Raise your hand if you want to track your business finances in one place that is easy and secure to access whenever you desire. If your hand is up, you need QuickBooks Online. It is an advanced accounting software that is perfect for your business because you get 24/7 online access backed by the reputation and security of Intuit. QuickBooks Online is subscription based so you pay a small monthly fee that ranges from $25 to $125 depending on your needs.
The point of accounting software is to produce financial statements that allow owners and managers to make informed business decisions. The three most important statements are the Balance Sheet, Income Statement and Statement of Cash Flows. QuickBooks Online produces all three in real time. You also get access to numerous other reports that drill down into the details of your business operations.
As a quick reminder, the Balance Sheet lists assets, liabilities and equity. The Income Statement compares revenues and expenses. The Statement of Cash Flows tracks inflows and outflows of cash. The information contained in these three statements is crucial to owners and managers. If you are not reviewing them on a regular basis, expect trouble ahead.
Financial statements and other reports must be accurate to be useful. QuickBooks Online has numerous fail-safes to make sure this is the case. Checking and credit card accounts are linked in for seamless transfers of data between the bank and the books. Monthly reconciliations ensure all transactions have been entered. Reports allow management to confirm transactions are assigned to proper accounts. These systems work together to ensure your reports are accurate and useful.
Payroll service is a cool add-on that makes paying employees simple and easy. Employees enter hours worked and management approves everything before paychecks are created. Paycheck data automatically flows to the financial statements and other reports. FICA and withholding taxes are calculated and remitted automatically. QuickBooks Payroll has various levels depending on how much you want to be involved in the process.
Got inventory? QuickBooks Online does a great job tracking basic inventory. If your tracking needs are more robust, there are apps available to handle any level of complexity. The apps are certified and approved by QuickBooks to ensure reliability and accuracy. There is a vast array of non-inventory apps available to suit your needs.
If you are ready to take your accounting software to the next level contact JWTW Industries. Our staff is QuickBooks certified giving you confidence in our ability to put the software to work at its full potential. If you already track your data with other software including QuickBooks Desktop, or use spread sheets / handwritten ledgers, we assist with your transition to the big leagues. If you already use QuickBooks Online, we show you how to get even more out of it. Contact us today for details on the many benefits of QuickBooks Online and how it will help your business thrive.
JWTW Industries L.L.C. provides the information in this blog as a general guide. Tax laws are extremely complex, and every taxpayer is unique. Some or all of this information may or may not apply to you. We provide simplified situations to clarify some of the major aspects and highlights of the topic at hand. Some of the language used is casual and may be misconstrued. Please make an appointment with us soon to discuss your particular circumstances.