Written By: MB Group
Today, a stunning 3.2 million people in the United States and 1.3 million internationally utilize QuickBooks Online (QBO). This very popular online accounting software package is designed to primarily help small and medium-sized businesses manage their finances. And if you're considering using QuickBooks Online, it's imperative you have an in-depth understanding of the pros and cons of this solution. Let's take a closer look at the pros and cons of QuickBooks Online.
In general, QuickBooks Online offers business owners with a convenient remote access accounting option. You, your accountant, and bookkeeper can essentially log into the web-based platform from anywhere. And this online functionality can be a major benefit for service-based businesses. A few key advantages this software may offer are listed below:
What makes QuickBooks a great application for businesses?
One of the great aspects of QuickBooks Online is that the user interface is easy-to-use and intuitive. For new users especially, this is an important feature. The way QBO is structured enables the user to easily discover and utilize all the functions they're looking for and eliminate any frustration. Oftentimes other programs lack this accessible interface and aren't often easily navigated.
Even if you have specific needs, QuickBooks Online can meet them when it comes to customizing financial reports. When managing books, simplicity is crucial. With more generic applications, it might be more difficult to find the financial information you need right when you need it. With QBO, you can see what you need to see at a glance thanks to their customizable reports.
For businesses looking to streamline financial processes, QuickBooks Online is designed to do just that with its automation. The software can take care of many tasks automatically like recording sales tax or assisting you with reconciling transactions between two bank accounts.
For many industries, adaptability is important when it comes to their accounting software. QuickBooks Online has taken note of this in recent years and expanded their feature offering to include items like AI powered automation and batched transactions. If your business operates in a very specialized industry, QuickBooks Online is likely the route you should go.
Additionally, in an increasingly digital world, ensuring that all your different applications are compatible is a must. When financial information comes from a variety of sources, having roadblocks due to compatibility issues can make everything ten times more difficult.
QuickBooks Online eliminates any compatibility concerns with its app marketplace. These integrations ensure seamless connections to other software such as payment processors, payroll management tools, and eCommerce platforms. These integrations are a gamechanger for business owners everywhere. Not only are daily accounting tasks that much easier, they also reduce the likelihood of errors.
What should you look out for before choosing QuickBooks Online?
While QBO offers a number of enticing benefits, users have consistently reported several issues associated with the bank feeds feature. Here are some of the most common pitfalls of the bank feeds and quick-fix solutions you may be able to implement.
Bank reconciliation is a critical function. And while QBO offers this functionality, it's very cumbersome and can lead to more problems than it looks to solve. Consider the following:
Here are a couple common general ledger issues that customers have reported as problematic.
Ensuring Uncle Sam receives his fair due is paramount! And while QBO offers features to help you do so, it can also create a whirlwind of confusion and trouble. Beware of the following:
For smaller businesses, QuickBooks Online is often a great tool — however as a business grows and becomes more complex it's often better to seek out professionals. At the MB Group our team is here to assist your growing business with all your accounting and tax needs. Feel free to contact us at any time.
Tags: Accounting
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