Is QuickBooks Right For Your Business? | SVA CPA

The right accounting software can help your company streamline your financial management procedures, free up time for more strategic work, and reduce accounting errors. QuickBooks offers a user-friendly interface, automation capabilities, integration options, and cloud-based accessibility, making it an invaluable tool.

Read on to learn more about QuickBooks and determine if this solution is right for your business.

Introduction to QuickBooks

QuickBooks offers various versions, including QuickBooks Online (QBO) and QuickBooks Desktop. QBO is a cloud-based system, which eliminates the need for installation and allows access from anywhere.

Using a cloud-based system is typically preferable because it keeps your data up-to-date and is easily accessible across computers, laptops, and mobile devices.

QuickBooks Subscription Levels

QuickBooks Online offers five different subscription levels:

1. QuickBooks Online Ledger: This is the most basic version available only through an accountant. This option is suitable for clients with very basic needs.
2. Simple Start: This version covers basic accounting functions.
3. Essentials: In addition to basic accounting functions, the Essentials subscription includes additional features like managing bills.
4. Plus: Enhanced features like inventory tracking and project costing is included in a Plus subscription.
5. Advanced: The most comprehensive version, it is packed with advanced features and tools for growing businesses. The advanced version is also frequently updated with new features and functions.

Advanced Features of QuickBooks Online

The robust features included in QuickBooks Online Advanced can significantly enhance business operations.

Key features include:

Data Sync with Excel

This integration allows users to manage and update QuickBooks data directly from Excel, simplifying bulk data edits and making it easy to run reports. This feature is particularly useful for managing large sets of data.

Custom Access Controls

Allows businesses to limit what employees can see and do within the software for improved security and data management.

Automated Workflows

Streamlines processes by automating tasks such as sending reminders for overdue invoices and upcoming bills.

Revenue Recognition

Helps businesses accurately recognize revenue over the period it’s earned, which is useful for companies with subscription-based models.

Custom Report Builder

A tool enabling users to create detailed, customized reports for better business insights.

QuickBooks Limitations and Recommendations

While there are many benefits, QuickBooks does have some limitations.

For example, the rigid formatting of budgets and forecasts in QuickBooks Online might require additional manipulation in Excel for more complex needs.

It may be helpful to hire a professional to ensure proper setup and maximize the benefits of QuickBooks. Intuit, the maker of QuickBooks, also has free training resources.

Third-Party Integrations

QuickBooks Online supports numerous third-party integrations, such as Shopify, Amazon, and PayPal, which can further enhance its functionality. However, these integrations must be set up correctly to be helpful, and not a hinderance.

Integrations that are not set up correctly can lead to inaccurate data that takes a large amount of manual effort to fix.

If QuickBooks seems like a good fit for your company, contact SVA. Our professionals can help you determine the right subscription level and get you started on the software.