Exploring the Benefits of Sharing Bookkeeping Tasks with QuickBooks Online
Back in 1984 when I went to work for my first accounting firm (yeah. I’m that old), client bookkeeping was a laborious process. A business couldn’t “share bookkeeping tasks in real-time like you can now.
With the advent of cloud based accounting software like QuickBooks Online, this allows you to offload as little or as much of the bookkeeping task list as they want.
Bookkeeping is boring. It’s a cost center, i.e. the accounting department doesn’t make money, it costs.
It’s also the hub of all financial information for your company. Without good data, you can’t make good, educated decisions. Sure, you may get lucky, but are you really so sure your instincts are right that you’d risk your financial future?
What Do You Mean When You Say “Share Bookkeeping Tasks”?
A typical accounting department for a big company will have multiple people working different aspects of the bookkeeping function.
You’d have an accounts receivable department for billing clients and collections. There would be an accounts payable department to pay bills and deal with vendors. There may be payroll, inventory, receiving… This is a true separation of duties.
Something you almost never see in a small business.
Sharing bookkeeping tasks with your accountant through QuickBooks Online comes with a wide range of benefits, changing how you do your books to improve accuracy and keep your records current.
What Are Some Benefits Of Sharing Bookkeeping Tasks?
Accessibility and Collaboration
QuickBooks Online allows multiple users to access the same financial data at the same time from different locations. This feature is what allows you to share your bookkeeping tasks with users from out of your geographic area. Accountants, bookkeepers, and business owners can work together, reducing the risk of errors and ensuring everyone is on the same page.
Time Efficiency
Automating bookkeeping tasks significantly reduces the time spent on manual data entry and calculations. QuickBooks Online automates several processes, such as bank reconciliations, invoice generation, and expense tracking. This not only saves time but also minimizes the margin for human error, allowing business owners and their teams to focus on other critical aspects of the business.
Real-Time Financial Insights
The software provides real-time financial data, which will allow you to make educated decisions in real time. With current information on cash flow, expenses, and revenue at your disposal, you can gain a better understanding of your financial health. This insight is invaluable for making strategic decisions and adapting to changes swiftly.
Customization and Scalability
QuickBooks Online offers a high level of customization to suit the specific needs of various businesses. It can accommodate a range of industries and business sizes, from startups to large enterprises. As businesses grow, the software scales accordingly, providing additional features and support for evolving financial needs.
Security and Compliance
QuickBooks Online employs robust security measures to protect sensitive financial data. Regular updates and cloud-based storage ensure that data is securely backed up and guarded against potential threats. Furthermore, the software helps in maintaining compliance with tax regulations and financial reporting standards, reducing the risk of non-compliance penalties.
Integration and Streamlined Processes
The software integrates with a wide array of business applications, creating a unified ecosystem. This integration streamlines various processes, such as payment gateways, payroll, and inventory management. It minimizes the need for manual data entry across multiple platforms, reducing errors and enhancing efficiency.
Cost-Effectiveness
QuickBooks Online offers different subscription plans, making it cost-effective for businesses of all sizes. By automating tasks, reducing the risk of errors, and enhancing productivity, it ultimately saves money in the long run. Additionally, the software minimizes the need for extensive training or hiring specialized personnel, further reducing operational costs.
Conclusion.
The ability to share bookkeeping tasks is a game changer of which I wish more small business owners took advantage. It would be like playing golf with Tiger Woods golf coach. You could hire someone who can be a data entry person and have your accounting firm take care of the rest! The savings would probably pay for the accounting firm services.
I think the biggest benefit is your books will always be current. Current information is necessary when making the best decisions regarding inventory, payroll, capital investment…You need this info to make the right decision.
So there you have it. How we share tasks with our clients. It works. That’s all I can say. It really works.