2019-10-01 11:23:07What's New in QBOEnglishhttps://quickbooks.intuit.com/blog/us_blog/uploads/2019/10/Fast-Growing-Businesses.jpghttps://quickbooks.intuit.com/blog/whats-new/12-ways-quickbooks-can-power-growth-in-your-business/12 ways QuickBooks can power growth in your business

12 ways QuickBooks can power growth in your business

7 min read

Ever since it was launched in 1998, QuickBooks® has a storied history of naysayers – and its latest offering to growing small businesses is no exception. However, the thousands of customers who converted to QuickBooks Online Advanced are offering are a testament to its ability to meet the unique needs of mid-sized businesses.

We’ve all seen targeted sales tactics that revolve around convincing you that the growth of your business could overpower QuickBooks’ functionalities. Companies often encourage you to upgrade your accounting solution to an enterprise resource platform (ERP), complete with many bells and whistles. But, those websites and white papers aren’t comparing apples to apples, so don’t count out QuickBooks just yet. Intuit® recently expanded its solution set to include a desktop and an online offering for medium-sized businesses that are quickly expanding in size and scope. Both upgrades serve companies with 10-100 employees and/or $500K-$20M in revenue.

So let’s set the record straight on what QuickBooks has to offer mid-sized and growing businesses.

Let’s put you in the driver’s seat. What are you looking for?

#1: Right size, right value. Technology is awesome. It has changed how we do business, but more is not always better. Remember when digital SLRs were all the rage? Sure, they’re powerful cameras, but most owners only use the auto setting and never ventured into the other features. The trick is not to buy the most expensive package, but to find the right-sized solution for the unique challenges your business faces.

TruEdge specializes in design-build for credit unions. Erik Feld, director of Technical Operations, recalls hitting a wall with a foundation software and paying a premium for it. After a move to QuickBooks, he shared, “It undersold and over delivered. We’re confident, no matter how much we grow, that it will grow with us.”

#2: Integrations. Like playgrounds that seamlessly connect monkey bars with swing sets and slides, QuickBooks’ 700 customized integrations play nice with the other software programs you care about. Integrations ensure your workflows talk to each other and don’t disrupt business operations. Ultimately, all of this serves to help you manage and grow your business easily, and keep employees productive and investors happy.

Hamish Huntly, CFO of LITELUME, said he loves how QuickBooks integrates seamlessly with the other tools to “streamline our processes and increase our proficiency.”

#3: Migration support. The ubiquitous nature of QuickBooks is a source of familiarity for many financial professionals. While ERP sales pitches could be tempting, the cost to switch is often overlooked, and benefits can take months or years to fully realize. You can add more vroom to your business without replacing the engine – and if you already feel at home with QuickBooks, know that its all-in-one price includes migration support.

#4: Prioritized assistance. Beyond migration, QuickBooks offers a suite of free, online, self-paced training courses to teach employees how best to use the software for their needs. Its Priority Circle service offers a dedicated service manager to help when you have questions. The timely response at crunch time has proved invaluable. As Jose Oglesby, owner of the AppleSox baseball team in Wenatchee, Wash., explained, “We want answers … any delay is detrimental to our business, so having the support circle and the dedicated resource out there that can answer questions promptly is very valuable to us.”

“I love the fact that I can drill down to a certain date, a certain time, a certain client, and a certain dollar amount … without having to struggle.” – Todd Mason, Styer Landscaping

#5: Secure access. QuickBooks puts your business on cloud nine … only if you want it to. Its portfolio of solutions includes a variety of ways to store your accounting information, either locally on a desktop or in the cloud. You can choose the level of access employees have to files. Cloud options work with PCs, Macs, smartphones, and tablets. No matter how you and your team want access, inside or outside of the office, employees aren’t tied to a company file that’s installed on a single computer or server.

#6: Multiple entities. Contrary to competitors’ claims, you can manage multiple entities in QuickBooks without having to sign in and out multiple times. QuickBooks is popular with the construction industry for that very reason, creating individual LLCs for each new project.

#7: Inventory tracking. Complexity grows when you manage a large warehouse, multiple locations, or products on trucks, but QuickBooks solutions excel at management, tracking product movement right down to the row, shelf, and bin. Real-time updates through mobile bar-code scanning provide full control. The process is streamlined further with sturdy fulfillment capabilities as well.

