QuickBooks Online For Dummies. David H. Ringstrom
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Just to make sure we’re on the same page here, I’m defining the cloud as software and data housed securely in remote data centers (not on your office premises) and accessed securely over the internet. Working in the cloud can increase your efficiency by offering you the opportunity to work anywhere, communicate easily with others, and collaborate in real time. Further, your data is backed up automatically, which can help you avoid disasters such as fire or flood, which can take out not only your workspace, but also your accounting records.
Historically, we bought software and installed it on our computers, or we bought the software and installed it on a vendor’s server. However, QuickBooks Online and QB Accountant fall into the category of Software as a Service (SaaS). You don’t buy SaaS software; instead, you rent it by purchasing a subscription.
You typically access SaaS software such as QuickBooks over the internet by using a browser. A browser is software installed on your local computer or the mobile device that you use to … well, browse the internet, looking up cool stuff like what the stock market is doing today, what kind of weather you can expect on Friday (when your vacation starts), how to get to your boss’s house for the party they’re having, and — yes — how to work with web-based software such as QuickBooks Online.
SHOULD YOU MOVE TO THE CLOUD?
Before you decide to move your accounting records to the cloud, you should consider the needs of your business in the following areas:
Invoicing, point of sale, electronic payment, and customer relationship management
Financial and tax reporting
Budgeting
Time tracking and payroll
Inventory, job costing, and job scheduling
Management of company expenses and vendor bills
Beyond the advantages described in this section, the needs of your business may dictate whether you can use QuickBooks Online. The platform won’t work for you if your business has industry-specific needs or is midsize, for example. In addition, QuickBooks Online won’t work for you if you need to do any of the following things:
Track your balance sheet by class.
Track labor costs.
Manage a robust inventory that supports making and selling finished goods.
In any of these cases, you’d probably be better off with Intuit’s desktop-based QuickBooks Enterprise or perhaps QuickBooks Premier.
Using web-based software can be attractive for several reasons. For one thing, when you use web-based software, you have access to that software’s information anywhere, at any time, from any device — stationary or mobile.
In addition, web-based software like QuickBooks promotes collaboration and can help you save time. Accountants, bookkeepers, and clients can communicate about issues that arise, as described in Chapter 16.
Web-based software also eliminates the issue of keeping software up to date. The desktop version of QuickBooks typically receives a major update once each year, along with periodic software patches that must be installed manually. Conversely, QuickBooks is updated automatically every two to four weeks, so there’s never a new version to install or a patch to deal with. Most modern computers should exceed the minimum requirements, but you can get the nitty-gritty computer specification details here: https://intuit.me/3yEaSJL.
https://sob.drift.click/QBChooser.
Chapter 2
Embracing QuickBooks Online
IN THIS CHAPTER
QuickBooks Online and QuickBooks Online Accountant are cloud-based accounting software programs. Actually, it’s more apt to call them accounting ecospheres, because as you’ll see throughout the book, you can layer on functionality with add-ons from Intuit and third-party developers. In this chapter, I help you determine which version of QuickBooks fits your needs best from both functionality and cost standpoints.
I’ll Subscribe to That
QuickBooks Online isn’t your father’s accounting software. Back in the day, you’d pay once for a software license and use it as far into the future as you chose. Such perpetual licenses have mostly fallen by the wayside in favor of subscriptions, often referred to as Software as a Service (SaaS). The good news for accounting professionals is that QuickBooks Online Accountant is free and includes one free QuickBooks Online Advanced subscription for you to use for your own use. Everyone else must choose and pay for a QuickBooks Online subscription. Unlike old accounting software, you don’t have to install QuickBooks Online on your desktop computer, which means there are no software patches to keep up with. Any changes or improvements appear automatically the next time that you log in. If you end your subscription, however, you also end your access to the software, apart from a one-year period during which you can view transactions and run reports.
QuickBooks Online is available at five price and functionality levels:
Self-Employed
Simple Start
Essentials
Plus
Advanced
All versions of QuickBooks Online have three features in common:
You can use a tablet, Android or iOS smartphone, or desktop computer to access your data.
Your data