It's a bad practice to make unqualified recommendations. Think about it. Would you recommend a restaurant if you’ve never eaten at the establishment? Would you recommend a doctor if you had never met them ? The same is true of accounting software and technology.
In earlier iterations of the QuickBooks Online Platform (QBO), the functionality of the back browser and the lack of reporting capabilities likely gave many professionals pause before recommending it. However, fast forward to today, the product has undergone some notable generational changes.
Today, the QuickBooks Accountant Online Platform allows you to build an efficient environment for you and your clients to work in simultaneously, which can be quite powerful in today's fast-paced business environment. The third-party applications also compliment the seamless interface options that are available in the cloud.
Many people want to know how the QBO compares to QB Desktop. What are the differences? There are some, but not many—and the differences will continue to narrow as more third-party vendors join the QBO world.
Another common question is when does a client outgrow QuickBooks. The answer will often be contingent on the situation and unique business needs of a particular company. While many would assume that revenue and volume would trigger the switch, that is not always the case. In fact, the company's processes are likely a better gauge, such as the number of individuals accessing the data, the type of business, and the processes being performed.
Additionally, selecting third-party applications to compliment QBO is imperative, but complex and it's important to build a solid, cohesive environment that functions as one—a patchwork application infrastructure is less than ideal. One person can't be an expert in every application, and it would be unrealistic to suggest that one should learn every one. But, spending the time to learn what the options are, so you are able to speak intelligently and provide guidance to your clients on the different options is important. Many applications are very similar, and it is a matter of deciding which one works best for you and your client. For example, LivePlan and Qvinci can be powerful solutions for reporting. They both have the ability to pull data in real time from the QBO database. LivePlan is also an impressive forecasting solution for single entities, while Qvinci's consolidating capabilities is a great feature for multiple entity reporting.
Nearly all organizations will leave revenue on the table if they are not properly managing their accounting function. Therefore, making a meaningful investment in developing your knowledge of the different tools that can help them streamline their processes and improve efficiency can help you improve clients' bottom lines.