Why QBO is the Financial System of Choice for GWPS
Intuit's QuickBooks Online Just Makes It Easy!
A couple of years ago, as owner of Graywolf Financial Services, I made the decision to rename my company Graywolf Productivity Solutions, LLC. Why? ... well, to better reflect the core focus of our service offerings to small and mid-sized businesses (affectionately known as SMB's). We're all about helping SMB's to achieve their productive best through the implementation and use of excellent productivity tools and methods, and I felt the new name better reflected that mission and vision. With the right cloud-enabled tools, I believe that a small to mid-sized business can run just as effectively, if not better, than "the big boys," without having to spend tens, even hundreds of thousands of dollars on expensive systems.
With that business name change, and shift in core service emphasis, I also decided to move from using QuickBooks Premier Accountant Desktop as my financial software to using QuickBooks Online Plus. It's now my trusted and very productive "system of record" for all of my business transaction recording and financial reporting. Whatever possessed me to move away from the well-known and powerful functionality of Intuit's stable desktop version to (by comparison) Intuit's fledgling online product?? Well, here are the primary reasons for making the move:
QBO Fits My Business Philosophy and Workflows
QBO Increases My Organization and System Productivity
QBO Has Some Excellent Functionality Superior to Desktop
- Banking - QBO's functionality is just fantastic here. The centralized banking center, coupled with automatic bank feeds, easy adding/matching of transactions, and rules setup to "educate" transaction matching, is one of the most dynamic features of the program. As you "educate" the banking tool, you increase your capability to automatically download and properly categorize your transactions, with minimal keying effort. Using the bank feed mechanism, your accounts literally become self-reconciling, making your reconciliation job at month-end almost effortless. You link your participating online banking and credit card accounts, and you're on your way to smooth and efficient handling of your banking activities.
- Class and Location Tracking - with QBO Plus, you have the capability of not only tracking your transactions by a defined class, but also secondarily by location. You can use one or both. With class tracking, you can specify a class for each transaction line. With location tracking, you can assign a location to an entire transaction.You can run reports for the whole company, or by class and/or location. Lots of flexibility here not available in the desktop version, for companies that need it.
- Online and Scheduled Invoicing - with QBO, you can generate a special type of email to your customer with a link to an online invoice. Clicking on the invoice opens a special browser webpage that interacts directly with your QuickBooks Online account, and allows your customer/client to view the actual invoice and make an online payment via credit card or banking ACH (QuickBooks Payments activation required). Your customer and you can post messages and attachments directly linked to the online invoicing, viewable in the activity feed within QBO. In addition, you can see when your customer has opened and viewed the invoice. You can also easily schedule recurring or future-release invoicing, as desired.
- Multiple A/R and A/P Lines in a Single Journal Entry - this can be a huge advantage for we accountants and bookkeepers who need to make adjusting entries that involve customer and vendor receivables/payables. Typically, you would enter transactions affecting A/R and A/P via creation of invoices or bills. But, there are times when using journal entries becomes necessary (prime examples are setting up a new company with beginning balances, or allocating ACH deposits). It can save a lot of time (not to mention heartache) having the ability to amass adjustments, if needed, in just one journal entry versus many. You reduce both time and workflow processing necessary in the posting of these type of entries.
- Online Mobile App - you can send invoicing, reconcile accounts, run payroll, gain access to business transactions and activity, and even capture receipts using the QBO mobile application downloaded to your smartphone. Looks and feels clean and snappy ... outstanding!
- Easily Share Books With Accountant/Bookkeeper - with QBO, gone is the need to transfer accountant copies of company files, or having to setup your file on a 3rd party hosting application. You can setup your bookkeeper/accountant for easy access to your books for remote transaction entry, fixing of problems or to answer questions, all without disrupting other user work or risking duplicative or missing transactional data.
- Automatic Upgrades - with QBO, all upgrades to the product are automatic and real-time. When a development is made by Intuit, generally you'll recieve it right away as it's completed and made available. New features continue to be added to QBO and the mobile app companion on an almost monthly basis.
- Security - QBO is very safe and secure. Your data is saved and stored online in one of Intuit's secure data centers, so both losing your data and having secure and fast access to it becomes a non-concern. You don't have to worry about syncing or installing software instances on multiple computers or platforms to share data with multiple users, if desired. And, oh BTW, Intuit has just been recognized as a 2017 Top 10 Most Trusted Company for Privacy by the Ponemon Institute.
QBO Has A Great and Growing Eco-System of Expandability
- Business Intelligence, Planning & Reporting? Check out Fathom, Qvinci, Finagraph, LivePlan and more.
- CRM? Take a look at MethodCRM, 17Hats, Karbon and more.
- Inventory? Give Fishbowl, SOS, Acctivate, Dear and other apps a look see.
- Time Tracking? TSheets, Harvest, When I Work and more stand ready to integrate.
- Sales Tax? Give a gander at Avalara, TaxJar, Taxify and more.
- Document Management? Rely on SmartVault, Hubdoc, LedgerDocs, Neat and other fine DMS apps and tools.
You're getting the picture ... there's a multitude to choose from, across multiple specializations ... and most, if not all, integrate seamlessly and with excellent support mechanisms in place to ensure your app enhancement works well with your QBO core software.
To Know It (And Recommend It), You've Got To Use It
For more QuickBooks Online info and resources, click here: QBO Resources Page. While you're there, look around and let us know how we can help you fly high (you can click below to schedule some time with us) ... see you in the cloud!