Cloud computing is without a doubt the future of accounting and QuickBooks Online (QBO) software is a tool that helps SMEs capitalise on this growing trend. Although QBO is not suitable for all businesses, it is something that should be considered, as when used correctly, can be incredibly effective.
We have set out a case study relating to one of numerous clients who have migrated to QBO and where we provide bookkeeping and or management accounting services.
Businesses driven by cash flow, the ability to see whether it is running low on cash is invaluable.
Accounting software is a crucial cog in the overall machine that makes up a business, and choosing the right package can make all the difference.
One of our clients was migrated to QBO a year ago, and our experience has been extremely positive. The client was using a lesser-known software product, which lacked the flexibility and sheer scope of functionality that QBO offers.
Following an initial migration in 2014, we worked with our client to complete its year end in December and enable it to fully move all its accounting over to QBO. There are a myriad of benefits; one of the most important is that it is a cloud product, combining 24/7 access to data with no requirement for physical storage of that data. We and our client have also found QBO user friendly and intuitive.
Our client has been empowered by QBO, and can now perform a whole range of accounting activities it was not previously able to do.
After completing a full migration to QBO, we then sat down with the client and analysed what access was needed by whom. Again, the software provides the ability to mix and match people’s roles and give them the appropriate access. This can be tailored to each individual if required.
Our client has been empowered by QBO, and can now perform a whole range of accounting activities it was not previously able to do. The client can raise sales invoices and email them directly to clients, and these invoice templates can be customised. Once an invoice has been raised, the software will make the necessary book keeping entries.
QBO also allows clients to go one step further and link up to their bank account, which means all bank transactions can be downloaded into the accounting software, prompting for the nominal account it should be posted to. At this point the system starts to become intelligent, and the statistics it produces become really meaningful. Processing has also become faster and cleaner, having removed the possibility of human error.
Our client can now use QBO to access the sales ledger to chase debtors, and to look at the purchase ledger to identify who needs paying. Reports can also be customised, saved and shared with other users.
For more information about how cloud accounting can improve your business management and reporting, please contact us.
Paul Aller, Outsourcing Partner
T: 020 7596 2713