The evolution of data automation and artificial intelligence (AI) has fundamentally disrupted how everyday accounting/bookkeeping processes are being handled. Small business owners who embrace these changes and use them to their advantage can access “real-time” web-based financial information to become more efficient.
The first step is to unlearn past accounting processes and be open to new technology and techniques, such as QuickBooks Online (QBO), an accounting software package that is tailored to small and midsize businesses. The cloud-based online software, which can be accessed from any computing device you use, can help you build an accounting ecosystem that best suits the needs of your business through a number of built-in efficiencies.
Let’s take a look at some of QBO’s features:
- Settings – QBO’s simple setting changes will increase automation.
- Recurring transaction templates – These can be used for repetitive transactions such as invoices and bills, which means less time needed to create and/or customize templates each time.
- Bank feed – You can link your bank accounts to QBO, which reduces or eliminates data entry.
- Bank rules – You can configure QBO to automatically record bank transactions.
- Invoice Automation – Create and distribute invoices automatically via email—no more printing and stuffing envelopes
- Payment automation – Give your customers the option to pay immediately and set up recurring payments.
- Integrating third-party apps – QBO’s platform was built to be customizable; you can build the accounting ecosystem you need with third-party apps.
QBO is a cloud-based system that can be used anytime and anywhere, as well as on multiple operating systems (Windows and Mac). This means you no longer need to manage software updates. Remote access means you and your accountant can log in to your QuickBooks account from any web browser.
Stay tuned for more information on specific applications and associated benefits of QBO.
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