Top Features Improvements for Accountants in QuickBooks Online

If you prepare tax returns or work with small business owner books, you may feel frustrated from client questions about how to record the purchase of a business vehicle for example, or how to properly reimburse employees for mileage. Small business owners can be challenged by their books and this can put accounting professionals in a bind to do cleanup work in our heaviest work season.

There’s a phrase about the weather: if you don’t like it, wait a minute. This phrase applies to QuickBooks® Online and QuickBooks Online Accountant. If you haven’t seen either one lately, take another look and prepare to be impressed!

Consider, for example, that QuickBooks Online sales tax recently expanded to handle multiple sales tax rates and set a default rate per customer, as well as a preference to set new customers and products/services as taxable or nontaxable. Another improvement is the addition of Form 1096 to complete the 1099 paper filing workflow. Finally, and dramatic, is the expedited conversion of a desktop QuickBooks data file into QuickBooks Online with a claim for most users of “3 clicks in 3 minutes.”

Even for a skeptic like myself, the process is simply far easier now. Given these specific functional improvements, combined with security equivalent to that of bank websites, all points to QuickBooks Online being ready for prime time.

These QuickBooks Online improvements make our job easier to perform, which is compelling, but they also provide opportunities to provide a higher level of service to clients so that you can distinguish yourself among peers. Consider the concept of working with client accounting on a regular interval, instead of scheduling check-ins quarterly or annually. Since both the client and the accounting professional have access to the books at all times, our ability to catch and correct errors, and generally be involved, is a native attribute of cloud accounting. As a result, we can provide business insight instead of just compliance work, behind the scenes and face to face with our clients.

QuickBooks Online Accountant allows you to see all of your clients in one list, yet doesn’t require swapping data files or requesting reports from your client when it’s time to clean up the books or prepare tax returns. It’s a one-stop place to see and engage with client books, all from your own computer, on your schedule.

The paradigm shift in terms of workflow is just one benefit. The reality is that in addition to liberating us and our clients from the data exchange game, QuickBooks Online Accountant includes tools for the common tasks we perform within the books. One example is Reclassify Transactions; a tool available exclusively to the invited accountant-user. Reclassify Transactions enables mass-reclassification of miscoded transactions, making this necessary fix a quick process.

As you can likely relate, bank reconciliation can be a nightmare, particularly if our clients get involved in the process (sometimes unknowingly). QuickBooks Online Accountant offers unique tools to undo a previous reconciliation, a view into the changes to reconciled transactions and highlighting of plug transactions posted in order to reconcile unidentified variances.

As an accounting professional armed with the tools in QuickBooks Online Accountant, you can promote yourself as among a new breed of proactive, highly engaged professionals who are ready to address the needs of small business owners in the timeframe that works for them and you. Why wait for the weather to change? Get started now!