Quickbooks Online: My #1 Recommended Bookkeeping Tool for Canadian Small Business Owners
If I was stranded on an island and could only have ONE tool it would be Quickbooks. Not to be dramatic, but Quickbooks Online (QBO) is dope!
You’re busy running your biz which means you need the right tools in your toolkit to efficiently track your finances and keep a close eye on the financial health of your business. Let’s do a rundown of the hottest bookkeeping software that’s poppin’ off in 2023!
Quickbooks Online and Why You Need It
Their “smarter tools, better business” motto says it all. Quickbooks Online is the place to track, manage and predict your business finances so you can spend more time doing the things you love in your biz.
Here’s the thing: bookkeeping wasn’t always this easy.
There was a time when the ‘ol excel spreadsheet and hard copy list of transactions was king. But, times are changing (hallelujah) and there’s a more practical way to stay on top of your books this year thanks to QBO.
QBO Features That Save you Time, Stress, and Money
Quickbooks can track ‘mo money with fewer problems. You can seamlessly, and I mean SEAMLESSLY, take care of major bookkeeping tasks right from your smartphone. It’s perfect for the on-the-go entrepreneur who isn’t quite ready to have a bookkeeper on staff, but doesn’t have a ton of time to organize fat stacks of paper and hope the books are accurate at year-end.
Here are the most notable features that make QBO the perfect choice for your business:
Invoice your customers
*Ahem* this is the part where you get money, get paid. Invoices look profesh and on-brand. Plus, you can track invoice status and send payment reminders. Did I mention you can do all this right from your phone?
Get paid faster
Customers can pay via credit card with online payments that hit your account faster and easier than dealing with cheques. Bonus: credit card payment capability can be a huge selling point for customers who like collecting points and having peace of mind protection that their credit card company might provide. Only accepting e-transfers and cash can cost you time if you’re spending chasing customers for payment!
Track your expenses, in real time.
You’ll know exactly where your money is going and maximize those tax deductions. I’m totally nerding out about QBO’s ability to upload a photo of your receipt right from your mobile phone. This matters because receipts fade over time and under the CRA’s eyes… no receipt = no tax deduction. You can even upload and store pictures or PDFs on the platform, too.
Reporting features
Get a real-time look at your finances with profit and loss reports that show you exactly how much you’re spending and making. This information can help you make important financial decisions with confidence. Additionally, you can track sales tax (GST/HST) so you know exactly how much you owe!
Track your mileage
Did you know that mileage is one of the most commonly missed deductions? You can track it from the QBO app to accurately report business-realated mileage and maximize your tax write-offs!
Other life-changing features
Again, not to be dramatic. But fellow QBO users can attest that having your bookkeeping easily accessible and manageable is life-changing.
Their mobile app is available for subscribers to do everything we just talked about while on the go. Track your fuel expenses right from the pump or upload an equipment receipt the moment you pick it up - it’s SO EASY!
You can also easily share your books with your accountant at tax time - no more sending shoeboxes of receipts, simply invite your accountant to your QBO using their email address. (Your accountant will thank you - trust).
The Easiest way to get started with QBO
Learn how to use QBO alongside like-minded entrepreneurs who share a common goal of becoming more confident in their finances.
In my signature program, Bookkeeping Bootcamp, I’ll walk you through the process of setting up your Quickbooks Online so you can experience that life-changing peace of mind I’m preaching about.
