Raise your hand if you want to track your business finances in one place that is easy and secure to access whenever you desire. If your hand is up, you need Quick Books Online. It is an advanced accounting software that is perfect for your business because you get 24/7 online access backed by the reputation and security of Intuit. You pay a monthly fee to access your account, and we offer discount pricing thanks to our partnership with Intuit.
The point of accounting software is to produce financial statements that allow owners and managers to make informed business decisions. The three most important statements are the Balance Sheet, Income Statement and Statement of Cash Flows. Quick Books Online produces all three in real time, and you can choose any date range depending on the knowledge you seek. You also get access to hundreds of other reports that drill down into the details of business operations.
As a quick reminder, the Balance Sheet lists assets, liabilities and equity. The Income Statement compares revenues and expenses. The Statement of Cash Flows tracks inflows and outflows of cash. The information contained in these three statements is crucial to owners and managers. If you are not reviewing them on a regular basis, you are shooting in the dark without a night vision scope attached to your firearm.
Financial statements and other reports must be accurate to be useful. Quick Books Online has numerous fail-safes to make sure this is the case. Checking and credit card accounts are linked in for seamless transfers of data between the bank and the books. Monthly reconciliations ensure all transactions have been entered. Statements and reports allow owners and managers to confirm transactions are assigned to proper accounts. Our clients provide us with administrative access which allows us to keep an eye on things as well. These systems work together to ensure statements and reports are accurate and useful.
Payroll service is a cool add-on that makes paying employees simple and easy. Employees enter hours worked and management approves everything before paychecks are created. Paycheck data automatically flows to the financial statements and other reports. FICA and withholding taxes are calculated and remitted automatically. Quick Books Payroll has various levels depending on how much you want to be involved in the process.
Got inventory? Quick Books Online does a great job tracking basic inventory. If your tracking needs are more robust, there are apps available to handle any level of complexity. The apps are certified and approved by Quick Books to ensure reliability and accuracy. There is a vast array of non-inventory apps available to suit your needs.
If you are ready to take your accounting software to the next level contact Joe Wright CPA. Our staff is Quick Books certified giving you confidence in our ability to put the software to work at its full potential. If you already track your data with other software including Quick Books Desktop, or use spread sheets / handwritten ledgers, we assist with your transition to the big leagues. If you already use Quick Books Online, we show you how to get even more out of it. Contact us today for details on the many benefits of Quick Books Online and how it will help your business thrive.
Joe Wright CPA PLLC provides the information in this blog as a general guide. Tax laws are extremely complex, and every taxpayer is unique. Some or all of this information may or may not apply to you. We provide simplified situations to clarify some of the major aspects and highlights of the topic at hand. Some of the language used is casual and may be misconstrued. Please make an appointment with us soon to discuss your particular circumstances.