CLOUD ACCOUNTING USING

QUICKBOOKS ONLINE

Prepared and submitted by:

MA. CRISTINA C. CABANAYAN

Master of Business Administration
 Acknowledgement

First of all, I would like to express my gratitude to Almighty God for enabling me to
complete this manuscript on “Cloud Accounting Using Quickbooks Online.”

Successful completion of any type of project requires help from a number of people. I
have also taken help from different people in the preparation of this presentation. Now,
there is a little effort to show my deep gratitude to that helpful person.

I convey my sincere gratitude to the Knights of Online Marketers headed by Ms.

Ronald Piper R. Romboanga for generously sharing her expertise and conducting excellent
training and webinars.

I would also like to thank our professors in Mondriaan Aura College, especially Sir
Edgar Geniza who gave me the opportunity to do this manuscript on the topic “Cloud
Accounting Using Quickbooks Online.”

Finally, to my loving and supportive husband, Bong, my deepest gratitude. Your

encouragement when the times get rough is much appreciated and duly noted. And to my
three lovely kids, Shem, Shei and Shaun, you are my strength and inspiration. My heartfelt
thanks.
 Dedication

This manuscript is dedicated to all the people who accompany me throughout my

journey of learning in MBA course. First and foremost, I would like to dedicate this
manuscript to our Almighty God, for the guidance, strength, power of mind, protection and
skills He provided all this time.

I also dedicate this accomplishment to my family for their unending love, care and
support. They have been my source of inspiration and strength when I was about to give
up. And they continue to provide moral, spiritual, emotional and financial support for my life
goals and dreams.

Furthermore, I dedicate to our Mondriaan Aura College Professors, for their sincere
guidance and prudent leadership guided our way clearly not only to excel in achieving this
but also definite directions for professional career too.
 Other Readings

https://www.freshbooks.com/hub/accounting/cloud-accounting-software

https://www.netsuite.com/portal/resource/articles/accounting/cloud-accounting.shtml

https://gocardless.com/guides/posts/what-is-cloud-accounting-and-how-does-it-work/

https://quickbooks.intuit.com/ca/resources/apps/cloud-accounting/

https://www.getapp.com/finance-accounting-software/a/quickbooks-online-edition/reviews/

https://www.pwc.com/gx/en/services/entrepreneurial-private-business/small-business-
solutions/small-business-guide-on-cloud-accounting.html
 Abstract

Small business owners need to undertake a host of activities all by themselves.

Right from finding customers, undertaking bookkeeping, and accounting to marketing their
business to getting the right people in their team, almost everything is undertaken by the
small business owner.

With so much to deal with, small businesses now understand the importance of
cloud accounting.

According to Intuit, the top five tasks that small business owners are taking up today online
include:

Back-office work like bookkeeping and accounting

Generating invoices and accepting payments from customers

Managing relationships with existing customers

Communicating with employees and business partners

Building brand awareness

Thus, small business owners now understand that in order to save time, reduce
costs, ensure data security, and make work more efficient, it is necessary not only for them
but also for their clients to switch to a cloud accounting solution.

This paper will help us understand what cloud accounting software is, the reasons
why we should use cloud-based accounting software, the benefits of working with the cloud,
and how QuickBooks Cloud Accounting Software can help you manage your accounting
tasks easily.
 Introduction

You might have been hearing the word “cloud” a lot recently and in a lot of different
contexts. “Cloud accounting” is now a buzzword too. Have you been curious about what it
is, and does your business need it? You’ve come to the right place to figure this out.

Most businesses are rapidly moving towards cloud technology, and the accounting
industry is leading this paradigm shift. Shifting to the cloud has huge benefits not only for
CPA firms but also for small and medium business (SMB) owners. But let’s first clear up
what exactly is “the cloud.”

To explain it simply, “the cloud” refers to servers and computing functions that are
accessed through the internet. When something is said to be “in the cloud,” it is stored on
the internet instead of your computer’s local hard drive. So, when you use any application
or storage service on the internet, you are, in fact, using cloud services.

