First up in our End of Year series: QuickBooks Online (QBO). We can’t tell you how much we LOVE QuickBooks online! We do not earn one penny of commission on endorsing this amazing product, however, we love it so much it is worth every ounce of energy.
Some of our favorite features:
- Integrated Solution – You can often use QBO to issue invoices, receive payments, organize expenses, keep records, process payroll, pay bills, you name it!
- Invoicing – QBO has come far with the ease of sending invoices via QBO electronically, receiving electronic payments, tailoring invoices to your specific business needs, quick generation via the QBO app, etc.
- Receipt Capture – On the QBO app, you can take pictures of all of your receipts. It will push those into QBO, and then you can later “match” these items, and it will store an image of the receipt with the transaction in QBO forever. You can also set up an email address through QBO (XyzCompany@qbodocs.com) to email any electronic invoices and it will file the same way. No keeping paper receipts!
- Mileage Tracking – QBO has a mileage tracking feature that uses your phone’s GPS in the background. You can identify work locations, home, set rules as to routine trips that are business or personal, etc. All automated!
- Automation – There are many different ways that you can use QBO to automate your business. QBO can automatically send recurring invoices out on a schedule that you set up. It can also automatically collect payments from customers (with permission, of course). If your payroll is consistent across pay periods, for example, all employees on salary, you can set payroll up to automatically run on the frequency and amount that you set up. No interaction needed from you or us! We are going to focus an entire post on payroll, so stay tuned.
There are several different options to choose from for QuickBooks Online subscriptions: See https://quickbooks.intuit.com/pricing/ (we don’t recommend self-employed for several reasons)
Accountants have the option of adding QBO subscriptions to their firm billing account at 50% of the standard rates that you see on the website. This price if for the life of the subscription! Additionally, for each additional company file that you need, it is only $5 per month, per company for 5 years. This is a steal of a deal! Many accounting firms receive this discounts and then up-charge them to their clients. This is not how we operate – we pass these savings onto you dollar for dollar, we live by this transparency!
Have additional questions about QuickBooks Online? Reach out to us and we can help you choose a plan that fits your needs, train on certain features. If you need help with any ongoing tasks we are there to help as needed!