Do you struggle with running your online business and trying to keep up with the accounting? There are great tools to help online store owners balance the needs of their eCommerce stores. Intuit QuickBooks is one of our favorites!
In 1994, American software company Intuit developed QuickBooks to help small-to-medium-sized businesses track their expenses. Back then, QuickBooks was an immediate hit with SMEs because it was affordable and user-friendly, even for people with no accounting background.
Fast-forward more than a couple of decades and QuickBooks is as loved and robust as ever. The clever company is still giving online store owners the best bang for their buck, whether they choose the desktop or online version. For instance, with Intuit’s QuickBooks Online (QBO), aside from features such as financial reporting, tracking of income and expenses, and quarterly and year-end tax preparation and filing, the most affordable plan also allows you to download credit card and bank transactions, among others.
While Intuit still develops and offers desktop versions of its popular QuickBooks product and promises to continue providing support for them, it seems that the future is in QuickBooks Online, especially for online business owners who enjoy both mobile and desktop capabilities of QBO. QuickBooks Online works across all devices, from your PC or Mac to your smartphone and tablet, and you can access it from anywhere 24/7. Here are just some of the advantages of QBO over the desktop version: you can work securely online anywhere; you can work with your accountant or account team from anywhere; and you can sync, link, and import data from apps you already use like Paypal, American Express, and Square.
So if you’re an online store owner looking for the best expense-tracking software available for your online business, then you can’t go wrong with Intuit QuickBooks Online.
Still, need more convincing that Online Store Owners + Intuit QuickBooks = The Perfect Pairing? Read on.
It’s Easy to Use
You’d be surprised and pleased with how intuitive and easy to navigate QuickBooks Online’s dashboard really is. The user panel gives you easy access to important information about your financial status, which includes overdue and paid invoices, expenses, and profits and losses. In other words, you are given a quick glance at your business’s financial status right off the bat, immediately after you log in.
Using the dashboard, it’s also very easy to connect bank accounts and credit cards, along with your business’s operational data like new hires, new customers, and vendor information.
It Allows You to Customize
Depending on your needs, QuickBooks Online offers online store owners add-ons that allow them to customize or personalize your payment transactions, manage payroll for your employees, and even help you keep your check records in one place and let you choose your check’s professional look, like its size and style.
And with its Point of Sale system, QuickBooks Online even allows you to run your entire business from anywhere using your iPad tablet.
It Saves You Time
With QuickBooks Online, online store owners can automate tasks, which helps save time. You can automate everything using QuickBooks online like bill payments and recurring invoices, and you can even sync data across credit card and bank transactions. QuickBooks Online also helps you categorize and reconcile your expenses automatically, saving you from the time-consuming task of doing this manually. And with its wide selection of premade reports, QBO saves you the effort of creating financial reports from scratch. Online entrepreneurs will love QBO’s time-saving features, which will allow them to focus on other aspects of their business.
It Is Accountant-Approved
Nowadays every certified public accountant or bookkeeper is familiar with the QuickBooks system, and if you decide to hire one in the future, he or she can quickly take to it like fish to water. Accountants or bookkeepers won’t need to learn a software that they already know how to use and are already familiar with. This makes the process pain-free and easier for online store owners and for everyone involved.
It Gives You Value for Your Money
For only $7 monthly for the QuickBooks Online Simple Start package, online store owners already get the essentials like tracking of income and expenses, financial reporting, the ability to download credit card and bank transactions, quarterly and year-end tax preparation and filing, and automatic data back-ups. Aside from these basic features, you can also manage and pay bills, create custom sales and profit reports, track inventory, and even prepare 1099 MISC forms for your contractors for only eight or thirteen dollars more per month.
Over the years, QuickBooks Online has grown from just an accounting system into a complete platform for businesses, both web-based and offline. And this is not surprising because nowadays even eCommerce software providers double as webstore builders as well. The current version of QuickBooks Online now gives online store owners options that allow them to effectively calculate the total hours put in by every employee, add a customer relationship management (CRM) system to keep your customer follow-ups and history all in one place, manage inventory, and more.
Depending on the business needs of your online store, there is a QuickBooks Online plan for you. bottom line: QBO gives small-to-medium-sized enterprises, the most comprehensive set of features for small business accounting, is easy to use, has a user-friendly navigational system, and provides a wide range of add-ons to choose from. It is, overall, still the most solid and reliable accounting software on the market today and a great choice for online store owners.