Quickbooks Features & Benefits

Quickbooks Features & Benefits

Think fast: What’s your favourite program for managing your small business’s finances?!

For us, there isn’t even a question: It’s Quickbooks!

Though there are many excellent accounting programs out there, we believe that Quickbooks Online offers the most significant benefits to small businesses in Ontario. It was a fantastic piece of software when it was launched almost 40 years ago in 1983, and since then, it has only gotten better!

Here are some of the reasons you might want to consider using Quickbooks to handle your small business’s finances.

Cloud-Based Solution

Nowadays, almost everything is done in the Cloud, and Quickbooks is no exception.

Having an entirely cloud-based accounting solution is an invaluable benefit for small businesses across Canada. No longer do you need to worry about crashed hard drives or lost data. Instead, everything is safely kept in the cloud, eliminating the need for local backups.

With Quickbooks Online, you can access your financial data on just about any device and anywhere you can get an internet connection. Quickbooks offers 128-bit SSL encryption, multi-factor authentication, and other security measures to ensure that your data remains YOURS.

This cloud-based solution is also ideal in times of social isolation. With so many people working from home, you need a solution that they can access from anywhere. Your employees—and accountant/bookkeeper—will all have access to the same data, provided that you choose the correct services. That means that the person utilizing the program will always have access to the most up-to-date data.

Finally, if you use third-party online services in your business, such as PayPal, Shopify, or online banking, you can connect them to Quickbooks Online. This ensures that all of your financial data will be tracked and kept in a single location without needing to spend time cross-referencing and manually recording multiple sources to keep everything up-to-date.

Excellent Mobile Apps

Quickbooks has some outstanding mobile apps available for Android and iOS devices that can make your life way easier!

Imagine checking up on your finances with your phone while you’re lying in bed, or looking at some financial insights on your iPad while sitting on your comfy couch. Because Quickbooks is entirely cloud-based, you can access all available features on whatever device you want, wherever you want!

Financial Management Features

Quickbook is loaded with features designed to make your small business run smoother, and some of the best are their automation tools.

For example, sending out invoices and statements can be such a time-consuming process. But through Quickbooks, your invoices can be sent out automatically without you needing to lift a finger.

Similarly, Quickbooks can receive and automatically track all online payments. Once your client gets their invoice, they pay the invoice with a single click, and QBO will automatically confirm that the payment has been received. It also works for bank transfers, credit card payments, and other electronic payments.

All of this information will be super handy around tax time, and all of it will be ready and waiting for you in QBO!

Flexible Pricing for Your Business

Some accounting software comes with eye-popping pricing. But with Quickbooks Online, you can choose a solution that fits not only your needs but also your pocketbook!

At the moment, there are three different pricing packages available with progressive services. For example, there is the EasyStart package that will give you the basics. If you move up to the Essentials package, you’ll also get multiple user functionality, multi-currency support, and more. Finally, you could opt for the Plus package, which includes the ability to track your inventory and project profitability.

Depending on the size of your business and your current focus, you might be able to save some money by going with one of the cheaper packages. If you aren’t sure which is right for you, we’d be happy to help you figure it out!

While we’re big believers in using Quickbooks to keep your business’s finances on track, there’s one thing that can hold some small business owners back: QBO’s complexity. There are so many fantastic features, reports, and options that it can be overwhelming to learn how to use them all.

That’s where we come in! At The Number Works, we’d be delighted to help you and your employees to learn how to use Quickbooks effectively. You don’t need to have a background in finance to understand all of the available features and become an expert in their use! Or, we can set up everything for you and take care of your finances behind the scenes!

If you aren’t currently a client of The Number Works, we invite you to contact us today. Helping you manage and understand your small business’s finances is our passion!

Why We Recommend QuickBooks

What program do you use to manage your small business’ finances?

There are dozens of effective options out there, but at The Number Works, we have a favourite: QuickBooks Online.

You’ve likely heard of QuickBooks, as it’s one of the most popular and well-known pieces of accounting software available today. Since its launch in 1983, QuickBooks has become the default financial tool for many small businesses, and for an excellent reason. They’ve been remarkably proactive at making sure that their app and products not only keep up with developments in the financial reporting sector but actually lead the way with new features too!

Flexible Pricing

Not every small business is the same. If you have different needs than larger organizations do, you shouldn’t be paying the same price for tax software features that you don’t need.