The Pittsburgh Knights, a professional esports team, manages its entire merchandise operation through QuickBooks and are “thrilled” with how easy it is to track. “From design to production, from sales to shipping, we have confidence in our inventory counts and financial standing,” said Jonathan Oh, director of Operations, who further explained that visibility has been crucial for showcasing the value of the brand to investors.

#8: Batch invoicing. As your business scales, so does the data entry involved in recording the mounting list of financial transactions. QuickBooks’ batching feature enables the creation of multiple invoices in a single screen. Lynda Artesani, a 20-year veteran in the bookkeeping world and owner of Artesani Bookkeeping, recently shared a client story of exaltation over the batch invoicing feature. “It’s heaven for him,” she said and her client is not alone. This feature has been shown to reduce time spent invoicing customers by up to 37%.1 That’s a lot of time saved.

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In addition, QuickBooks integrates seamlessly with your financial institutions, letting you download transactions directly from your banks. You can even program rules to add the transactions automatically.

#9: Reporting insights. Accounting consultants around the globe have shared campfire stories of small business owners not connecting with standard reports, such as balance sheets and P&Ls. However, to impact the bottom line, entrepreneurs need to know what’s going on. Fathom is a tool that’s included that sheds light on challenges and opportunities, and enables you to consolidate data into a dashboard. Display your business’s key performance indicators, results, and targets, and whether you reached those targets on a monthly, quarterly, or yearly basis. Smart Reporting powered by Fathom is like having an expert next to you, pointing out the most important aspects of your business.Competitors will claim QuickBooks doesn’t meet the reporting needs of shareholders, financial institutions, or regulatory agencies, but QuickBooks offers 200 predefined presentation-ready reports that auto-fill what you would normally enter manually. Plus, you can build your own options to slice and dice your data how you need it.

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Todd Mason of Styer Landscaping, shared his appreciation of the deeper financial visibility: “I love the fact that I can drill down to a certain date, a certain time, a certain client, and a certain dollar amount … without having to struggle.”

#10: Project profitability. Track labor costs, income, and expenses with job costing. At a glance, know progress by project or customer at any time. Joseph Cole of Foliage Services, a Portland, Ore.-based container plant design firm, shared, “Through job costing, we can isolate one customer and figure out how much profit we’re actually making, which is truly remarkable.”

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#11: User permissions: Growing mid-sized businesses need more chefs in the kitchen, and QuickBooks offers increased licenses to access company data – at the same time! Admins can tailor what those team members can see and do with customized permissions. This granularity protects sensitive data and empowers teams through delegation. At CollectRx, a medical billing service in North Bethesda, Md., CFO Joe Esparraguera described user permissions as, “big, because it allows you to control your user’s access in a way that actually fits how you work.”

#12: Big-data capacity. The rumors aren’t true: There cannot be “too much data” or too large a file size that would impact system performance or lead to a crash. QuickBooks can store up to 1 million vendors, customers, inventory items, and employees. Jim Piccolo of Convergence Networks, an IT service company, said, “Managing inventory, processing routine transactions, and creating truly informative customized reports is all in a day’s work. Great product, great value!”

With QuickBooks, you’re home

As your business grows, it needs more versatility from its bookkeeping and accounting solution, equipped with robust functionality and focused features. QuickBooks can serve as your backbone for accounting, and there is a powerful and flexible option designed for businesses like yours.

Learn more about QuickBooks Online Advanced and make an informed decision about the best solutions for your company. As Coast Beverage Distributing General Manager Alex Michail, said, “We found that QuickBooks had all the tools we needed as a small company, and it helped us grow into a large company.”

1Based on internal tests comparing the QuickBooks Online regular invoice workflow with the QuickBooks Online Advanced multiple invoice workflow. QuickBooks Online Advanced supports the upload of 1,000 transaction lines for invoices at one time. The number of invoices imported depends on the number of transaction lines in the .CSV file. Customer received payment for participating in tests. Additional details

Information may be abridged and therefore incomplete. This document/information does not constitute, and should not be considered a substitute for, legal or financial advice. Each financial situation is different, the advice provided is intended to be general. Please contact your financial or legal advisors for information specific to your situation.
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