Benefits of QuickBooks Online
Updated: Aug 10, 2022
The world is getting smaller as technology advances. People are working from all over the place, no longer restricted to a physical location. Business owners are on the move too, clinching deals, speaking to suppliers, checking the merchandise, etc. With that in mind, more and more businesses are turning to QuickBooks Online (QBO) for their accounting needs. With over 4.5 million users strong, it is certainly a testament to how popular the software is. So, what is the secret of the success of QuickBooks Online? We examine just some of the many reasons for switching to them.
A real-time dashboard that provides power insights
Busy business owners often find themselves checking on daily sales and other information to keep themselves up to date. Sometimes they had to look around to find relevant information. This takes away time that could be better used at running the business instead. It is also a source of frustration for business owners.
QuickBooks Online provides an informative dashboard on the homepage every time a user logs in be it on a web browser or with their app. The user can immediately have a glance at key metrics and visualize data and KPIs. They will see vital insights such as banking, sales, expenses, reports, taxes, accounting, and more presented in professional and easy-to-understand graphs and charts. With this information, business owners will know what they will need to do next. The dashboard is also customizable to each user’s need and there are settings if the user wants to see more detailed reports. No more wasting time calling up employees just to keep updated on the latest sales figures.
QuickBooks Online dashboard
Filing customized GST/Tax with Exception Detail Report
So, what are Exceptions? Exceptions are the transactions that were previously filed but since have been updated. It could be transactions that were amended, added, or even deleted. They are usually found in a column named “Exception Amount” when you prepare GST/Tax returns. Having this column ensures no sales tax collected or credits earned are missed out.
Preparation of GST F5 Return E-filing
The GST F5 is a return in which registered entities declare the sale of goods and, purchases made from the GST registered businesses, the amount of GST collected, and GST to be claimed for the relevant accounting periods. It is usually filed quarterly to the Comptroller of GST unless otherwise mentioned.
With QuickBooks Online, the process that is usually time-consuming is done with just a few clicks. Businesses will be able to generate GST F5 summary report and GST F5 detail report swiftly. Once done businesses will be able to file GST online via the Inland Revenue of Singapore (IRAS) portal with a click in QuickBooks Online.
87 customized reports
87, yes that is the number of reports you can run with QuickBooks Online. Reports that can satisfy even the most demanding users' needs. Some examples of the reports that are available includes:
Business Overview
Balance Sheet Summary
Profit and Loss Detail
Profit and Loss year-to-date comparison
Statement of Cash Flows
Who owes you
Accounts receivable aging detail
Invoices and Received Payments
Open Invoices
Sales and customers
Income by Customer Detail
Inventory Valuation Detail
Sales by Customer Detail
Stock Take Worksheet
What you owe
Accounts payable aging detail
Supplier Balance Detail
Expenses and suppliers
Purchase List
Purchases by Product/Service Detail
Employees
Employee Contact List
Recent/Edited Time Activities
Time Activities by Employee Detail
For my accountant
Balance Sheet Comparison
General Ledger
Profit and Loss by Tag Group
Reconciliation Reports
Statement of Cashflows
Transaction List with Splits
Payroll
Employee Contact List
Recent/Edited Time Activities
Time Activities by Employee Detail
And much, much more!
Powerful mobile app
The QuickBooks Online app cuts away the need to be tied down by big bulky computers. The mobile app allows you to quickly send professional-looking invoices or estimates with a few easy steps. And when the customer is satisfied with the estimate; just turn it into an invoice with one click! Your customers will be able to sign off the invoice right from their mobile devices with their fingers. And most importantly you get paid faster because you no longer need to wait till you are back in the office.
With built-in automation, QuickBooks Online helps you out by auto-reminding customers when the due date is near. Recurring invoices also can be set up for customers that need to bill on regular basis, so you do not have to check your notepad frequently. An automatic reminder can also be set up to help chase those payments.
Recording receipts are easy when you can snap receipts right away on your phone after receiving them so you will never lose them again. They will be kept safely in the cloud until it is time to file taxes.
When you are out and about, the QuickBooks dashboard of the app gives you a full picture of your financial picture at any time and place. From the app, you will also be able to track the payments in real-time immediately. Talk about freedom!
Multi-currency
Does your business deal with foreign suppliers, or sell to foreign customers? Or do you employ staff in other countries? Today, it is becoming more common for businesses to deal with foreign entities, hence the need for a multi-currency capability. A feature usually available only with expensive plans by other companies, the multi-currency feature comes as standard with affordable QuickBooks Online Essential Plan, and QuickBooks Online Plus Plan.
QuickBooks' multi-currency feature helps you record transactions easily without worrying about exchange rate conversions. You can turn the feature on and track exchange rate gains and losses with ease.
With all the benefits and more, perhaps it is time for your business to move on to cloud-based solutions as well. Contact us to learn more.
References: QuickBooks Online Singapore