Why companies are moving to QuickBooks Enterprise

QuickBooks Enterprise is an accounting software which has been designed for managing your accounting and business needs in an easy and effective manner. It can perform a variety of accounting and finance related functions like payroll, payment, inventory, journal, bookkeeping, etc. The solution can be scaled to meet the company’s requirement of managing multiple users, inventory workflow or large amount of entries and data.

The software offers various flexible tools which fit perfectly into the financial management needs of small and medium sized businesses. The different versions of the software have been tailored to match the needs of contractor, manufacturing and wholesale, nonprofit and retail. The industry editions of the enterprise offer customized tools and functionalities according to different industry needs and requirements.

It also offers customizable reporting tools which can help you to have an in-depth analysis of data and thus will act as a catalyst in making well informed decisions for your business.

Now let’s look at how QuickBooks Enterprise helps you to manage different sections of your business in a much easier and effective manner.   

Reporting and Financial management

QuickBooks Enterprise has an income tracker feature which allows users to view all transactions without exiting the system. Putting expense details is much quicker and it involves processes from other banks and accounts, all at a single place. There are also industry specific templates and other formats which are created by other users. The system is compatible with reports of Enterprise Solutions’ 138 like Profit and Loss, Forecast vs Actual Budget, Statement of cash flow, Customer average days to pay, etc.

Sales and Customers

Management of reps can be done on the basis of their job. You can also view expenses by rep through customizable report forms and productivity of work increases by assigning default classes to items, accounts and names.

Inventory

By allowing you to create subassemblies in single build, QuickBooks Enterprise removes the hassle of building them individually. You can also create advanced price rules using information based on customer, items, vendors, and more.

Purchasing and Vendors

The purchasing and vendors module of QuickBooks Enterprise is well equipped with advanced functions and tools. The feature of stock status report shows which items are near to getting out of stock and which items need to be replenished. User can also set default classes to items, accounts or names which improve accuracy and efficiency. You can find the information of your key vendor instantly and can add or remove vendors in a quick and easy manner. The fully equipped software also allows you to track manufacturer’s part number.

Technical specification

Type of Specification	Details
Device supported	Windows, Linux, Mac, Web based
Available language	USA, UK, Canada, International
Available integration	Existing Quickbooks files, Microsoft Excel 2002, 2003 or 2007,
Pricing type	Monthly payment, annual subscription
Deployment	SaaS, On premise, Cloud Hosting

Other benefits

• Advanced Pricing
• Advanced reporting
• Cloud hosting
• Arrange lines in sale and purchase transaction
• Get reports from negative items list
• Showing cost on sales transaction
• Row shading on transaction forms when printed, etc.

QuickBooks Enterprise is complete accounting software which comes with bundle of benefits. Even if you are using the other versions of QuickBooks, still, switching to Enterprise will not be difficult for you as the looks and functions of the Enterprise version has been kept almost similar to its different editions like QuickBooks Pro and QuickBooks Premier.  

Use these apps to make your accounting firm successful

Taking care of the clients is one of the most important tasks of any accounting firm as in the end, clients are the one who will be generating business for them. If the clients of an accounting firm are satisfied, then nothing can stop them from becoming successful. There are some common practices which every accountant should follow in order to make their mark in the market and one such practice is being technologically advanced.

When we talk about accounting firms, then being technologically advanced means the use of highly advance software and apps, for making the process of accounting easy and effective. This era of technology is being ruled by software and that’s why taking advantage of an optimal solution which eases your burden while enhancing its productivity and performance is never a wrong deal.

Therefore, in this blog post, we will be looking at the top tech software and apps which every accountant should use.

Asana- This modern app is known for its user-friendly functionality and multifunctional tools. With the help of this app, you can make projects and groups, see the status of projects on your calendar, look for tasks according to task name, people and project. Asana syncs your mobile and PC with more than 1000 third-party apps, isn’t that great?