What is cloud accounting?

With cloud accounting, you access your accounting software via the internet instead
of storing it on your computer’s hard drive. You do not have to install any software or
application on your computer to run the program of your choice. From pen-and-paper
ledgers, accounting software on the cloud is a significant step forward in the evolution of the
accounting process.

While cloud computing has spread its influence over countless areas, accounting is
one field that is ideally suited for unison with cloud technology. Cloud technology brings the
required seamlessness to this highly data-driven and regulated work. Its advantages are
proven by the rapid growth of the cloud accounting market in recent years.

Cloud Accounting Versus Traditional Accounting Software

Here’s a table comparing the key differences between cloud accounting and
traditional accounting:
 Feature Traditional Accounting Cloud Accounting

Limited to the computer where the Accessible from anywhere with

Accessibility
software is installed an internet connection

High level of security with

Requires business-maintained
Security provider-managed data
security measures
protection

Requires manual installation of Automatic updates ensure

Updates
software updates access to latest features

Limited to users on the same Real-time collaboration for

Collaboration
computer network multiple users

Upfront software purchase and Subscription-based pricing

Cost
ongoing maintenance costs with lower overall costs

Offers multiple plans that

Flexibility can be limited, often
allows users to start with a
Flexibility requiring significant investments
basic plan and upgrade as
for changes or additional features
needed

Integration with Generally easier and more

Can be limited and more complex
other applications flexible

Disclaimer: For cloud accounting, the number of users who can access real-time reporting
may depend on the chosen plan. Higher-tier plans may allow for more users to access
reports simultaneously.

Benefits of Using Cloud Accounting Software

1. Access Your Finances Anytime from Anywhere

With a cloud-based software program, you can access your financial data anytime,
anywhere. You don’t need to worry about wasting time with downloads and updates that
come with regular software because the cloud is hosted remotely. A software provider can
even offer a mobile app, making it easier to access your numbers while you’re on the go.
This system can give you the flexibility not to sit in your office to access your accounts or
check on your cash flow.

2. Get an Up-To-Date View of Your Business

You can get a completely up-to-date view of your current financial situation when your
data lives on the cloud. This will help you make informed decisions about the financial
future of your business. If you were using a traditional method of accounting, you would
have to scroll through pages of information only to get accounting data reports. You can
now meet the demands of a fast-growing business by accessing real-time financial data
when needed.

3. Save Time with Automation

With most cloud-based accounting programs, you can automate your workflow to save
time. For example, you can enter your vendor information and set up a workflow that
automatically pays that vendor on the same due date every month. You can also automate
sending out invoices to your recurring customers.

4. Make Collaboration Easier

Using a cloud-based accounting program makes it easier for you to collaborate with
your accountant. The cloud makes it easier to generate reports that your accountant might
need from you. You can also give your accountant access to the software, so they can
access your numbers anytime they need to. With an online accounting program, you also
have control over how much access to financial information can give to an employee. For
example, if you have any employee processing payroll, you can give them access just to
payroll without them being able to access bank accounts or financial information.

5. Improve the Accuracy of Your Accounting

There are lower risks of accounting errors with cloud-based accounting systems
because all the relevant financial information is entered in the same place. If you’re entering
expenses and income regularly and categorizing transactions, you can pull up an accurate
report at any time.
 You don’t need to know different accounting practices, formulas, or shortcuts as you
would if you used an excel sheet. All you need to do to get an accurate report is to ensure
you are entering your income and expenses on a regular basis.
6. No Installation Required
Cloud-based accounting software is hosted online, so you don’t need to buy a program
to install it on your computer.
Unlike other software programs that needed to be installed with individual licenses on
each computer, access to the cloud is available on a web browser or mobile app where you
can log into the account. You will also save money on an in-house IT team to do things like
upgrade software or deal with other technical issues.