With QuickBooks, you can choose from three online accounting packages and find one that best suits your needs. If you simply need to track your income, expenses, taxes, invoices, and more, then the EasyStart package might be perfect for you. If your business is rapidly growing, you might benefit from some of the more advanced features, like inventory tracking and project profitability, offered in the Plus plan.

If you’re having trouble deciding which plan is right for you, The Number Works would be happy to help you figure it out!

Tax Season Approaches

While Canadians got a reprieve from handing their taxes in at the end of April 2020, there is—thus far—no indication that the same will be true in 2021. That means you should already be starting to pull together your tax information for the previous year.

Mind you, your taxes may be a bit more complicated this year when you consider the existence of CERB for individuals and pandemic-related tax benefits for businesses. In other words, if you found your taxes to be a headache in years past, be ready for a migraine in a few months!

Tax prep is one of the reasons why we highly recommend you use Quickbooks to manage your finances. Quickbooks Online will keep all of your finances in one place, including your income, expenses, receipts, invoices, and more. It also offers features to help you maximize your tax deductions, along with automatically handling HST. In other words, it’s going to be a big timesaver come tax season!

You Can Access QuickBooks Online From the Cloud

Remote work has become the norm over the last year, meaning that almost all work has become decentralized. As such, effective use of the cloud is more critical than ever for sharing documents between employees who could be working remotely.

With this in mind, Quickbooks being entirely online is an invaluable benefit for small businesses. You can access it from anywhere with an internet connection and on just about any device. Even better, QuickBooks Online offers 128-bit SSL encryption, along with multi-factor authentication. These security measures ensure that your financial data will remain in the cloud, where it belongs.

Another benefit is that you can connect your QuickBooks account with other online services, including PayPal, Shopify, and more, to help keep all of your finances tracked and in one place! It will also connect to most banks, automatically downloading your bank and credit card data daily.

Even though QuickBooks is designed to be user-friendly, that doesn’t mean it’s perfect. Many small business owners lose all hope when they first open it, overwhelmed by the sheer number of options and features offered to them.

At The Number Works, we’re dedicated to helping small business owners learn to manage their finances. As such, we would be delighted to help show you—or an employee—how to use QuickBooks effectively. If you lack a background in finances and feel in over your head, we can give you the foundation you need to take your business’ finances into your own hands!

We’d even be happy to set up your QuickBooks Online account in its entirety!

To learn more about our QuickBooks Online setup, along with our other financial services, please contact The Number Works today. Let’s get your business set up with QuickBooks so the upcoming tax season will be a breeze!

Accurate Content to Tell Your Financial Story

In order to craft your financial story, it is necessary to have accurate and relevant content. Necessary steps to create and validate this content are:
Building the foundation: Steps to start the creation of your business foundation include

  • Registering your business
  • Getting a business bank account
  • Selecting a system of record to account for your business transactions.

A separate business bank account and a system of record, such as Quickbooks Online, will keep your business out of your personal life allowing you to easily track dollars in and out, as well as alleviate some headaches at tax time.
Create a budget/forecast: Hopefully you have done your business plan already, which means that you should have created a financial forecast for the first three years of your business. Outlining your expected revenue and expenses for the month. If you haven’t yet, this is an important step in creating your financial story content and should be done.
Reconciling your cash: No matter where you are in your business life-cycle, accounting for your cash is important. Utilizing the accounting system that you have selected should allow this to be a painless process. Comparing your bank account to what you have recorded in your accounting system will not only allow you cash flow visibility, it will ensure that your books are accurate. Any missing cheques, erroneous withdrawals or insufficient customer payments will be quickly identified and can be dealt with in a timely manner making sure no dollar is lost.
Close your books monthly: At the end of every month your books should be closed, and financial statements (income statement, balance sheet and cash flow statement) should be created and read. These statements should be reviewed in detail, understanding each line item and what that means for your business. Each month is like another chapter written in your story, and like a story, each chapter is important and none should be skipped without the risk of not fully understanding the story.
Review your actuals against your budget/forecast: With your budget/forecast already created, and your month end financial statements prepared, the next exercise is to compare the two and note any differences, and then to understand why.  This is calculating your variances and creating commentary. You need to be aware of where your company has been to make sure that you keep on track to where you intend to go. If there are any significant changes to your business roadmap a new budget/forecast should be created.

Following these steps will ensure that you have accurate content to craft and understand your financial story. If you need help with any or all of the steps, we would be happy to help!