What is QuickBooks?
QuickBooks Online (QBO) is a leading legal practice management and cloud accounting software and is one of the most widely used software by legal bookkeepers across the world.
According to a QuickBooks article, as of 2017, QuickBooks Online boasts over 2.2 million in 192 countries. With such a huge number of users worldwide, it is imperative for small businesses to know the benefits of using QuickBooks Online.
Why QuickBooks Online
An overview of legal bookkeeping – daily creation, recording, classification and summarisation of the financial transaction of a law firm, such as bill receivables and expense incomes. It is considered the foundation of a law firm’s accounting system.
Because it stands as the foundation, law firms look to hire a credible legal bookkeeper for their legal services and with expertise in one of the most reliable legal practice management software available – QuickBooks Online (QBO). QuickBooks Online is popular among accountants and bookkeepers because of its reliability and its ease of access.
A statistics from the UK states that 88% of small businesses want their bookkeepers to provide cloud-based solutions, while 58% of that number are willing to pay double for it. And yet, only 37% of the bookkeepers actually take up on that offer.
The Benefits of QuickBooks Online for Client Accounting
- QuickBooks Online is easy to operate.
The QuickBooks Online software’s user experience is as accessible to the clients as it is to bookkeepers and accountants. Implementation of QuickBooks Online within the accounting system is a breeze and the learning curve is easy and straight-forward.
The interface itself is user-friendly and easy to get by, with QuickBooks offering video tutorials and online guides for the setup purposes. It is always recommended to have a professional accountant help with the setup and migration, if required.
- QuickBooks Online has a number of features.
Quickbooks Online has a wide range of features available for accountants and clients to use. The basics of bookkeeping such as daily accounting, income and expense tracking and reporting are already available to the masses.
Bigger businesses can opt to add more advanced features like sales reporting, accounts receivable, accounts payable, inventory tracking and sales reporting by upgrading their plan to QuickBooks Online Pro.
- QuickBooks Online integrates with many other legal practice management softwares.
Integrating QuickBooks Online with an already existing client accounting system is hassle-free and easy. QuickBooks Online has synchronisation enabled for other legal practice management software, like Leap and Clio, and a whole range of finance tools. This helps to paint the overall big picture of the financial health of a client’s business.
- QuickBooks Online is cost-efficient.
With budget being a concerning department for most small businesses, QuickBooks Online offers some of the most inexpensive monthly subscription fees available. Costs as low as $12.50 per month make QuickBooks Online one of the go-to choices for law firms, with formidability and reliance as assurances.
- QuickBooks Online stores your information and data in the cloud, safe and secue.
Remote access to data is more of a requirement than an option in the new age of the internet. QuickBooks Online incorporates cloud accounting within the software to store the client’s records. Cloud storing is also more secure and safe than physically storing them in a system in the office premises. The worries of the system malfunctioning and the loss of data is replaced by stress-free and secure uploads of the data to the clouds.
Conclusion
In summary, QuickBooks Online lets legal bookkeeper help their clients with:
- Accurately and efficiently performing their legal bookkeeping.
- Assurance of provision of timely, relevant and reliable information.
- Improve the cash flow and profitability of the law firm
