Top 10 Reasons to Use QuickBooks Online Plus for Your Small Business

Running a small business requires efficient management of finances, operations, and compliance. QuickBooks Online Plus stands out as a powerful tool designed to meet the diverse needs of small business owners. Its robust features streamline financial management, enhance collaboration, and provide valuable insights to drive growth and efficiency. 

Here are the top ten reasons why QuickBooks Online Plus is an excellent choice for your small business.

1. Invoicing

QuickBooks Online Plus allows you to easily create and send invoices. You can create professional, customized invoices in minutes, ensuring that they reflect your brand’s image. Automated invoicing features allow you to set up recurring invoices for regular clients, saving time and reducing manual effort. QuickBooks also enables you to track the status of your invoices, helping you follow up promptly on unpaid accounts and improve cash flow.

Additionally, QuickBooks Online Plus supports online payments, which makes it easier for your customers to pay their invoices promptly. This integration speeds up the payment process, reduces the likelihood of late payments, and ensures that your business maintains a healthy cash flow. With automated reminders and the ability to accept various payment methods, invoicing becomes a hassle-free part of your financial operations.

2. Bank Feeds

Connecting your bank accounts to QuickBooks Online Plus streamlines financial management by automatically importing and categorizing transactions. This feature reduces the need for manual data entry, ensuring that your financial records are always up-to-date and accurate. By having a real-time view of your bank transactions, you can easily monitor cash flow, identify discrepancies, and reconcile accounts.

QuickBooks also allows you to connect multiple bank accounts, credit cards, and other financial institutions, providing a comprehensive view of your business’s financial activity in one place. This connectivity enhances your ability to track income and expenses, prepare financial statements, and make informed financial decisions based on real-time data.

3. Expense Management

QuickBooks Online Plus offers robust expense management tools that help you track and categorize your business expenses accurately. By linking your bank and credit card accounts, QuickBooks automatically imports and categorizes transactions, saving you time and reducing the risk of errors. You can also attach receipts to transactions directly within the platform, ensuring that you have a complete and organized record of your expenses.

The expense management features also allow you to monitor spending patterns, identify cost-saving opportunities, and ensure that you stay within your budget. With detailed expense reports, you can analyze your spending and make informed decisions to improve your business’s financial health. QuickBooks makes it easy to manage expenses, from capturing receipts to generating expense reports.

4. Estimate Management

Creating and sending estimates is a critical function for many small businesses, and QuickBooks Online Plus simplifies this process. You can generate professional, detailed estimates and send them directly to clients for approval. This not only speeds up the process of securing new business but also ensures that your estimates are accurate and reflect all potential costs.

Once an estimate is approved, you can easily convert it into an invoice, reducing duplication of effort and ensuring consistency between estimates and final billing. This seamless workflow from estimate to invoice helps you manage client expectations and maintain accurate financial records. The ability to track the status of estimates and follow up with clients further enhances your sales process.

5. Mileage Tracking

For businesses that involve significant travel, tracking mileage is essential for accurate expense reporting and tax deductions. QuickBooks Online Plus includes a mileage tracking feature that allows you to log trips automatically using the QuickBooks mobile app. This ensures that all business-related travel is accurately recorded without the need for manual entry.

Accurate mileage tracking helps you maximize your tax deductions and ensures compliance with IRS regulations. By categorizing trips as business or personal, you can generate detailed mileage reports that simplify tax preparation and provide a clear record of your travel expenses. This feature saves time and ensures that you capture all eligible deductions, improving your overall financial management.

6. Balance Sheet Printing

Maintaining accurate financial statements is crucial for understanding your business’s financial health, and QuickBooks Online Plus makes this easy with its balance sheet printing capabilities. You can generate and print balance sheets that provide a snapshot of your business’s assets, liabilities, and equity. This helps you monitor your financial position, meet regulatory requirements, and provide stakeholders with essential financial information.

The platform’s ability to generate balance sheets on demand means you can access up-to-date financial information whenever needed. This is particularly useful for making strategic business decisions, applying for loans, or preparing for audits. QuickBooks ensures that your financial statements are accurate, comprehensive, and readily available.

