QuickBooks is considered one of the best accounting software for accountants, CPAs, and bookkeepers. The software is famous for the small and medium-sized businesses as it offers on-premises accounting applications as well as cloud-based versions. It is widely used for accepting business payments, managing and paying bills, and payroll functions.
The cloud-based version is preferred by most of the SMBs as it comes with the additional features that you would not get in the on-premise application. Where the coronavirus COVID-19 pandemic is affecting the accounting industry, it is a prime time for the businesses to make the switch to the cloud, if not done already.
The business market is buzzing with accounting software that promises stringent security measures with a huge price tag. Furthermore, such software does not guarantee users an easy user interface.
However, when it comes to the simplest and most efficient amongst data safekeeping platforms/ software, QuickBooks bags the rank. QuickBooks comes up with all the accounting options required for small and medium-sized businesses. It provides the on-premise application as well as cloud hosting services.
QuickBooks can help via:
- Managing business transactions
- Handling payroll functions
- Dealing with bill payments
The Benefits of QuickBooks
QuickBooks, the accounting software, is used widely around the globe, and there are various reasons for it. The usability of the software is very simple for small and medium-sized businesses. Due to its ease of use and maintenance, it can even export the reports to different applications.
Some of the other distinguished reasons include:
1 Saves Time
Quickbooks simplifies the accounting method. Because of its use, the time it would have taken for you to complete the work manually gets saved. The time and efforts of the business are saved which is further used in the other sectors of productivity for the company. The association of QuickBooks with the order management system saves a large number of accounting man-hours.
2 Track Bills and Build the Payments
The promptness in providing the service is one of the most important factors for a business to grow. With QuickBooks, you get to trace all the unsettled bills to your vendors. Therefore, the payment is directly created through on-line bill payment or via a check. This keeps the accounts owed balance updated and it additionally reduces unnecessary information entry and maximizes productivity.
3 Control Income
For the management of income, QuickBooks is considered a great tool to keep in check of the daily transactions made by the businesses. With it, you do not need to use the net bank balance. All you need is to keep the QB file updated and you can easily manage the income of the business/ company.
4 Instant Generation of Economic Reports
With a single press of a button, the money reports are generated with the QuickBooks software. The report can have:
- Sales figures
- Worker prices
- Outstanding invoices
The report generation is instantaneous, whereas if worked upon manually, it would take hours for making a factually correct report.
5 Transformation of the Payment System
In case the purchasers are not carrying money then the software, QuickBooks can come to their rescue. Like QuickBooks, the client can pay on-line by employing a MasterCard and acquiring the invoice via email.
These are several perks that you can avail with QuickBooks to flourish your business. Due to these factors, the demand for QuickBooks has multiplied over the years and it has been the most within the USA.
The QuickBooks software is available for each of the operative systems: Windows and Mac.
The accountants prefer cloud-based service of QuickBooks because it provides options like:
- Remote Accessibility to Multiple Users and Devices:
Multiple users can access the data and files from any place around the world. The accessibility is open to anyone possessing any internet-enabled devices.
- Daily File Backup:
The cloud service takes the daily backup of the files so your files stay safe even within the worst state of affairs.
- Instant Access:
With the QuickBooks cloud server, you can get instant access to the files with no hindrance.
- 24x7 Technical Support:
Highly-trained assistants are accessible to guide you in case you face any issue related to QuickBooks usage or have queries to get a better grip on the cloud hosting platform. These consultants are available 24x7, ensuring that the users do not face any technical problems or wait for the commencement of the next working hours.
A closer look at the USA market gives the statistic highlighted below.
(blue section - quickbooks is 80%)
As there are several cloud hosting services available within the market, you must think about these vital factors while moving to QuickBooks cloud hosting. A reputed and trustworthy cloud hosting company ought to have:
- Fast, secure and reliable platform
- Multiple users, and device support
- Daily file backup feature
- 99.99% uptime
- 24x7 technical support
These are some of the important factors that you just must keep in mind while moving to the cloud hosting service of QuickBooks.
Importance of QuickBooks Cloud Hosting During Crisis
With the corona outbreak, small and medium-sized businesses are not in a stable condition. Catering to their services, they are trying to manage the effects of the outbreak proficiently. As the workers cannot visit office space for the business, so tactics and techniques are a requirement for the efficient management of the business remotely.
Yes, remotely; as the cloud is the only thing that can help the running of a business/ company during this adverse situation. The entire management and working of the companies have to be performed remotely, and for it, proper cloud service is a requirement. The priority is to avail of a service that can help the SMBs with a smoother workflow without hampering the work continuity of any employees.
There are other ways as well to increase business productivity in the time of Corona. During this outbreak, improving the growth of the business is a necessity. If companies stunt their productivity, the growth of people involved in its working also gets affected.
The efficiency of small and medium-sized businesses can be stabilized with proper management and services. The entire team needs to be attentive and ready for the unthinkable as companies are not ready for such financial turbulence. This situation showed the importance of the cloud more than any other time.
As an added advice, companies should go for cloud hosting services only after proper investigation. When it comes to the accounting industry then for automation the use of QuickBooks is a must. The QuickBooks software when hosted on the cloud helps the businesses run remotely. Because of it, a majority of businesses would know the additional benefits of the cloud now and how it may accelerate the future of work.