Migrate to QuickBooks Online
QuickBooks Online is one of the most popular small business accounting software you use to manage your expenses, income, and keep track of the financial health of your business. You can use it for paying bills, invoicing customers, preparing taxes, and generating reports. The QuickBooks product line includes various solutions that work great for anyone, from a midsized business to a freelancer.
Are you thinking about migrating your small business to QuickBooks Online? QuickBooks is online accounting software that helps enterprises stay on track of their income and expenses. With QuickBooks Online, you can easily connect your bank accounts, credit cards, and Paypal in all one platform. QuickBooks organizes all your finances in simple categories that allow you to stay on top of your business performance. You can use the on-premise application or cloud version; regardless, you can manage and pay all your bills, accept business payments and complete payroll functions. QuickBooks Online is the accounting application that can do it all. If you are looking for support in migrating your business’s expenses to QuickBooks, websiteTOON can help!
How Can You Use QuickBooks Online for Your Small Business?
Freelancers and small business owners use QuickBooks Online to pay their bills, manage their invoices, and track their cash flows. They also use it to create financial reports both month- and year-end. You can also prepare your quarterly and annual business taxes. Some business owners manage QuickBooks themselves, while others use an in-house or outsourced bookkeeper.
- Run Payroll and Track Employee Hours
You don’t want to skimp on payroll by trying to do it manually. Making mistakes in calculating paychecks results in unhappy employees and potentially steep penalties. QuickBooks is a payroll function that calculates and runs payroll automatically. QuickBooks tracks your employees’ hours and flows the hours to both your payroll and billable customer invoices. You guarantee that every hour you pay your employees is allotted for billing to a customer.
Possibly the best thing about using QuickBooks payroll is its integration with QuickBooks. Your financial statements are always up to date with the latest payroll.
Running your payroll through QuickBooks allows you to:
- Pay employees with direct deposit or checks
- Calculate state and federal payroll taxes automatically
- QuickBooks fills in the payroll tax forms for you
- E-pay your payroll taxes directly from QuickBooks
2. Track Inventory
QuickBooks can track the cost of your inventory and the quantity of your stock. As your inventory sells, QuickBooks automatically allocates a portion of your merchandise to the cost of goods sold (COGS). This is an expense account that reduces your income. Assigning COGS is a requirement to calculate taxable income and can be time-consuming and challenging to do by hand. QuickBooks also reminds you to order inventory when quantities reduce automatically.
3. Track Receipts
Organizing your receipts in QuickBooks makes tax time easy. Take a picture of your business receipt in the free QuickBooks app and quickly upload it to QuickBooks Online. You don’t have to worry about lost tickets or matching receipts with banking transactions manually. QuickBooks allows you to attach a receipt to the corresponding banking transactions. QuickBooks Online will enable you to upload an unlimited number of receipts. The receipts are stored in the cloud and your data, which is helpful for companies that track numerous expenses.
4. Accept Payments Online
Offering customers the option to pay their invoices online is one of the best ways to improve your cash flow. Adding QuickBooks Payments (formerly known as Intuit Merchant Services) allows customers to pay online directly from invoices you emailed them. QuickBooks Payments is similar to other merchant services, but it’s entirely integrated within QuickBooks. That way, the sale, cash deposit or credit card fees are all recorded automatically.
5. Mileage Tracker
Self-employed people, employees, and owners use their personal vehicles for business purposes. Using personal cars provided a generous tax deduction for 2021. To receive your deduction, you’re must keep a record of the intention of the trip, the date, and of course, the miles. QuickBooks Online makes this easy. The QuickBooks mobile app uses the GPS in your phone to automatically track every time you’re moving in a vehicle. You can review your trips and then add a note of each business trip with the purpose.
Contact websiteTOON Consulting to Migrate QuickBooks Online Today!
Would you like to learn more about migrating to QuickBooks Online? You can call 647-987-8780 or email info@websitetoon.com for additional information. Schedule your free assessment today!
websiteTOON Consulting also specializes in migrating from ZohoBooks to QuickBooks, Freshbooks to QuickBooks, Sage to QuickBooks, Xero to QuickBooks, WaveApps to QuickBooks, and more!