We began our discussion a few weeks back with Choosing the Best Accounting Solution for a newly self-employed individual. We covered the 5 Must Haves that this solution should provide to get started on the right path:
- Anytime, Anywhere Access
- Bank & Credit Card transactions import capabilities
- Financial Reporting
- Mobile App Capabilities
PLUS #5 ½ Your Accountant’s BIGGEST Request – Shared Access to Your Books
Our 1st Deep Dive into QuickBooks Self-Employed meets all 5 must haves above for the Form 1099 contractor (except Shared Access). At a price of less than $5/month and it’s awesome quarterly estimated taxes feature, this solution will meet tax obligations and make tax time a much more pleasant one!
However, there comes a time in our small business evolution when basic cash “checkbook” accounting is not enough. Your client base has grown and your accounting requires more attention. You may need more robust features such as accounts receivable, financial reporting & shared user access. No need to worry…just take the smooth transition to QuickBooks Online Simple Start.
QuickBooks Online Simple Start is Intuit’s 1st of 3 fully-functioning online accounting solutions. At only $10/month, this solution allows for a small business to grow with the product and provides advanced features that are found in most complete accounting solutions. What I like best about this product is that its users can seamlessly upgrade to a higher Intuit QuickBooks Online version when ready and required (at a higher price). So basically, you don’t need to “pay more” until you “need more” – that’s what I call “scalable” solution.
Let’s discuss 3 of my favorite advanced features that this product provides:
- Accounts Receivable (A/R)
As your client base grows, there comes a need to begin invoicing your customers for products sold and/or services provided. More importantly, A/R requires constant monitoring and maintenance since these unpaid invoices can be a small business’s lifeline. This solution provides estimate & invoice creation along with the ability to email these forms to your customers for simple and easy payment. The Customer Center can also be used a customer relationship management (CRM) tool to keep track of all customer transactions.
- Customization & Advanced Reporting
Financial Reports are not always the most exciting reading materials in your business but they are certainly the most important. Analyzing & customizing your financial data into valuable financial statements is an essential process for all small businesses to succeed. This solution allows its users to create unique, detailed reports since it’s built on the most robust of accounting systems – QuickBooks Online.
- Shared Accountant Access
I consider the biggest benefit for choosing QuickBooks Simple Start is the Shared Accountant Access. Who doesn’t like a Happy Accountant! QB Simple Start allows for the user to create a special accountant login access so that your trusted adviser could have anytime, anywhere access to your accounting; Professional accounting assistance is at your fingertips. This is a great feature for year-round accounting assistance and for your tax preparer at tax time.
My Final Thoughts on QBO Simple Start
Choosing this accounting solution definitely allows a scalable platform for its user. In addition, since this is the only “fully functioning, generally acceptable accounting system” out of the 3 choices in this blog series, you will have access to thousands of professional accountants and bookkeepers that can assist you with the administration and financial growth of your business. I am a big fan of this “startup” QuickBooks Online solution but stay tuned for my last blog in this series: Deep Dive into Wave, A FREE accounting solution for Self-Employed Business.