Depending on your demands, the world of QuickBooks Online may be an ever-changing, sometimes exciting, sometimes stressful environment for accountants. Everything you’ve just mastered appears to be changing one second, and the next, you’re asking yourself, “How can they not have corrected this yet?” QuickBooks is an excellent thing because they are open and receptive to comments and proactive in getting the word out about updates and improvements, no matter where you are. QuickBooks Pro Advisors can sign up for quarterly “In the Know” webinars through the benefits tab:
Here are some improvements to keep an eye out for that are either currently underway or are just around the corner for QuickBooks Online Accountant users. Many firms use this version of the programme since it allows you to view many client files with a single login.
Billing in Bulk: Change to Wholesale Billing Invoicing: Users of QuickBooks Online Accountant have the option of switching to Wholesale Billing Invoicing. The accountant user receives a discount of up to 50% off the current fee for the subscription duration. You can then pass that discount on to your client, bill them for the difference, and increase your revenue, or you may do something in the middle. It can also be an excellent buyer’s incentive for Advisory Service Companies who bundle services in package offers to include the software as part of their service. All of this state, those who have used Wholesale Billing in the past may recall that the invoices were challenging to read and not as transparent as one might wish in terms of per-client rates. This made it difficult to keep track of whether you were invoicing each client correctly. The lack of clarity turned off many potential users.
Fortunately, QuickBooks has noticed the comments and updated their Wholesale Billing Invoice to make it much more visible and easy to comprehend. So, if you were on the fence about trying Wholesale Billing in the past, now is a beautiful moment to rethink. Select “Subscription” and then “Wholesale discount (we bill your firm)” when adding a new client.
QuickBooks Advanced Training
Last year, QuickBooks launched QuickBooks Online Advanced, a new product line geared at larger businesses and expanding industries. QBO Advanced has several unique features, including:
- Up to 25 users, each having their own set of permissions based on their role.
- Invoices, costs, checks, and bills in bulk
- Automated workflows
- Integration with Google Sheets
- Fathom’s intelligent reporting.
On the accountant training module, they now offer a slew of new and advanced training to urge us to speed on this product and pitch it to potential clients. CPE credits are available for these training sessions.
Payroll Upgrades: There have been some fantastic developments recently for those of you who use QBO to administer payroll for clients:
- Employee Self-Setup (at long last!) QuickBooks Payroll has launched Employee Self-Setup, following in the footsteps of some of its competitors, including the incredibly user-friendly Gusto. This eliminates the requirement for your company to collect and enter all of each employee’s personal and tax information. It’s a game-changer.
- OT Recommendations that are automatically generated. If you input hours in a way that requires overtime in your state, QuickBooks will now remind you that you should be paying an overtime rate.
- Multiple work locations are available. It used to be that if you wanted to add or update an employee’s work location, you had to contact Customer Support and have them handle it. They’ve now made it possible for users to alter their locations.
- E-filing of Form 1099: Payroll Core, Premium, and Elite subscribers will no longer be charged for this service.
QuickBooks Commerce: QuickBooks announced the acquisition of Trade Gecko last year. The combination resulted in QuickBooks Commerce. An omnichannel inventory management application allows sellers to manage inventory across different sites from a single location. QuickBooks is currently working on expanding its client base for this service. To date, it has been limited to a small number of users, and eligibility is determined by an intake interview and a meeting with a specialist. Keep a lookout for future updates to this tool if you have e-commerce clients.
In conclusion, QuickBooks Desktop software is accounting software that has always been on the top. The reason behind this software’s success is that Intuit keeps on updating the software to become relevant. The whole idea of this blog is to help you understand the new features for accountants that have been updated in QuickBooks Online. I hope that this blog helped you and was worth your time.