Does the daily management of your small business’s finances ever give you a stress headache?
The reality of being a small business owner is that everything is on your shoulders. You don’t have a boss; you ARE the boss! While that can be incredibly gratifying, it can also be very stressful. There’s no one else to blame if things go wrong. If there are any mistakes when it comes to managing your finances, it’s entirely on you.
As a small business owner, the smart thing to do is put a comprehensive system into place to monitor and maintain your business’s financial health. For some small business owners, that can involve hiring a bookkeeper or accountant. However, many new small businesses don’t yet have the resources necessary to bring on such professionals. In this case, they need to have an easy way to make sure that their financial data is at their fingertips at all times. Enter QuickBooks Online!
Why Go for QBO?
While there are many online accounting programs out there, QuickBooks Online is our favourite here at The Number Works. Not only does QBO offer an impressive suite of financial management features at an affordable price, but it can also be learned by just about anyone!
As a service, QBO can grow with your business. When your business is just starting out, your financial management needs might be simple, but after a year or two of growth, you’ll need something a little more comprehensive. That’s one of the strengths of QBO—you can delve into its more complex features as needed, while also maintaining the brilliant simplicity of the overall system.
Your First Steps with QBO
The first step to using QBO is determining which package is best for your current business needs.
If you have a small business, you likely won’t need QBO’s most comprehensive services right off the bat. Your options include EasyStart, which provides for all of the basics; Essentials, which allows for multiple users, bill and payment management, multi-currency support, and time tracking; and Plus, which adds project profitability and inventory tracking.
Once you’ve picked your ideal package, you can start setting up QBO for your business. Importing your business’s bank accounts, credit cards, and other financial information into the system should be your next step. Once added, they’ll automatically update, importing up-to-date information regularly. This will save you a ton of time manually inputting financial data.
After this, it’s time to start setting up how you want QBO to organize your information. You can create accounts within the program for different line items in your financial statements. For example, QBO automatically gives you “Expenses” and “Revenue” accounts. That’s fantastic if your expenses and revenue are only coming from single sources, but if you have multiple sources of income, you might want to create some personalized accounts to make it easier to keep track.
Delving Into More Complex Features
QuickBooks Online setup can be a relatively easy, though somewhat time-consuming task. The real trick is learning the more complex parts of the program.
There have been many small business owners who, once they start with QBO, only use a small portion of its features. This is often the case even for business owners who could tremendously benefit from deeper integrations of the software into their business. It’s understandable, but unfortunately, it means that there are many additional benefits of QBO that they’re missing out on!
The best solution to this problem is to hire someone who can teach you all of the details of QuickBooks Online and show you how it can specifically benefit your business. At The Number Works, we can teach you all of the ins and outs of QBO. Our experience with this program and small business owners means that we know exactly the places where you can get the best bang for your buck!
Learning how to use QuickBooks Online is an investment into yourself and your small business. Once you understand how the software works, you can do your own bookkeeping to stay on top of your business’s financial health at all times!
Being a small business owner can be stressful, but the financial management side is always much more manageable when all your financial data and records are in one place that you can readily access. QuickBooks Online will keep things organized and give you an excellent view of how your business is operating. Even better, if you decide to hire a financial professional to take care of your taxes, everything will be ready to send to them, making tax season so much easier!