How QuickBooks Online Can Improve Your Company's Financial Health
QuickBooks Online is more than just an online bookkeeper. It can help improve your cash flow, your customer relationships, your inventory readiness, and your future.
If you’re already using QuickBooks Online, you know how much impact its bookkeeping abilities have had on your company’s accounting operations. You’re saving time, which in-turn saves money, and you’re reducing errors. When a customer or vendor calls with a question, or you yourself need to track down a critical detail to solve a problem, you’re able to find solutions quickly.
You may already have learned, though, that QuickBooks Online’s benefits include much more than simply getting the numbers right. When you take advantage of all it can offer, you’re likely to notice more far-reaching effects.
The Specifics
Let’s look at how QuickBooks Online accomplishes all of this. You can do much of it on your own, but we’re trained to help small businesses get the most out of QuickBooks Online. We can help you maximize the effectiveness of your accounting time so your company can:
Better balance between income and expenses.
QuickBooks Online provides quick, real-time overviews of your sales status.
You can’t begin to improve your company’s cash flow until you understand where the financial bottlenecks are. QuickBooks Online provides that information for both income and expenses in a variety of ways. In the image above, you can see that there are seven past-due invoices. Click on the orange bar to see a list of them, and you can automatically send reminders. QuickBooks Online also automates the process of sending statements.
You can also run accounts receivable and accounts payable reports that will show where you stand with customers and vendors, like Open Invoices, Uninvoiced Time, Unpaid Bills, and Accounts Payable Aging Detail. If you determine that one of your consistent problems with cash flow is late customer payments, you can set up a merchant account through QuickBooks Online to support credit card payments and bank transfers.
More repeat business because of improved customer interaction.
Your customers are like gold. To build the best relationships possible with them, you need a clear, updated picture of their transactions, their payment details and history, and your interaction with them. QuickBooks Online provides templates for Customer Information records that provide all of that, along with their contact information and a real-time update of the status of their invoices and payments, estimates, time activities, etc. The latter is provided in the form of an interactive list with links to immediate actions you can take.
A more stable, profitable inventory of products.
If your business sells products, you know that you have to be smart about inventory levels. Stock too much and you have too much money tied up unnecessarily. Too little, and you’ll be turning customers away and possibly losing their future business. QuickBooks Online’s inventory-tracking tools help you achieve and maintain that balance, so you know both when and how much to reorder.
It’s easy to evaluate your inventory status very quickly in QuickBooks Online.
QuickBooks Online also offers multiple inventory reports, like Inventory Valuation Detail, Physical Inventory Worksheet, and Sales by Product/Service Detail.
Readiness for growth.
You may never want to acquire another company, or move into more spacious offices, or employ dozens of individuals. However, it’s not often that a company doesn’t want to be in a position to grow. And you never know when an opportunity will present itself that would require additional capital. Would you be ready?
If you’ve never applied for a business loan or tried to attract investors, you don’t know how much financial information you’ll need to provide, or in what format. There are very specific reports your potential lenders or investors will want to see, standard financial statements. QuickBooks Online includes templates for these, which include a Balance Sheet, Profit and Loss, and Statement of Cash Flows.
Like the reports we mentioned earlier, they’re easy to generate on the site, thanks to intelligent, customizable templates. Analyzing them, though, and making sure they’re ready to be seen by third-parties takes professional expertise. We can provide that for you. We can also help you better understand and use other elements of QuickBooks Online so that you’re taking advantage of all of its benefits. Contact us soon to set up an initial consultation.
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Our Team
At IAM Accounting LLC, we take pride in our diverse and experienced team of professionals, each dedicated to providing exceptional service in accounting, tax planning, payroll, and financial management. Our team members bring a wealth of knowledge from various financial backgrounds, working together to ensure that every client receives the personalized attention and expertise they deserve. From managing complex accounting operations to providing tax-saving strategies, we’re here to help you achieve your financial goals with precision and care.
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Ibrahim Mohammed
Founder & Tax StrategistIbrahim leads IAM Accounting LLC, offering expert tax strategies and financial guidance to help clients reduce tax liabilities and achieve their financial goals.
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Jasleen Daswal
ControllerJasleen is a highly skilled Controller with over five years of experience as a Chartered Accountant. She ensures accurate financial management and oversees accounting operations.
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Sahil Shaikh
Chartered Accountant & Tax PreparerSahil is a Chartered Accountant and tax preparer with expertise in tax compliance, financial reporting, and strategic tax planning, helping clients optimize their financial outcomes.
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Ankit Gupta
Accounts AssociateAnkit brings a wealth of experience in finance and accounting, providing key support in day-to-day financial operations to ensure accuracy and compliance.
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Neha Sharma
Key Accounts ManagerNeha manages our most valued client relationships, with over four years of experience as a Chartered Accountant, ensuring that client needs are met efficiently and professionally.
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Michael Holsinger
Payroll Representative, ADP PartnerMichael is our dedicated payroll expert and ADP partner, managing payroll processes with precision and helping clients navigate payroll services seamlessly.