QuickBooks is a popular accounting program that helps you keep track of your business’s money and automates bookkeeping. You can keep track of your expenses, income, inventory, payroll, and more with QuickBooks.
It also has advanced features, such as sending invoices and processing payments to run your business from anywhere in the world. The desktop version of QuickBooks is installed on your computer’s hard drive, while the online version can be accessed from any web browser.
ERP software may be too expensive and complicated for small and medium-sized businesses. COTS has all the features you need when starting, and it’s still cheap and easy to use.
But if your business grows into a big company, you may need to switch to an ERP platform that can handle more complicated financial needs.
With over seven million customers worldwide, QuickBooks is one of the most popular COTS accounting software options. Even if you don’t know much about money, it’s not hard to learn how to use QuickBooks.
QuickBooks Online has prices that are easy on the wallet
Initially, most startups have to stick to a tight budget, so they must choose an accounting system with a reasonable monthly price. With plans starting at $12.50 per month and full accounting features, QuickBooks is one of the least expensive ways to do bookkeeping.
Quickbooks accounting services do not lock your startup into a long contract as some COTS accounting software does. You can change or cancel your subscription anytime, and you won’t have to pay a lump sum upfront.
There are a lot of features in QuickBooks Online
QuickBooks has affordable plans and is also a good choice for new businesses. QuickBooks’ accounting features cover all the basics that most new businesses need, such as day-to-day accounting tasks, tracking income and expenses, and basic reporting. Your monthly financial statements are part of these reports (profit and loss statement, P&L, balance sheet, and cash flow statement).
Growing businesses with more complex financial needs can easily add extra features by upgrading to the QuickBooks Online Pro plan.
Many other financial tools can be used with QuickBooks Online
Most startups use various tools to keep track of their finances, such as payroll software, bank accounts, credit card accounts, and tools to send invoices and pay bills. Especially as your business grows, you may need specialized tools for your finances to handle the higher level of complexity in each function.
Some accounting software only works with a small number of other platforms, which limits the number of other financial tools you can use. Quickbooks small business accounting works with more than 650 different business tools and automatically syncs all your data to get a complete picture of your startup’s financial health and speed up the process of closing the books at the end of each month.
It’s easy to use QuickBooks Online
Many startups and small businesses use QuickBooks Online because it is easy to use.
Complex platforms can take several months to set up before you can use the software, and it can cost tens of thousands of dollars for a third-party expert to move your data.
You can start using QuickBooks Online on the first day, and it only takes a few days to move all your data and set it up (depending on how long your business has been in operation).
Accountants, bookkeepers, and finance firms use QuickBooks Online a lot
When choosing an accountant, bookkeeper, or finance firm to work with your startup, it’s essential to find out if they have experience with your accounting software. If they don’t know how to use your chosen platform, you’re more likely to make mistakes or miss opportunities in your accounting.
Especially if you choose uncommon or brand-new accounting software, it can be hard to find finance professionals with the right experience to manage the software and give your business the expert advice and guidance it needs.
The cloud keeps your records when you use QuickBooks online bookkeeping
QuickBooks Online gives you access to your financial records from anywhere in the world. Your accountants won’t need to come to your office to do their work; they’ll need a login and password to access your company file. This gives you more options for finance firms.
Keeping your accounting records in the cloud is safer: Even if your computer breaks or stops working, your essential information is stored elsewhere and won’t be affected. In contrast to working with physical software, which may need to be updated or reinstalled from time to time, cloud-based accounting software updates centrally without stopping.
With so many things to do, it can be challenging for founders to keep track of and double-check every line item in their QuickBooks account. This can lead to costly accounting mistakes. ACCL Global‘s years of experience with QuickBooks make them an ideal partner in these situations.