We’ve all heard about ‘the cloud’ and how great it can be. We’ve been encouraged to move towards it, but how exactly do you get there and incorporate it into your business? Having an accounting practice has its own challenges – being a trusted advisor or helping clients understand the importance of keeping track of their financials.
I’ll be the first to tell you that moving to the cloud just makes sense. It means simplicity, efficiency and working smarter, not harder. We all want to find ways to serve our clients better, show them how they can focus on making more money and get away from good old-fashioned data entry.
There are many tools, referred to as “apps,” that are available to accountants that allow you to satisfy more clients, have better control of client data and experience efficiency in running their business. Using these apps together with QuickBooks® Online can streamline many manual tasks, allowing you to provide your clients better insights into their business.
Online applications have allowed my business to serve clients nationwide, operate as a paperless office and manage my clients from anywhere. Here are some QuickBooks apps that will help your business do the same.
Here’s a great time-saving tool. Instead of logging into your client’s bank accounts, one at a time each month, or waiting for statements to be received by email, you can log into one application that will automatically fetch all of your client’s statements, checks and deposits (yes, you can view those checks and deposits, too). No more bugging your client for that monthly statement and waiting for information that, if not received, stops you from moving forward.
Let’s make entering bills as easy as possible without entering manual data. With Entryless, PDF data will automatically be read and classified. All you need to do is approve the bills and they will be sent to the QBO file. The cherry on top for this app is that it’s free – up to 300 bills per month, per company. Give your clients the dedicated email and they can send those pdfs directly to Entryless, which entails no data entry into QuickBooks. This tool is a great option for fast and efficient accounts payable management.
What if you could enter a whole year’s worth of information, classify it and reconcile it in QuickBooks – in less than a day? Scanwriter lets you scan statements, and it will read all the transactions for you. Then, it lets you classify them, and once approved, sends them to your QuickBooks file and reconciles the transactions. The more data you scan, the smarter it gets. It will remember how you classify each vendor transaction so that it can recognize it for you when it comes through the bank again. This tool is a great example of being efficient with your time and being able to take on more clients.
QBO Downloaded Transactions
If you are not already using this tool, you need to log in and set up your bank and credit card accounts right away. This tool makes recording bank and credit card transactions a breeze, with no data entry and bank rules to create easy classification. It’s included in your subscription and saves you time. You can sort your transactions by vendor and/or date, which makes classifying multiple transactions quick and easy. With downloaded transactions, managing the financials becomes a snap since all transactions that cleared through the bank are easily entered in QuickBooks. Again, no data entry needed here.
If you’ve considered moving your business to the cloud, take the jump to QuickBooks Online. Do it, and don’t look back. You will find that you’ve already become a more efficient advisor and, with QuickBooks apps, accountants can truly focus on serving the client by being a trusted advisor, rather than spending all their time doing data entry.