QuickBooks Online, the world’s number one accounting software system for small business, just surpassed the more than two million customer milestone. We, at Kninja Knetwork, are so ecstatic to hear the news and congratulate them on this awesome achievement.
If you think about the fact that it was in June 2015 that they had one million customers, and October 2016 that they had achieved the 1.5 million customer milestone, it shows you how incredible this announcement really is for Intuit, and the pace at which they are growing.
Their second closest cloud accounting competitor, Xero announced that they hit the one million customer mark in March of 2017. So Intuit and QuickBooks Online are certainly leading the pack.
We are talking about this milestone with you for another reason too.
That’s because the number one question you ask us is: “Is there a better, faster way for us to work without sacrificing our quality performance?”
That’s when we ask if you have considered QuickBooks Online (QBO) in your practice?
If you have been thinking about it but aren’t sure if it could be the right move for your bookkeeping business, let’s discuss some of the pros and cons of this Cloud-based software from Intuit.
It makes your business more mobile and versatile
QuickBooks Online comes with a special Practice Management Layout that puts an end to the inexorable tedium of “find and fix” demands.
With this layout, you can see all of your client’s books at a glance and find out exactly what you need to do each day. Then you can launch right into the items that need your attention. Have a team? No problem. You can look at your tasks, as well as those of your team members.
Your Client Dashboard allows you to see all of your client’s accounts in one view. You can quickly get vital information like when they were last closed and how many transactions are sitting in the bank feed waiting for you to or your client to address.
If you run a small bookkeeping business, it offers you the advantage of being able to access your business anywhere, anytime. That’s a huge benefit when you are a one-person show and find it difficult to take even short vacations, just to spend a little time with your family.
You can ensure that your clients don’t have to wait for important information because it is right at your fingertips. Data can be accessed online from your smartphone or a PC, Mac, or tablet.
The services QBO offers
QBO learns and categorizes more than 70 percent of transactions. That means you can spend less time on your clients’ transaction processing and more time on valuable insights for their businesses.
Additionally, because QBO embeds machine learning in their code, every time a new customer signs up, the code learns and gets smarter.
The software program allows you to easily do these essential tasks:
- Track income and expenses for your clients
- Send unlimited estimates and professional-looking invoices
- Download transactions from bank and credit card accounts
- Manage and pay bills
- Create and send purchase orders
- Track inventory
- Receive business reports
- Print cheques
- Record transactions
- Back up your data automatically.
You can have a designated number of people use it simultaneously, and you can control what information each user can access.
You and your client can be constantly in touch as needed so that they always have up to date information right at their decisions for making crucial decisions.
When it might not be the right fit
Like everything in this world, however, there are exceptions to general rules and there are certain instances when it might not be the right fit for your bookkeeping business.
As amazing as it is, for example, and as many functions as it will perform, there are even more functions available in the different versions of QuickBooks Desktop.
If your role with your client also includes really detailed inventory tracking or inventory assembly requirements, it may also not be your best tool.
Likewise, if you need multiple company databases, financial planning, budgeting or forecasting requirements, or you don’t want to pay a monthly subscription cost for your software, then it may not be your best choice.
Software should make your life easier
Overall, any software program you bring into your business should make your life easier, and QBO does that.
It is an all-in-one solution where the basic financial data of your clients, which they need to stay on top of their business, is right at your fingertips.
We love the reality that small business owners who use QBO get paid twice as fast as those who don’t. When you think about cash flow and how it is so important to small businesses, this is a huge benefit in itself.
We also like that you don’t have to go it alone when you start with QBO or buy it sight-unseen.
You can take advantage of a free 30-day trial period to ensure that what you think you will like about it actually works for you. Every day more than 1,500 people who work for themselves sign up.
And you don’t have to figure it out all by yourself.
Here at Kninja Knetwork, in our Learn section, we take you through four levels of working with QBO.
In the Apprentice section you get help setting up your account and an introduction to how it works, more complicated issues are handled in the Master section, and maximum benefits are detailed in the Kninja section.
In the Ecosystem section, you can take your skills to the ultimate levels by learning about and seeing videos on how some of the 1,421 apps on the QBO platform can work for your unique needs.
This blog is for you and we hope you will enjoy the content.
Please let us know if there are any specific topics you would like us to address in the future.
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