When you’re a small business owner, managing your finances and taxes is not always easy (unless of course you hire The Entrepreneur’s Financial Group 😉). But even I have a secret weapon when it comes to doing your bookkeeping, creating financial statements, tracking supplemental documentation, and even invoicing my own clients.
That secret weapon is QuickBooks Online. It is the only accounting software I currently use and recommend to new clients (with discount pricing).
Here is why you should be using QuickBooks Online if you are serious about maintaining and growing your small business:
1. Saves Time. As an entrepreneur, your time is valuable. QuickBooks Online can streamline many of your financial tasks, such as invoicing, payment reminders, and payroll. It automates these tasks, freeing up your time so that you can focus on more important things, like growing your business.
2. Improves Accuracy. Manual accounting is prone to errors. One misplaced digit can throw off your entire financial report. QuickBooks Online ensures that all your transactions are recorded accurately and in one place, making it easy to keep track of your finances. This can help you avoid costly mistakes and ensure that your financial reports are accurate.
3. Provides Real-Time Financial Reports. One of the most significant advantages of QuickBooks Online is that it provides a huge variety of real-time financial reports. This gives you a clear picture of your business’s financial health at any given moment. You can see your cash flow, expenses, and profits in real-time, which can help you make informed decisions about your business.
4. Ensures Compliance With Tax Laws. Tax laws and regulations can be complex and ever-changing. QuickBooks can keep you up to date with tax laws and regulations, helping you stay compliant and initiate important conversations with your tax accountant. It can also automate tax calculations and generate tax reports.
5. Enhances Security. QuickBooks Online is a cloud-based software and uses bank-level security to protect your financial data. This ensures that your data is secure and protected from cyber threats. You can have peace of mind knowing that your financial information is safe and secure.
Many small business owners think they can handle their finances on their own with just a bank account and a spreadsheet, but the reality is, as your business grows there are more transactions and a higher risk of mistakes in the bookkeeping spreadsheets. This is why I recommend getting accounting software when you have a minimum of 10 to 15 transactions per month. QuickBooks Online is the best option in my opinion for beginners and even those with complex businesses and multiple streams of income.
However, with that being said, it is still accounting software, and you should know the foundations of accounting if you’re going to use it on your own. I’ve seen too many business owners make a huge mess of their books so at least hire a professional accountant on monthly, quarterly, or yearly basis before tax season to review your QuickBooks.
If you’re interested in hiring EFG to help with QuickBooks, book your discovery call here.
If you’re ready to jump in with QuickBooks Online grab 30% OFF for 6 MONTHS here.