There are an array of accounting software in our world today and a business could get completely overwhelmed trying to choose the right software to use, but there is one that stands out amongst all with its benefits, Quickbooks Online. The following video is a quick review of the software to give you just a little taste of its amazing functionality!
For the last 15 years, I have used Quickbooks as my main client accounting software. Up until 7 years ago, Quickbooks Desktop was the preferred choice between Quickbook's computer based software, and Quickbooks Online. This was mainly because the functionality still wasn't where it needed to be. But that all changed over the last several years and Quickbooks Online has become the dominant accounting software that my Company uses with clients.
My main reason for using Quickbooks Online is that it creates a very efficient accounting environment that frees up time to drive value added work for my clients. In other words, it gets rid of the time sucking tasks that basic accounting can present. This is a huge benefit that translates into cost savings.
There is no longer a need to spend countless hours per month processing accounting transactions when we have an accounting software that can actually learn our business through Artificial Intelligence (AI). For example, when Banking is set up in Quickbooks Online, you are able to connect all bank and credit card accounts to the banks. Those connections download all the transactions that are happening in the bank and credit card accounts, to Quickbooks. At this point, the AI is able to predetermine the accounts for each transaction based on online information about the parties the transaction is involved with and/or the account(s) used on prior transactions with the same vendor or customer. Just this simple process at the front end of the entire accounting process can set up the accounting department to be, at least, 20% more efficient by taking out the time needed to process transactions.
Another great feature is the fact that Quickbooks Online is an Open Source API, meaning that other software can be integrated with Quickbooks. This is great because we can connect a subsystem that is more detailed about its specific accounting area and have it push over top level accounting adjustments to Quickbooks Online. A good example of this would be an inventory software that holds all of the inventory information (purchases, sales, taxes, etc). The inventory subsystem would be the main base of reporting and information as those systems are built to handle the detail, so there is always an audit trail available.
Artificial Intelligence and Open Source APIs are just a few of the benefits that Quickbooks Online gives a business. But note that this accounting software can do anything that a small to mid-size business would need in terms of accounting functionality.
If you are a business that is looking to create or update a current accounting department, feel free to contact me with any questions you may have and we can review how Quickbooks Online can benefit your business.
Blue Collar CFO