Why QuickBooks Online Is the Best Small Business Bookkeeping App

Quickbooks Online App on iphone

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Last Updated on July 27, 2022 by Treana Wunsch

If you’re running a small business, odds are you’re already using some form of accounting software. But what if you could ditch the desk and computer and manage your finances from anywhere in the world? That’s where Quickbooks Online comes in – it’s one of the most popular accounting programs on the market, and it can be used to manage any type of business. Even if you’re not tech-savvy, Quickbooks Online will work for you.

Small business owners have a lot to manage, so anything that makes your job easier is worth it. Quickbooks Online gives you the tools to manage every aspect of your books in one place. You can access it anywhere and on any device, connect your accounts, track sales and expenses, create invoices and accept payments; all while knowing your data is safe and secure. I’ll show you how you can use this powerful tool to make running your small business easier.

Because Quickbooks Online is cloud-based, there’s no software to install and it’s easy to get started – all you need is an internet connection and a device (computer or mobile phone) to access the program. You can also sync your data with third-party apps and services like WooCommerce or Square for added convenience when it comes to transferring data and sharing information with other users.

Accessible from anywhere

Silhouette using smartphone by the water
Photo by Stefan Spassov on Unsplash

Even if you don’t work from an office, you can still get the most out of QuickBooks Online. It works just like any other accounting software and is accessible from anywhere you have an internet connection. You can use it on your phone or tablet as well as a computer, so if you’re working at home, in the car or on a beach then QuickBooks Online will be there for you too.

This means that small business owners who travel for business can keep their books up-to-date while they are away from the office. With just a few clicks of the mouse (or taps on your touch screen), they can update transactions and make sure everything is running smoothly. No need to worry about losing connection halfway through sending an invoice to a customer or updating their timesheet.

QuickBooks Online offers a new way to work with customers and suppliers, allowing you to make payments, create invoices and more from anywhere with an internet connection. The automation built in will save hours of your valuable time.

Connects to your bank and credit accounts

One of the first things you’ll want to do is to connect your bank accounts, credit card and PayPal accounts. When you connect your accounts, Quickbooks Online will pull in all the transaction data from those accounts and automatically organize it for you. You don’t have to enter any data manually—everything is done automatically by the software!

This feature can save you a lot of time because it eliminates manual data entry. If you track all of your income and expenses in one place, it’s easier to manage your finances and make sure taxes are paid on time. You’ll also be able to separate business and personal transactions so that tax filing can be done easily (and accurately). Quickbooks Online will also suggest categories for you to get you on the right track.

This feature is a huge time-saver but many business owners skip this step and that is a huge mistake. Without this feature, you won’t be taking advantage of the time-saving power of this platform. This should be one of the first things you do.

Easily Organize Your Receipts

If you’re looking for a way to manage your finances on the go, Quickbooks Online has got you covered. The Quickbooks app is available for download on both Android and iOS devices, and it’s packed with features that will help you stay organized and in control of your money. With the Quickbooks app, you can track your expenses, create invoices, and manage your budget.

Just snap a photo of your receipts and QuickBooks Online will automatically match them to existing transactions. You’ll be thankful for this come tax time! You’ll also be less likely to lose receipts which will help you keep more of your hard-earned money.

If you receive receipts or bills via email, you can simply forward them to QuickBooks Online and they will be processed just like the receipts you snap with your phone. All your expenses are saved in one place and are easy to retrieve come tax time.

Track your mileage

Photo by Karsten Würth on Unsplash

Your business kilometres are worth money. By not tracking mileage, you are missing out on a valuable deduction. Also, tracking your mileage accurately will make it less likely CRA will want to audit your business. This isn’t something you want as a business owner but if it happens, the more organized your books are the less painful the process will be.

There are a number of different ways to keep track of your mileage, but one of the easiest and most efficient is to use the Quickbooks Online app. This app is available for both Android and iPhone users and allows you to track your mileage with ease. The app will keep a record of all your trips. This information can be extremely helpful when it comes time to file your taxes.

If you tend to forget to track your mileage on business trips, this feature is a must for you. No more manually documenting mileage. Just enable the track mileage feature when you set up the app then when you have a chance, separate the personal trips from the business trips with just a swipe! Not to mention, the time saved by not having to manually document each trip

Record your bill payments

Photo by Karsten Würth on Unsplash

QuickBooks Online makes it easy to record your bill payments. When you receive a bill, simply enter the information into QuickBooks and set up a payment reminder. As mentioned earlier, you can even upload the bill to QuickBooks Online and the OCR (optical character recognition) will read the data for you. The other benefit to this is you’ll have a copy of the original bill attached to the transaction in QuickBooks Online.

You can also pay multiple bills at once by customizing which ones appear in your “Pay Bills” list as well as setting up automatic reminders to ensure all of them get paid on time, every time. Keeping up to date records of what bills you’ve paid and what bills are still outstanding can save you hundreds of dollars in late penalties.

Keeping good records of what you owe also keeps you in good standing with your suppliers, vendors and service providers. Always having to find new businesses to get products and services from is a huge waste of time and energy. Something the average small business owner doesn’t have a lot of.

