QuickBooks is an off-the-shelf accounting software to help perform finance processes in small to medium-sized businesses. Similar to a lot of software, there are challenges with using QuickBooks. Fortunately, we have the solution, whether it be user, data loss, data entry or, inventory issues.
Problem: Only one person can work on a file at a time
For high levels of productivity and collaboration, multi-user functionality is necessary. With the increase of remote business, this has become a necessary tool for nearly every project. However, QuickBooks can limit the number of users that can be working on a file at the same time. Less collaboration can result in a less dynamic workflow and tasks being completed. Luckily, there are ways to bypass QuickBooks limitation to gain multi-user collaboration.
Solution: Multi-user QuickBooks
Multi-user QuickBooks allow for multiple users to work on the same document simultaneously if they each hold a Quickbooks license and are connected to a network. This function is run through a cloud-hosted company file. Sangwa Solutions can host company files through the cloud to allow for increased productivity and collaboration. How does this work?
A cloud-hosted company works through a data host via the internet. The files are saved automatically and can be forwarded to other servers. This makes it accessible and allows for multi-user activity, on QuickBooks or nearly any software.
Problem: Data Loss
Data can be lost in many ways; human error, viruses or, being hacked. There are many serious consequences including the loss of customers’ trust and even their business. QuickBooks holds a large amount of sensitive company and customer data that must be secured. Preventing data loss should be at the forefront of any business minds.
Solution: Automated Backups
When it comes to securing your accounting information, you can never be too safe. Losing files can be detrimental and cause many inconveniences. To secure your data, one option is to store it on an external hard drive. Making a copy outside of the local server ensures that if there was an onsite crash, your data would not be affected. However, because backing up your data on a hard drive must be done manually, an automatic cloud backup software is much more secure. You will have unlimited storage and it is much more efficient than a hard drive.
An automatic cloud backup software may require investment into custom software. Although more expensive, you pay for the guarantee of your data being safe from any data loss or breaches, which is invaluable.
Problem: Data Entry
QuickBooks requires a lot of data to perform its jobs. This means it requires a lot of data entry on your part, which can be time-consuming and redundant. It is no doubt that data entry is an extremely timely process. However, taking external data and integrating it into QuickBooks is something that can be automated. Luckily, there are tools in place to help reduce your time spent on data entry and help achieve your goal of efficiency.
Solution: Transaction Pro Importer, or a Custom Importer
Integrating external data can sometimes be done with a tool called Transaction Pro Importer which is an off-the-shelf solution that can integrate your information into Quickbooks. The tool reduces human error and is more accurate at data entry.
However, Transaction Pro does not work in every scenario. Because it is an off-the-shelf solution, the tool is not very flexible to individual workflows. In that case, a custom importer is an available option. Similar to TransactionPro, it will enter your data in QuickBooks, but it is built specifically for your business and its existing processes. Arguably, making it more efficient. For a custom importer, talk to someone at Sangwa.
Problem: Tracking Inventory Levels
Inventory management can be a problem for some businesses if there is not the right system in place. Inefficiency and lost sales can be a result of inefficient inventory tracking systems. Luckily, there are many options available to help you track your inventory levels.
Solution: RFID Scanning
Radio-frequency identification (RFID) is a scanner that uses electromagnetic fields that can be used to track inventory and automatically update inventory levels into QuickBooks. Using a scanner updates your system at lightning speed and requires no manual data entry or risk of data loss.
QuickBooks is a very powerful tool, as a business owner, it is important that you are utilizing every tool it has to offer. With any software solution, it can be difficult to navigate, but with the right team, it can be made easy. Have any more problems with QuickBooks that need to be solved? Sangwa can help!