SherpaDesk – Also known as a Swiss Army Knife for accountants, this multifunctional app can prove to be your all in one Professional Service Automation Software and if you are thinking that this is just a project management software then you need to remove the blindfold from your eyes. This super app can help you with invoicing, billing, asset management, data reporting, time tracking and help desk. In addition to this, you can also create clients profiles and projects.

ABLE- It is a perfect CRM software which has been specially designed by keeping accountants in mind. The developer knew this well that most of the accountants have very limited time and that’s why through this software, they have tried to ease the tasks so that time devoted on each operation is reduced. With this app, you can identify important clients, learn about their needs and manage the relationship in a better way. You can also conduct client survey, get new business opportunities and change your sales style according to the client.

Salesforce Essential- When one talks about the most popular sales tool for big companies then the first software which comes to mind is Salesforce. And the new update which brings CRM offering especially for small businesses makes this app more productive. This app can help you to track emails, automatic calls, and meetings from your inbox, so in layman’s language, it helps you to wipe out the time wasted on data entry.

QuickBooks Hosting – It is the cloud-hosted version of the desktop app QuickBooks. Managing finances without an accounting solution like QuickBooks cloud hosting can prove to be a disaster for your accounting firm. Hosted QuickBooks offers numerous accounting benefits which come bundled with the power of cloud. Used by over a million users all over the world, one can’t deny the simplicity and productivity of this accounting solution.

The era of being stuck with papers and pen in accounting is long gone. Now accountants should use apps, internet, cloud computing and other various technologies for making their financial management fit according to the market and technology.

If you are looking to migrate to the cloud computing solution with your QB then you can go for Cloudwalks which is a leading and most popular QuickBookshosting provider. The economical hosting packages with bank-level security make Cloudwalks a perfect choice for all your accounting operations.

Top Bookkeeping practices for an ideal financial management

If you are running a small or medium sized business, then a proper and effective bookkeeping plays a key role in running your business smoothly. But most of the startups and entrepreneurs, ignore this vital aspect of financial management and when the tax season comes around, they had to face problems, hurdles and sometimes, legal penalties as well. Not only for a proper financial management but even by law, maintaining records on a daily basis is necessary. That’s why a proper bookkeeping becomes important for not only an effective financial management but for staying out of trouble with Internal Review Service as well.

But with few bookkeeping tips and routine practice, you can get a better hold on your transaction details which will not only help you during the tax season, but will also assist you in making better financial decisions and planning.

So, in this article, we will be looking at the top bookkeeping practices for an ideal financial management.

Use the cloud

Most of the accounting software have the fully functional features for a proper Bookkeeping and hosting such software on cloud gives you several advantages. One such solution for proper bookkeeping is QuickBooks hosting. Bookkeeping on cloud wipes out your chances of data loss as all the data is stored on cloud with proper backup. You can also access your bookkeeping from anywhere and at any time. There are various templates for small business which are provided in the accounting software, like deposit slips, business account check printing and invoices.

Keep your private transaction separate from your business transaction

The accuracy of your accounting details depends on the number of accounts you are dealing with and that’s why it is advisable to keep your private transactions separate from your business transactions, so that you can be much more accurate while dealing with one type of account. In addition to increased accuracy, you will also be able to save a lot of time by keeping these accounts separate.

Double check your records and reconcile bank accounts on monthly basis

You should double check your bank accounts and transaction on monthly basis, so that if there is any mistake, then you can fix it before it gets piled up when the tax season arrives. You should also reconcile your withdrawals and deposits, which will help you to spot any type of discrepancy with much more ease.

 Keep aside the money for paying taxes

With a better financial management, you will be able to plan your taxes better and based on those estimates, you need to keep aside money for paying taxes. It will minimize your burden of arranging money on instant basis. You should also note the tax paying date and set reminder for avoiding any hassle.

Set time for weekly review of your books

You should decide a fix date for every week, on which, you will review your books. Having a dedicated date and time for reviewing your books will allow you to keep everything in order.

