Tag: QuickBooks accounting software

Pros and Cons of QuickBooks Online Unveiled

Pros and Cons of QuickBooks Online Unveiled

QuickBooks online is quickly becoming the accounting software of choice for both small and big firms. The cloud version of the popular accounting software makes it easy to record accounting data, track payments and receipts, and organize the finances.

QuickBooks online runs on Intuit’s server and can easily be accessed from anywhere, anytime. The internet-based accounting software offers similar features to the desktop version of the accounting software. And in case you are thinking about migrating to the cloud version of QuickBooks, the pros and cons given below will help you make a smart choice.
Positive Aspects of QuickBooks Online

  1. QuickBooks online is easy to setup and maintain as compared to the desktop version of accounting software. You do not need to install costly server and storage medium to store the data. This results in cost savings for the firm that positively affects its bottom line.

  2. QBO is far cheaper than purchasing multiple user licenses of QuickBooks desktop. You only have to pay a monthly subscription fee, which is based on the number of users who access the software. Also, you can get significant discounts if your accountant is enrolled in the QuickBooks pro advisor plan. The Pro-advisor plan is a training and certification program to increase expertise and knowledge of QuickBooks.

  3. The biggest benefit of QBO is ease and convenience of accessing the accounting data. Intuit’s server is online 24/7 which allows users to access QBO from anywhere, anytime. Users only need an internet connection and a web browser to access the cloud version of the accounting software. Portability of accounting software is extremely beneficial for the business owners who can monitor and manage their finances from anywhere even while vacationing abroad.
  4. The World Wide Web is notorious for being vulnerable to viruses and hacking attacks. Yet Intuit’s advanced security features ensure 100% safety and security of the accounting data. The company has implemented various security measures to ensure that the client’s data remains safe and secure. The accounting data transmitted over the net is encrypted with SSL (Secure Socket Layer) 128-bit encryption technology. Finally, QBO is a VeriSign secured product, which is the leading SSL certificate issuing authority.

  5. Have you ever faced issues with trying to send accounting data to the accountant for review while he or she is off duty? You don’t have to worry anymore with QuickBooks online. The cloud version of the accounting software allows you to grant access to the accountant to review, plan, make corrections, and handle all accounting data without having to go through the backup and restore process.

  6. Multiple users can work on a company file at any given time. Multiple-user functionality increases productivity and collaboration among the accounting staff.

  7. Various add-ons are available for the online version of the accounting software that provides value-added functionality in performing accounting functions. You can use the add-ons to track employees’ time for payroll, synchronize the company’s PayPal related transactions with QBO, and install dashboard to get deep insights about the company.


Negative Aspects of QuickBooks online

  1. QuickBooks online is not compatible with non-intuit payroll services like Paycor, ADP. You need to make a manual payroll journal entry into your QBO to record your payroll.

  2. Another disadvantage of QBO is that not all banks can be set up to download banking information. Although it is not a major disadvantage but it is something that you should be aware of about QBO. Some local banks do not have the technology to implement this feature. While other banks ask a security question to log you out if your session has expired making it difficult to download transaction data.

  3. QBO includes a payroll program and can e-file your federal return once you have signed in for EFTPS and Federal e-filing. Nevertheless, the online accounting software is not compatible with e-filing returns in a number of states in the U.S.

  4. The major drawback of QuickBooks online is that online software grants access to five users, not including the accountant. This can be a drawback if your company employs hundreds of accounting staff all of whom need to access the accounting software at any given time. The only solution for this is to purchase a desktop version of the accounting software.

  5. A number of important features that are included in QuickBooks desktop are not included in cloud version of the accounting software. Some of the features that are standard in QuickBooks desktop but not found in QBO are as follows.

    • Batch invoicing and timesheet entry
    • Average cost inventory valuation
    • Business Planner and calendar
    • Available Quantity in Inventory
    • Inventory and lead center
    • Fixed Asset Manager
    • Multiple ships to vendors
    • Sales orders and fulfillment worksheet
  6. The company files cannot be accessed in case of server downtimes. QBO requires constant internet connection to access the files. Users cannot access the data offline while the internet is disconnected. What’s more; a fast internet connection is required especially if multiple users access the software at once. Intuit recommends a constant, broadband internet connection such as DSL, cable modem, or T1 line.

  7. QBO contains a limited number of reports and graphs as compared to the desktop version of the accounting software. Moreover, the report customization feature is limited in QBO as compared to QuickBooks desktop.

