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Pros and Cons of QuickBooks Online

January 10, 2019

You have been a QuickBooks user in your small business for several years. Now you hear about the advantages of cloud-based bookkeeping and other business tools. So, you are considering the pros and cons of QuickBooks Online. The online version of QuickBooks not only does your books, it helps you with quite a few “back-end” business tasks as well. Because all of the action takes place in the cloud (distant networked servers), as many as five users can work on one account and work on the same project simultaneously. This degree of teamwork and collaboration can be a great benefit to your business, especially when you have employees working from distant locations.

QuickBooks Online Features

• Financial report creation and evaluation

• Tracking Expenses

• Creating Profit and Loss Statements

• Creating and tracking invoices

• Tracking expenses

• Invoicing

• Inventory tracking and management

• Reconciling bank statements

QuickBooks Online also offers a client portal. With a secure login, and protection of the rest of your data, your clients can log on to view their invoices, make payments, or notify you of specific concerns.

QuickBooks Online offers more for your business than QuickBooks Desktop. It will also be a little more complex so before choosing QuickBooks Online, talk to the QuickBooks ProAdvisors at Exigo Business Solutions to make sure to get the version best suited for you and your business. And, in order to get the most out of your new QuickBooks Online, consider QuickBooks setup and QuickBooks training as well.

Since you lease QuickBooks Online instead of buying the program, updates are automatic.

Getting started with QuickBooks Online is easy. Just take the online tutorials. But, there is so much more to learn and do. If you are going to invest the money to get QuickBooks Online, plan to invest the time to learn the many features and set up your preferences correctly. Contact us at Exigo Business Solutions if you have questions.

Pros and Cons of QuickBooks Online
Why You Will Like QuickBooks Online

QuickBooks Online is ideal for a small to medium-sized business that may deal with complicated transactions. It features a single dashboard that all employees work on. This is nice because it helps avoid mistakes as employees may move from computer to computer or work offsite via the cloud. This cloud-based approach also lets several workers collaborate on projects in real time. Communication issues are reduced and productivity goes up.

The interface and navigation of QuickBooks are efficient and a joy to use. This program makes it easy to customize invoices and email templates and to automate many business processes. And, with your invoices the online approach lets you send them in batches instead of individually.

Mobile is the name of the game for many small businesses. Because QuickBooks Online works in the cloud and has well-designed software, you can work offsite on your smartphone anywhere there is an internet connection.

If you already bank online, you know how convenient that is. QuickBooks Online takes your banking there as well by linking credit cards and bank accounts to your online QuickBooks account. At last count, roughly twenty thousand banks were integrated with QuickBooks.

QuickBooks Online does not do everything that your business may need. But, it integrates with lots and lots of smart business solutions to make your business smarter and more profitable. For example, QuickBooks Online integrates with business intelligence solutions like QBAR Reports, Power Pivot, or Microsoft Power BI.

Why You May Not Like QuickBooks Online

If you are getting along okay with QuickBooks Desktop you may not have the time or the inclination to step up to QuickBooks Online. You will be missing out on some great features but until you have the time for training to get up to speed, you may want pass right now on this great business tool.

QuickBooks Online offers payroll but it is an extra cost each month and there is a surcharge for each employee.

QuickBooks Online does not offer a project management function so you will need to pick a third party app for this and integrate it with QuickBooks Online.

And, if you do not have a reliable internet connection you probably want to pass on QuickBooks Online as all of your information and tools will be in the cloud and not in the computer on your desk.

You will pay as you go to use QuickBooks Online. This is great because the upfront cost is less but may seem to be a drawback over the years as you keep paying every month. Also, as you add more features like tax filing, accepting credit cards, or payroll, each one is an extra monthly cost.

The Cost of QuickBooks Online

There is no single cost of QuickBooks Online because it comes in different versions and with additional features which you may or may not use.

Contact us at Exigo Business Solutions for a comprehensive rundown of the pros and cons of QuickBooks Online versus QuickBooks Desktop. We will be pleased to walk you through the options and help you find the version that your business needs.

In the end, your choice should be based on what you need now and what your business will need as it grows. Let us help you learn what is available and help you make the right choice.

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Profit First Strategies helps business owners experience profit.

QuickBooks Online

QuickBooks Online is a cloud-based multi-functional accounting software suite aimed primarily at small and growing businesses. Its versatile framework makes it easy for users to manage and oversee a wide range of accounting tasks, including monitoring cash flow, reviewing transactions, categorizing expenses, checking invoice statuses, and staying on top of payroll and inventory.
Profit First helps you experience profit.

Ronald B. Allen
CEO, Profit First Professional, Fix This Next Founding Advisor
Principle of an accounting firm that’s committed to educating business owners on their financial health, providing a trans-formative strategy and helping them experience their profit!