Are you thinking of using QuickBooks Online to manage your business’s bookkeeping? If so, you’re not alone. In today’s fast-paced digital world, no business can afford to lag behind, making software an essential component of success. Small businesses, in particular, must be agile to succeed. Fortunately, technology makes it easier than ever for small businesses to connect with potential customers and streamline operations.
Many businesses use QuickBooks Online for their accounting and bookkeeping needs for good reason. It can be an excellent program for managing financial information, streamlining processes, and reporting on performance.
However, there are pros and cons to using QuickBooks Online as your business’s bookkeeping solution. Let’s discuss the advantages and disadvantages you should consider before deciding to use QuickBooks Online for your company’s bookkeeping needs.
The Pros of Bookkeeping in QuickBooks Online
There are many advantages to using QuickBooks Online as your financial platform. Here are just a few of the biggest pros to using QuickBooks Online:
- Easy setup – QuickBooks Online has a simple setup process that can be completed in a matter of hours. You should spend plenty of time setting up the system so that it is optimized for your business. The process is straightforward, and plenty of resources are available to help you make the most of your setup.
- Excellent user interface – One of the best parts of QuickBooks Online is its user interface. It makes using QuickBooks Online easier and more intuitive.
- Powerful reporting tools – A good accounting solution should allow you to view your financial situation, as well as that of your customers. This can be especially important if you have a subscription-based business model. QuickBooks Online reporting tools allow you to view critical information quickly and easily, allowing you to make smart decisions quickly.
- Data security – Unfortunately, data breaches are a real problem in today’s business world. QuickBooks Online provides plenty of security features to protect your data. This can help you sleep better, knowing your data is safe from malicious actors.
- Affordability – QuickBooks Online is one of the more affordable options on the market. If you want to be able to use bookkeeping software that is not going to cause your finances to struggle, this is likely the best option for you.
The Cons of Bookkeeping in QuickBooks Online
Despite the advantages of QuickBooks Online, it isn’t the perfect solution for every business. There are drawbacks to using QuickBooks Online for bookkeeping. Here are a few of the cons to using QuickBooks Online:
- It is not always the best for growing businesses – While QuickBooks Online is a great solution for small businesses, it may not be the best choice for growing ones. You may need to upgrade your accounting solution as your business grows and expands.
- Data limitations – While QuickBooks Online has robust reporting, you cannot always use all of it. You cannot use certain features if you have customers governed by specific data laws.
- Feature limitations – Some small businesses will find that QuickBooks Online lacks features. For example, if your business relies on eCommerce, some features that can help you track purchases may be missing.
- It doesn’t integrate with everything – Not all software integrates with QuickBooks Online. Some services you may want to use won’t work well with QuickBooks Online, which can create issues for some small businesses.
Should You Use QuickBooks Online for Small Business Bookkeeping?
If you are still on the fence about whether QuickBooks Online is the right solution for your business, here are a few factors to consider. Accountants recommend that companies keep their books for at least seven years. If your business is new, it has no history to report, making a new software title a viable option.
If your business is growing, you may need a better solution than QuickBooks Online. If you are unsure if QuickBooks Online is right for your size business, consider reaching out to a bookkeeping specialist here at Protea Financial. Our experts can help you decide whether QuickBooks Online is the right solution for your business today and in the future.
Turning to an experienced bookkeeper can get guidance on reading the different reports and accessing the various financial reports QuickBooks Online offers. Should you decide to use the QuickBooks Online platform, you can either go through the process of setting it up yourself or turn to an outsourced bookkeeper with QuickBooks Online experience for help.
Tips for Deciding if QuickBooks Online is Right for Your Small Business
Here are a few tips to help you decide if QuickBooks Online is the right solution for your business.
- Do your research – When you decide to use a new accounting solution, you put a lot of trust in that solution. You want to make sure you’re putting your trust in the right place. Make sure you do plenty of research before settling on QuickBooks Online.
- Ask questions – If you are in the process of deciding whether or not QuickBooks Online is the right solution for your business, don’t be afraid to ask questions. You can’t make an informed decision unless you have all the necessary information. Be sure to ask any question you may have to make sure you have all the information you need.
- Pick the best option – There are many variations in bookkeeping software, including QuickBooks Online. If you are unsure if the one you are looking at will fit, explore the possibilities. Look at each feature and add-on before deciding on any software title.
You can do a few things to ensure success if you choose to go with QuickBooks Online for your company’s bookkeeping needs.
- Make sure the data you input is accurate. This can help you make intelligent financial decisions faster.
- Make sure everyone who needs access to the system has access. This can help reduce the time spent managing the system and allow you to focus on more important things.
- Make sure QuickBooks Online is integrated with as many services as possible. This will help reduce headaches and keep things running smoothly.
There are many valuable tools within QuickBooks Online. Make sure you take the time to explore it properly to get the most value for your money.
Let Protea Financial Help Your Small Business Succeed
Deciding on one specific software for your business can be a daunting task. Thankfully, you do not have to make the decision alone. Turn to the financial experts here at Protea Financial today. We can help guide you toward the best possible bookkeeping software for your business.
You can also turn to us as virtual bookkeepers so you can focus on your business while we track your financial information for you. Put our years of experience to the test. Contact Protea Financial today so you can get your business on the right track.
Here at Protea Financial, we understand that finding the right software solutions is not always easy. If you are considering QuickBooks Online for small businesses, then reach out. We can help!