7. Access to Tech Support

A major benefit of using cloud-based accounting software is access to tech support.
You can access tech support via telephone or chat and get instant access to technical
professionals available to help you with any issues you might have with the cloud-based
software. This can save your company time and money by not having to employ an in-
house IT representative to deal with the software.

8. Go Paperless and Declutter Your Office

When handling your finances, your paperwork can add up and become quite
challenging.

Filing through expenses, receipts, and invoices can be quite arduous. With a cloud-
based accounting software program, you can immediately import the data from your
paperwork into the cloud. Moving this data into the software will give you an easier real-time
view of your finances without flipping through papers. This will help you minimize the risk of
manual errors or losing important data and result in a more efficient method of managing
your finances.

Introduction to QuickBooks Online

QuickBooks Online is a cloud-based financial management software. It's designed to

slash the time you spend managing your business finances, by helping you with tasks such
as: Creating estimates and invoices. Tracking sales and cash flow. Bringing in your bank
data.

Which QuickBooks Online is right for me?

Every small business has different needs. We find the industries most suited to cloud
software

and product like QuickBooks Online include:

Appointment based businesses that offer services by appointment, such as a doctor’s

office, salon or driving school.

Retail and eCommerce businesses that sell or resell products, such as food trucks, eBay
sellers or coffee shops.

Professional and field service businesses that get paid by the project, job or gig, such as

contractors, photographers or wedding planners.

QuickBooks Online Packages Available

There are three versions of QuickBooks Online. A plan can be chosen to suit the
requirements of the business.

Each offering provides features relevant to the selected plan. Further details on the features

available under each product version can be found at

https://quickbooks.intuit.com/global/pricing/

The number of business users allowed varies per plan.

Simple Start 1 user
Essentials 3 users
Plus 5 users

You can also invite in your Accounting or Bookkeeping professional. These invites are not
included in the Business user allowance. Accountant/Bookkeeper Firms allowed are 2 users

across ALL plans.

Benefits of using QuickBooks Online

When you work online you will both have access to everything the cloud can offer and the
benefits that come with it. These include:

Go Mobile

Create a quote, email an invoice and record an expense – anytime, anywhere. Using
just an internet connection and a browser, colleagues on different continents and in different
time zones can work together on the same project.

Real-time collaboration

Collaborate in real time with clients and team members to speed up the rate of work
and make smarter and faster decisions. Plus, cloud computing saves time on file sharing.

Always backed up and secure

Perhaps the most significant aspect of cloud accounting is the assurance that your
clients’ company data is always secure and always backed up.

Reduced capital expenditure

System upgrades are a thing of the past! In the cloud, software automatically
upgrades so your clients are always up-to-date and using the newest version.

Improved agility and productivity

Cloud technology will allow your clients to spend more time on their business and
less time dealing with administration and data entry.
 QuickBooks Online has been designed to be intuitive, fast and simple to use. The
user interface is simple and unified, which results in fewer clicks to find the desired
information or functions. You can sign into your QuickBooks Online file from the
https://quickbooks.intuit.com/global/ website.

Conclusion

QuickBooks has emerged as a trailblazer in the realm of cloud accounting,

revolutionizing how businesses manage their finances. The shift to cloud-based accounting
with QuickBooks signifies a departure from traditional, on-premises systems, offering
unparalleled accessibility, flexibility, and collaboration.

One of the primary advantages of QuickBooks for cloud accounting is the ability to
access financial data from anywhere with an internet connection. This not only liberates
businesses from the constraints of physical office space but also facilitates real-time
decision-making. Entrepreneurs can monitor cash flow, generate reports, and handle
transactions on the fly, providing dynamic and responsive financial management
experience.

Staying up to date with emerging technologies is a necessity. The competitive

advantage of this new technology has the potential to take your business to new heights. It
is easily scalable, remotely accessible, low maintenance and lowers cost. It has all the
features you need to make your business more efficient, productive and automated. Cloud
accounting is the future of accounting, and we need to be a part of it.
Certificates of Trainings/ Seminar/ Webinar

No. Topic Abstract Hours