News :4 Reasons for Your Small Business to Use Online Accounting
Many small business owners are interested in efficiency and/or reducing costs. If you are one those individuals then read on to learn how an online accounting may be able to help you save time and money, and make your employees more efficient.
Do You Have These Business Problems ?
1. Your checkbook is out of balance and you or your bookkeeping have to contact the bank daily to get the checkbook balance.
2. You do not use an accounting program to bill your customers, rather you prepare your bills in Word or Excel and then re-entered the bills into your computer and as deposits when you collect the cash.
3. You do not have or use the invoice estimating feature of your accounting program.
4. You keep your receivables and payables in your head and its hard to get customer and vendor information in real time.
With an online based accounting system, such as QuickBooks, you are able to make changes and have real time access on your notebook computer, or access your accounting information from any web enabled computer, your customers office, your home, your vacation hotel room or virtually anywhere. You can access and read some of your accounting information on your I Phone or Blackberry. Imagine if you are at a customer's office, and you or your employee has completed a project, then you can promptly prepare the bill and print it out and personally deliver it to the customer. This step in itself, will improve your cash flow for 2 reasons. First, the bill is delivered to your customer in real time, then you do not have to prepare the invoice the next day or next week. The second reason, you may be able to save time, by training employees who are working at clients or on the road, to bill in the field in real time, they can quickly email the bill to to you for your prior! approval. Alternatively, you can review the bill as soon as i! ts prepa red by your employee in the field or at the customers office, because you have an online accounting system, with wireless internet/WI-FI.
Another benefit is achieved by using the estimate feature in QuickBooks or any other online accounting system, you can have accuracy,consistency and completeness between the invoice and the estimate. Two more important benefits is (1) cash flow improvement resulting from quicker billing and (2) by shortening the billing process, you may be able to save considerable time for yourself or that of your bookkeeper. And don't forget the fuel and time savings by not having to return to your office in order to access your accounting information in order to prepare the billings.
Too often small business owners do not reconcile their bank statement to a checkbook balance and rely on daily calls or online inquiries to the bank to determine their daily cash balance. At a minimum every business should know their daily checkbook ! balance and to do otherwise, is not a good business practice. Without a procedure to reconcile a company's checkbook monthly to a bank statement, is a serious weakness in any system of internal control and could very well create the opportunity for fraud.
Accounts receivable or accounts payable programs included with accounting software packages are not always used in real time by small business owners. This type of information is very important to successfully operate your business. Real time accounts receivable and accounts payable systems enable you to make business decisions and to properly predict your future cash balances. With an online accounting system you can view from anywhere the accounts receivable and accounts payable balances, in detail or with summary aging reports. Many small businesses to do not use the emailing feature to bill customers from the accounts receivable program.Using the email feature saves time, money(postage) and facil! itates cash inflows.
From the accounts payable side! , its e qually important to know what you owe, in real time. Its important to have a procedure in place to detect duplicate, erroneous bills or fraudulent bills. With up to date accounts payable information, you can review the accounting payable reports to answer a vendor's questions right over the phone as to why a bill remains unpaid or to inform the vendor when payment can be expected. QuickBooks or other comparable software provide this information in real time to you, eliminating the need for your bookkeeper to list what you owe in an Excel spreadsheet. If your bookkeeper enters the bills into an online accounting system, like QuickBooks Online Plus, then you can assess that same report from wherever you are and select the bills to be sent out. Again, with an online accounting system you can be anywhere and you will know how much is owed. I have only addressed three important areas i.e. cash, accounts receivable and accounts payable. Another important feature, with an online ! accounting system, is the ability to compare your actual monthly profit and loss statements to a budget. With a budget tool you can plan for next year and the budget is the prospective statement that helps you understand and see future financial problems before its too late. One last comment, QuickBooks Online Plus does not support inventory and purchase orders, thereby preventing manufacturers, retail and distribution companies from utilizing this software, unless you purchase a 3rd party add on module.
Although there are limitations to QuickBooks Online Plus when inventory is a significant component of your balance sheet, the solution is using accounting systems that have remote access like QuickBooks Pro or QuickBooks Premier with remote access or considering a 3rd party inventory add on. This topic has been reviewed in another article that I wrote. Please contact me a copy of that article.
Another time savings is that your accountant or CPA, can! review and make necessary corrections online from the account! ant's co mputer in real time. So if you have a problem, the accountant has easy access to your accounting information to quickly fix the information, thus avoiding the time for the accountant to schedule a visit to your office.
In summary, just like the way electronic calendars such as Outlook or Google Calendar on our Blackberry's and I phones have changed the way we utilize secretarial skills, online accounting software improves they way small business owners use accounting and bookkeeping systems to run their businesses. - 23687
Do You Have These Business Problems ?