7. Check Printing

QuickBooks Online Plus allows you to print checks directly from the platform, streamlining your payment processes. You can create and print checks for vendors, suppliers, and employees, ensuring that payments are accurate and timely. This feature eliminates the need for handwritten checks and reduces the risk of errors or delays.

By integrating check printing with your accounting system, QuickBooks ensures that all payments are recorded and categorized correctly. This improves your overall financial record-keeping and makes it easier to manage cash flow. The ability to print checks directly from QuickBooks also enhances your payment processes, ensuring that your business operates smoothly and efficiently.

8. Bill Management

Managing bills effectively is crucial for maintaining good relationships with suppliers and ensuring that your business operates smoothly. QuickBooks Online Plus provides tools to track and manage bills, from receipt to payment. You can enter bill details, set due dates, and schedule payments, ensuring that you never miss a deadline.

QuickBooks also allows you to set up reminders for upcoming bills, helping you manage cash flow and avoid late fees. Detailed reports provide insights into your accounts payable, allowing you to monitor outstanding bills and manage your business’s financial obligations effectively. This comprehensive bill management system ensures that your business stays on top of its financial commitments.

9. Contractor Payment Management

For businesses that work with contractors, managing contractor payments can be complex. QuickBooks Online Plus simplifies this process by providing tools to track and pay contractors efficiently. You can create detailed contractor profiles, track hours worked, and generate payments directly from the platform. This ensures that contractors are paid accurately and on time.

The platform also helps you manage compliance by generating 1099 forms for tax reporting. By keeping detailed records of contractor payments and work history, QuickBooks ensures that you meet regulatory requirements and maintain accurate financial records. This feature streamlines contractor management, saving time and reducing administrative burdens.

10. Time Tracking and Billing

Accurate time tracking is essential for businesses that bill clients based on hours worked. QuickBooks Online Plus offers time tracking features that allow employees to log hours directly into the platform. This time data can then be added to invoices, ensuring that clients are billed accurately for the work performed.

The integration of time tracking with invoicing streamlines the billing process, reducing the risk of errors and ensuring that all billable hours are captured. Detailed time reports also provide insights into employee productivity and project costs, helping you manage your business more effectively. QuickBooks makes it easy to track time and ensure that you are compensated fairly for your work.

Inventory and COGS Tracking

For businesses that sell products, tracking inventory and calculating the cost of goods sold (COGS) is crucial for maintaining profitability. QuickBooks Online Plus provides powerful inventory management tools that help you monitor stock levels, track sales, and manage orders. The platform automatically updates inventory levels as sales and purchases are made, ensuring that you have accurate, real-time data.

QuickBooks also calculates COGS, providing insights into your product profitability and helping you make informed pricing decisions. Detailed inventory reports allow you to analyze sales trends, manage stock levels, and optimize your supply chain. This comprehensive inventory management system ensures that you can meet customer demand efficiently while maximizing profitability.

Class and Location Tracking 

QuickBooks Online Plus’ class and location tracking allows you to track financial activity by project, class, and location, providing a granular view of your business’s performance. You can assign transactions to specific projects, classes, or locations, allowing you to generate detailed reports and analyze profitability at various levels. This feature is particularly useful for businesses with multiple departments, locations, or product lines.

By tracking activity at this detailed level, you can identify trends, allocate resources more effectively, and make data-driven decisions. QuickBooks provides the insights you need to manage your business more efficiently and drive growth. The ability to generate customized reports based on project, class, or location ensures that you have a clear understanding of your business’s financial performance.

Learn when QuickBooks Online Plus is better than Advanced. 

Conclusion

Leveraging the benefits of QuickBooks Online Plus can transform your small business operations, offering powerful tools to streamline financial management, enhance collaboration, and provide valuable insights. To get started with QuickBooks Online Plus and take advantage of exclusive discounts, free consultation, and ongoing support, contact Paygration at 866-949-7267. Our team is ready to help you optimize your business processes and achieve your financial goals.