If you own a small business, you’re probably juggling a lot with the day to day operations and the thought of dealing with the financial side of things may feel a bit overwhelming. QuickBooks Online provides an easy-to-use Bookkeeping software for all levels ranging for the non-Accountant to the numbers savvy.  

Reviewed as one of the leading bookkeeping software, QuickBooks Online offers a user-friendly interface that allows you to seamlessly manage your books with little or no effort so you can focus more on successfully running your business.

Here are some of the advantages to subscribing to QuickBooks Online: ‍

Bookkeeping in a Breeze

As a business owner, spending more time growing your business and less time managing your books is important to a company's success. QuickBooks Online saves business owners time by organizing and implementing efficient bookkeeping workflows. HTH encourages all clients and small business owners to use QuickBooks for their bookkeeping needs. Here are some benefits that QuickBooks has to offer.

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Banking:

• Connect bank and credit accounts to QuickBooks Online
• QuickBooks downloads bank feeds from your bank to QuickBooks
• Keep your finances organized in one place to avoid Bookkeeping errors

Invoices and Payments:

• Create and send invoices to customers directly from QuickBooks Online
• Set up account to accept credit card and debit card payments  
• Customers can make payments through an invoice
• Set up in-person payments to accept payments on the go through the QuickBooks mobile app and card reader
• Conveniently receive payments and record sales transactions simultaneously through QuickBooks Online

Job Costing:

• Track revenues and expenses for each job

Customers and Vendors:

• Save customer and vendor information such as Phone, Email, and Address into QuickBooks Online
• Once customer and vendor information is saved, you can easily look up past transactions with each customer and vendor saving time and reducing errors
• Create and send payments to vendors through QuickBooks Online

Click here for more info: QuickBooks and Banking in QuickBooks Online

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Easy-to-Use Reporting  

QuickBooks Online has a powerful reporting functionality in which you can export pre-built and customized reports on the performance of your business. These reports provide insights on the financial position of your business, the outcomes of operational decisions for a specific time period, relevant data (i.e. gross profit margin or best-selling products) as well as details about customers, vendors, and employees. The reporting system supports both cash-basis and accrual-basis accounting so rest assured you can expect to receive accurate results based on how financial transactions are tracked and recorded within your business.  

Each subscription level in QuickBooks Online offers various levels of reporting. The higher the subscription level, the more reports you will have access to view. You can also create a schedule that will automatically send reports on a periodic basis to anyone that you authorize. As a ProAdvisor and Client, you also have access to three pre-built but editable templates of Management Reports: “Company Overview,” “Sales Performance,” and “Expenses Performance.” Should you need to present the financial performance of your business to a stakeholder, you can create a packaged set of high-quality professionally designed management reports.  

Here is a non-exhaustive list of reports available in each subscription level:  

QuickBooks Online Simple Start: access to 20+ Reports

• Profit & Loss, Balance Sheet, Statement of Cash Flows, A/R Aging Summary, Sales by Customer, Payroll Reports (if payroll is on), Check Detail, and many more.

QuickBooks Online Essentials: access to 40+ Reports

• Profit and Loss Detail, A/P Aging, Company Snapshot, Income by Customer Summary, Customer Balance Detail, Sales by Customer Detail, Unpaid Bills, and many more.

QuickBooks Online Plus: access to 65+ Reports

• Budget Overview, Budgets vs. Actuals, Open Purchase Orders, Purchase by Product/Service, Sales by Locations or class, Time Activities by Customer, Transaction Detail by account, and many more.

QuickBooks Online Advanced: access to 65+ Reports + Smart Reporting

• This subscription level provides access to all reports within QuickBooks Online as well as Performance Center Data Visualization and Smart Reporting
• With Smart Reporting, you can access a wide range of data visualizations and management reports for various audiences. This feature also gives you the ability to set goals for Financial Key Performance Indicators (KPI’s) and track performances.  

Click here for more info: Report Differences by Subscription Level

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Headache-Free Payroll

QuickBooks Payroll is another great feature offered by QuickBooks Online for your small business needs. By just adding QuickBooks Payroll to your subscription plan, you can easily perform HR and payroll functions; such as, next day and same-day direct deposits, employee benefits, and automated taxes and forms. But the best part is that QuickBooks Payroll seamlessly transfers your payroll information into your QuickBooks account allowing for an easy integration.

With QuickBooks Payroll, setup is easy. The software offers a setup wizard that guides you through every step, with expert support available to answer any questions you have along the way. After setup, you're ready to go process your first pay run.

QuickBooks Payroll can be purchased as a standalone service, or can be added to your existing QuickBooks Online plan.  

Click here for more info: Payroll Services That Go Beyond a Paycheck and QuickBooks Online Payroll Review 2021  

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Taxes Done Right

QuickBooks Online also offers tax services for small businesses. Business owners worry a lot about taxes because there are thousands of tax regulations and jurisdictions that apply across the US. QuickBooks Online has recently updated their sales tax functionality, which can benefit both automated, behind-the-scenes-tracking basic users, and also more advanced users that need to customize certain functions.

QuickBooks Online tracks tax owed:

• Rates are automatically calculated for any given sales transaction, so the sales tax is always automated
• Keeps track of the amount of sales tax to charge customers
• No difficulty in understanding what you need to pay when you file state and local taxes

Hybrid sales tax experience:

• Enables automation of sales tax
• In unique situations, you have the ability to set up custom single combined rates

Calculate sales tax features:

• Easily add sales tax to invoices
• You can add sales tax on your invoice templates or to individual invoices, and both the calculations and tracking are updated automatically
• Automatic sales tax tracking
• QuickBooks automatically records each transaction so you are aware of how much sales tax to send to tax agencies
• Collect sales tax for multiple tax agencies
• In most situations you might need to pay sales tax to multiple agencies (i.e. city, county, and state). As a result, QuickBooks offers you the option to use a combined rate to charge your customer one sales tax amount and then divides it accordingly to each tax agency.
• Easily accessible reports
• "The Sales Tax Liability Report (STLR) shows a summary of sales tax you've collected and owe to the tax agencies. It gives you the total taxable sales, total nontaxable sales, tax rate, tax collected, and sales tax payable – all broken down by tax agency."

Click here for more info: Calculate Sales Tax

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HTH & Accounting Associates help organizations and business owners with accounting and/or financial consulting services. For Help with accounting or Bookkeeping contact us at accounting@thaddeus.org or call us at 909-599-2111.

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