At Iconis Group, currently all of our clients are on QuickBooks Online. This hasn’t always been the case and it won’t always be the case in the future, but it is currently our preferred accounting program for our clients and we want to share why.
QuickBooks Online launched in 2000. At first (and I’m sure for many years) accountants didn’t like the program for various issues. It is a true Software as a Service program, which means it isn’t loaded on your computer and all the data is stored in the cloud. Intuit has made tons of improvements to the program over the years and by the time we started using it for our clients in 2010, we found it to be a great tool.
Why have your books in the cloud?
Not only does having your accounting system in the cloud make it easier for your accountant, but it makes it easier for your staff to complete their accounting related tasks.
- You don’t have to network your file and computers together and pay for several different licenses. (QB Online’s subscriptions come with 3 or 5 users and you can add more!)
- There is no need for backing up your file and making sure that backup gets out of your office (in case of fire, theft, or other destruction issue).
- You don’t have to worry about your computer crashing. QB Online has only had a few instances of outages over the past few years and I’m sure that is better than any office’s downtime record.
You have far more flexibility with a cloud version than a desktop version. Now, why have we gone with QuickBooks Online? Because we know they aren’t going anywhere anytime soon (Intuit has had the market share for plenty of products for ages now) and they have the capital and resources to keep making the program better.
With all this being said, we haven’t even started to touch on the cool stuff. Here are the real reasons we love QuickBooks Online:
- You have unlimited time entry users. They have their own separate login and can’t see any of your financial data. But, their time can automatically be linked to invoices later to cut down on data entry.
- You have unlimited report only users, so if your board, tax accountant, or other advisors want to see (not edit) your financial data anytime, anywhere, you can provide them a login for free!
- You can automatically upload your bank and credit card transactions via a secure direct link to the bank. This cuts down even more data entry time and for those of you who enter in your Amex bill once a month, this provides much quicker reporting!
- You can create your own customized memorized reports and schedule them to be emailed to whoever you want whenever you want. We use this a lot with our clients providing them an AR listing after their books have been updating or sending out weekly profit reports on their jobs – and we don’t have to press the send button each time!
- You can easily email your clients their invoices directly within QuickBooks Online and you can sign-up for their Intuit Payment Network to add a link to that invoice for the client to pay you via an ACH transfer. It costs you only $0.50 per transaction.
- You can prepare job profit & loss statements and compare those amounts to budgets. You can easily create budgets per client and have those show up on your reports so you can track how your jobs are performing compared to your estimates.
- You can track your sales tax payable easily within QuickBooks Online. This is a relatively new feature and it works great! We have to track multiple sales tax rates for a client and only pay the tax to the state once the client has been paid, and QBO now has a quick and easy way to track it all!
- You can easily markup costs and bill them to your clients. QBO allows you to enter a standard markup rate, which can always be adjusted as need be, and with a simple click of a checkbox, the costs can be pulled over to your invoicing screen.