5 ways QuickBooks Online is transforming Businesses

QuickBooks Online (QBO) has revolutionized how small businesses manage their finances and accounting. The cloud-based software has made it simpler than ever for entrepreneurs and small business owners to track their money and gain financial insights. At its core, QuickBooks was built to help entrepreneurs run their businesses. It gives critical visibility into financials to inform both day-to-day decisions and long-term strategic planning for the company across departments.

Here are 5 key ways QuickBooks Online is transforming small businesses:

1. Real-Time Financial Visibility From Anywhere

One of the biggest advantages of QuickBooks Online is it gives business owners real-time visibility into their financial data from anywhere. As a cloud-based solution, QBO allows users to securely access reports and insights using any device that has an internet connection.

Business owners can check their profit & loss, view accounts receivable, track sales and expenses, monitor cash flow and more whether they are in the office, at home or travelling. This 24/7 financial access empowers smarter and faster data-driven decisions.

2. Automates Manual Accounting Processes

QuickBooks Online automates many of the manual, repetitive processes around accounting, bookkeeping and financial management.

Small teams no longer have to spend as much time reconciling bank accounts, creating invoices, tracking sales, managing payroll runs and more. Workflows become streamlined, human error is reduced and overall productivity goes up.

Integrations with POS systems, online stores, Stripe, PayPal, banks and more mean transaction data flows automatically into QBO. The software does the heavy number crunching, freeing up staff to focus on high-value tasks.

3. Powerful Insights With Custom Reporting

While the built-in reporting in QBO delivers many pre-configured financial statements, the custom reporting capabilities truly empower data-driven decisions.

Easy drag-and-drop custom reports allow users to analyze the exact metrics important for their business. Segment data by location, sales rep, product line and other dimensions to uncover trends and opportunities.

Compare time periods — is revenue growing month-over-month? How do margins compare year-over-year? QuickBooks Online provides the flexibility to visualize key numbers.

4. Share Financial Information With Team Members

A key advantage of QuickBooks Online is the ability to securely share access to financial data with your team members and external accountants or bookkeepers.

Provide view-only or edit access to employees so they can enter expenses, view reporting and manage areas relevant to their role. Accountants can have continual visibility to ensure books are clean without needing to wait for data exports.

Collaborative access ultimately improves communication, transparency and better financial management across an organization.

5. Integrates With Other Software Systems

At Vidi Corp , we solve a major pain point around integrating QuickBooks Online data with other platforms. Our QuickBooks Power BI Connector transforms QBO data into user-friendly datasets that connect directly with Power BI for custom reporting.

Why is this integration useful? Because while QuickBooks Online is a powerful accounting system, it forces users to jump between 100+ tables to analyze data. Our connector consolidates all that transactional data into clean sheets balanced by accounting standards.

The output can connect to any business intelligence tool like Power BI, Tableau or Looker Studio. With our connector, get pre-configured dashboards and reports for a 360-degree view of your company’s finances and operations.

Case Studies on How to Use QuickBooks Online to Boost Profitability

Still not convinced? Let’s take a look at some case studies on how you will be able to use QuickBooks Online to enhance business profitability.

Case Study 1: P&L Dashboard in Power BI

A manufacturing company was struggling with timely visibility into their profit & loss metrics across multiple locations. Their data was spread across many QuickBooks Online accounts. By leveraging the QuickBooks Online Power BI connector, they were able to rapidly consolidate data and build an interactive P&L dashboard.

The dashboard provides real-time insights into revenue, cost of goods sold, gross margins, operating expenses and net income by business units. Charts allow filtering by both region and product line. The finance team can now slice the P&L by different dimensions to uncover trends and opportunities. Refreshing the dashboard also ensures all data is current.

Case Study 2: Balance Sheet Dashboard in Power BI

A retail company wanted better visibility into working capital, cash flow and balance sheet trends. However, they found QuickBooks reporting to be too fragmented and limiting. By integrating QBO with Power BI using the purpose-built connector, they built a customized balance sheet dashboard.

Key report features include visualizing current assets like cash, accounts receivable and inventory over prior periods. Liability metrics are also tracked over time including accounts payable, loans and deferred revenues. Net equity charts show retained earnings and shareholder interests. Cleaning connecting QBO with Power BI delivered a holistic balance sheet view they desperately needed.

Case Study 3: Aging Account Receivables Dashboard in Power BI

For any business, tracking accounts receivable and customer payments is mission critical. A services firm was wasting countless hours navigating receivables across disconnected QuickBooks screens and Excel exports. By leveraging the QuickBooks Power BI Connector, they automated an aging accounts receivable analysis dashboard.

The interactive dashboard breaks down total receivables by current, 30 days past due, 60 days past due and 90+ days past due. This allows them to track potential collection issues with older invoices. Drilling down by customer also identifies concentration exposure and credit risks across their client base.

READ MORE HERE : 5 WAYS QUICKBOOKS ONLINE IS TRANSFORMING BUSINESSES