QuickBooks Online or QB Online (QBO) is a software tool developed for accounting purposes whose clientele involves targeting of mostly small as well as medium-sized business enterprises along with CPA firms and accounting professionals. QB Online provides accounting applications at on-premises as well as cloud-based versions accepting business payments, pay bills and payroll functions. Although, QB is equipped with integrated web-based features like – Remote access capabilities, Remote payroll assistance / outsourcing, Electronic payment functions, Online banking and reconciliation, Marketing, Mapping, Tax calculation, etc., Hosted QuickBooks (HQB) surpasses it by possessing the abilities to handle crucial issues related to IT, maintenance, backups, upgrades, and security. Hosted QB comes with all the appended advantages and operative functionalities of a fully supported cloud-based solution in a virtual environment. Hosting allows the clients to gain safe and secure multi-user access and collaboration over specific QuickBooks files. They can even work on same files at the same time.
Hosted QB provides easy access to client’s accounts in real-time to harness the insights thereby strengthening businesses. Hosted QB is like software as a service (SaaS) solution which is cloud-based and allows the service – availing beneficiaries to execute and operate upon the QuickBooks entirely from a cloud platform on a recurring subscription. Hosted QB is powered by the remote cloud infrastructure and is accessible globally through the Internet.
Hosted QB is a step further in Application Hosting operations, enabling the unique features of QuickBooks Pro Hosting like the following, to be accessible from a cloud-based platform: –
- Real-time collaboration with clients
- Online banking system’s integration
- Easy sharing/reception of documents over cloud
- Better tax compliance
- Better accounting operations’ execution
- Preparation of comprehensive financial reports, credentials, and documents
Hosted QB is not only beneficial to the host running the enterprise; rather it also provides abundant conveniences to the clients on various fronts as well. Following are some of the derived benefits of Hosted QB from clients’ side: –
Easy to invoice –Hosted QB helps in quick preparation and creation of professional looking invoices. These invoices will be that of a standard – grade and universally comprehensive. It also keeps a track of the invoice until the payment is completed.
Track and manage sales and expenses –Hosted QB organizes all the financial information at a single place. It also helps in keeping track of every penny that goes in and out of the business; these include sales, bills paid, cheque payments, credit/debit card payments and much more.
Preparation of comprehensive automated reports –The current state/status of the business, in line with the market, can be observed anytime and anywhere. This feature helps in providing insights required to formulate better business plans and make better business decisions to stay ahead of the competitors.
Automatic reconciliation –By linking Hosted QB to the personal bank account(s), one can easily download all the transactions’ related information automatically. This further enables the client to make a significant reduction in errors pertaining to manual data entry and reconciliation. Hosted QB categorizes newly performed transactions and gives bank-like security.
Multiple access across locations –This feature allows users at different locations to gain access to the account. Given this, the client can specify permission levels to control the visibility as well as accessibility for various users linked to the account.
Real-time collaboration with accountant –Hosted QB offers access to the accountant or in-house bookkeeper to enable working on financial books in real-time; thus, saving precious time previously wasted in chasing for data & reports.
Integrated payroll –Hosted QB is equipped with an integrated payroll that provides the necessary ease and efficiency to manage one’s payroll from anywhere, anytime.
Hosted QB is next-gen accounting software designed to provide a unique experience in cloud-based services.