Create invoices and accept payments

If you’re a small business owner, the process of creating invoices and collecting payments can be a major headache. Luckily, QuickBooks Online offers a number of features that make this part of your business much easier.

First, you’ll be able to create professional-looking invoices from any device with an internet connection. With just a few clicks or taps on your phone or laptop, you’ll be able to generate an invoice that looks great and contains all the information needed to get paid—and then keep track of any changes or updates along the way.

Additionally, there’s no need to manually manage client payment information: QuickBooks automatically tracks invoices and keeps them organized by date created or status (paid/unpaid). It also matches payments with their corresponding invoices so nothing falls through the cracks!

Get paid faster with online payments

With QuickBooks Online, you can take advantage of online bill pay and online credit card payments. That means that you don’t need to wait for checks to be mailed in order for your customers to pay their invoices. You can send invoices via email and have your customers pay online via credit card or Paypal (a third-party payment processor).

In addition, you can set up automatic reminders so that they don’t forget to make the payment on time. Getting paid on time keeps your cash flow in check which subsequently helps you keep your payment obligations to your suppliers.

If you’re constantly chasing down delinquent accounts, this takes away from the time you could spend developing your business and serving your customers.

Track your income and expenses

man and woman sitting at a table looking at a macbook
Photo by LinkedIn Sales Solutions on Unsplash

When you’re running a small business, it’s important to keep track of your income and expenses. With Quickbooks Online, you can log all of your income and expenses in one place. This will help you see where your money is going at any given time. You’ll also be able to see how much you are spending and earning.

As already mentioned, knowing what your cash flow is can make or break your business. Most businesses that fail had cash flow issues. Most business owners didn’t even realize it because they didn’t pay attention to the books.

Another important benefit to tracking your income and expenses is when tax season comes around, having this information organized will make preparing for CRA a lot easier! Tax season doesn’t always need to be a stressful time filled with panic.

Helps you make good business decisions

Photo by Jens Lelie on Unsplash

I know…reports aren’t sexy or exciting but reports are one of the most important tools that small businesses need to manage their operations. Not enough small business owners understand how powerful they can be. They might be the most important tool in developing a successful business.

They help you understand your business and make better decisions, such as where to invest your time, money and energy. You can generate reports in QuickBooks Online in real-time!

  • Financial Reports
  • Tax Reports
  • Profit & Loss Reports
    You can also see an overview of your current financial position at a glance. Always know where your business finances stand. The prevents you from always worrying about whether or not your business is succeeding.

Track employee time

Photo by Veri Ivanova on Unsplash

If you are a small business owner, then you know that time is money. And, if you are not tracking employee time, then you are losing money. With Quickbooks Online, you can track employee time with ease.

With this feature, you can automatically add billable time to projects. This allows you to see if you are actually making money on each project. Not to mention, you’ll save time come payroll time by having all the employee hours ready to go in the system.

QuickBooks Online Payroll

If you’re looking for a payroll solution that’s easy to use and affordable, you should consider QuickBooks Online payroll. QuickBooks Online payroll lets you pay your employees quickly and easily, and it’s a great option for small businesses. Plus, QuickBooks Online payroll is affordable, and it offers a wide range of features that make managing your payroll simple.

One downside to using Quickbooks Online Payroll is that it doesn’t automatically send source deductions to CRA. This is the reason I use Wagepoint for all my clients. If you prefer to pay your own source deductions and can remember to do it on time, Quickbooks Online payroll will work for you.

Manage inventory with QuickBooks Online

Photo by Pickawood on Unsplash

Are you looking for a way to manage your inventory more effectively? If so, you may want to consider using Quickbooks Online.

If you sell on Shopify or Amazon, you can connect these accounts to QuickBooks Online to sync all your sales in one place. If you have complex inventory needs, you can connect other inventory apps to QuickBooks Online and your data will be automatically synced with your bookkeeping.

It’s easy to use and can be accessed from any computer or mobile device with an internet connection. Plus, it’s affordable and comes with a variety of features that can help you streamline your business operations. If you’re interested in learning more about Quickbooks Online and how it can help you manage your inventory, contact me today.

Conclusion

laptop with financials on table

When it comes down to it, real-time bookkeeping is the most important aspect of running a successful business. Without it, your business has an increased chance of failing because you will have no idea where your business is from a financial standpoint. Afterall, that’s what a business is for, to make a profit.

Quickbooks Online is a great tool to track your small business financial position. It is easy to use and can be accessed from anywhere. You can connect your bank accounts, record bill payments, create invoices, and accept payments. You can also track sales and expenses. 

So, if you are looking for an easy way to keep your business finances organized, Quickbooks Online is a great option. Quickbooks Online will save you time and money so you can focus on developing your business.

Thanks for reading. I hope this post helped you to decide whether or not QuickBooks Online is the right solution for your small business. All of my clients use it and it’s saved them loads of time and money. Getting it set up as soon as possible will benefit your small business in numerous ways.

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Treana Wunsch

Treana Wunsch

Volleyballer, dog mom, Feng Shui buff, and minimalist wannabe. Treana is obsessed with simplifying processes for entrepreneurs and small business owners.

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