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Bookkeeping for small business: should you be using QuickBooks?

Monday, January 21, 2019 - by Max Business

Here at Maximum Business Solutions, we’re big fans of cloud bookkeeping. If you ask us, cloud software is changing bookkeeping for small business.

Now you can:

  • Collaborate on your bookkeeping
  • Access your books whenever, wherever
  • Automate data entry and invoicing
  • Enjoy backups of all your bookkeeping

Xero and MYOB are two the two most popular cloud bookkeeping platforms (and the ones that we recommend). However, there’s a new kid on the block that brings a couple of unique features to the table.


(Re-)introducing QuickBooks

Does the name sounds familiar to you? It should - way back in the desktop-era of bookkeeping, QuickBooks was arguably the second-biggest name when it came to bookkeeping for small business. Chances are, your business was either using this or MYOB.

Since then however, a lot has changed. Namely, the rise of cloud bookkeeping, and all the benefits that come with it.

In response to this, Intuit (the owner of QuickBooks) decided to shake things up.

The old, desktop-bound QuickBooks? Rebranded to Reckon Accounts, with the QuickBooks name being reassigned to their brand-new cloud bookkeeping platform.

So while the name might be the same, in practice you’re essentially using a completely new program!

 

Old vs new QuickBooks

QuickBooks is now a cloud bookkeeping platform. Using the power of the cloud, it gives you the power to take your small business bookkeeping on-the-go. You enjoy the ability to:

  • Invoice
  • Manage sales
  • Bill
  • Track expenses
  • And more

… all without the need to meet your bookkeeper or head back to the office.

Its focus? Making bookkeeping easy for people who possess zero bookkeeping experience (read: most small business owners).

Bookkeeping can be challenging if you don’t have the requisite experience or training. Add learning a complex bookkeeping program to the equation and you have a recipe for mistakes and slow bookkeeping.

By automating and streamlining your small business bookkeeping, this new cloud-based version of QuickBooks minimises the risk of making an error.

And even if you do understand bookkeeping for small business, that doesn’t change the fact that a lot of the work is somewhat dull and time-consuming (and that’s coming from someone who does this for a living!)

 

What makes QuickBooks unique?

So that’s what QuickBooks brings to the table. But let’s face it, any cloud bookkeeping program worth its salt comes with those features as standard. What is it that QuickBooks does that no other cloud bookkeeping platform can?

 

Online quotes and invoices

We spend more and more of our time online nowadays. Education, entertainment… and of course, shopping are all conducted online now.

The problem? Not that many cloud bookkeeping platforms let you process online invoices (yes, we’re aware of the irony).

Instead, you’ll have to create the invoice manually. Sure, it isn’t a major deal. However, it’s certainly annoying!

Unlike other platforms, QuickBooks integrates with online payment systems like PayPal and Bitcoin. It can also process online credit card transactions, automatically including them in your bookkeeping reports.

 

Time-tracking

It isn’t just expenses, invoices and purchases that QuickBooks looks after - did you know that QuickBooks also looks after time-tracking for you?

Since purchasing time-tracking app Tsheets in 2017, users of QuickBooks have been able to enjoy with accurate time-tracking right out of the box.

In addition to giving you a better idea of how long your staff are on the clock, you’ll also save precious time - QuickBooks automatically generates timesheets and totals up what you need to pay.

Just think of how much time that could save you!

 

Mileage

Sending one of your employees on a sales call? Do you charge for travel time? Interested in how much fuel you can claim deductions for?

Using GPS tracking and Google Maps integration, QuickBooks automatically calculates your mileage. You’ll know how far you’ve travelled, how much petrol you used up and what deductions you’re eligible for.


Bookkeeping for small business taken to the next level

Get set up with Maximum Business Solutions

At Maximum Business Solutions, our passion is giving your business the solutions to your bookkeeping struggles.

Our team create tailored solutions for your business. We’ll set up cloud bookkeeping systems, train you on how to use them and provide good old-fashioned bookkeeping.

Choose a bookkeeper that specialises in bookkeeping for small business. Tell us what your business needs, and we’ll build you a solution that works for you.

Give us a call today on (03) 9589 0128, or click here to organise a friendly chat.