With autumn in full swing, did you know Nov. 4 is Book Lovers Day? We assume they mean the “bookkeeping” kind because we love our bookkeepers. Whether you’re a bookkeeper or accountant, here are our November QuickBooks updates.
In the Know Webinar
Register today for the next In The Know Webinar on Thursday, Nov. 16 at 11:00 AM PT, a monthly webinar to learn more about the latest and greatest product feature updates. This month, join us to learn about the new QuickBooks Ledger solution for year-end, tax-only, or low-transaction clients, as well as the reimagined ProAdvisor Program.
Your Feedback in Action
This is a regular series where we share relevant product improvements specifically driven by feedback from accountants. See the November edition for the latest updates.
What’s New in November
QuickBooks Ledger: A new, efficient solution for ledger clients
Add Client changes that right fit your client’s tech stack
More flexibility in QuickBooks Online Accountant’s Prep for Taxes
Add Custom report builder charts to client management reports in QuickBooks Online Advanced
More control with additional custom roles in QuickBooks Online Advanced
Newly added training and certification exam in the ProAdvisor training portal
QuickBooks Ledger: A new, efficient solution for ledger clients
In a nutshell: When your firm has year-end, tax-only clients, or those who have a low transaction volume, the work tends to demand manual workflows, increase switching costs, and complicated training needs.
To improve your firm’s efficiencies and maximize staff capacity, manage these clients’ end-to-end workflows with QuickBooks Ledger. Ledger is a new, cost-effective QuickBooks Online plan designed exclusively for accounting professionals that you can access through QuickBooks Online Accountant.
At just $10 per month per subscription, Ledger offers:
- Automated bank feeds
- Bank reconciliation
- Financial statements
- 1099 tracking
- Seamless transition to tax preparation
If your clients reach a point where they want to be more involved, you can encourage them to sign in to connect their bank feeds, review transactions, and view reports in Ledger.
Add Client changes to right fit your client’s tech stack
In a nutshell: Identifying the right tech stack for your clients can be difficult. Now, you can simplify the process in QuickBooks Online Accountant. Simply select the green Add Client button at the top right corner of your QuickBooks Online Accountant home screen to view.
When you visit Add Client, you’ll see more options to help you right-fit each client with three key features to suit their needs:
- More solutions, including QuickBooks Ledger, QuickBooks Time, and contractor payments
- More feature differentiators to help you choose a solution
- Coming soon: Expert sales advice to help you right-fit your clients
View Now
More flexibility in QuickBooks Online Accountant’s Prep for taxes
In a nutshell: Prep for Taxes in Intuit® ProConnect™ Tax now has more functionality to give you greater control over the books-to-tax process.
Not only can you use ProConnect Tax to apply income statement, balance sheet, and trial balance data to prepare your client’s tax filing, but you can now do the following:
- Review, reclassify, and remap data prior to applying it to a tax return.
- Create tax adjustments and generate a workpaper to reconcile differences between the books and tax return.
Note: Adjustments/remapping in ProConnect will not impact data in QuickBooks Online Accountant.
With these updates, you get a second chance to review imported data before it is applied to your client’s tax return. You’ll have the control to make these adjustments right in ProConnect Tax, rather than going back into the books. In fact, 92% of ProConnect Tax users who reported that they use Prep for Taxes stated that they saved an average 38 minutes per return.1
The Prep for Taxes workflow is free; no additional purchase in ProConnect Tax necessary.
1Based on an internal survey conducted among customers who use one of Intuit’s professional tax products to complete client returns for tax year 2021. Survey commissioned September 2022.
Add Custom report builder charts to client management reports in QuickBooks Online Advanced
In a nutshell: Helping your clients make better business decisions just got easier. You can now enrich the management reports you create for them by including custom reports and charts from Custom report builder.
It is no longer necessary to spend hours manually creating charts from your client’s QuickBooks Online Advanced data—and you can skip the added cost of another reporting solution. Save that time and money by creating, editing, and sending management reports with data visualization right in QuickBooks Online.
More control with additional custom roles in QuickBooks Online Advanced
In a nutshell: Now your clients can delegate with confidence and control access at a more granular level with custom roles in QuickBooks Online Advanced. As your clients scale their businesses, using custom roles for their team can help ensure the right separation of duties and responsibilities within their workflows.
Your clients’ teams can work more efficiently with three new roles for bills and bill pay bill clerk, bill payer, and bill approver.
Note: These new roles are also available in QuickBooks Online Plus and QuickBooks Online Essentials for those who subscribe to the Bill Pay Elite plan.
Newly added training and certification exam in the ProAdvisor training portal
In a nutshell: In the QuickBooks Online Accountant training portal, you’ll find two new levels of product training and certification exams. These enhanced experiences help you and your team better serve your clients.
The new self-paced training is broken down into topics and skill levels, and can qualify you for up to 14.5 CPE credits. Plus, two levels of certification exams help determine whether you have the foundation to be QuickBooks Online Certified and/or Advanced QuickBooks Online Certified.
Original article from the Firm of the Future Blog by Chau Haner
To learn more Schedule Time for a consultation or call (617) 332-8522.
