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Why Choose QuickBooks Online?

March 29, 2016 | By More

QuickBooks OnlineAs a small business owner it’s important to know where your business stands financially at all times. Gone are the days of monthly reports. Today technology has allowed business owners to get a good grasp on where their business is at any place or any time. The reason? QuickBooks Online.

QuickBooks online is an online software that integrates with over 300+ apps and bank feeds. Transactions are downloaded every day to ensure the most efficient and accurate reporting. There is a wide range of features that QuickBooks offers including advanced inventory functionality, job costing, bill pay, and payroll.

Why is it important? Let’s use an example of a landscape business. They have an influx of clients in the spring, summer and fall months but seem to hit a slower time during the winter, therefore, cash flow is low at this time.

This landscaper, we will call them XYZ Landscaping, gets called for a job plowing driveways in a residential neighborhood for an upcoming snowstorm. When the owner goes to check the snowplow they see it’s broken. The only solution in this case is to buy another snowplow but can XYZ Landscaping afford such a hefty purchase?

Checking the amount of cash on hand is not the best answer. XYZ has outstanding payables that may disrupt the low cash flow that occurs this time of year. XYZ calls their trusted accountant who has QuickBooks Online Certified Experts and asks for help looking into their account. They check the business accounts together and after a short analysis they come to find that the snowplow purchase will fit into XYZ’s budget. Because of QuickBooks online software XYZ was able to make a more informed business decision.

Having an up to date picture of where your business allows for smarter business planning so your business can make informed decisions. Situations like the one described above happen often with small businesses. Staying on top of the bookkeeping is necessary for strategic planning that, in turn, helps your business grow.

Contributed by Kathleen O’Dowd
Rackson Group Accounting Services is located in Danbury, Connecticut. For more information or to contact Kathleen O’Dowd, visit http://racksongroup.com

Article information should not be used exclusively to make legal, financial or tax decisions. Because laws and rules can change frequently, topics may not always be updated to reflect these changes or may not apply to your unique situation. It’s prudent to seek out the advice of a professional for your specific needs.

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Category: QuickBooks

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