The Future of Accounting: Benefits of Migrating to QuickBooks Online

It’s no secret that technology is advancing every day. Software engineers and developers continue to release new products aimed at increasing efficiency and business insights. Managing and operating a business can be significantly impacted by the quality and timeliness of data flowing in and out of an accounting package.  If you find that you are always on-the-go and want to leverage the newest technology to help effectively manage your business,  QuickBooks Online might be the tool you have been searching for.

Since July of 2000, QuickBooks Online has been used by 1.5 million subscribers, and that number is growing every day.  If you’re planning to switch to QuickBooks Online, here are three main advantages:

Automatic Upgrades and Backups

• Innovation is key. As QuickBooks improves its products, online users get immediate access to the newest and most innovative tools. This can mean greater productivity and improved reporting.  Plus, your information is seamlessly backed up without the need for additional servers, nightly copies, and calls to your IT professional.

Efficiency

• QuickBooks Online eliminates a significant amount of data entry and can streamline bank reconciliations with its ability to connect to a company’s bank and credit card accounts. Using “bank feeds,” each transaction is automatically downloaded throughout the day and placed in a queue for approval before being posted to financial reports.  This allows users to spend more time analyzing activity and less time hand-keying transactions.

Accessibility

• As the online accounting platform continues to become more user-friendly, there are hundreds of mobile apps specifically designed to integrate with QuickBooks   The apps can assist with mobile time entry, expense reimbursements, and customer management systems, just to name a few areas of innovation.
• QuickBooks Online is available from any web-browser via desktop computer, laptop, tablet, or smart phone.  Gone are the days of longing for an important report left at the office or struggling to send backup files to your accountant.

Contact me or another one of Kaufman Rossin’s QuickBooks ProAdvisors for assistance in evaluating your options.   Despite these advantages, QuickBooks Online may not be the best fit in all situations.  For some businesses, moving their QuickBooks Desktop software into a hosted environment may be a preferable way to gain greater accessibility.  Each business’ needs will differ but with the ever changing landscape now is the time to consider improvements to your system!

*Please note that Intuit will not be releasing a new version of QuickBooks Desktop for Mac. The 2016 version will be the last version available and will be supported until May 31, 2019. Mac users may want to primarily utilize QuickBooks Online for all their bookkeeping.