In Pursuit of Profit
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And yet, there are still plenty of companies operating on legacy software that are just now beginning to evaluate whether moving to a cloud accounting platform may be the right option.
If your company is exploring migrating to a cloud accounting platform, this is a great time to delve deeper into what kind of benefits cloud accounting can offer, what the differences are between QuickBooks Desktop (Desktop) and QuickBooks Online (Online), and what you will need to do beforehand to set yourself up for success after the migration.
So, in that regard, there is not one single best software out there that every small business should use. However, there likely is the best bookkeeping/accounting software for you to use.
To determine which software is going to be the best fit, let’s take a look at some of today’s most widely used accounting platforms.
While many experts have been quite vocal about the benefits of moving to a cloud-based accounting platform like QuickBooks Online there are far fewer resources available for companies that are looking to make the switch in the other direction.
Of course, businesses with outdated locally hosted accounting platforms can reap the benefits of migrating to a regularly updated accounting software with anywhere, anytime access. But what often gets overlooked is the scenario that some growing companies face when their needs begin to outpace the functionality QuickBooks Online (QB Online) offers.
Several years ago, we published a resource for business owners to help them understand the difference between QuickBooks Desktop and QuickBooks Online. This resource tackled one of the biggest questions we were getting at the time (and still get frequently today!): “Which QuickBooks do I need?” In all this time it has remained one of our most popular articles, even though some of the information related to functionality and cost has now become outdated.
So, we have put together a new resource for you to provide more current information about these two bookkeeping software options. Additionally, we are including some information about the newest QuickBooks offering – QuickBooks Live. Our hope is that this new resource will provide the information you need to make the best choice for your business or organization.
If you’re ready to find out more about QuickBooks, let’s get started!
Automation improves ROI, enables scalability, increases collaboration, and develops organizational resiliency. And if that was not enough of a reason to go down the path of exploring your automation options, these days technology is cheaper, more robust, and easier to use than ever before. As a result, it is more ubiquitous across all industries, especially in technical professions like finance and accounting.
CPA and technologist, Aaron Benson explains, “I think that technology has finally infiltrated every aspect of what we do within the profession, and to be competitive and to move forward, you have to use technology.” In his interview at the 2019 AICPA ENGAGE Conference he further goes on to explain, “Most people use like 20–30% of the software they [could] use and leave everything else on the table.”
Cloud accounting is accounting software that allows you to keep the books online for your business. Financial data is encrypted and then hosted on a remote server instead of in-house for greater accessibility.
With cloud accounting software (sometimes referred to as “online accounting software” or “web-based accounting software”) data is saved to the cloud and accessed by users on demand. In a nutshell,
Users subscribe to an online accounting software solution and move their books to the cloud. From then on, they can access their accounts from any web browser, or from an app on their phone. Most users connect the software to their business bank account, so that banking transactions flow automatically from the bank to the books. This saves them from a lot of data entry.
Some accounting software companies, like QuickBooks, have both desktop and online versions, while other companies offer only cloud-based options. The QuickBooks cloud-based software, QuickBooks Online, remains one of the most widely used accounting platforms year after year. However, companies like Xero, Zoho, Wave, FreshBooks, GoDaddy, 17hats have been growing in popularity recently.
While widespread accessibility is the primary reason companies choose to use cloud accounting software, there are many benefits to consider when determining whether cloud accounting is right for you.
As business technology continues to get more sophisticated, business owners may wonder if an accounting software can simplify their staffing needs while still providing high-quality bookkeeping and financial reporting. Accounting software companies would have you believe that managing your books is as simple as generating customer invoices, adding receipts for your expenses, and linking your bank accounts. And while software can certainly streamline these day-to-day operational activities, the question still remains, are these types of platforms a true substitute for your in-house or outsourced accountant role?
So, can you replace your accountant with some shiny sleek software?
Do Amazon sellers need QuickBooks? Yes!
QuickBooks gives you a look at your company’s overall financial health regardless of where you sell, making it a crucial tool for running a business of any size. Fortunately for Amazon sellers, QuickBooks has an easy integration with Amazon to import order information.
What can QuickBooks Online do for Amazon sellers exactly?