Written by: Katie Dahlke
Many businesses often ask “Should I switch to QuickBooks Online? What should I be worried about? How does the transition work?”. The truth is that QuickBooks Online has certainly become the wave of the future in accounting systems. Intuit does a great job administering the data transfer from desktop to online and there are endless resources to help make the transition successful if you decide it is right for your business. So, let’s discuss some pros and cons of QBO!
QuickBooks Online is a safe and secure way to store your QuickBooks data in the cloud and can virtually be accessed anywhere you have internet access or through your mobile device. Many of the same loveable features that are available in desktop are also available in online. Invoicing, expense tracking, class tracking, inventory management, and financial reporting all are versatile and customizable. Some of my favorite features are the easy invoicing process and compatibility with bank feeds and other online third-party applications. QuickBooks Online allows you to email an unlimited number of invoices and you can also enable a smart pay option to let customers click right on their invoice and pay the same day. Additionally, QuickBooks Online has introduced a new user dashboard board that allows users to customize it to provide any or all information that pertains to their role in the accounting process.
QuickBooks Online does pose a learning curve. If you or your staff have years of experience inside desktop versions it will most likely take some time to adapt to the layout of the online version. I recommend communicating with staff their responsibilities in learning how to use QBO and perhaps invest in Intuit training. Additionally, if you do payroll in-house, you may want to assess the cost of payroll in QBO as this feature is a separate price per month, and there is a surcharge per employee. However, this can be a good reason to outsource your payroll to a specialized third party such as MBE’s affiliate Payroll Solutions. Lastly, you want to make sure that you have a reliable internet connection. QBO cloud-based hosting is one of its greatest strengths but can also be its greatest weakness. If you operate in rural areas with intermittent connection, you may want to stick with desktop to lessen the risk of lost data or downtime.
If you would like to discuss this in further detail, give us a call at any of our offices and ask to speak with a QuickBooks ProAdvisor.