1. Your checkbook is out of balance and you or your bookkeeping have to contact the bank daily to get the checkbook balance.
2. You do not use an accounting program to bill your customers, rather you prepare your bills in Word or Excel and then re-entered the bills into your computer and as deposits when you collect the cash.
3. You do not have or use the invoice estimating feature of your accounting program.
4. You keep your receivables and payables in your head and its hard to get customer and vendor information in real time.
With an online based accounting system, such as QuickBooks, you are able to make changes and have real time access on your notebook computer, or access your accounting information from any web enabled computer, your customers office, your home, your vacation hotel room or virtually anywhere. You can access and read some of your accounting information on your I Phone or Blackberry. Imagine if you are at a customer's office, and you or your employee has completed a project, then you can promptly prepare the bill and print it out and personally deliver it to the customer. This step in itself, will improve your cash flow for 2 reasons. First, the bill is delivered to your customer in real time, then you do not have to prepare the invoice the next day or next week. The second reason, you may be able to save time, by training employees who are working at clients or on the road, to bill in the field in real time, they can quickly email the bill to to you for your prior! approval. Alternatively, you can review the bill as soon as i! ts prepa red by your employee in the field or at the customers office, because you have an online accounting system, with wireless internet/WI-FI.
Another benefit is achieved by using the estimate feature in QuickBooks or any other online accounting system, you can have accuracy,consistency and completeness between the invoice and the estimate. Two more important benefits is (1) cash flow improvement resulting from quicker billing and (2) by shortening the billing process, you may be able to save considerable time for yourself or that of your bookkeeper. And don't forget the fuel and time savings by not having to return to your office in order to access your accounting information in order to prepare the billings.
Too often small business owners do not reconcile their bank statement to a checkbook balance and rely on daily calls or online inquiries to the bank to determine their daily cash balance. At a minimum every business should know their daily checkbook ! balance and to do otherwise, is not a good business practice. Without a procedure to reconcile a company's checkbook monthly to a bank statement, is a serious weakness in any system of internal control and could very well create the opportunity for fraud.
Accounts receivable or accounts payable programs included with accounting software packages are not always used in real time by small business owners. This type of information is very important to successfully operate your business. Real time accounts receivable and accounts payable systems enable you to make business decisions and to properly predict your future cash balances. With an online accounting system you can view from anywhere the accounts receivable and accounts payable balances, in detail or with summary aging reports. Many small businesses to do not use the emailing feature to bill customers from the accounts receivable program.Using the email feature saves time, money(postage) and facil! itates cash inflows.
From the accounts payable side! , its e qually important to know what you owe, in real time. Its important to have a procedure in place to detect duplicate, erroneous bills or fraudulent bills. With up to date accounts payable information, you can review the accounting payable reports to answer a vendor's questions right over the phone as to why a bill remains unpaid or to inform the vendor when payment can be expected. QuickBooks or other comparable software provide this information in real time to you, eliminating the need for your bookkeeper to list what you owe in an Excel spreadsheet. If your bookkeeper enters the bills into an online accounting system, like QuickBooks Online Plus, then you can assess that same report from wherever you are and select the bills to be sent out. Again, with an online accounting system you can be anywhere and you will know how much is owed. I have only addressed three important areas i.e. cash, accounts receivable and accounts payable. Another important feature, with an online ! accounting system, is the ability to compare your actual monthly profit and loss statements to a budget. With a budget tool you can plan for next year and the budget is the prospective statement that helps you understand and see future financial problems before its too late. One last comment, QuickBooks Online Plus does not support inventory and purchase orders, thereby preventing manufacturers, retail and distribution companies from utilizing this software, unless you purchase a 3rd party add on module.
Although there are limitations to QuickBooks Online Plus when inventory is a significant component of your balance sheet, the solution is using accounting systems that have remote access like QuickBooks Pro or QuickBooks Premier with remote access or considering a 3rd party inventory add on. This topic has been reviewed in another article that I wrote. Please contact me a copy of that article.
Another time savings is that your accountant or CPA, can! review and make necessary corrections online from the account! ant's co mputer in real time. So if you have a problem, the accountant has easy access to your accounting information to quickly fix the information, thus avoiding the time for the accountant to schedule a visit to your office.
In summary, just like the way electronic calendars such as Outlook or Google Calendar on our Blackberry's and I phones have changed the way we utilize secretarial skills, online accounting software improves they way small business owners use accounting and bookkeeping systems to run their businesses. - 23687
About the Author:
Learn how QuickBooks Online provides the essential online accounting tools to manage your business and the freedom to access your financials from work, home, or the road. Sandor Lenner, C.P.A. has provided accounting services for 35 y! ears. He is also a Certified QuickBooks ProAdvisor and works as a part-time small business consultant for a Miami Accounting CPA firm
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