Last week I told you I was about to make the jump to QuickBooks Online. I also said this wouldn't become a site just about QuickBooks. Both of these things are true.
I had a chance to get my client file setup, and put it through a few good tests last week so I wanted to give you my first impressions. Maybe a month or so from now I'll give you another update, once I have really put it through its paces.
I won't go into details about the client, but I think it's important to give you an idea of the type of work I'll be doing in QBO. It's a small business with less than 5 employees that will require payroll. It has multiple bank accounts which get quite a lot of daily use. We need to track GST (sales tax), payroll tax, staff health insurance, loans, and shareholder activity. We need to track receivables and payables, and there's a good chance we'll want to eventually setup class tracking and job costing.
I will be reconciling the accounts daily, doing payroll weekly, and providing a basic set of reports weekly with a more detailed set monthly. Payroll remittances are monthly, GST returns quarterly, and then of course prepping for year end. This is all pretty standard stuff, but I think by the end of the year I will have used a large percentage of QBO's feature set.Read More