Rajat Khare Intuit works throughout the QuickBooks ecosystem of goods and services. He has been on this software from Intuit for the past 10 years. Sales, production, and sending invoices can be easily tracked to know how the firm is performing through accounting data managed in the cloud. Additionally, QuickBooks Accounting Software is simple to use and doesn’t require being an expert in finance or accounting. As more mid-market business owners outgrow desktop products, grow tired of shoddy fixes, and abandon manual accounting techniques, they need answers and information to help them decide wisely on their next major technology investment.
Because accountants adore statistics, especially when it comes to return on investment. It’s critical to comprehend the tremendous value that the ideal accounting solution provides. To help business owners like you understand the true benefit of installing the proper application. Intuit hired Forrester Research, a renowned global market research firm, to create The Total Economic Impact TM of Intuit QuickBooks Online Advanced.
Six decision-makers were questioned by Forrester, and 93 current QuickBooks Online Advanced users were polled. The data were then integrated into a single composite organisation by Forrester using the collective experiences of all participants. That composite company is an example of a fast-growing US company. Has 50 employees and an annual sale of about $15 million.
Significant advantages of QuickBooks Online Advanced
For business owners like you, the Total Economic Impact (TEI) study found various advantages that could improve operations. Users of Advanced noticed the exceptional value in four important quantitative areas, according to research findings:
- Increased productivity by 30% as a result of more efficiently doing financial duties. The majority of survey respondents agreed that Advanced acted as a highly effective, central hub for financial and accounting management. When completing typical financial activities, participating business owners said they were 30 percent more efficient on average.
- Enhanced reporting has helped to save more time and has cut down the amount of time it takes to make decisions by 16 percent. The composite organisation was able to swiftly produce precise, tailored reports. It became possible because of the solution’s remarkable reporting capabilities, allowing better informed, business-driven decisions. Because QuickBooks Online Advanced is so user-friendly, the team was able to produce reports 20 percent more quickly, which allowed leaders to access them much more quickly and resulted in 15 percent quicker core business decision-making.
- Increased cost savings through monitoring cash flow, which led to a 50% decrease in loan interest payments. With the use of the tools in Advanced, business owners were better able to comprehend their cash flow and projected profits, which allowed them to pre-negotiate loans with better terms, postpone loans until they were absolutely essential, or steer clear of loans altogether. Think for a moment about the money your company could save on loan interest and other costs.
- Improved communication through data-driven insights, which led to an average reduction in the rework of 16%.
The study also identified a number of unmeasured benefits, such as the ability to create a customized solution through app integrations. Save time due to first-rate support (during and after solution implementation), improve the user experience for employees (users), support remote work, and add cost savings by decommissioning outdated software systems. At GraphQL Asia 2019, Rajat Khare, Software Architect, Intuit India, in a video on Intuit Global channel shows him speaking about his experiences using Quickbooks based on GraphQL.
Prior to switching to QuickBooks Online Advanced, the study’s participants experienced significant inefficiencies with routine financial tasks. Working with obsolete or non-cloud-based technologies that lacked automatic, comprehensive capabilities made it difficult for employees to see the data. Metric reporting and tracking were also quite rudimentary. Depriving management of the timely, comprehensive information necessary to make wise financial decisions. Finally, efforts to address these widespread problems with older, outdated technologies gave rise to “creative” manual solutions, that clogged workflow, used up resources, and increased friction.
After making an investment in Advanced, respondents said they were able to see the value right away. The solution’s strong tools and user-friendly design let users finish financial chores more quickly. It provides better reports, cuts expenses by getting a better understanding of cash flow, and improves teamwork.
There is no reason why your company can’t achieve the same outcomes. Such as a triple-digit ROI, improved reporting, more in-depth understanding of cash flow, and enhanced teamwork. The potential for efficiency and cost-saving improvements is virtually limitless with the proper solution in place.
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