If you’re in business, you’ve likely heard of QuickBooks. But if you’re operating multiple businesses, you might be wondering if QuickBooks for multiple businesses will work.
Simply put, yes, you can handle the bookkeeping of multiple businesses with QuickBooks. But should you?
Most of the time, QuickBooks isn’t robust enough to manage the complexities of businesses with unique needs. What works for one business, such as inventory or invoicing, might not work for another.
So, before you dive in, take a look at your businesses and their specific needs.
That said, QuickBooks can be a great solution for some businesses with multiple entities. If you have separate bank accounts and credit cards for each business, QuickBooks can help you keep track of income and expenses.
You can also use it to generate reports on the performance of each business.
QuickBooks can also help you stay organized by providing a single place to record transactions and track payments. This can be especially helpful if you’re doing invoicing or accounting for more than one business.
Anyways, in this quick guide, we cover QuickBooks for multiple businesses and some of the most frequently asked questions regarding this topic. But from the start, we need to say, hiring a CPA is the best option, especially if you’re handling the financials of multiple operations!
How to Use QuickBooks in 2021
New users need to set up QuickBooks Online. The setup process is straightforward with a display screen that allows users to choose from the features to be used in the application.
These options include:
- Send and track invoices
- Organize your expenses
- Manage your inventory
- Track your retail sales
- Track your bills
- Track your sales tax
- Pay your employees
- Track hours
After choosing the features, it’s possible to return and add others later if necessary. Once this process is finished, QuickBooks Online is ready for use.
Before you begin setting up your account, consider the features your operations need. Think about where your businesses are going and what your operations will benefit from having in terms of features. And make sure to take the 30-second tour to learn more about the software.
Again, keep in mind, this software is quite basic and should mainly be used in conjunction with a CPA. While you might benefit from using QuickBooks Online for multiple businesses, professional assistance will ensure your companies are on the right path, financially speaking.
Love this post? Check out our other article on what to beware of while bookkeeping for cannabis before you leave!
QuickBooks for Multiple Businesses FAQ
Can I use QuickBooks for multiple businesses?
Yes, you can use your QuickBooks Online account for multiple companies. However, for each company you add to your account, you’ll need to add another subscription. These additional subscriptions are then accessible using the same sign-in credentials. With this feature, QuickBooks allows users to switch between multiple businesses, allowing efficient basic financial management.
Is QuickBooks Online good for large businesses?
QuickBooks works best for small businesses. However, some medium and large businesses in need of cloud-based software that offers accounting abilities use it too. Businesses with over 25 users don’t usually find it helpful, and for those that need robust accounting, it’s always best to go with a CPA or firm.
What big companies use QuickBooks?
Over 29 million small businesses are using QuickBooks. With beyond 80 percent of the market using this software, its ease of use makes it appealing, especially for those establishing a company on a bootstrapped budget who cannot afford to hire a CPA.
QuickBooks for Multiple Businesses: Is It Worth It?
Is it worth using QuickBooks for multiple businesses? Generally speaking, it’s probably not the best idea. While it’s possible, a certified public accountant is the best option.
CPAs have financial knowledge that pertains directly to your industry. And if you’re operating across multiple industries – particularly, cannabis or mushrooms – there’s more to it than simply paying taxes.
If you’re operating multiple businesses and need sound financial advice, feel free to contact us. Speak with one of our experts for a financial solution that ensures your businesses are always on track to scale.
