Have you ever heard the phrase “pulling yourself up by your bootstraps?”
Nowadays, the phrase has become synonymous with self-reliance and entrepreneurship. The idea is that if you want to succeed, you don’t need any help. You can do it yourself!
But here is the thing about that phrase: it originally meant something was impossible. Pulling yourself up by your bootstraps is literally an impossible task. If you put on a pair of shoes and try to lift yourself by pulling on your shoelaces, you aren’t going to get very high.
The bottom line is that everyone needs a little help, even entrepreneurs and small business owners. But sometimes that help doesn’t come in the form of a person or a business. At times, it’s in the form of software!
In our experience, some of the best help that a small business owner can get comes from using QuickBooks Online. This comprehensive and accessible piece of software can completely change how you handle accounting at your small business.
One reason to start your own business is the freedom to work whenever and wherever you want.
If you are sitting in your home office and need a change of scenery such as going to the park to do some work over your lunch break, you can have it! Well, you can if you use cloud-based software at your work.
QuickBooks Online is entirely cloud-based. That means you can access your account on whatever device(s) you currently have, so long as you have an internet connection. Want to check something quickly on your phone? No problem. Taking a tablet with you to get some work done on the fly? Just log into QBO, and you’re all set.
Another reason why a cloud-based accounting solution can be so valuable is that your entire team can access it wherever they’re located. If you have some remote employees or have an accountant/bookkeeper, you can give them access to your QuickBooks account. Since nothing is stored locally on devices, it’s an ideal solution for decentralized businesses.
Another reason why QBO is an outstanding option for recently-founded small businesses is that you can pick a feature package that is the right price for you. There are currently three pricing packages for QuickBooks, each offering progressively more comprehensive services.
The EasyStart package allows you to track your income and expenses, capture and organize your receipts, invoice and accept payments, track taxes, and much more.
The Essentials package gives you everything in the EasyStart package, but also allows for multiple users and time tracking. It also helps you manage and pay your bills.
The Plus package is their most comprehensive, and includes everything above, plus the ability to track your inventory and project profitability.
No matter the current size of your business, QuickBooks Online offers a package that will give you what you need at a price you can afford!
If you choose one of the more comprehensive packages, you will get access to a variety of valuable financial management features that can help you grow your business.
For example, invoicing can be a pain, especially when you don’t want to keep reminding people to pay. QuickBooks Online does that for you automatically while also automatically tracking all online payments. When your client gets your invoice and pays it, QBO will confirm that the payment has been received. This automation works for many payment methods, including credit cards, bank transfers, and electronic payments.
Paying bills is another area that can take up a ton of your time, but QBO streamlines the entire process. You can pay them directly from QuickBooks, meaning that financial information will be put automatically into your records.
Additionally, you can integrate QuickBooks Online with several online services that might be essential to your business. If you use PayPal or Shopify on a daily basis, these integration features can make your life dramatically simpler! Everything will be automatically tracked and kept in a single location.
The big side benefit of all of these features is that all of the information you need for your taxes will be in a single place. No more annoying shoebox full of receipts to organize!
The only real issue with QuickBooks Online is that there are so many valuable features that it can be overwhelming. If you aren’t experienced using an online financial management tool, it can seem very difficult to learn to navigate it all.
Thankfully, we have you covered! One of our services here at The Number Works is teaching small business owners everything they need to know about QuickBooks. You don’t need a background in finance to quickly become an expert on the interface. With our guidance, you’ll be taking care of every financial aspect of your business before long!
At The Number Works, we are big believers in helping small business owners grow their businesses and reach the success they’ve always dreamed of. Picking yourself up by your bootstraps might be impossible, but with just a little bit of help, you can rise even higher, bootstraps not necessary! Contact us today, and let us lift you up!