Your accounting process shouldn’t feel like World War III… keeping up with receipts, keeping your software updated, and paying your bills and taxes on time. We all lose hair over time, there’s no need to speed up the process by pulling it out. Our goal as a small business accounting firm is to move our clients to a “business manager” role. A business manager spends more time making strategic decisions and less time on time-wasting tasks. Think of it technically as moving your role to “approver”. A switch to an online accounting package can drastically reduce time-wasting activities and maintenance and move you toward the approval role. Here are three reasons why I believe online accounting products, like Quickbooks Online, can help:
1. Remote management
This is the most compelling, game-changing argument for Quickbooks Online. I would suggest that you don’t want to be tied to your physical location, a specific computer, or even paper print-outs. Quickbooks Online allows you to import transactions, record expenses, pay bills, run payroll, and run financial reports from the online dashboard from any computer in any location. You can complete most of your accounting tasks without having to be physically in your office. Small adjustments in your accounting process may be necessary, such as switching your staff from paper checks to direct deposit. But, with a few tweaks, you should be able to run most of what you need remotely.
2. Low maintenance
Maintenance of paper or even desktop based accounting systems can be overwhelming, expensive, and create unnecessary risk. Installation no longer requires physical setup, annual licensing, and equipment upgrades. Quickbooks Online is web-based, so all the system maintenance is performed on the company servers. The customer is always accessing the latest updates with little technical knowledge required. Ironically, security can be more of a concern with desktop-based systems. In my restaurant business, we had problems with “concurrent users” creating duplicate files and overwriting each other in our desktop software. It caused us to have to review months of transactions that were changed.
3. App integration
In my previous corporate positions, we could spend $50,000 on just a database application and hundreds on thousands on an enterprise accounting system. Big companies and government entities can do that. Alternatively, small businesses had to piece together software and people to create this same system on a shoestring budget. The other problem was getting software and people to work together. Quickbooks Online, Xero, Wave, and Freshbooks all have integration partners for the other pieces of you businesses management system. These other apps share a common web programming language that allows them to communicate with each other and act as a complete system. For example, Bill.com automates accounts receivable (can be set up to send out bills to your clients/customers) and shares this information with Quickbooks and Xero. This saves loads of time getting information from system to another, especially if the other system is paper!
Learn more about complete small business accounting services. Contact Spencer Jones at email@example.com or visit our website at www.reachcg.com.