Top 5 Reasons to Switch to QuickBooks Online

switch to quickbooks onlineYou may have noticed that we talk about QuickBooks Online quite a bit.  We are fully aware that this is not the only bookkeeping software out there but it is our favorite and the one that we recommend to the majority of our clients.  So, why should you switch to QuickBooks Online for your business?

It can seem scary sometimes to trust so much information to live in the cloud.  But the reality is that more and more of what we all do in both our personal and professional lives is exclusively online.  There are multiple reasons for this, let’s look at the top 5 ways that cloud accounting can improve your business.

1. Collaboration and Control

It is amazing how many clients we meet who have had not access to their own financial information.  Their books live on their bookkeepers’ computer, they only ever see reports, and they don’t even own the software.  If their bookkeeper moves away or retires they are handed a file that they don’t know how to use and can’t even open. If you are a Polymath client you have heard someone say, “you have the keys, you’re driving the bus.”  This is you your business and your financial information.  You can grant and remove access to your books as you see fit.  You can provide anyone you like with limited access, meaning you can let an employee enter invoices but they won’t be able to see how much everyone is being paid.
This gives you the power to work with whomever you like, for however long you would like.

You can get into your books anywhere you have an internet connection.  No dedicated computer needed.  And you can give different users their own access, and you can take it away.

2. Banking Links and Banking Feed

QuickBooks Online includes a banking window that allows you to link your books directly to your bank account.  Transactions will download to your books exactly as you would see them in the bank.  This benefits your business in multiple ways.  First, depending how many transactions you have, you can save hours of data entry time.  Not only that but the information is guaranteed to be accurate because the numbers have imported from the bank.  Gone are the days of entering $25.63 when it should be $25.36 and spending time looking for that $0.27.

It has banking transactions updated, usually within one business day.  All you need to do is download the most recent transactions, you don’t have to wait for the bank statement.

3. Security and Backups

Many people think that their data is the most secure if it lives on their personal computer.  But is it really?  Do you backup and if so how often?  Most people, if they are being honest, do not back up nearly enough.  By hosting your information on the cloud, you benefit from the host site’s best practices strategy of regularly backing up all of the data that they are responsible for protecting and maintaining.  Most cloud accounting companies have redundant servers around the country, if not the world.  If your one computer crashes, you can’t access your books.  If one server crashes you can still access your books.

Though these server banks are more enticing to hackers, they have security that most of us can only imagine.  They are far more secure than the email you send to your accountant with a backup of your QuickBooks file.

4.  Real Time Access and Reports

All accounting software provides accounting reports, they are often glanced at and ignored by business owners.  With QuickBooks online they become a living breathing thing.  You can see how reports change with just one days worth of data entry, jump easily from cash to accrual, and much more.

You can also look at your reports in real time, you are not waiting to receive them at the end of the month from your account.

5. Updates

If you are currently using a desktop software, you can purchase an updated software once an year and it is not cheap.  With QuickBooks Online, Intuit is constantly making improvements and upgrades that you benefit from immediately.  Gone are the days of waiting until next year and having to come up with the money for the new software.

We have also found that Intuit really listens the customer feedback and makes their changes based on what people are saying.

 

If this blog has piqued your curiosity you can check out the QuickBooks Online website to take a test drive of this great software.

You can also check out the Polymath.com Video Tutorial Series for great information on how to use QuickBooks Online and to see how the program looks in action.

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