In today’s world, there’s an app for everything, and everything seems to be stored in the cloud. This is also true when it comes to accounting. There are numerous options out there, but I would like to spotlight two that our firm consistently uses for our business clients. Those products are QuickBooks Online and Receipt Bank.

QuickBooks Online, or QBO for short, is a cloud-based version of QuickBooks that is accounting software geared towards being user-friendly even for non-accountant users. Like QuickBooks Desktop, it provides a fairly easy way to track the income and expenses of your business. However, there are some advantages to using the online version of this product. One of those is the ability to have access to your financial information nearly anywhere through a web browser or using the mobile app. This is definitely a benefit for business owners who do not have the time or the desire to be tied down to a desk in an office. The cloud-based information storage also provides protection. If your computer becomes lost, stolen, or damaged you no longer have to worry about losing crucial information or having someone else access it. It also provides the ability to more easily work collaboratively with an external accountant. There’s no need to provide back-ups or printed reports as your accountant can have real-time access to the same information you are seeing, which is especially helpful during tax time as we are able to pull the information we need directly without requiring any of your time.

As QBO and similar options have grown in popularity, there have been an increasing number of other cloud-based products that serve to expand its capabilities. If you have a need beyond basic financial information, you can most likely find an add-on that will serve that purpose. One such product is Receipt Bank. No one wants to spend a lot of time maintaining paper files or keeping track of important business receipts. Receipt Bank allows you to keep all of these records securely and electronically through scanning or simply taking a picture with your phone via their mobile app. These digitized records eliminate the need for storing bulky paper files, while keeping you compliant with the IRS. Through the use of OCR technology Receipt Bank also reduces time spent on data entry. When you have Receipt Bank connected to QBO, the end result is having the receipt or invoice attached directly to the transaction in your accounting software, which can potentially also provides time savings when working with an external accountant, or if you ever have to go through the process of an audit.

If you’re interested in learning more about these or other cloud-based products, please reach out to us. Our Complete Business Solutions (CBS) Department will be happy to give you a demo of these products or to get you started using them. We can also provide training for existing users to ensure you’re seeing the full benefits of these products.