QuickBooks Online has two levels of online accounting - Basic, and Plus. Finance accounting solutions should be tailored to the kind of business you operate. There is also a free version of QuickBooks, however because of its limited functionality it was not considered for this analysis.
QuickBooks Online accounting provides the essential accounting tools necessary to manage your business and the freedom to access your financial information from work, home, or the road. For businesses that need access to the books from multiple places and/or have multiple users in different locations. For owners that need to work from anywhere.
- The essential accounting tools to manage your business
- Manage finances from work, home, or the road with any Internet-connected PC
- Work together on the same file from different locations
- Easy to get started, but support included anyway
- Data protected with daily, automatic back ups
- Product upgrades included in the price of subscription
This is how QuickBooks Online accounting can save you money. People can now have an online real time accounting system with QuickBooks and significantly reduce their bookkeeping costs by doing some of the work themselves. You can now work from home or work anywhere as long as you have a PC with an internet connection. And best of all, have accurate information anytime you want.
All you have to do:
1) Pay your bills
2) Pay your employees
3) Bill your customers
4) Make the deposits
5) Reconcile your checkbook
Some of the major benefits are summarized as follows:
1. No wired network required – you can connect with WIFI from anywhere in the world that has internet access and you can connect different department or offices in multiple locations.
2. Includes up to 3 simultaneous users plus your accountant. The cost to add another 25 users is a little more than $3 per month per user.
3. Offsite daily backup at Intuit servers
4. Automatic software updates and QuickBooks help support included in cost
5. Quick and simpler sign in – Just press your Web shortcut key
Some of the major drawbacks are summarized and ranked by level of importance as follows:
1. Does not handle inventory and purchase orders, this rules out retail, manufacturing and distribution type companies
2. Lacks multi-currency functionality
3. Unable to open multiple QuickBooks windows in QuickBooks
4. No Company snapshot/dashboard in one desktop view
The importance of having simultaneous access from any location, allows owners,employers, employees, investors to collaborate, share and make informed and timely business decisions because everyone gets the same information in real time, by simply using a typical web based sign-on. There is no time learning the remote access interface for sign on, for use with the remote software. Furthermore, your CPA or accountant can review your financials, journals, general ledgers, from their own office and answer your questions or even correct mistakes in real time. Further, you can easily outsource some of your accounting functions to a financially savvy and responsible family member, with QuickBooks Online Plus, as long as you set up a system to review the work product of the outsourced family member.
Why pay a bookkeeper to do what you or a family member can do. With QuickBooks its simple and cost effective.
We can set this up, monitor remotely and help you. No need to pay a bookkeeper for something you can do. No need to outsource, just do it yourself and save money. Let us assess your situation and help you. To learn more about QuickBooks Online-Basic and QuickBooks Online Plus please read the articles on my blog and read the attached product comparison of QuickBooks Online - Basic as compared to QuickBooks Online Plus.