QuickBooks Online Accounting, Why do I Need it for my Home Business?
Advances in technology have made it easier than ever to operate a business from home. That doesn’t mean there aren’t challenges involved, as any home business requires tools such as Quickbooks Online to help manage all of its financial data. You may be asking QuickBooks Online accounting, why do I need it? Can’t I just do it myself using an Excel spreadsheet? We think Quickbooks Online is a better choice for a number of reasons, and here are just a few of them.
Chances are you do not spend all of your time in the office. Whether you are out running errands or in your own kitchen preparing dinner for your family, you can easily run reports or complete invoicing right from your tablet or smartphone. Should you desire a change of scenery, you can keep up with your accounting at the library, a coffee shop, or anywhere else there is an Internet connection.
Helps you Stay Organized
You may have limited space to dedicate for business purposes, in which case staying organized can be difficult. Quickbooks Online makes things easier by allowing you to maintain all your transactions in one location. No more fumbling around for paper copies or worrying about where you will locate that bulky filing cabinet. Quickbooks Online allows you to streamline operations and utilize the space you do have as efficiently as possible.
Tax Features for Self-Employed
A good number of telecommuters are independent contractors, who have far different tax requirements that a traditional employee. If you are an independent contractor, you will appreciate the special features offered by Quickbooks Online. One includes the ability to take a picture of your receipt and store it remotely so it is ready whenever you are ready to file your tax return. The software program also categorizes your expenses, making it easy for you to determine what deductions are available.
Other Quickbooks Online services you may find useful include:
- Automatic mileage tracking, which provides an accurate assessment of the number of miles driven by using data from your cell phone.
- The ability to import business expenses directly from your bank statements.
- Automatic Clearing House (ACH) bank transfers.
- Quarterly tax calculations that will help you avoid late fees.
- Automatic separation of your personal and business expenses.
Connect Directly with Turbo Tax
With Quickbooks Online, you also have the ability to connect directly with TurboTax. Doing so will eliminate the need for you to manually enter certain information. You will also be able to directly export your Schedule C income and expenses in order to simplify the filing process. No more missed deadlines and the penalties that are associated with them.
Support Team Available
You are bound to have questions about any accounting software or functions. When you subscribe to Quickbooks Online, you are never without a support team to rely on whenever those questions arise. You may even add an accountant or bookkeeper who may collaborate with the QuickBooks support team on your behalf free of charge.
There are numerous affordable pricing plans to fit every small business’s budget. Plans are available for as little as $10 per month, and Quickbooks also offers introductory rates from time to time that will allow you to save even more. In addition, you may add the Quickbooks Self-Employed program at no additional cost if you are already registered as a TurboTax self-employed filer.
To be successful, you must operate your home business every bit as aggressively as you would a brick-and-mortar company. This includes choosing an accounting program such as Quickbooks Online to help you manage your finances. For help with Quickbooks or any other accounting function, please contact us.