About a week ago, someone I know reached out to me to get my advice on setting up his small coaching business. He especially wanted to know the best way to invoice and collect money from his clients. The first question I asked was “What software are you using to keep track of your business financials?” As a newbie business owner, he hadn’t thought about that. He told me he was going to just deposit money into his personal account and proceed as usual with paying his bills.
As a virtual office manager whose job is to help small business owners set up and manage their business, I do not everrecommend mixing your personal and business monies. Start off right. Open a business bank account (or at least a separate personal account just for business), and invest in some sort of software to help you manage your bookkeeping.
My absolute favorite software is Quickbooks Online, and I use it for every one of my clients. Here are some of the benefits you can expect when you are a Quickbooks Online user:
Your Financial Data is Safe in the Cloud
Yesterday I had the pleasure of visiting the Intuit (makers of QB products) campus. A friend of mine is a contractor there. One of the things every employee or contractor that works there understands is that the number one priority of Intuit is to keep customer data safe. The number two priority is to keep employees happy so they work hard to keep customer data safe.
Your Bookkeeping Can Be Virtual
As a virtual office manager, this makes me happy, and it should make you happy too. You can handle your bookkeeping from anywhere you have a safe, wifi connection. Need to invoice a customer on the run? No problem. You can use the mobile app to invoice on your phone. Want a virtual assistant to handle your bookkeeping for you? Easy peasy. You can make bookkeepers and accountants users on your account.
Automatically Download all Bookkeeping Transactions
One of the time-saving features of QB Online is its ability to connect to your bank and credit card institutions and download all your transactions. All of your banking transactions will sit in a queue for you, waiting for your review and approval. It allows you to assign the proper income and expense category to each transaction. QB Online will look for invoice matches when receiving a deposit. It will automatically save an expense category based on what you assigned in the past. Rarely will you need to manually enter
Customize for Your Business
Quickbooks Online enables you to customize invoices, income and expense categories, service and product offerings and other features that are unique to your business. They, of course, offer standard options, but you do not have to try and fit your business into their model. Upload your logo for a beautiful customer invoice. Create categories that give you the financial reports that have meaning to you.
Quickbooks Online Scales as You Do
Their simple start package starts at $10/month, with their Essentials and Plus packages being $24 and $35/month respectively. As your business grows and you need more features, Quickbooks will grow with you. However, unless your small business is super complicated, you can probably easily get away with the Simple Start package. Most of my clients do.
Getting Paid is Easy
Quickbooks Online allows your customers to pay via credit card or free bank transfer. Simply turn on that option and email an invoice to your customer. The customer clicks on the Pay button and processes their payment online. Payment from the customer is automatically recorded against the open invoice and added as a bank deposit in your account.
Monthly Bank Reconciliations Take Minutes
Have you ever reconciled a bank statement manually? It’s probably one of the most dreadful tasks, and many people just avoid it altogether. But with Quickbooks Online, the reconciliation process literally takes minutes, providing you’ve stayed on top of reviewing and approving all your bookkeeping transactions. This ensures all your financial data is accurate at all times.
No More Gathering Financial Information to do Taxes at the End of the Year
Everything you need for your accountant is in Quickbooks. There are plenty of financial reports you can send to your accountant to help him/her do your taxes. Or your accountant can log in to your account and run his/her own reports. No more entering data into spreadsheets, adding up all your receipts at the end of the year or going through your bank statements to make sense of how much money you collected. Now all you have to worry about is whether or not you owe the IRS.
Customer Service is Great
After taking a tour of the Intuit workplace, I can definitely see why their customer service department is happy and helpful. Any time I have called in for assistance, they were able to resolve my problem on the spot. With an emphasis on employees, Intuit offers every amenity one could ask for. Not that an Intuit basketball court, fitness center, beautiful cafeteria, coffee bars,
9 Reasons Why I Love Quickbooks Online for my Small Business Clients
November 15, 2017