Bookkeeping is an important part of a business and if you are a startup or an SME, then it becomes vital for you to have a proper bookkeeping. A proper bookkeeping allows you to have a detailed and accurate data of your expenditure, invoices and many other financial aspects. Follow the above mentioned tips and maintain an effective bookkeeping for better financial management.

The thin line of difference between bookkeeping and accounting

Many people use the word bookkeeping and accounting interchangeably, but you should know that both are different parts of accounting. You can consider bookkeeping as a stepping stone for the further accounting process or bookkeeping as the initial stage of accounting.

Having an in-depth knowledge of the various functions of your finances is a vital part of a business strategy because it will allow you to have a better look at your current business status. Without understanding your finances, you will not be able to run your business properly. Moreover, this practice will also help you to carry on with your various financial processes in a much better way. Therefore, in this blog post, we will be looking at the thin line which keeps the bookkeeping and accounting apart but also keeps it woven into the same function of finance.

What is bookkeeping?

Talking in layman’s language, bookkeeping is simply the practice of recording the financial transactions and is obviously a part of the process of accounting. The financial transactions which are recorded include purchase, sales, receipt, etc. The practice of bookkeeping involves extensive data input and is commonly known as the practice of maintaining the financial books and by books we mean the book of accounts.

What is accounting?

It is the measurement, processing and communication of financial information about entities such as firm and organizations. Talking in layman’s language, it is a step by step process of identifying, measuring, classifying, communicating and summarizing the financial information. So from the above definition of accounting, you can see that accounting is a very broad term. The practice of accounting gives profit and loss status of business for a particular period of time and it also allows the owner to know the assets, liabilities and equity.

The similarities between bookkeeping and accounting

Bookkeeping and accounting may be different, but they are the part of the same financial process and that’s why they have some similarities as well. For example, records are an important part of both bookkeeping and accounting, they both are the part of the same financial process, etc. When you look at the financial operations of small businesses then you will notice that the practice of bookkeeping is practiced more like an accounting process rather than just a simple recording of transactions.

The differences between bookkeeping and accounting

• The practice of bookkeeping is carried on by a bookkeeper while the process of accounting is carried on by an accountant.
• Bookkeeping is the subset of accounting while accounting is considered as the language of the business.
• Creation of financial statement is not a part of bookkeeping while the same is a vital part of accounting.
• The tools of bookkeeping include journals and ledgers while the tools of accounting include balance sheet, profit and loss, account and cash flow statement.
• No business decision can be taken on the basis of bookkeeping records while most of the major business decisions are taken on the basis of financial records.

Now, you must have understood the basic differences and similarities between accounting and bookkeeping. This is very much important for both financial knowledge and running your business smoothly. A non-professional persona may use the two words interchangeably, but as a business owner, you should know the differences.

If you are looking for managing your bookkeeping and accounting in an efficient way, then you can go for QuickBooks cloud hosting form Cloudwalks. The QuickBooks cloudhosting services provided by Cloudwalks can easily fit into your budget and can give you the advantage of the accounting software bundled with the power of cloud.

The five entities that get benefited from QuickBooks hosting

QuickBooks helps businesses to carry on their accounting operations in a technologically advanced way. The old tradition of accounting with pen and papers has been replaced by advanced accounting software like QuickBooks.

The very simple accounting software allows even a person with no accounting expertise to carry on his accounting operations with ease. With the help of QB one can easily manage his inventory, invoices, billing, reports and all other accounting functions. And after bundling the accounting software with the cloud, it becomes the most effective accounting solution as in addition to giving you the easy features of accounting it offers you the power of cloud as well.

Although there are many sectors and business models in which QuickBooks can be used, in this blog post, we will look at only the main five entities which can get directly benefited from QuickBooks hosting.

Startups

There is a huge number of startups in the whole world and there are chances that by the time you will complete reading this blog, someone would have come up with a new idea of a startup in the world. But for such startups, managing finance becomes a headache as they can’t hire a dedicated team for that purpose and opting for hi-tech solutions doesn’t sound feasible. But with the help of QuickBooks hosting, startups can easily manage their accounting without burning a hole in their pocket.

