The benefits of using Quickbooks

How can using Cloud accounting software benefit my business?

What is Cloud accounting?
Cloud accounting software has been around for a number of years but is still fairly new to most. It is where an organisation uses accounting software hosted in the “cloud” as opposed to on their own servers. This allows the users to access the data anywhere there is an internet connection. In addition to this most cloud based software can be accessed by multiple platforms including laptops, MAC’s, Iphones and tablets. Most of the cloud software on the market has the ability to bring in bank transactions direct from your bank, saving a lot of data entry.

 

Why we recommend Quickbooks online?
Chiks have spent the last 18 months reviewing and testing some of the choices on the market. We recommend because we feel the software offers excellent value for money with all functions you would expect from a leading product. The software has been developed by Intuit which is an American company that has been established for over 30 years and has hundreds of thousands of users. Most importantly this software saves valuable time, is incredibly easy to use, and the reporting is simple to follow.

 

What advantages does using this system bring to the small business owner?
The big time saving is through the bank upload facility. This where the business can have a direct data feed from their bank or they can up load CSV bank statements. As part of the process, the user sets up rules so that any recurring transactions are automatically matched in the future. There is the facility for multi users (at no extra cost) and it is up to you set access rights for different people.

 
The system allows you to set up Locations and Classes. The “locations” allow you to track performance by branch if you have multiple sites and the “classes” allow you to separate out income and expenditure streams for service lines. For example an estate agent could have a class for rentals, property sales, valuation work. You can then review the profitability of each area at the touch of a button.

 
The system can produce VAT returns under the standard scheme, cash accounting, and even the flat rate scheme. A great plus for the business is that the accountant has 24-7 access as well. This means your advisor can review data live and solve queries or offer advice in a timely manner. The software has 24-7 help included with the license fee.

 

How can Chiks help when clients want to change to this new system?
Chiks have over 60 trained members of staff on Quickbooks Online so we can manage day to day queries as well as offer beskpoke training.

 

How have those clients who are now using the system found it?
We have a number of clients who have been using the software, and it is currently growing by the day! The clients I look after who use it can’t believe how much time they have saved on bookkeeping. They are updating the software regularly and feel more in control of their finances than ever before.

 

When is a good time to consider making the transition?
If you are VAT registered then after a completed VAT quarter, otherwise after any month end, or quite a few people will wait to the start of their next financial year if they already have software in place for the current year.

 

If you would like some advice or more information on the topic, please contact Judith Dugdale on 01772 821021.

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