While Intuit QuickBooks has long been a trusted name among small businesses, a large proportion of mid-market businesses and large professional accounting firms are also familiar with this accounting software, as Intuit’s portfolio has expanded to include a wider array of products, including QuickBooks Online and QuickBooks Enterprise. As an accounting solution, QuickBooks helps organizations integrate all their accounting functions into a single system, providing a unified experience.
Today, third-party application are an integral part of QuickBooks, as businesses seek to further streamline their accounting workflows. Since QuickBooks introduced their Apps Store, the number of apps available for QuickBooks Online (QBO) users has grown to encompass approximately 1,200 apps, with more than 400 published in the Apps Store, and another 800 available as private integrations.
According to an Intuit study of businesses in the US, Canada, the UK, and Australia, there has been a noticeable increase in cloud, app and mobile usage over the past two years. More than 62 percent of respondents report that they operate their business in the cloud, up from 37 percent. Similarly, IDC predicts that annual global spending on cloud services will top $141 billion in 2019, with Software as a Service (SaaS) products leading the pack as the top cloud computing type.
Digitization and automation are already a big part of how mid-market businesses streamline their accounting processes. Third-party apps are essential, as these larger businesses must contend with higher processing volumes and require complete data visibility as they grow. For all its benefits, QuickBooks still relies heavily on manual data entry when it comes to their accounts payable (AP) workflow and lacks key features, like a robust document management system and approval routing. Mid-market businesses that process hundreds or thousands of invoices each month in QuickBooks can benefit from a closer look at this workflow to discover areas for improvement.
We explore this topic further in our new guide for mid-market businesses: What’s Missing in your Quickbooks Accounts Payable Workflow? By examining this workflow in QuickBooks, we can see where the gaps exist for most mid-size businesses and how you can bridge these gaps to elevate your QuickBooks experience.
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