How to Use Quickbooks Online to Stay on Top of Your Financials

Staying on top of your financials, in both your personal life and your professional life, is one of the most important things we can do to avoid (or at least minimize) debt and high-interest rates, and increase buying power. But staying on top of your financials can be easier said than done, especially as a business owner trying to juggle what seems like a million other balls in the air, all of which you’re trying to keep from tumbling to the ground.

Fortunately, you no longer need to carry around a big book of numbers every time you want to take a look at your financials. Accounting software has become much more accessible (and secure) so you can keep track of all your financials (expenses, billing, hours, mileage, etc.) in one place. And because it’s online, you can access that information wherever you are, especially if you have the Quickbooks app on your phone. Let’s look at some of the ways you can use Quickbooks to stay on top of your financials.

Give Access to Multiple Team Members

Need your doctor to log the time they just spent examining a patient? Need your office manager to report the cost of the office supplies they just ordered? With Quickbooks Online, they don’t need to track down a big, heavy book to record these things. They can just pull up the Quickbooks website on their computer or the app on their phone, enter the information, and continue with the rest of their day.

This also makes your life a lot easier because it means you don’t need to track them down at the end of every month or quarter to ask them about the time they spent examining patients or how much they spent on office supplies. You can access all the information you need just by logging into Quickbooks.

Keep Track of Revenue and Expenses in Real-Time

Because you and your team members can keep track of your revenue, which bills have been paid and which are overdue, as well as how much you’ve been spending on expenses, all in real-time, it gives you a clear idea of whether your business is in the red or the black (and by how much) at any given moment.

When you wait to document everything, not only does it increase the chances you’ll forget about an invoice or an expense, it also leaves time for your financials to get out of hand before you realize what’s happening and make the necessary corrections. The longer you wait, the harder it’s going to be to course correct.

Because Quickbooks Online allows you to keep track of your revenue and expenses in real-time, you can make the necessary adjustments before your financials have a chance to get the better of you.

Timely Compliance and Recovery

As a business (especially a business in the healthcare industry) you have certain compliance obligations you need to meet when it comes to your finances, and failing to meet those obligations on time can result in fines and other penalties. By keeping track of all your financial activity in one place, which can be easily accessed by everyone on your team, you can be sure to meet all those obligations on time.

Keeping track of your financials in real-time also allows you to catch any financial misdeeds faster. If money is disappearing from your bank account, or if there are expenses that don’t make sense, you’ll catch it faster if you’re using Quickbooks Online to stay on top of your financials. The sooner you can catch it, the sooner you can act, which means you can put a stop to it before it becomes disastrous for your business.

Make Working with Your Accountant Easier

Another benefit of Quickbooks Online is that your accountant can stay on top of your financials for you without the need for you to meet with them in person with a pile of books, binders, and folders of receipts. Quickbooks Online will show them all the information they need, so they can do what they need to do to keep you compliant. If you need an accountant who has experience working with Quickbooks Online, look no further than The Bookkeeping Doctor. Whether you just need someone to help with your bookkeeping, or you need a CFO to help you make data-driven decisions for your business, we’re here to help. Schedule your free consultation now to get started.