  8. Intuit has taken every possible precaution to prevent unauthorized users from accessing the online data. Still, the possibility still exists that a malicious hacker would break into the system and access confidential company data. This is not the case with QuickBooks desktop as all the data files reside locally on the company’s own server.

Overall, QuickBooks online is great accounting software program that can help you to streamline your accounting function and make it more efficient. The functionality and reporting of the cloud version of accounting software are constantly evolving. Intuit is putting in much time and effort in making QuickBooks online more reliable and easy to operate for the users.

Enjoy Online and Mobile Payments with QuickBooks – Get Paid Faster

QuickBooks is an efficient tool used by many businesses and individuals alike. They use it to ensure the smooth flow of business and daily finances.

Mobile Payments

It is a great tool that helps small business owners and entrepreneurs manage and balance their books without hassle. The trend of syncing the software program with Intuit’s mobile payment system has been received successfully. And, the effort has served to make the lives of business owners easier. They found it more convenient to make use of the mobile payment system opportunity to have customers settle their business accounts.

The Choice of Small Business Owners

QuickBooks is a very popular, powerful, efficient and yet affordable software program designed to rid business owners of the worry and hassle of trying to manage their accounting details and budgets. The software does not require the user to have any prior knowledge regarding accounting, nor does it necessitate that you have any idea about debit or credit if you need to enter the details of a transaction into the software.

All you need to do is enter the details of a check, a transaction or an invoice into the software system. QuickBooks will manage all the entries for you. The system generates reports that help business owners gauge the current financial condition of their company, and make strategic decisions on how to manage their business funds better.

The software is available with around multiple widgets that allow you to generate graphs, charts and reports, helping you, the user, design your own software dashboard according to your individual business needs.

The latest upgraded benefit the software offers easy integration of the QuickBooks software with the different mobile payments. These are designed to make the system efficient and ensure the smooth flow of business finances without any hassle and inconvenience.

Syncing Mobile Payments With QuickBooks!

With mobile payments a common and popular method of timely payments amongst business owners, it made logical sense to link the tool of mobile payment with QuickBooks. The Intuit Go Payment mobile payment tool is an example of such a system which can easily be synced with the QuickBooks tool, to ensure efficient and easy transactions and financial management of company accounts.

With customers who prefer to make their payments through credit cards, the mobile payment system is a popular choice because a synced tool will make it much easier to record all purchase transactions in the accounting software, with no need to enter the details manually.

Small business owners get to save valuable time and energy by syncing the QuickBooks system, making it possible to simply download the transactions into the software system, without wasting precious time in trying to enter the details manually. This also reduces the chance of human error which is far more probably with the manual entry of different transactions into the system.

Amazing QuickBooks Features!

The QuickBooks accounting software is continually updated with the new and latest sets of features, which are designed to make the accounting tool even more efficient and easy to use for business owners. The QuickBooks software also boasts of an easy online payment system, which also includes a simple, procedure for integrating online credit payments into the system. The software enables the user to email the invoices of the online and mobile credit purchases into the QuickBooks system through emails. You can make payments anywhere, and be assured of an entry into the system with no associated hassle of trying to make any entry into the software manually.

Quickbooks

Payments are designed to be deposited to your bank account within two to three days, which makes the entire payment process more manageable, easier and quicker than before. Payment processing is seamless and fast with the new QuickBooks payment features. By integrating online and mobile payment processing, you keep track of your company account balances, as the system manages the payment records, ridding you of the hassle to tackle your company accounts manually.

Business owners can also get a thorough idea of the current condition of their business accounts with the software generated reports. The QuickBooks software program also offers business owners the opportunity to generate invoices and even personalized receipts, for managing their business operations.

Additionally, E-invoicing is another feature that ensures quick and easy payment. With no need for any manual entry into the system, there are fewer chances of error and a high probability of fast expense account calculation. Business owners can easily benefit from the system features, and draw reports, charts and graphs to gauge a more thorough estimation of the budget, expense and fund situation of their company.

The QuickBooks software has provided the business owners with the much needed support required for the efficient management and handling of their company finances. Thus, it eliminates the worry of trying to learn the science of accounting in order to manage the financial needs of your business.

For small and medium sized businesses that want efficient budgeting of their limited finances, the QuickBooks software program is the tool to ensure peace of mind when it comes to tackling the financial aspects of their company.