Spend more time with your business this new year!
The New Year brings with it an air of change. Long-established systems have been toppled, with Brexit and the new American President as classic examples. The old simply isn’t going to cut the mustard anymore. In fact, our prime mode of communication has shifted to a singular device – smart phones. With this, the ability to access information at any time or place is practically a given, including having access to one’s accounting information. Which is exactly what Intuit has spearheaded.
Intuit has been a game changer in the accounting software industry, having seeded from the original Quicken product in 1983 that was developed to balance personal bank accounts, budding into the concept of a bank register to recording receipts and payments and ultimately flourishing as a leading desktop accounting solution worldwide.
While there are still countless users of desktop QuickBooks around the world, Intuit made the bold move in 2013 to move the Australian market away from the QuickBooks Desktop solution, which had been distributed in Australia by their partner Reckon, and introduced an online solution called QuickBooks Online or QBO for short. With the routine data entry work being carried out by software functions such as appropriating GST codes for regular transactions or bank feeds with rules that predetermine the correct ledger account, business owners and bookkeepers are free to tackle more intensive work such as budget and cash flow management. Not to mention, giving them the chance to be more watchful of any uncharacteristic activity that may impact the profitability of the business.
Traditionally, reports had to be settled by the long-drawn process of manually entering transactions and filing documents. With Intuit’s QuickBooks Online however, transactions are kept up-to-date. Furthermore, original documents can be attached with add on products such as the Receipt Bank. Business owners can issue invoices, capture expenses and monitor business activity at their convenience with a mere tap and swipe on smartphones.
As more business owners adopt cloud based accounting solutions such as QBO, there will be a surge in demand for tech savvy bookkeepers who too understand the need to evolve from traditional bookkeeping processes, that are time consuming in comparison to cloud solutions which offer users access to up-to-date information with ease.
Image Credit: John Birse, QuickBooks Online ProAdvisor Partner at Intuit Inc.