I was recently asked by a large Toronto based Public Relations firm to give some tips on how small-business owners, using cloud accounting software, can work with their accountant.

I figured if they are asking then a few of you maybe too.

Specifically using Quickbooks Online, here are my favorite features that Intuit has nailed!

  1. Whenever possible, use the “Attachments” feature to add additional files as detail to support your entry
  2. Communicate, communicate, communicate! Easily done with the “Activities” function. A built-in notification system that allows you to add a message about the bill to all users on your QBO account including your bookkeeper and accountant. The recipient will be notified by email and prompted the next time they log into your account. This is especially helpful if the inputter is unsure if the item should be an expense or an asset. It allows the conversation to happen in the present instead of at the end of the year.
  3. Use “Bank Rules” whenever possible to train QBO to recognize transactions and automatically classify them for you in the bank feed.
  4. Forgot where you left off? Don’t make a duplicate entry by mistake! Just check the “Recent Transaction” tab. Your bookkeeper will thank you!
  5. The “Recurring Transactions” feature is super-handy in cutting down on repetitive transactions, such as automatic payments or, even better, invoicing to clients who have the same recurring charge every month.
  6. Most importantly, allow your accountant access to your QBO account under “Manage Users” and “Invite” them using their email address. This will allow them to input the year-end adjustment entries directly into your file. No need to be nervous anymore about making a mistake with those confusing entries. Let the pros handle it!

With all of the above features—and there are so many more!—small businesses have an affordable customized software program that allows them to safely and efficiently communicate with their bookkeeper and accountant.

Go on, get virtual!

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