WANT TO RECEIVE FINANCIAL MARKET UPDATES STRAIGHT TO YOUR INBOX?FINANCIAL MARKET UPDATE 5.17.2022 AUTHOR: JOSH JENKINS, CFASTORY OF THE WEEK A BEAR MARKET FOR THE FANMAG STOCKS It has been a very tough start to the year for a handful of extremely popular large-growth...
LUTZ BUSINESS INSIGHTS
Cloud-Based Accounting with QuickBooks Online: Is It Right for You?
Mike Perry, Client Accounting Services Director
You’ve probably been hearing for years that everyone is moving to the cloud for their small business accounting. That’s actually not true. You may be one of the millions of companies that still use established manual methods, with perhaps a little work in Excel. Or maybe you’re still using the desktop version of QuickBooks because you like the idea of your financial data residing on your physical drives.
But it is true that the cloud is where most of the real innovation and growth resides. QuickBooks Online launched over a decade ago. It started small but has nearly caught up with QuickBooks desktop’s capabilities, surpassing it in some areas.
QuickBooks Desktop vs. QuickBooks Online is more than a feature war, though. Working in the cloud has advantages that go beyond what’s on a product’s spec sheet. Here are five things that might be stopping you from trying it.
1. It’s not safe.
Making the leap from desktop software to an online solution makes many people nervous at first, thanks to all of the stories in the news about hackers and data breaches. But QuickBooks Online’s security measures are at least as strong and effective as what your banks use.
2. I might lose my data.
Yes, that’s a nightmare scenario. But Intuit, the maker of the QuickBooks product lines, stores and backs up your business information on servers that are constantly monitored for intrusions. Your data is actually protected 24/7 by full-time security staff. You can read more about QuickBooks Online security here.
3. My company isn’t big enough to need a cloud-based solution.
You don’t have to be a Fortune 500 company to benefit from cloud-based accounting. QuickBooks Online actually has five service levels that begin with an application called QuickBooks Self-Employed, which could be used by an independent contractor or freelancer with very simple needs.
4. My company is too big for an online accounting application to handle.
That may not be true. QuickBooks Online Advanced supports up to 25 users. Beyond its top-notch core accounting tools, this solution offers sophisticated features like workflow automation, powerful analytics and insights, project profitability, and enhanced reports.
5. I take notes at meetings and enter them into my accounting system when I return. Why would I need the cloud?
All the more reason to consider QuickBooks Online. It has a mobile app that doesn’t replicate absolutely everything found on the browser-based version, but it supports enough tools and data that you can create and edit records and transactions while you’re sitting in someone’s office, and that information will be immediately synchronized with the version of QuickBooks Online that resides on your PC. You can even snap photos with your smartphone and create expense records.
You’re probably already working in the cloud for applications like email and word processing. Accounting can be a logical next step for you. Sign up for a free trial of QuickBooks Online, and we can show you how it works. Please contact us if you have any questions.
ABOUT THE AUTHOR
MIKE PERRY + CLIENT ACCOUNTING SERVICES DIRECTOR
Mike Perry is a Client Accounting Services Director at Lutz with over 15 years of accounting experience. He focuses on providing business consulting, software implementation and training, accounting procedure assistance and outsourced accounting replacement consulting for closely held companies.
AREAS OF FOCUS
AFFILIATIONS AND CREDENTIALS
- American Institute of Certified Public Accountants, Member
- Nebraska Society of Certified Public Accountants, Member
- Intuit Certified ProAdvisor, QuickBooks Advanced
- Certified Public Accountant
- BSBA in Accounting, University of Nebraska, Kearney, NE
- Community Bike Project Omaha, Past Treasurer
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