11 Reasons You May Love QuickBooks Online
Are you looking to make the jump to QuickBooks Online but you keep hearing the ‘haters’ talk about its downsides?
Are you trying to calculate the cost and the ROI to your business of making such a drastic change?
The cloud is everywhere, rapidly growing, and an efficient alternative to desktop software and servers. Many players in the industry are choosing QuickBooks Online, as it is the leading option for small business cloud accounting.
This post highlights the highest value features of QBO leading to significant ROI for businesses that switch. After reading this, you will better understand the value proposition Intuit is offering by suggesting a move to the cloud.
Here are 11 reasons you may love QuickBooks Online:
1. No Accountant Transfer Files
The first benefit of QuickBooks Online is you no longer must worry about accountant transfer files due to Quickbook Online’s shared access capability. QuickBooks Online eliminates the need for back and forth between you and your accountant, making information both more efficient and safer. No longer do you need to select an arbitrary cutoff date to divide the work between you and your accountant. You don’t need to worry about accidentally removing that date (and manually entering all the work your accountant did either). Everyone who has access to QBO will be able to access it without transferring.
With shared data access, your accountant can quickly make journal entries without you needing to make drastic changes or slowing your processes down. All of the accountant journal entries will also be updated in QuickBooks Online, meaning you have a better grasp of any changes being made to files. It eliminates the friction that comes with file transfers.
2. No Manual Backups
Another reason you’ll love QuickBooks Online is that you can abolish the need for manual backups. Backups are a pain, even automatic backups. They’re time-consuming and tedious, but without them, you risk losing important data.
QuickBooks Online’s cloud nature means backing up your data is no longer your primary responsibility. There is no backup file to concern yourself with. Certain versions of QBO allow you to backup the file or you can purchase a third party cloud backup of your data. This will give you an extra layer of security – and you still won’t have to worry about local backups or server obsolescence.
3. Faster Bank Reconciliations Through Bank Feeds
Bank feeds are the core of cloud accounting. With connected bank accounts, transactions are imported and can be reviewed and matched as frequently as daily. When it comes time to reconcile your bank accounts, it is significantly faster and much more efficient. With bank feeds you can seamlessly reconcile what cleared your bank with what you have in the books.
4. An App Ecosystem with Over 600 Apps
QuickBooks Online offers an app ecosystem with over 600 apps and open APIs. This app ecosystem has a variety of apps available that plug right into the software. The QuickBooks Online app ecosystem connects with software via APIs which can transfer data one way or bi-directionally. You can get that information from the apps and easily push it into the QuickBooks file. This system makes everything more efficient.
The application possibilities for QuickBooks Online are virtually limitless and they seamlessly blend with your existing data. This type of app ecosystem is something that is only available on the cloud, which is a big reason to choose QuickBooks Online.
5. Automation: Zaps, Bank Feeds, and Automatic Reports
Automation is how businesses function, build efficiencies and scale. QBO offers the capability for automation: using zaps, bank feeds and automatic reports. The amount of automation available with QuickBooks Online is significantly higher than QuickBooks Desktop.
This automation starts with the bank feeds. Bank feeds allow you to seamlessly:
- Create a new transaction
- Delete transactions you don’t want to import
- Match transactions to outstanding invoices, credit notes or receipts
- Transfer to or from a different account
QBO, through its open APIs, allows you to use Zapier between your apps and between what you can program. This allows you to automate a significant portion of your business.
Automatically send reports to vested partners when they’re ready say with reporting rules. Upon monthly close, everyone can receive the latest report without a manual process. This type of automation adds a level of efficiency and cohesiveness not possible in the desktop version.
6. Reports Only Mode
Ever have someone needing access to the reports but you don’t want them poking around in the detail? QBO offers a “Reports Only” mode. This is a mode allowing concerned parties to access and view pertinent information without being able to see or make any changes in the file.
This mode is great for absentee owners, board members, treasurers, and/or creditors. This mode allows them to look at reports on a real-time basis.
7. Geographic Independence
Geographic independence is a benefit that may be especially relevant as we emerge from the pandemic. While this trend was in place in accounting before the pandemic, it has become especially valuable. It allows your accounting partners to have accessibility regardless of location. This means the challenge of finding competent and industry-specific bookkeepers and accountants is no longer confined to your location.
Location independence is predicated on the right apps utilized by your business. Those apps provide access to your team regardless of where the business is located. Geographic independence puts your company at an advantage as you’re able to attract and retain regardless of physical location.
With this capability, you can onboard previously inaccessible talent giving you incredible hiring power. This independence is exclusive to cloud-based accounting. You can’t get to this without going into the cloud.
8. Mobile Access
Similar to geographic independence is mobile access. With mobile access, long gone are the days of having to sit at a PC to view your data. Mobile access allows you to look at your data even when you’re not in the office. With QuickBooks Online, you can access your data not just with a laptop, but also with an iPad, iPhone or any other smart device. This is a huge advantage for owners when they are able to pull their financial information on demand.
9. No Single User Mode; Never Logout to Make a Change
Gone are the days of single-user mode with QuickBooks Online. Never again will you have to log out for someone to make a change in your QuickBooks file (and subsequently forget to make the change or forget to let them know when ‘adult swim’ is over). This allows for better coordination between staff as people will no longer have to sit idly by waiting for their turn to access the file. Your team will be able to be productive in your accounting file at all times.
10. Merge Duplicate Accounts, Vendors, and Customers
Did you find another duplicate vendor and don’t know which one to keep? QBO allows you to merge duplicate accounts, vendors, and customers. The ability to merge users and duplicates within the accounts is extremely fluid and allows you to seamlessly combine transactions together. It’s a small feature that can make a big difference in the efficiency of how you do things.
11. The Industry is Headed Toward QuickBooks Online
Finally, at a high level, one of the most compelling reasons many are switching to QBO is this is where the industry is headed.
The industry is clearly headed toward cloud accounting. Taking this into consideration, how long will QuickBooks Desktop remain available? If QuickBooks Desktop were on its way out, it would no longer be a question of ‘if’ but ‘when’ you need to transition. Many have made the decision sooner is better than later.
The software choice you use in your business speaks to the company you run; it reinforces your culture. What kind of company do you want to run?
Think of it this way – there’s Blackberry and then there’s iPhone. Do you want to make the switch to iPhone, or stay on the Blackberry? QBD vs. QBO is a similar value proposition.
Despite the rumors, the abolishment of QuickBooks Desktop isn’t happening overnight (or may never), it could be only one corporate announcement away.
Having the latest industry technology not only helps you get ahead of the curve, but it’s also a featured benefit for attracting and retaining talent.
Industry leaders are pushing their accounting to the cloud. Do you want to be with them?
This may be the most compelling reason to switch…and of course, those ten other great reasons too.
Ready to Make the Switch to QuickBooks Online?
We help our clients reap the rewards of it and our clients see exceptional improvement in their accounting and processes.
If you’re still not sure and want to weigh your options, check out our blog 12 Reasons You May Hate QuickBooks Online.
For most clients, we believe that the benefits outweigh the costs. Companies embracing QuickBooks Online are running circles around companies still in QuickBooks Desktop or other dated accounting systems.
At Red Earth, we use QuickBooks Online and help our clients master the software. If you’re interested in talking about what this could be, connect with us here.