Technology Tip from Debbie L. Banks
QUICKBOOKS PROGRESSES INTO THE FUTURE
Intuit strives to stay current with emerging technology and is constantly seeking to anticipate the needs of businesses. This is not a new concept for Intuit, as QuickBooks Online (QBO) was one of the first SaaS (Software as a Service) accounting software applications available in the small business market. In fact, this product has been slowly evolving over the last decade, but increased focus over the last couple of years has resulted in a much more viable product.
It is important to note that QBO is completely independent of the QuickBooks desktop version. Its development originates within a separate unit of the company, and although there are some similarities between the online and desktop versions, the differences are clearly evident.
On the surface, you will find that the simplicity of QuickBooks desktop is still a priority for the online version. Like the desktop version, QBO is forms-driven and allows the user to customize menus according to his preferences. As with other Intuit products, creating a new company is reasonably intuitive, although there are no built-in suggestions for charts of accounts for different industries. However, this data is easily imported from a previous QuickBooks desktop company or from Excel. Users will experience other features, such as the customer and vendor lists, that are familiar from desktop QuickBooks, and these lists may also be imported or created "on the fly" while populating associated forms, such as invoices or purchase orders.
As the features and benefits of using QBO have escalated, so has its appeal to a wider audience. In addition to the U.S. version, QBO was launched globally in 2012 and now serves over 400,000 companies in 130 countries and is translated into 45 different languages.
So what are these enhancements that have propelled QBO onto the worldwide stage? As with other cloud-based applications, it is available for anywhere/anytime access. Whether you are in your office with your PC or Mac, at home on a laptop, or on the beach with your iPad or iPhone, you have 24/7 access to your data. Backups and upgrades occur automatically, and bank and credit card information can be set up to download transactions every night, possibly eliminating a considerable amount of data-entry.
Perhaps the two most notable improvements over other versions of QuickBooks are the real time access for your accountant and the 3rd party applications available for integration with QBO. First of all, those familiar with accountant's copies will likely not despair that they are irrelevant in the QBO atmosphere. Once you initiate the invitation, at no additional cost, your QuickBooks ProAdvisor will have full access to your live data file. Reporting, making adjustments and helping solve issues will no longer be dependent upon sharing files back and forth. The accountant will simply log into your working file. In addition, a myriad of 3rd party applications available directly from your QBO menu through Intuit Marketplace allow you to stretch and customize your file to incorporate pertinent functionality such as inventory, shipping, online sales, customer relationship management, and more.
QBO is available in an entry-level version (Online Simple Start), a
mid-size version (Online Essentials) and a top-of-the-line version (Online Plus). As you go up, the capabilities and features increase, but so does the price. If you are considering QBO, please let us know. One of our SME ProAdvisors will help evaluate your needs to determine whether QBO is a good fit for your business, as well as which level of the product will give you the best outcome for the best price.
