Even if you’re aware of some of QuickBooks Online’s newest features, keeping track of it during the busy season can be challenging. However, Intuit has listened to accounting professionals’ concerns and is working to improve QBO’s usability. The QuickBooks Doctor, Laine Proctor, has gathered all of the information you need to know about the most recent and future updates to QuickBooks online to make accountants’ lives and their clients’ jobs easier.
Here’s a fast rundown of what’s new in QuickBooks Online, which should prove to be extremely useful. Depending on your particular needs, the world of QuickBooks Online can be an ever-changing, often thrilling, often stressful place for accountants. All you’ve just mastered seems to be changing one moment, and the next, you’re asking yourself, “Why can they not have solved this yet?” One nice thing about QuickBooks is that they are accessible and receptive to suggestions, and diligent in trying to get the word out about updates and improvements, no matter where you are.
People who are accountants: Here are several updates to keep an eye out for that are either already underway or are just around the corner for QuickBooks Online Accountant users. Several companies use this version of the programme because it enables you to access multiple client files with a single login.
- Wholesale Billing: Switch to Wholesale Billing Invoicing in QuickBooks Online Accountant: QuickBooks Online Accountant users have the option of using Wholesale Billing. The accountant recipient receives a discount of up to 50% off the subscription duration’s current cost. You can either pass the value on to your customer, charge them for the difference, and raise your sales, or you can do something in the middle. It can also be a great buyer’s lure for Advisory Service firms that bundle services in package deals to use the programme as part of their service.
All of this said, those who have used Wholesale Billing in the past would recall that the invoices were challenging to read and not as straightforward as one would wish in terms of per-client charges. This made it difficult to keep track of whether you were billing and client correctly. The lack of clarification turned off many potential users.
Fortunately, QuickBooks has taken note of the complaints and revised their Wholesale Billing Invoice to make it much more straightforward and straightforward to interpret. So, if you were on the fence about trying Wholesale Billing in the past, now is a perfect time to rethink.
- QuickBooks Advanced Training is now available: Last year, QuickBooks released QuickBooks Online Advanced, a new product line targeted at larger companies and growing businesses. QBO Advanced has several unique features, including:
- Up to 25 users, each with their own set of permissions based on their position.
- Invoices, expenses, checks, and bills in bulk
- Automated workflows
- Integration of Google Sheets
- Fathom’s an intelligent news
On the accountant training module, they already have a slew of new and advanced training to speed on this product and pitch it to prospective clients. CPE credits are required for these training sessions.
- Setup for “The Books” has been modified: Accountant in QuickBooks Online Users have also been able to use QuickBooks for free in “Your Books” for their own company. QuickBooks Online Plus was the edition of QuickBooks open to accountants, but they recently announced that beginning in early March 2021, current users would be updated to QuickBooks Online Advanced. This is fantastic news for accountants, as it means we’ll have access to QuickBooks’ most feature-rich edition. Users are not expected to do anything, and the functionality will be rolled out in stages.
- Added a New Search Option: Some accountant users may have already found the search bar’s new search feature. The previous search feature was tiny, and to search multiple criteria, you had to use the advanced search. The new search bar uses advanced technologies to allow you to type in several parameters, and a list of any matches found in the system will automatically dropdown. This is both extremely useful and highly cool.
- Upgrades to Payroll: There have been some significant updates recently for those of you who use QBO to run payroll for clients:
- Employee Self-Setup (at long last!) QuickBooks Payroll has launched Employee Self-Setup, following in the footsteps of some of its rivals, including the supremely user-friendly Gusto. This removes your company’s need to collect and enter all of each employee’s personal and tax details. It’s a game-changer.
- OT Recommendations that are automatically produced. If you reach hours in a way that requires overtime in your state, QuickBooks will now warn you that you should be paying an overtime fee.
- Multiple work locations are available. It used to be that if you wanted to add or alter an employee’s workplace, you had to contact Customer Support and make them handle it. They’ve also made it possible for users to change their locations.
- E-filing of Form 1099: Payroll Core, Premium, and Elite subscribers will no longer be charged for this service.
Summary
To summarise, QuickBooks Desktop software helps you handle the accounts and finances of a particular organisation. The software is so good and easy to use that you can easily manage any organisation’s finances if you give it a little time. I hope that this blog helped you and was worth a read.