4 Key Benefits of QuickBooks Online Advanced According to a Forrester TEI Study

Based on the study of The Total Economic Impact of Intuit QuickBooks Online Advanced conducted by Forrester Research, businesses can potentially increase their revenue by up to 488% because of the following four key benefits of QuickBooks Online Advanced.

Improved Work Efficiency and Accuracy

QuickBooks Online Advanced helps small businesses streamline their work with time-saving features and automated workflows. For instance, QuickBooks Online Advanced includes a bulk transaction entry feature which is not available in the other QuickBooks Online plans. Advanced allows you to create multiple transactions (i.e. invoices, sales receipts, bills, expenses, and bank deposits) in one go—which is more efficient than filling in sales forms or creating invoices one at a time. 

Other notable features that help businesses improve productivity include the system’s streamlined dashboard, batch data import and export, and direct connection to bank feeds to make bank reconciliation easy.

Increased time savings through custom reporting

In addition to the standard reports in QuickBooks, Advanced allows you to run detailed, customized reports based on your specific needs. You can create custom reports using  QuickBooks’ built-in report functions, the Fathom reporting tool, or Excel-based Spreadsheet Sync if you prefer spreadsheet reports. Fathom reporting allows you to generate reports in customized detailed charts and graphs, while Spreadsheet Sync lets you export and import your QuickBooks Online data and use customizable templates to format your reports.

Additionally, custom reporting in QuickBooks Online Advanced is so user-friendly that it helps organizations create reports 20% faster, which also helps business managers and stakeholders make informed decisions 15% faster. 

Improved Cash Flow 

According to the study, QuickBooks Online Advanced help businesses gain a better understanding of their cash flow because of reliable and accessible future cash balance reports and forecasts. With QuickBooks Online Advanced, you can forecast incoming and outgoing money for up to 90 days so that you know how much revenue and expenses you may anticipate in the next few months. This helps you manage and allocate your resources more efficiently. 

QuickBooks Online Advanced generates more detailed cash flow reports than the other QuickBooks plans. For instance, Plus allows you to see which customers owe you, but Advanced takes it one step further by enabling you to see which among your customers are more likely to delay paying you. 

Improved Collaboration Among Team Members

One of the biggest issues with other accounting software is that team collaboration is limited because accounting files are not easily accessible. With QuickBooks Online Advanced, you can easily collaborate across departments and team members, and files can easily be shared with your accountants or shareholders. Advanced offers a centralized cloud-based financial and accounting hub, where team members and leaders can easily be given instant access to the data-driven insights they need.

 Learn more about the benefits of QuickBooks Online and cloud accounting