Thinking about QuickBooks Online?
I hear from so many business owners who are thinking about using QuickBooks Online. Perhaps they used the desktop version but were overwhelmed by its multitude of features (which is actually a good thing for us accountants!), or perhaps they are trying to bring their business into the 21st century and go virtual, or for many QuickBooks Online (hereafter "QBO") provides the flexibility they need to manage their finances remotely, possibly from a Starbucks, possibly while on vacation. However, there are a few considerations before you can make the decision.
QuickBooks Online is a great product with the benefits mentioned above. It isn't all things to all people. Although Intuit continues adding features to the product, it is still geared in my opinion to provide a more simplistic system and as such is geared to small businesses which do not have terribly complex accounting needs. For example, only the desktop QuickBooks Enterprise product allows you to combine reports from multiple companies (assuming you have them!), which is invaluable in those situations. I would never want to perform this task manually and so I use Enterprise for clients with multiple entities that need consolidated statements.
I must say that Intuit has done a terrific job of leading you through the conversion of your data when moving from the desktop product to QBO. This tends to be a little scary since you are putting your good company records in the hands of a behind-the-scenes conversion product, but I've never had a bad experience yet. As long as you backup your data first you can always go back, so you can't go wrong.
If you need help converting to QBO or deciding whether it's for you, contact me. I can help you through the process as well as offering a discounted wholesale price for your monthly subscription fee.
Enjoy the journey - it's what matters!