Think You Know Everything About QuickBooks? Think Again.
QuickBooks is a vital tool for small and mid-sized businesses. You may send invoices, record payments, and generate reports, but if that’s all you’re doing, you’re only scratching the surface.
QuickBooks offers advanced tools that can save you hours each month and help maintain cleaner financial records—if you know where to look. Even if you’ve been using QuickBooks for months or years, you might be missing out on smarter ways it can help you work faster, reduce errors, and reclaim your time.
For more on why more innovative systems matter, see our blog on Why Smarter Accounting Is a Game Changer for Your Business.
5 Advanced QuickBooks Features Every Business Should Be Using
Batch Invoicing and Expenses — Enter More, Faster
Processing invoices or bills one at a time can be time-consuming. QuickBooks Online Advanced allows you to create and send multiple invoices in just a few clicks—up to 37% faster, according to Intuit. You can also duplicate similar invoices or import hundreds using a CSV file.
This feature not only boosts your speed but also reduces the chances of typos and manual errors, as you can paste directly from Excel into batch entry screens. For businesses that bill numerous clients or manage various projects, this feature alone can save hours each month.
If keeping your books in order is a recurring challenge, you may also find our CEO Checklist to Clean Up Your Books helpful.
Automate Workflows and Approvals
Manual approvals and reminders can eat up valuable time. With QuickBooks Online Advanced, you can set up rules and workflows that do the heavy lifting for you:
- Route invoices for approval before they are sent out.
- Automate reminders for overdue bills.
- Trigger alerts when expenses reach a specified threshold.
Intuit reports that “AP automation improved their business’s cash flow (73%), and accounts receivable automation led to more efficient, accurate, or streamlined processes (83%).” This is not just about convenience; it’s about gaining better control over cash flow.
And as Firm of the Future points out, “Workflow approvals in QuickBooks Online Advanced bring a new level of control and transparency, ensuring each transaction is thoroughly vetted and approved in a specific order.”
Customize Access and Protect Your Data
As your team expands, it’s essential to limit access to sensitive information. QuickBooks Online Advanced enables you to define detailed user roles, allowing employees to view only the information they need. For example, a bookkeeper might only enter expenses, while a manager approves them.
K2 Enterprises lists this as one of the top five features of QuickBooks Online Advanced, emphasizing that role-based access reduces errors and helps safeguard sensitive information. This approach allows you to expand your team without sacrificing oversight.
When paired with new QuickBooks Online Custom Fields, you can create more detailed tracking systems for your business.
Fixed-Asset Tracking and Revenue Recognition
Do you own equipment, vehicles, or property? QuickBooks Online Advanced includes fixed-asset tracking, which enables you to log purchases, schedule depreciation, and integrate reporting directly into your books.
For subscription-based or complex sales models, the revenue recognition tool ensures that income is recorded when it is earned—not just when it is billed. This enhances your financial accuracy and compliance with accounting standards, as noted by the Firm of the Future.
That said, QuickBooks is only one step on the journey. For some businesses with more complex needs, there are more robust solutions available. The key is knowing when QuickBooks covers your requirements—and when it’s time to explore additional tools.
Sync With Excel — Work Where You’re Comfortable
If you love working with spreadsheets, QuickBooks has you covered. The Spreadsheet Sync feature lets you pull live QuickBooks data into Excel, make updates, and then push those changes back.
As QuickBooks states, “Spreadsheet Sync is the ultimate time-saving business automation tool. Users can seamlessly integrate and work with their existing tools.” This keeps your spreadsheets current, minimizes copy-paste errors, and makes reporting more flexible. According to Paygration, “Users can now sync their data with Excel for more flexible reporting, refreshing data with a single click.”
It’s also a powerful way to manage and update lists quickly. A word to the wise: when you’re building reports in Excel, keep one tab with the raw data and create a separate tab for your formatted reports. That best practice keeps your data clean and makes updates much easier.
Your Payoff From Advanced QuickBooks Features
You might think you already know QuickBooks, but by only sticking to the basics, you’re leaving valuable time and money on the table. These advanced features can help you:
- Spend less time on manual tasks.
- Improve accuracy.
- Maintain better control over cash flow.
- Scale your business without losing sight of the details.
Your Next Move With QuickBooks
At One 8 Solutions, we don’t just set up QuickBooks; we help you maximize its potential. If you’re interested in exploring automation, more intelligent reporting, or enhanced controls, we can guide you through the process.
Let’s discuss how to make QuickBooks work harder for your business. Schedule your complimentary Zoom meeting today to discover how your company can maximize the benefits of QuickBooks.
