QuickBooks Online and Advanced Changes for 2020
QuickBooks Online Advanced now can back up and restore files online. You can rest easy knowing that your data is secure. You can also keep track of changes and return the business to a previous state. QuickBooks Online Advanced offers you versatility and peace of mind as your company grows with these product enhancements. At the virtual QuickBooks Connect conference, held this year online rather than in San Jose, California, Intuit announced new and upcoming updates to its QuickBooks Online and Advanced products
The following are some of the most recent QuickBooks Online inventions highlighted at QuickBooks Connect:
- Automated Sales Tax Center: The new Automated Sales Tax Center calculates sales tax on invoices and receipts automatically, allowing quick analysis and accurate filing. QuickBooks also notifies small companies when their tax payment is due, ensuring that taxes are filed on time. The new Automated Sales Tax Center serves all of the United States’ sales tax jurisdictions, with a team of QuickBooks sales tax experts checking and adjusting the rates every month to ensure accuracy.
- Tags: Users can use the Tags feature to mark and track how they spend their money. Small companies can generate reports on any money-in and money-out transaction they want, from invoices to expenditures to bills, by marking transactions within QuickBooks.
QuickBooks Online Advanced-Only Features
- Performance Center: Newly available in QuickBooks Online Advanced, Performance Center uses AI-driven learning models to provide customers with a topline view of how their company is doing through personalised dashboard widgets with leading performance indicators. This involves identifying sales, cost, and benefit patterns and anomalies.
- Deep third-party app integrations: QuickBooks Online Advanced, which is also new, provides deep third-party app integrations to help consumers manage their businesses end-to-end, as many growing enterprises rely heavily on various apps to manage their larger, more complex companies. Salesforce, Hubspot, Bill.com, and Lean Law all have deep integrations and flexible workflows.
- Month-end Review and Reports: Using QuickBooks Online Accountant’s accountant-only Month-end Review feature, accountants can produce highly visual reports directly inside QuickBooks to help owners better understand the report’s content and remove the uncertainty surrounding the numbers. Accountants may also add notes to messages to better explain the data and customise the look of the information with their own and their small business’s logos.
- Looking forward: QuickBooks is enhancing Month-end Review to help accountants close their clients’ books more quickly and effectively at the end of each month. When more detail, such as a copy of a receipt, is required to categorise a transaction, accountants using QuickBooks Online Accountant have proposed the opportunity to ask clients questions directly inside their QuickBooks file.
Cash Flow Dashboard reports
A cash flow report is now available from your dashboard when you log in to QuickBooks Online Advanced. You can see and compare cash flow over time in different categories. You’ll also see what’s driving shifts in cash flow from Operating Activities, Investing Activities, and Finance Activities in the comprehensive view.
Your accountants can also get cash flow insights with the click of a button, thanks to the cash flow dashboard report. The days of running multiple Statement of Cash Flows reports just to keep an eye on improvements are long gone. Identify cash flow trends quickly using trend lines and graphs, then dig down to review cash shifts for specific accounts and use this as a starting point for further investigation. How it operates is as follows: Learn about your cash flow and the factors that influence it:
- At a glance, you can see your cash flow: With auto-populated trend lines and built-in filters, you can quickly see cash flow patterns and configure reporting periods.
- Examine what is causing the shift: Identify changes in accounts by drilling down into cash flow categories directly from the dashboard card.
- Compare and benchmark: Cash flow from various periods can be compared.
- Quality check transactions: Receive alerts to review whether transactions were entered correctly whenever cash flow numbers differ significantly from baseline numbers.
To summarise, QuickBooks Desktop software is mind-blowing accounting software that different strata of accountants and bookkeepers have widely regarded. The whole purpose of this blog is to help you understand the changes. I hope that this blog will allow you to understand the differences and was worth a read.