QuickBooks Online: First Impressions

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.

The Basics

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.

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Switching to QuickBooks Online

I'm finally making the move to QuickBooks Online!

At least I'm going to give it a real effort. One of my clients was interested in moving things online. We've been using QuickBooks desktop since Day 1, so switching to QBO made the most sense. I didn't realize it at the time, but this is really my only regular QB desktop client. I have some that I do year end work with, but in terms of daily bookkeeping...this is the last of its kind. (please read that last part in your best Sean Connery voice)

I know what you're saying. Yes, I'm really late to the party here. It's kinda like having someone come up to you and tell you how they just discovered Mumford & Sons. I was just sent a press release from Intuit that shows that QBO has just surpassed 1 million users. Being the 1,000,001th of anything doesn't get you cutting edge status so I'm aware that my indie cred is taking a real beating here today.

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