Learn How QuickBooks Online Can Change Your Business
By: Erica Ross
Business owners – have you heard of QuickBooks Online (QBO)? If you got into your business so you could make a product/help people/follow your passion while making a living, QBO can help you keep up with the financial side of your business, while giving you more time to focus on your day-to-day operations.
An Overview of QuickBooks Online
QBO allows business owners and accountants to work side by side to get a clear picture of the business’s finances. With the use of QBO’s reporting features and dashboard, you will never have to wonder where you stand. You can make better decisions with solid insight on your business through customized reports including profit & loss, expenses, and balance sheets.
More than reporting, QBO allows you to manage bills, track income and expenses, send invoices and receive payments, and even track time, inventory, and sales. Long gone are the days when you had to keep up with excel spreadsheets or info on ledger paper – thank goodness!!
Let’s get into the specifics of ways QBO can help business owners.
Features of QuickBooks Online
Real Time Data Entry: Don’t wait until the end of the month to see how your business is doing. With QBO, you can see it in real time at any point during the month. With the ability to connect checking accounts and credit card feeds to your books, small business owners can easily do the following:
- See what expenses and payments have cleared the bank each day and add them into your register.
- Create rules to auto-categorize transactions to help you avoid mistakes.
- Turn on a setting to auto accept into the register after a rule is applied, which basically is auto data entry.
Manage your cash flow: Create and email/print invoices straight from QBO. You can also create bills to keep up with your accounts payable. This allows you to add all bills that the business owes and you can see where your money is going and when it will leave the bank.
Employees: QBO can track employee time by entering hours yourself. Or, you can give employees protected access to enter their own time and track billable hours by client or employee and automatically add them to invoices. Here are a few more ways QBO can help you save time when it comes to your employees:
- Use direct deposit payroll with unlimited pay schedules and types. This comes with QBO and is perfect for the smaller payrolls you want to do on your own. No more worrying with logging into the bank, remembering passwords, or getting security code to pay employees.
- Automatically calculate taxes on each payroll run.
- Create W2’s for employees to make the end of the year a breeze.
Manage Your Sales: QBO is a great way to connect your Point of Sales Systems straight to your books. Inventory tracking allows you to stay stocked for success by tracking products, cost of goods, and by notifying you when inventory is low.
- Easily see what your most popular sellers are and which ones you may need to stop selling, create purchase orders, and manage vendors.
- The sales and sales tax features allows you to keep up with sales no matter how you get paid. You can sync with popular apps like Square to accept credit cards anywhere.
hb&k Can Get You Started Today
It’s time for you to spend more of your time focusing on the parts of your business that you love. As you can tell, QBO is the perfect tool for business owners accomplish this. Many of our staff in the Client Advisory Services department at hb&k have certifications in QBO. We can show you how to use these incredible features and help you with the daily, monthly and annual input. Take some time to check out QuickBooks Online and see what it and Hartmann, Blackmon, & Kilgore can do for you.