QuickBooks Online Innovations: What You Need to Know

Tagging

With custom tags, now available to all QuickBooks Online accounts, your clients can start tracking the most important information about their business, such as understanding where they are spending money and how they can be more profitable.

Tags are customizable labels that lets your clients track their money to gain deeper insights into their business. They can add tags to Money In and Money Out transactions, such as invoices, expenses, and bills, to help them understand where they make and spend money. Tags don’t impact the books; they’re simply labels that track different types of data, without having to touch the chart of accounts. Learn more

Month-end Review

It’s always a rush to fix unresolved transactions, generate reports, and complete other month-end tasks. To help close your clients’ books with more accuracy, we have rolled out new enhancements, such as automatic error detection, so that accountants bookkeepers can consistently deliver high-quality books in less time. This feature is only available through QuickBooks Online Accountant. With integrated progress tracking, firm managers can also gain visibility into their bookkeeper’s progress and have confidence that the books are compliance ready:

• Statement auto-import: You can now view downloaded bank statements across bank and credit card accounts in one place.
• New error detection: Undeposited funds (in Transaction Review tab), AR +90 days, and AP +90 days (in Final Review tab).

Payroll Insights

A new dashboard in the Clients section of QuickBooks Online Accountant provides a centralized view of all your clients’ payroll activities, from set-up to tax filings, without having to go to a client’s individual account to get the information. Learn more

QuickBooks Commerce

This business management platform is designed to help small businesses attract and sell to new customers across multiple e-commerce channels, including online storefronts, marketplaces, and POS systems. It gives QuickBooks customers one integrated platform to centrally run and manage their small business on, and allows them to access the same cloud platform capabilities that bigger companies use to manage omnichannel sales. Learn more

Advisory Training for ProAdvisors

ProAdvisors looking to expand their skills and offer advisory services can now sign up for advisory on-demand training. You can complete this multi-part series at your own pace, gaining advanced insights on how to successfully advise your clients.

The topics covered include how to best frame your advisory work, deep dives into the core of advisory practice, and taking your advising skills to the next level. To get started with this free training, sign into QuickBooks Online Accountant. Learn more

QuickBooks Online Advanced

Earlier this year, we integrated QuickBooks Online Advanced with QuickBooks Online Accountant to enable you to gain deeper insights into your firm’s performance, more efficiently manage work within your team, and spend less time on bills and expenses. These features will be in addition to the functionality already available, and will not impact your data or existing processes. Some QuickBooks Advanced product features include the following:

Performance Center. Monitor your clients’ business health in real time by calculating key ratios and metrics, and visualizing your client’s financial performance, automatically. The formulas and charts are created for you right inside QuickBooks, giving you the crucial data needed to have more influential discussions with your clients that will help them grow and become more profitable. In addition, the industry benchmarks feature lets you see how your client compares to their peers. Even better, accountants can view the performance center – an Advanced-exclusive feature – for all clients regardless of their version of QuickBooks Online. Learn more

Enhanced Custom Fields. Custom fields make it easy to track the information that’s most important to you and your clients. Now, a new interface offers more flexibility for managing, editing, and reviewing custom fields. With the new interface, you can choose a combination of sales and expense forms to show custom fields. You can also choose a combination of sales and expense forms with Customer custom fields, as well as with Vendor custom fields. Learn more

Tasks and Workflows. The task manager is your one-stop shop to track your pending tasks, starting with approvals and custom tasks. As a manager or accountant, you can also delegate tasks to relevant users from within QuickBooks directly, and view the status of the tasks in real time, making it easy to collaborate with colleagues. Workflows help you spend less time on repetitive work by creating automated and easy-to-follow processes. You can use existing workflow templates to automate common activities, such as routing invoices for approvals or sending payment reminders, or create your own workflow for client-specific processes. Learn more.

Custom Roles and Sales Roles by Location. Custom roles in QuickBooks Online Advanced is designed to give your team specific access to the data they need. Now, Sales Roles by location will empower your sales team with the information they need to get more done. Sales users can create estimates, invoices, sales receipts, credit memos, refunds and more for their own books of business directly from QuickBooks Online Advanced.

For even more product updates, check out the product updates page at https://tinyurl.com/584unsyd, and join the monthly In the Know webinars at https://tinyurl.com/nf5ft9h5.