Accounting firms

One of the biggest hurdles for accounting firms is to reach the doorstep of each of their clients in order to manage their finance and accounting details. With a large number of clients, communication and management become difficult. But such hurdles can be easily overcome with QuickBooks hosting as it offers the power of the cloud to access the data from anywhere and at any time.

Individuals

QuickBooks was started with the concept of helping people with no accounting knowledge to manage their personal finance and that time it was introduced in the market in the form of Quicken. So, if you need to manage your personal finance, but don’t have any knowledge of accounts, then you can trust QuickBooks blindly as it has some very easy to understand features and can prove to be your best partner in managing your personal finance.

Accountants and Bookkeepers

Accountants and Bookkeepers need to have a tool for managing their clients and fulfilling their accounting needs in the best way possible and the only one solution which can fulfill all such expectation of accountants and bookkeepers is QuickBooks hosting. You can utilize the features of multi-user access and advance reporting of QB hosting for giving what your clients demand.

CPAs

CPAs have a huge reputation in the market as passing the test to become a CPA is very tough and it needs good skills to become a CPA. But in today’s era, carrying only the badge of CPA won’t be enough for you to attract or grab clients, but you will also need a powerful accounting tool to deliver quality accounting services. Thus, QuickBooks hosting can also prove to be a great accounting tool for CPAs.

This is just a small list of entities that can get benefited from the various advantages offered by the powerful QuickBooks hosting and if you are any one of them, then it is high time to adopt the technology and make the most of it.

Steer clear of these 5 pitfalls while shifting to cloud

The highly advance Cloud computing technology has acted as a blessing for most of the businesses as it holds numerous benefits under its sleeves which proves to be very fruitful. In addition to making things cost-effective and efficient, it has also enhanced the security and teamwork of businesses as well.

Nowadays, most of the businesses are using the fruitful cloud technology in one form or another like QuickBooks hosting but shifting to the cloud isn’t something which firms do every day. Shifting to cloud is a once in a lifetime decision and it doesn’t matter how advance you are in terms of technology, moving all your data to cloud and making sure a smooth shift to cloud isn’t an easy task.

So, in this blog post, we will be looking at the 5 pitfalls which you should steer clear of while moving to cloud.

1. Considering all clouds are same

Most of the businesses think that the cloud service offered by all the providers is same. But this is not the fact. There are different types of cloud solutions which are different in terms of security, infrastructure, cost, etc. Even if you have made your mind for choosing from public, private or hybrid cloud, you still have to look at the benefits and drawbacks of different hosting providers as there are a lot of differences in their service.

So, before moving to the cloud technology, your technology team should clearly know what they want because that’s how they will be able to choose the best QuickBooks hosting provider and enjoy the benefits of the fruitful cloud platform.

2. Instant cost saving

One of the main reasons to why most of the businesses move to cloud is cost saving. Although it is true that cloud computing is one of the most economical solutions, but that’s applicable only in long run. If you are expecting the cloud to save cost for your business from day one, then you are completely wrong about your perception and benefits of cloud as the shift to cloud requires some upfront cost.

And it is also not the right way to choose cloud computing just because to save cots because cloud computing has a much bigger effect on you firm rather than just being a cost-saving tool. 

3. Lack of training

Even though the concept of cloud computing has now become a new normal for businesses but still many IT professionals don’t know much about it and especially when this is their first migration. Without proper knowledge and training, cloud adoption can become a big headache for you as instead of being a fruitful and cost-effective solution, it can prove to be a burden for you. That’s why you should give proper training to your employees so that they can familiar with cloud computing.

4. Adopting a lethargic approach while choosing hosting provider

One of the biggest mistakes made by firms, while shifting to cloud computing is choosing the wrong hosting provider. For example, there are various QuickBooks hosting providers in the market and every hosting provider has its own uniqueness and drawbacks. If you don’t do a proper analysis of their services and security, then it can prove to be a disaster for your businesses. But you can choose from some of the best QuickBooks hosting providers by going through their services in details.

