBooks Simplifies Tax Time
Do you sometimes find it challenging to navigate tax time, piecing together your business transactions to make sure you have accurate records? If you do, you’re not alone. Many businesses struggle to track their finances and work out their tax obligations. With QuickBooks, you can track income, expenses, and GST with ease.
With all your tax information collated efficiently in QuickBooks online, you can send what you need directly to your accountant for your annual tax lodgement with just the click of a few buttons. No more paying additional fees to accounting professionals to sift through your finances at tax time, trying to make sense of the data to find what they need for filing tax reports.
#3. Project a Professional Image and Improve Customer Relationship Management
QuickBooks isn’t just useful for managing financial data. It’s a tool in your toolbox that can help you to project a positive image for your business. It’s easy to create custom invoice templates and quotes, branded with your logo and business details.
You will also be able to keep track of your customer’s monthly spend and gain other important customer insights so you can improve your customer relationship management.
#4 Connect Your Accounting Software With Useful Apps and Bank Data
You can connect QuickBooks to your bank accounts and credit card accounts, making reconciliations and financial data tracking a breeze. It also integrates with over 300 apps so you can connect to eCommerce and payment and other useful tools so you can streamline your business.
#5. Improve Your Inventory Management
QuickBooks can connect to inventory tracking apps so you will have real-time visibility of your best sellers and poor performers. Maximise your profit with simplified inventory management and detailed reports at your fingertips.
#6. Experience Better Financial Reporting, Forecasting, and Cash Flow Management
If you want to make good business decisions, you need to have good information. And, if you’re using disorganised systems to manage your books, it can be hard to get an overall view of how your small business is performing.
QuickBooks Online allows you to run a range of reports to help you manage your business. From profit and loss reports and balance sheets to cash flow reporting and tax management, the software is designed to make it easier for you to find out what you need when you need it.
#7. Process Payroll with Ease
You can add payroll software functionality to your QuickBooks online subscription for just $5 per employee per month for standard payroll.
Subscriptions also come with automatic payroll compliance updates so you can be certain that you’re working within the latest ATO requirements.
#8. Trusted Financial Data Protection
It’s important to keep your accounting system and financial data safe. They are valuable assets to your business. Using cloud-based accounting software means your data will be protected if your business computers and servers are lost or damaged, for example in a fire or flood.
Using a trusted accounting software tool such as QuickBooks ensures data protection from a cyber security standpoint. QuickBooks have security measures in place, including 24/7 security monitoring, to protect from data breaches.
#9 Affordable Pricing
QuickBooks offers various subscription levels and pricing plans. So, you can choose the price and option that best suits you and your small business. If you’re on a tight budget, the Simple Start plan is an entry-level subscription with all the basic features a small business needs to manage their books.
If your income and business grows and you need more users registered, there are no lengthy contracts to be concerned about. Business owners can cancel or upgrade their QuickBooks plan whenever they need to.
#10. Free Switching Service Offered on QuickBooks Online Subscriptions
If you’re considering a switch to QuickBooks online, they have a free switching service available on some plans to make the transition less of a headache for business owners. Whether you’re currently using Excel, Xero, MYOB or Reckon, you can switch from your old accounting solution to QuickBooks Online easily.
#11. First Class Accounts Has More Than 100 QuickBooks Bookkeepers Available to Help You
No matter how good accounting software is, it’s important to remember the “garbage in, garbage out” principle. Small business owners may still struggle to find the time to set up their accounts correctly and to do the ongoing date entry required to maintain accurate accounting records. Despite the many benefits of QuickBooks Online, there are still some things such as uploading receipts and recording payments that you just can’t avoid.
That’s where qualified QuickBooks bookkeepers can come in very handy for small business owners. They can set up your accounting records, and help you to make the most of the robust accounting features that tools like QuickBooks offer.
Do you want to outsource to a professional?
First Class Accounts has a team of more than 100 qualified bookkeepers who are trained in Quickbooks spread right across Australia.
If you want to focus on your core business and outsource your bookkeeping to a professional, First Class Accounts can help.
