Switching To QuickBooks Online From QuickBooks Desktop

Any business firm decide very wisely regarding choosing their perfect accounting system, which suits and meet all their business needs. They thought about all their necessary parameters like, nature, size, cycle of business operations, and so on. There are varied of accounting software that is available for specified business.

Specifically designed for the small scale businesses, QuickBooks are largely been employed in all the business enterprises whether large, small or medium. It is basically a product of Intuit Company. Till date, it has become largely used accounting software across the globe. It provides both desktop and online platform for the accountant to acquire benefits for their business.

As the business grows the requirement for the software changes and even the exiting accounting software features becomes outdates. As per your business requirements, you may need some of the advance features to well mange all the business operations of the corporate on the regular basis. And these advance features are only available in the latest version of same software.

The same is the case with QuickBooks. At one point, for meeting the present’s needs of the corporate, once the firm may choose for desktop QuickBooks, but after some, as the size of business activities expand, it can be possible that earlier chosen software must be feel out-dated by the same firm. It may be due to lack of advance and latest features in the existing desktop version. Due to out-dated version, the firm may decide upon to shift to QuickBooks online from desktop platform.

The reason might be the same that the firm did not get features they want for handling present business operations. Those latest and advance features may be seen in the QB Online. The decision must be taken very wisely, if you really need to move onto online platform.

QuickBooks Online generally provide a variety of benefits in assisting your business operations in a meticulous way. It works on full automation, due to which business will be mechanically handled precisely by the online accounting system. QuickBooks online a full-fledged Cloud based accounting and gives you a full time access over your business.

While choosing for QuickBooks Online over QuickBooks desktop, the following are some parameters where the QuickBooks online accounting system overweighs desktop Accounting:

Accessibility

QuickBooks online accounting system provides its user (owner of the business) to operate it it and to keep a proper watch over its business even from any another place. It gives you anywhere and anytime full accessibility.

 Even, other than the owner, the online accounting system can be operated by your company accountants for any outsourcing party to which you have delegated your accounting work. QuickBooks online can be used by up to 50 users at one time and even it can be accessed by two or more persons by giving them full authority.

Automatic Backup and Updation

QuickBooks online will enhances you with the facility of automatic updates in your existing accounting software even without your notice. Whenever a new update will exist, the software accept the same update and the next time when you will open your online accounts, that new update will already be seen in QuickBooks with a new notification.

All your data is in safe hands with the help of cloud. QuickBooks online has the capacity to make a safe backup of all your stored data automatically in the cloud periodically. You don’t need to access to setting to make a command for storing the data. There are few chances that you may lose your stored data.

One time Investment

You just not need to spend a hefty amount of funds very frequently on online version. It is only a one-time investment project. You just need to pay monthly or yearly subscription for renewing your subscription. While for the desktop, you have to pay like installing new software, every time a new a new update in available for the QuickBooks desktop. 

Integrations

There are number of business applications which are synchronized with in QuickBooks online that gives the benefit of making all the business operations fully mechanical. These business apps will assist you to run your business effectively. Some of the major used integrations are: Shopify, PayPal, Woo commerce, Salesforce, Hubdoc, Tsheets, and so on.

When any firm prefers to shift to QuickBooks online accounting it enhances them with above listed entire opportunities. But still there are some shortcomings in online version, which are the strongest points in the QB desktop system, which are not transferred to online accounting system. Some of them are listed below:

  • Batch Enter Transactions
  • Reconciliation Reports
  • Audit Trial
  • Progress Invoicing
  • Sales Orders (while posting)
  • Price levels
  • User permissions and settings
  • Fixed Asset Tracking
  • Concerns regarding data protection and security
  • Chances of data loss

Weather you choose for QuickBooks Desktop or QuickBooks online, this decision must be in regard and for the benefit of your business operations. You must opt for that specified accounting system, which suits your business precisely. And all your business activities are managed well by it.

Either you are working on QuickBooks desktop or QuickBooks Online, we, Outsource Bookkeeping Firm, provides and fulfill your both accounting needs. Outsource your accounting services of both Online and Desktop, allows us to manage your business effectively. We can well manage all your books of accounts in both versions. We have a trained and experienced staff you can operated Online and desktop both very efficiently.

Know more about our outsourcing accounting and bookkeeping Services and QuickBooks online and desktop software by visiting on our Official Website.

Or You Can Contact Us, Any time.

Bank Reconciliation in Accounting

Accounting is contemplated as a decisive chore for every business organizations. Accounting does not simply sum-up its scope in recording and classification of monetary transactions. It is inevitable to make your accounts balanced, which are in use. It is essential that the periodic balance of all your accounts in existence must tally with the actual transactions incurred.

