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!
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!