http://onforb.es/1gakLR5 Tom Taulli Contributor I write about tech & finance.
Opinions expressed by Forbes Contributors are their own. ENTREPRENEURS 12/28/2013 @ 11:34AM 5,688 views Starting A Business: Tips For Using
QuickBooks Online
One of my clients uses a spreadsheet to keep track of the
finances for his business. But as should be no surprise, it has
turned out be more of a hassle than its worth.
So he asked me about getting a software package. The good
news is that there are many great solutions available – and the
pricing is generally affordable. But for me, the solution I have
the most experience with is Intuit’s QuickBooks Online.
OK, what are some of the steps
that a small business owner can
take to get lots of value from the
software? Here are some tips:
Cloud: For small businesses,
this is really the ideal approach.
You can access the software so
long as you have access to the
Net (which seems to be
everywhere nowadays!) As a
result, there is no need to back­up files or maintain any IT
infrastructure, such as a server. You also do not have to manage
multiple versions of the software since it is automatically
updated.
Mobile: QuickBooks Online allows you to access and manage
your accounting from your smartphone or tablet. Since many
small business owners are often outside the office – or don’t
have one – this is a tremendous convenience. You can also setup
alerts and email periodic reports, such as on your cash balance
or customer payment activities.
Invoices: QuickBooks Online makes it super­easy to create
invoices and have them automatically sent. You can also provide
an option for your customers to pay, say via credit card or ACH. As you can see, accounting is more than just about tracking
information. It can be a powerful tool to improve your business.
And yes, one of the best ways of doing this is making sure you
get paid!
Activity Log: This shows the activity in your QuickBooks
account like logins and financial transactions. It’s a good idea to
keep an eye on this feed. If you see unusual activity – say lots of
checks going out – there could be fraudulent activity.
What’s more, you should provide limited login rights to your
employees. For example, a person should not have the ability to
record a transaction and also send out a payment. This simple
“internal control” should help reduce the possibility of fraud.
Apps: QuickBooks has third­party software you can add to your
system. Just some of the functions include inventory
management, CRM and project management.
Perhaps one of the most interesting apps is Bill.com. It allows
you to make your business “paperless.” That is, you scan your
bills and they are automatically sent to QuickBooks. The app
then provides for approvals, storage of contracts, check printing
and updates to the cash flow projections.
Tom Taulli (@ttaulli) operates MasterCFO, which helps early­
stage companies with accounting, payroll and taxes.
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