Build A More Efficient Business With QuickBooks Online®
You don’t always have to be in the office to run a successful business. In fact, thanks to rapid technological advancements, cloud-based accounting solutions are available to help you work on your business anytime, anywhere. Keep reading to see what I mean!
Build Your Accounting Ecosystem
Your accounting ecosystem will use accounting programs, such as QuickBooks Online, as your primary financial reporting software. As your ecosystem’s hub, this tool will work seamlessly alongside your other applications to streamline your business’s processes.
Today, the process of choosing an accounting program for your business is similar to deciding on what kind of smart phone to purchase. Each phone has individual applications customized to the operating system they are running on. Similarly, by utilizing add-on applications specific to your business’s industry, your accounting software can be customized to address your unique challenges. As a result, you gain a tailored accounting ecosystem that will help you run your business more efficiently and effectively.
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Introduction To QuickBooks Online
QuickBooks Online is a cloud-based program that uses machine learning technology to automate processes and help you with your everyday bookkeeping functions. It’s a monthly subscription-based platform, which also means it doesn’t require you to install or maintain any software. With QuickBooks Online, you’re guaranteed to use the most up-to-date software and you’ll never have to back up your data. Plus, you have free, unlimited support at your fingertips 24/7. Furthermore, because it’s a cloud-based program, if you have an internet connection, you will have access to your data, making it easy to manage transactions from anywhere – even your phone.
At a recent QuickBooks® Connect conference, I learned that users of QuickBooks Online save around four hours of work per week by connecting at least one application to their accounting software. These different applications can include programs to manage your accounts payable and receivable functions, inventory and manufacturing operations, credit card processing or even e-commerce transactions.
Listen to episode 178, “Your Business’s Back Office: Take It Or Leave It,” on Rea’s award-winning podcast, unsuitable on Rea Radio, featuring Matt Long, a principal on Rea’s client advisory services team.
What It Can Do For You
One feature that can increase your efficiency is the ability to seamlessly integrate your bank and credit card accounts to QuickBooks Online through a secure, encrypted connection. The transactions from your bank are then automatically downloaded into QuickBooks, allowing you to add the transaction directly to your general ledger, match the transaction to data already entered or transfer funds between accounts. Essentially, you are able to reconcile your bank account on a daily basis which ultimately reduces the amount of time you spend at month-end reconciling your accounts. These transactions can also be entered through your mobile application, which allows you to work on your business at a time that’s convenient for you.
Additionally, QuickBooks Online integrates with more than 600 different types of business applications and these applications allow you to customize your accounting program based on your needs and your industry. QuickBooks is also constantly testing and adding new applications with the understanding that technology is continuing to advance. This allows developers to create seamless integration that will automate processes and eliminate data entry, ultimately saving you time and money.
Services Right For You
The client advisory services (CAS) team at Rea and Associates utilizes QuickBooks Online as well as a variety of other applications to help clients become more efficient and financially confident. Because of our extensive knowledge in this area, we also help clients select accounting programs and applications that best suit the needs of their business. To learn more about our services, email Rea & Associates today to be put into contact with one of our CAS professionals.
By Matt Long (Wooster office)
Looking for more insight to help maximize the effectiveness of your back office? Check out these resources:
Embrace Software Applications To Enhance Your Accounting