Is QuickBooks Online Right For My Business?

QuickBooks is a globally recognized company that is all about accounting software. Many individuals and businesses use their software to manage their finances. You could buy a desktop version of the software, but now QuickBooks has moved to an online or cloud-based platform. How can you, as a new customer or someone who has used QuickBooks desktop, know if using QuickBooks Online is the right step for your business? As experts in the field, we at Indie Bookkeeping have written down information that will help you figure out if QuickBooks Online is right for your business.

QuickBooks Online allows for easy collaboration between your bookkeeper and your business. There is no need to have your bookkeeper “in-house” - they can access your files from anywhere as long as they have an internet connection. This is a function that has become more and more desirable, especially over the past two years. QuickBooks Online also integrates with multiple iPhone and Android apps that you can have on your phone or tablet to help your business accept payments, track mileage, and upload your paper receipts, so your accountant never misses an expense.

Finally, since QuickBooks Online is cloud-based, there is no downtime while you wait for the software to be installed on your local computer, and it is always up to date with the most current tax tables, so you never have to remember to download an update and wait while it is installed.

That’s not to say it’s without hiccups. If you don’t have an internet connection, there is no way to access your books, and if you are a current QuickBooks desktop user, there is a bit of a process to go through to transfer your client files to the cloud. There are also times that the service is unavailable due to system maintenance or external issues outside of anyone’s control.

Asking yourself the following questions can give you a good indication of whether or not QuickBooks Online can be a good fit for your business:

1. Do I currently work with a bookkeeper that needs to come into my office on a regular basis to do my books?

2. Do I regularly make purchases for my business while I am away from the office?

3. Would it benefit my customers to be able to pay me on the spot instead of waiting for me to send them a bill?

4. Am I comfortable using a computer and apps on my phone?

If you decide you’d like to use QuickBooks Online for your business, and you use us as your bookkeeper, you can receive a discount on the monthly subscription for as long as you’re a client of Indie Bookkeeping. You can always sign up for QuickBooks Online and go through the setup process yourself, or we can get it set up for you after answering a few questions about your business. There are other accounting programs out there, and we can help you decide which one is best for your business. QuickBooks Online just happens to work best for the vast majority of independent contractors and small businesses.

To get the most out of QuickBooks Online, or any accounting software, you have to be diligent about entering all your financial transactions (or providing the documentation to your bookkeeper) and understand your needs so you can make the most of the subscription level you choose.

If you are looking for full-cycle bookkeeping services for independent contractors and small businesses in Ajax, reach out to us at Indie Bookkeeping. We can help with invoicing, expense tracking, and bank reconciliations, as well as analysis and insight to help you manage your business. We can also help with payroll and preparing your books to submit to an accountant come tax time. We offer services like full-cycle bookkeeping, tax preparation, data entry, and financial analysis to clients across Ajax, Durham Region, GTA, and the surrounding areas.

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