Account reconciliation has become an imperative aspect for every business organization and even along with sole proprietor businesses. To mark up business in this competitive market, it is essential that your accounts must reflect true and fair position of your business and even it facilitate the effective cash flows into the corporate. Reconciliation of accounts enhances the financial stability of the business.

Account reconciliation simply includes checking of all the financial transactions recorded by your record keeping department with the monthly statements prepared by any outer sources. Reconciliation is done to ensure that both the statements accord with each other with regard to transactions occurs in that period end their balances. The most important reconciliation which is done by every business enterprise is BANK RECONCILIATION.

Bank Reconciliation

Generally speaking, bank reconciliation is stated as a process of making comparison between your company’s cash prepared by your accounting department and the periodic statement which is prepared by the bank (bank statement) and insight the variances if any. It is important that your statement opening and ending balance must matched with your internal records along tally all the transactions (deposits and withdrawals) that happen in that specified period.

Bank reconciliation is not an effortless function as it seems. Some time is becomes frustrating both for small and large business enterprise. As the banking will include mammoth of transactions just within a week eventually month is far away. Matching all the transactions, as and when they emerged take into account sizably of time. But although time consuming, it will figure out the differences in both the statements and helps you to clear out them.

Once the reconciliation is done, a statement is prepared, stated as “Bank Reconciliation Statement” which displays a complete report of how those transactions has been matched. Bank reconciliation is vital for ensuring the correct flow of finances from and into your business corporate.

But other than this principle there are also other advantages of doing bank reconciliation regularly:

  • It is a helping hand in matching your balances and all the transactions that occurred in that specific time period.
  • Reconciliation detects any financial error or fraudulent activity in the financial statements.
  • Enhance better control over the internal record system.
  • It assists in keeping track record of all the inflow and outflows of cash in the business corporate.
  • Beneficial in managing company’s cash flows.
  • Reconciliation highlights any delay in payment or receipt.
  • Regular access to bank charges, credits any bouncing charges and so on.
  • Strengthens the control over company’s financial statement.

If your balances do not match:

There can be several ground if ending balance of your prepared cash flow does not match with the bank statement, few are listed below:

  • Outstanding checks
  • Deposits does not receive
  • Bank credits/charges
  • Any other errors in deposits or withdrawal

Timing of Bank Reconciliation

Bank reconciliation is generally done on the monthly basis by every business corporation. But it will be a wise decision, if you have handling a large or medium business, prefer to match the daily or weekly balances. Your regularly matched balanced will aid you a lot when you have to reconcile your bank account on monthly basis. If you have matched your daily or weekly balances earlier, you don’t need to tally again all the previous transactions. And the monthly reconciliation will be completed very smoothly.

Get Your bank reconcile without any hustle by giving Outsource Bookkeeping Firm authority to maintain your accounting process and to prepare your statements of daily, weekly or monthly basis. Bank reconciliation is a part of our Outsourcing Accounting services. You can choose the time period per your requirements. We are here to handle all your multiple transactions to match them and to make your bank reconcile effortlessly.

To know more about our services, Contact Us.

QuickBooks VS Xero

Today, corporate’s are leading their business with the assistance of cloud based accounting software. Online accounting system has diverse conveniences over using any desktop platform for business. It is an extremely a productive way of controlling all the major business aspects of business.

But there seems to be large options in front of you to choose upon best online accounting software. As the competition arises, every software company step forward with new and advance accounting features. It is always a cumbersome task whenever you have to decide to stick to one perfect accounting system for you. You have to consider every core of your business to take decision.

In the marketplace, there are two most common and popular cloud accounting software used by each and every accounting firm over the globe: QUICKBOOKS and XERO. These softwares are in the high competition these days. As QuickBooks are the oldest software but Xero is in the market from the last few years.

QuickBooks

Basically a product of Intuit Company, they work both on desktop as well as online platform. It is used to handle all your bookkeeping and accounting procedure. It has inbuilt accounting features that can meet every business need may be small or large. QuickBooks are mainly popular in the region of USA.

Xero

It is basically a cloud based accounting software, meeting all the business requirements of small as well as medium-sized firms. Xero is highly been used by the business firms prevailing in Canada.

Comparing Accounting Features

QUICKBOOKS VS XERO

Bottom-line

These both accounting software have their own drawback and plus points on the basis of proving accounting opportunities to the business firms. Only your business structure and size of business will decide your accounting software between both of them. Generally, QuickBooks accounting is suitable for all sized businesses and very effectively, Xero will fulfill the need of small sized firms competently.

You can acquire the benefits of both QuickBooks and Xero with our accounting outsourcing services. We at, Outsource Bookkeeping Firm, have a skilled and trained staff who operate these two accounting software. Out accounting process will be fully mechanized and resulting, you can experience full automation in the business processes. These accounting softwares are highly recommended by our off-shore outsourcing clients. And we just follow their instructions.

