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.

It’s Cloud-Based

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.

Flexible Pricing

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!

Financial Management

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!

Learning Everything

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!

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!