For help with the upcoming busy tax season, check out our latest QuickBooks® Online updates. This month, we’re happy to share updates that improve collaboration and introduce new app integrations that can speed up workflows.
What’s new in March
In a nutshell: The new month-end review workflow makes it easier to track bookkeeper progress in QuickBooks Online.
It’s always a rush to fix unresolved transactions, generate reports, and complete other month-end tasks. To help close books with more accuracy, we’re rolling out new enhancements, such as automatic error detection, so that bookkeepers can consistently deliver high-quality books in less time. 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).
In a nutshell: Get firsthand experience using QuickBooks Cash so you can confidently support your clients, while also experiencing the benefits for your own practice.
Accountants can sign up for QuickBooks Cash to use for their own firm. QuickBooks Cash for accountants is the same product available to small businesses, so using Cash can help you learn the product and better assist your clients with the product in the future.
QuickBooks Cash benefits for accountants:
- Get a new bank account built right into QuickBooks, with no monthly fees, no minimums, and 1.00% APY. **
- Enjoy seamless bank feed connections for all QuickBooks Cash account transactions. **
- Use virtual envelopes to bucket your savings and plan for future goals. **
More exciting news is that in addition to your own firm’s QuickBooks Cash account, you will now have access to view your clients’ small business Cash Flow Overview and Planner pages.
Our team is continuing to build new features and capabilities for the Cash account, and would love to hear how to best support you and your small business clients.
In a nutshell: The dedicated Time workspace improves on the existing time tracking feature in QuickBooks Essentials, Plus, and Advanced. Business owners now have the single-source convenience to review and edit timesheet data and use that data in QuickBooks Online workflows, such as invoicing, payroll, and job costing.
The new workspace minimizes repetitive data entry and ties it all together by letting workers input their time directly into QuickBooks Online, where it can be reviewed and used by business owners at any time.
The new basic time tracking functionality will be available to new and existing U.S. QuickBooks Online Essentials, Plus, and Advanced customers. This new and improved feature is on a phased rollout and will be generally available in Spring 2021.
In a nutshell: You’re now free to customize reminders in workflows, instead of using the limited number of existing templates.
The addition of custom reminders is a major enhancement to workflows, allowing users to set up automated reminders with any number of conditions. Built on “if-this-then-that” logic, reminders are triggered when user-defined conditions are met. Reminders can come in the form of tasks in QuickBooks Online Advanced’s task manager, customer emails, internal company emails, or push notifications.
For instance, a company having trouble collecting payments on time for high-value invoices does not need to rely only on a sales rep’s follow-up. A user can set custom reminder emails to both the customer and the sales rep, reminding them that the due date is coming up. The emails can then be customized for sending over a predetermined number of days prior to the due date, for invoices over a certain amount, and for specific companies. These variables or combinations can be set to any number of other conditions.
In a nutshell: With this latest addition to the list of Premium App integrations, you can easily sign, send, and manage digital documents directly from your QuickBooks Online Advanced. To help you keep pace, we have integrated DocuSign to QuickBooks Online Advanced. Start using the DocuSign eSignature Connector by QuickBooks to sign and send estimates from your Advanced account for approval.
eSignatures allow signees to quickly receive and sign documents from any computer or mobile device. This speeds up the quote to cash cycle and helps track invoices, without the hassles of a paper trail.
In a nutshell: With QuickBooks Enterprise as your partner, your business is always ready to grow.
We understand growth is always on your mind when managing and planning for the future state of your business. With no large upfront costs, QuickBooks Enterprise helps you plan and pay for the features you need at your own pace. QuickBooks Enterprise offers integrations with more than 200 apps, ranging from sales to e-commerce and HR platforms, so as you grow and add more applications to meet your needs, its compatibility with existing systems will save significant time and hassle.
Benefit from a solution that can evolve with your business needs:
- Increase automation, improving productivity between departments and functions.
- Lower manual entry and risk of errors.
- Extend the life of your accounting solution.
- Get a clear picture of your business and financials with integrated systems.
QuickBooks Cash Account opening is subject to identity verification and approval by Green Dot Bank.
No monthly fees: Other fees and limits apply to the business bank account. See Deposit Account Agreement for details. Annual percentage yield:
The annual percentage yield (“APY”) is accurate as of Jan. 15, 2021, and may change at our discretion at any time. The APY is applied to deposit balances within your primary QuickBooks Cash account and each individual Envelope. We use the average daily balance method to calculate interest on your account. See Deposit Account Agreement for terms and conditions. Envelopes: You can create up to 10
Envelopes. Money in Envelopes must be moved to the available balance in your primary deposit account before it can be used. Envelopes earn interest as well. Each Envelope will automatically earn interest once created, which will be separately tracked from the primary account and any other Envelope. The interest will be applied to deposit balances in each individual Envelope at the end of your Billing Cycle. See Deposit Account Agreement for terms and conditions.
QuickBooks Payments and QuickBooks Cash accounts: Users must apply for both QuickBooks Payments and QuickBooks Cash accounts. QuickBooks Payments’ Merchant Agreement and QuickBooks Cash account’s Deposit Account Agreement applies.
QuickBooks Cash account: Banking services provided by and the QuickBooks Visa® Debit Card is issued by Green Dot Bank, Member FDIC, pursuant to license from Visa U.S.A. Inc. Green Dot Bank operates under the following registered trade names: GO2bank, Green Dot Bank, GoBank and Bonneville Bank. Registered trade names are used by, and refer to, a single FDIC-insured bank, Green Dot Bank. Deposits under any of these trade names are deposits with Green Dot Bank and are aggregated for deposit insurance coverage. Green Dot is a registered trademark of Green Dot Corporation. ©2021 Green Dot Corporation. All rights reserved. QuickBooks products and services, including Instant Deposit, QuickBooks Payments, Cash flow planning / forecasting are not provided by Green Dot Bank.
FDIC insured up to $250,000: QuickBooks Cash Account funds are FDIC-insured up to the allowable limits through Green Dot Bank, Member FDIC upon verification of Cardholder’s identity. Coverage limit is subject to aggregation of all of Cardholder’s funds held on deposit at Green Dot Bank.
Original article from the Firm of the Future Blog.