Accounting On The Go!

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Posted By

May 1st, 2011
Accounting On The Go!

If your company employs multiple sales representatives, you know how difficult it can be to create a simple invoice on time. Some companies have their sales representatives email or phone their accounting department to generate invoices via excel, and then the accounting department must email the  invoice to the sales representative. This is time consuming and increases the chances of error. With Quickbooks Online, your sales representative can generate invoices on their own, as long as they are connected to the internet. Just like the desktop version of Quickbooks, you can adjust user privileges so you do not have to worry about an employee seeing information that may be confidential or unnecessary for their position. Also with Quickbooks Online, you can generate invoices, view your accounts receivable, and your accounts payable directly from your smartphone.

Much like the desktop version, Quickbooks Online has multiple version; Online Simple Start, Online Essentials, and Online Plus, so there is a version to fit your company’s specific needs. Quickbooks Online Simple Start is perfect for self-employed individuals who travel around frequently for work. It allows for 1 user and has your basic needs such as Profit and Loss Statement, Balance sheet, Invoicing, etc.

If you use Quickbooks for Mac, you are probably aware of how tedious and time consuming it is to to back up your Quickbooks file to Windows, and then having your accountant restore the back up file  into a company file to access the company data and reports. With Quickbooks Online, you eliminate the need to back up files for your accountant, because you can allow them easy access via the accountant user. In addition to the accountant user, if you subscribe to Quickbooks Online Essentials or Plus, you get 3-5 multi-user access for others who require access to your company data.

Many financial intuitions such as Chase and City National Bank, allow Quickbooks users to download bank transactions automatically for a ~$10 monthly fee. However, with Online Essentials or Online Plus, your bank transactions are automatically downloaded to your bank register on a daily basis for free. Please make sure your financial institution is supported before switching over to Quickbooks Online.

 

Pros:

  • Easy to set up.
  • Works on Firefox, Google Chrome, Internet Explorer, and Safari.
  • Uses cloud computing service, which means you do not need a dedicated computer to host Quickbooks.
  • Standard multi-user mode (Requires Online Essentials or Plus).
  • Automatic daily bank transaction downloads (Requires Online Essentials or Plus).
  • 1 Extra user for your accountant no need to create and accountant copy.
  • Automatic daily back ups.
  • Online layout is much more user friendly than desktop versions.
  • Free Quickbooks Mobile
  • No more hassle of converting QB Mac into windows for your accountant.

Cons:

  • If you use a point of sale system for purchase orders and to keep track of inventory, you will not be able to import data into Quickbooks Online.
  • Does not run well on older computers.
  • Does not have all the functions of the desktop version (However, please keep in mind that Intuit is constantly updating QB Online).
  • Down time when Intuit performs maintenance or updates.
  • Does not support automatic download for some financial institutions.
  • Does not work without an internet connection.

For more information please visit: Intuit Quickbooks Online or email us at info@bnbookkeeping.com, and we can set you up with an Intuit Quickbooks Online Specialist.

1 Comment

  • menUndela

    03 Sep 2011
    Reply

    hey guys, love your forum – bnbookkeeping.com

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