When considering whether you should be using QuickBooks Online for your small business, do you feel like you are out in the dark and really do not understand the differences?
In this post, our objective is to explain the differences in a way that will help you to make an informed decision and one that will benefit you for years to come.
In addition to QuickBooks Online being a cloud-based program and having the general advantages that come along with using a cloud-based program, QBO also offers other advantages over the desktop version.
Listed below are some of the advantages over using QBO over the desktop version.
Invoice and Sales Receipt Automation: The QuickBooks desktop version will allow you to memorize these transactions however the online version takes it one step forward by sending
them for you automatically.
Delayed Customer Charges/Billing: QuickBooks Online will automatically create invoices for unbilled time and costs where the desktop version will not.
Activity Log: While both flavors of QuickBooks offer an audit trail that will track transaction creation, modification and deletion QuickBooks Online will also track logins, third party transactions and list changes.
No Accountant Copy Needed: Since QuickBooks Online is cloud-based, there is no such thing as an Accountant’s Copy. The Accountant can just log right in with their own login and password and do what needs to be done.
Bank Transactions are automatically downloaded: In the desktop versions, a password must be entered along with initiating a bank download. QuickBooks Online does this automatically every night.
Automatic Email Reporting: QuickBooks Online allows you to set up memorized reports along with groups of individuals and will automatically email those reports for you. The desktop version does not offer this functionality.
Unlimited Report Reader/Unlimited Time Tracking: QBO allows for unlimited users for report viewing only along with time tracking. The desktop version does not.
Class and Location Tracking: While QuickBooks desktop version allows for reporting by class, OBO allows for reporting by class and/or location and can report what is being tracked.
Journal Entries: OBO allows for multiple accounts in A/P and A/R journal entries. The desktop version does not thus causing year end entries to become time consuming.
Based on your needs, QuickBooks Online allows greater functionality from both a cloud perspective, see our previous post Cloud Based Bookkeeping-What is in it for you?, along with the advantages listed above.
If you find that you are still unsure as which product to use, please contact us, we would enjoy the opportunity to assist you in making an informed decision.
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