Sometimes it may require a lot of time and energy to manage a small business’s finances. The amount of accounting work needed to have a small business running successfully may quickly consume one, especially when considering the tasks of managing invoices, paying staff, keeping track of income and spending, and filing taxes. QuickBooks Online can help with that.
A web-based accounting program called QuickBooks Online was created especially for small and medium-sized enterprises. It streamlines your finances so you can concentrate on expanding your business by enabling you to handle all of your important accounting responsibilities and financial operations in one location. Here’s an overview of how QuickBooks Online makes managing small business finances easier.
Automate of QuickBooks Online Expense Tracking
One of the biggest pain points for small business owners is tracking every single business expense. With QuickBooks Online, you can automate expense tracking by syncing your business bank accounts and credit cards. Transactions will automatically download into the software and can be categorized with a few clicks. No more gathering paper receipts or trying to remember what you purchased when.
QuickBooks Online will track income, expenses, account balances, and transaction histories over time. This gives you real-time visibility into the financial health of your business. The dashboard provides an overview of cash flow, upcoming bills, account balances, and charts showing expense and profit trends.
Streamline QuickBooks Online Invoicing and Payments
Creating professional invoices, sending them to clients, tracking payments, and managing accounts receivable can take up a considerable amount of time. QuickBooks Online automated invoicing and streamlines the accounts receivable process from start to finish.
Easily create customized invoice templates and set up recurring invoices for regular clients. QuickBooks Online allows you to accept online payments from clients directly through the software, eliminating the need to track down payments. You’ll have visibility into who has and has not paid their invoices yet, making it easy to follow up when needed.
Accept payments via credit card, PayPal, bank transfer, and more. Payment data syncs with your accounting, so you don’t have to manually match payments to invoices. Payment alerts and reminders also reduce the amount of time you spend following up on outstanding invoices.
Pay employees with ease.
Running payroll is often one of the most complex financial tasks for small business owners. QuickBooks Online provides a full-service payroll solution to make payroll as simple and error-free as possible.
QuickBooks Online Payroll seamlessly integrates with the QuickBooks accounting software. All payroll transactions automatically sync with your financial data, so payroll costs are correctly recorded in your books.
Payroll setup only takes a few minutes. Easily manage payroll runs, pay employees by direct deposit, file payroll taxes, and generate year-end tax documents. Best of all, QuickBooks Online Payroll guarantees accurate payroll tax calculations and on-time filings and payments.
Understand Your Financial Reports
QuickBooks Online generates a host of financial reports to help you understand the performance and profitability of your business. Easily create profit/loss statements, balance sheets, accounts receivable aging reports, sales reports, and other financial statements.
All reports update in real-time as new transactions come in, so you’re always looking at current data. Customize reports to see the most relevant metrics for better financial decisions. If you need help analyzing your reports, the small business advisors at QuickBooks Live can provide 1:1 guidance.
Integrate with Other Business Apps
QuickBooks Online doesn’t stop at just accounting. It integrates with hundreds of other business applications to streamline operations across your organization.
Connect QuickBooks Online to apps like PayPal, Shopify, Square, Zapier, Bill.com, Gusto, and many more. Automate workflows, sync data between systems, and eliminate double data entry. This saves significant time and ensures all systems are in sync.
Improve cash flow management.
Many small businesses struggle with cash flow management. QuickBooks Online provides real-time visibility into your cash position, so you can make smart decisions.
Features like Bill Tracker help you plan for upcoming bills and due dates. Instantly see which invoices are open to improve collections. With QuickBooks Online, you can stay on top of accounts payable and receivable, predict future cash flow needs, and avoid potential shortfalls.
Get expert support when you need it.
While QuickBooks Online simplifies small business accounting, questions can pop up from time to time. Get on-demand expert help from QuickBooks Live Bookkeeping. Certified bookkeepers can provide guidance on everything from getting started to advanced QuickBooks Online troubleshooting.
QuickBooks Live experts serve as an extension of your team, without the overhead of hiring a full-time bookkeeper. Get unlimited questions answered for one monthly fee.
Is QuickBooks Online Right for Your Small Business?
If you’re looking to streamline your small business finances, control costs, save time on accounting, and have real-time visibility into your financial data, QuickBooks Online is an excellent choice.
Sign up for a free 30-day trial to experience the benefits first-hand. QuickBooks Online has several pricing tiers, depending on your business needs. Take advantage of special discounts for new users.
With minimal learning required, 24/7 access, mobility, and automatic updates, managing your small business finances has never been easier than with QuickBooks Online. Focus your energy on business growth and let QuickBooks Online handle the accounting busy work!
Frequently Asked Questions
What are the key features of QuickBooks Online?
Some of the best features are cash flow management tools, live bookkeeping help, mobile access, automatic tracking of income and expenses, invoicing, accounts receivable, payroll, financial reporting, and links with other apps.
What types of businesses is QuickBooks Online suitable for?
QuickBooks Online works great for small businesses across all industries, including retailers, restaurants, professional service firms, contractors, agencies, manufacturers, and more. It’s designed for businesses with 1–25 employees.
How much does QuickBooks Online cost?
Plans start at $25/month for their Simple Start plan. Additional pricing tiers are available, with more features that scale as your business grows. Discounted pricing is available for the first 3 months for new QuickBooks Online subscribers.