5. Over speeding your migration

You should always follow the baby step formula for migrating to the cloud technology as in addition to wiping out the bad surprises it will also help in a smooth shift. With the adoption of the baby step formula, you will be able to understand the challenges faced while shifting on small scale and can easily overcome it while making the actual move.

Shifting your business to cloud can prove to be a blessing for your business but you should always look for the above-mentioned pitfalls which can turn your dream of shifting to cloud into a nightmare.

Quickbooks desktop vs Quickbooks online: Which one to choose?

The Quickbooks desktop is present in the market from a very long time but with the introduction of Quickbooks online edition in 2000, the only question which businesses still have in their mind is; which one is better? The desktop users who are using it from the 90’s always fall into the dilemma of whether to switch to online version or not? Although the adoption rate of QB online has been high but even after 17 years of release of the online edition, the debate of preferring one over another is still a hot topic.

That’s why in this article, we will look at a detailed comparison between  QB desktop and QB online, so that the enterprises can choose the best for their businesses because both the products are different and deciding which one is better will be like deciding the best from jam and peanut butter. But before even starting the comparison, let’s look at what these products are.

QB Online

It is cloud based software which requires reliable internet connection for accessibility. It can be accessed from anywhere (where you have internet) and from any device. It also comes with a 30 days free trial and free support. As the trial period ends, you will have to pay a monthly subscription fee.

QB desktop

QB desktop needs to be installed on a computer and there is no free trial period for it. The accessibility is also limited to the computer in which it is installed because it is not cloud based. Support for this is available in only the ProPlus version or by paying for it.

Comparison

First of all we will look at what these both products have in common. Although this comparison doesn’t cover all the benefits but it will be enough to give a shape to your perception of both the products.

Benefits	QBO	QBD
One click sales and tax report	Yes	Yes
Manage Account Payable	Yes	Yes
Expense Tracking	Yes	Yes
Reports	Yes	Yes
Inventory	Yes	Yes
Multi-Currency	Yes	Yes
Business Planner	Yes	Yes
Create Professional invoice	Yes	Yes
60 days money back guarantee	Yes	Yes
Tax support	Yes	Yes
Importing and Exporting	Yes	Yes
Print Checks	Yes	Yes
Bank Reconciliation	Yes	Yes
Budgeting	Yes	Yes
Price Levels	Yes	Yes
Units of Measure	Yes	Yes
Shipping Manager	Yes	Yes
Forecasting	Yes	Yes
Calendar	Yes	Yes
Customer Snapshot	Yes	Yes

Now we will look at the advantages which online edition has over the desktop  

Benefits	QBO	QBD
Accessibility through any device at any time	Yes	No
Automatically send and schedule invoice	Yes	No
Automatic updates	Yes	No
Company scorecard	Yes	No
Income list	Yes	No
Free technical  support	Yes	No
Automatic access to latest version	Yes	No

Now we will look at the advantages which desktop edition has over online

Benefits	QBD	QBO
Industry specific reports	Yes	No
Calculate discount by customer	Yes	No
Forecasting	Yes	No
Calendar	Yes	No
Inventory Center	Yes	No
Price levels	Yes	No
Sales Orders	Yes	No

Now after looking at the various benefits which both the editions have in common and different, an enterprise can choose one of them by analyzing their requirement but to make it more clear while opting, we will now look at which edition is suitable for which type of business.

The desktop version is suitable for those types of businesses which are product based.  This is because product based business requires features of QBD like, two options for tracking inventory; FIFO and Average cost method, batch  invoicing capability which allows you to invoice the billing of multiple clients at the same time when the amount and type of service is same. Product based enterprise also requires industry specific version which only desktop has.

While talking about the QBO; it is best suitable for service based businesses which requires simple invoicing. A service based enterprise can be benefited from various features of QBO versions like flexible accessibility, regular update and entry of transaction through mobile device, PC or MAC.

So, both the products have different features and benefits, and the choice of opting one over other; totally depends upon the requirement of your business. So analyze the features and advantages of both the products and choose the best for your business.