Want to know more about our accounting outsourcing services, with the help of these softwares?

Visit our Website or you can Contact Us, at any time.

MYOB for Small Business Firm Accounting

Managing a small scale business firm solely is not a trouble-free exercise.  For mushrooming business, it took a lot of initiative of the owner into it. We tremendously familiar regarding amount of hard-work you put into your business to make your clients/customers pleased. As an owner, you will search for contemporary ideas or strategies, which are to be applied on business for fruitful functioning of business operations. And your search will terminate at nominating for suitable accounting software that will assist like your right hand in conducting business affairs in a meticulous way.

Accounting software is the system application that predominantly designed for handling the business operations of a corporate. They are designed with basic and latest accounting features. They can oversee your business the way more than you think.

Being a proprietor of a small business, you must adopt an appropriate accounting partner, which will give a leg up in doing the entire accounting work. You must decide your accounting partner very wisely. But if you are an owner of small business in Australia, then you need not to worry. Your country has designed their own accounting software with default support system of your own country tax structure. MYOB is that one software that will assist you in managing your small business, in any region of Australia.

MYOB Accounting Software

MYOB accounting software is designed by the Australians and for the Australians business firms. As its name suggest MYOB stands for Mind Your Own Business, and it is what the software is designed for. This software is chiefly designed for attaining accounting need of small businesses, but now, this software is widely been accepted by even large and medium business organization in Australia. It simplifies the accounting procedure of every business firm.

Managing Your Small Business

Small business is often regarded as cumbersome task to manage. As it is owned by the single owner and it mainly include all those businesses who are engaged in the customer associated business like cafe, restaurants, shops, and so on. For such type, the accounting work is often neglected or owner did not get ample time back to manage books of accounts.

It is vital to operate the accounting procedure in any business to know the present position of your business and record the profitability. This can only be achievable if you choose your right accounting partner as accounting software. MYOB will fulfill entire prerequisites for being ideal accounting software for your small business.

MYOB accounting software range for small business accounting:

  • MYOB Essentials
  • AccountRight Plus
  • AccountEdge Pro

Other than the accounting benefits MYOB software provide:

  • Multi-Currency support.
  • Online and Desktop software version.
  • Highly back up of stored data.
  • Storage of data within Domestic boundaries of Australia.
  • Integration facility with bank and several business applications.
  • Get paid 4 times faster.

MYOB provide convenience to the small business with the following features which are present in it:

Bills/Invoices: It can trail your invoices/bills online from their occurrence till the payment is received or made. MYOB enhance the facility to accept the payment on behalf of your customers directly from the invoices created by you in MYOB. Even you can also pay back your bills easily and quickly without even making separate data entry for it.

Taxation:  As it is built mainly for the Australian business firms, it can track and calculate GST and Tax liability automatically for every transaction. At the end of every financial year, you will be provided with the total tax liability for that period.

Payroll: It can handle the payroll calculation for your staff and make easily payment to them and even support ta PAYG system in the payroll accounting. You can even generate the payroll reports as per your requirements.

Expenses: It can track and easily categorized expenses automatically from the upload bills.

Financial Reports: You can judge the performance of your business by the financials reports generated from the MYOB. You can customize your reports as per your requirements even on the monthly or weekly basis as well.

Reconciliation: You can link your bank accounts into MYOB that can automate the reconciliation process, as the transactions will automatically displayed in the bank feeds.

Inventory: You supervise excellently over your remaining and new stock added into your firm. You can get a better of all your inventory of what is in your hand and what you have sold.

Budgeting: The reports generated by MYOB will be tremendously reliable to take any financial decision regarding the corporate. You can contrast your budgeted figures with the actual ones and can judge your performance. It also helps you in creating and managing your budgets.

Cash Flow Management: You can follow your cash inflows and outflows from the bills/invoices for your firm. You can get your bills paid faster by accepting payments through bills only. You can forecast and manage your cash flows effectively.

This is just an overview to MYOB software features and its advantages provided by it to the small business firm. There may be more unseen benefits which can only be felt you start feeling the change while administrating your business operations, after switching to MYOB for your small business. MYOB software will favour you well in organizing your business in a systematic way.

Outsource Bookkeeping Firm is presently dealing with clients from Australia and handling the outsourcing accounting services of the small business as well through MYOB software. We can even make you get tax filling of GST. Being an Australian small business firm, if you are finding an outsourcing partner, then we are the one. Take additional benefits of our accounting outsourcing services along with the MYOB for your firm and stay relaxed about the accounting work. Be focus on your business to make it grow.

For more Info, Contact Us!