Save time with QuickBooks Online!

If you are a business owner, setting time aside to spend with your friends and family can be challenging. In addition to running your business daily you also spend time on the paperwork that goes with operating a business such as invoicing clients, reconciling your bank and filing your taxes. Every year Intuit works relentlessly to develop new features in QuickBooks Online (QBO) to help users save valuable time. Below my favorite automation features:

Automatic data back up

The most beneficial automatic task for your business is the automatic data backup. Your QuickBooks data is backed up on Intuit’s server on a real-time basis (QBO).  The data is stored on firewall protected servers so it is safe from hardware and software failures, hackers and viruses.

Automatic bank download

The bank feeds in QBO is one of the most dynamic features of the program. It feeds your online banking transactions directly into QuickBooks. This process simplifies data entry and can help you get a handle on your balances. Over 16,000 banks allow their customers to connect their accounts to QuickBooks.

Procedure to activate online banking  -

Automatic updates

With QBO you are no longer prompted to launch the regular software updates, the software runs it in the background. This saves you considerable time as you no longer wait for the updates to start working.  With QBO, the program is consistently updated by Intuit and you always log into latest version.

Automatic invoicing: “recurring” option

Another effective use of QBO is the ability to schedule automatic charges to a customer’s credit card or automatic transfers from a customer’s bank account. If your company has fixed recurring fees, you can create a recurring sales receipt for a customer and schedule it to automatically record the sale on the books and charge the customer’s credit card or transfer from their bank account. For clients you invoice every month, you can set up in QBO a “recurring transaction” that will invoice automatically your client at a specific date on a specific frequency. QBO will create the invoice and email the invoice to your clients without you having to lift a finger!

Procedure to make a transaction recurring -

Get paid faster with Intuit Merchant Services

Once you activate QuickBooks Merchants services, you have the option to allow customers to pay their Invoice via credit card or bank account.  When the customer receives your emailed invoice notification and clicks to view the invoice, there will be a "Pay now button". Once they click on it, they designate the amount they want to pay, select the payment method, then enter credit card or bank information. The customer will verify the information entered is correct and click the button to Submit payment. A confirmation page and email receipt confirms to the customer that payment has been processed successfully. The Online Invoice will show the paid status, the date payment was received and any remaining balance due.  You will receive an email notification of the payment and your QuickBooks is updated automatically with the payment transaction, deposit transaction and merchant fees.

Intuit merchant plans:

Get organized: attach documents to transactions

QuickBooks Online lets you add attachment to transactions. This allows for a more organized record keeping and can help your accountant manage your books more efficiently at year end. Attachments can be added to many types of transactions including bills, checks, customers and vendors. The type of files that can be attached include pdf, jpeg, doc, xls.

To create an attachment:

Increased efficiency: one centralized access

With its “anywhere, anytime access”, you can work on your QBO data while vacationing or on the road, access your data from multiple devices (computer, smartphone or tablet) and use multiple operating systems (Windows or Mac). If your computer can run a supported browser and connect to the internet, you can access your QBO data.  There is no longer any need to transfer your data between your different devices. In addition, with QBO, your employees & partners can work on the data simultaneously. Multiple users of the same company account can be in different locations and easily work in the company file at the same time. You can also connect your accountant to access your file so he/she can review the data, make corrections as needed and close the books at tax time.

Procedure to invite your accountant to QBO:

As a QB ProAdvisor as well as a business owner, QBO has saved me considerable time: the above automation and efficiency options have drastically decreased the amount of time I spend on my own business books and made my time much more efficient so I can run a busy tax & accounting practice and at the same time have a fulfilled life!
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Updated September 9th, 2018