QuickBooks Online is a cloud-based bookkeeping software option that is very popular among small businesses. Once you have your business account set up and your accounts linked to the banking feed, a lot of the bookkeeping process is automated. Your transactions will be automatically imported into the banking feed and where possible, QuickBooks Online will organize those transactions into their proper journal/ledger. If you have any accounts that cannot be linked for some reason, you will have to manually add those transactions yourself.
The next step for you to do is to confirm the accuracy of the records in QuickBooks Online. This can be done with your banking statements. You should go through the information and confirm the banking feed matches the statements and make any corrections that are necessary. Once you are confident that the information is accurate, then the financial reports can be produced. This can be done in the Reports menu of QuickBooks Online.
As QuickBooks Online automates much of the bookkeeping process, your (or your bookkeeper’s) main job would be confirming accuracy and making any corrections necessary. Keep in mind, QuickBooks Online does not know your business like you, mistakes can be made, which is why you always have to keep an eye on the data.