QuickBooks Online — Automate versus Manage

We like QuickBooks Online and believe it’s a pretty powerful tool to help manage your company’s finances. It essentially eliminates data entry from the mix — which is timely and thus costly. What it doesn’t do is provide the oversight that any good bookkeeper offers.

QuickBooks tries to match expenses to categories. Sometimes it gets it right, while other times it can become a big mess to sort out. Having been in finance for years, I would have junior associates show me a balance sheet or P&L and I would say that line items is wrong. They would often question how I would know that at a simple glance — and the thing is I know numbers and can sense when something is off. Call it experience, call it intuition, whatever — it’s simply that when you understand how the numbers work, you understand when they don’t.

Furthermore, while QBO can supply you the numbers, it can’t provide insight into what the numbers are telling you. Are you margins shrinking? Are you outstanding receivables aging? Are you in compliance with your bank covenants? Those concerns require oversight by a knowledgeable professional.

Do It Yourself versus Outsource

I am frequently asked when should a firm outsource its bookkeeping. I believe that it is best to outsource when keeping your books is not the best use of your time or resources. Instead of fussing with your books, should you be focused on growing your business? If the answer is yes, it’s time to outsource.

Clients who understand their team has specialized talents that they want to keep focused on making the firm money/success are also ideal candidates for outsourcing.

Bookkeeping Online

We have found that QuickBooks Online works best for those that are already comfortable in the digital world.

· Clients who embrace automation,

· Use automated tools like Bill.com,

· Choose scanning over printing,

· Value real time data at their fingertips,

· They would rather text or email, than schedule long calls,

· They value online communication such as Skype for meetings realizing the time saving advantages of not travel here and there.

We would welcome the opportunity to learn about your business ad discover way we can add value to your organization.

Cloud Bookkeeping — Keeping it simple — Smart, automated solutions to efficiently integrate bookkeeping, billing and payroll to meet the needs of today’s entrepreneur. Call us today at 415.550.3070 and ask about what our latest cloud bookkeeping solutions can do for you!

ZümiFi Inc.