QuickBooks Online Improvements: Now That’s the Way to Work

QuickBooks Online Improvements: Now That’s the Way to Work

While meeting up with friends and colleagues one night, I was asked how it is that I seem to have so much time on my hands to have a full slate of clients and still do all of the extras I enjoy doing. Automation and streamlining is such an enormous part of my success and time management, and I could not do it without QuickBooks® Online (QBO). I no longer have a single client on QuickBooks Desktop and refuse to work with anyone who is not interested in going to the cloud.

How anyone can become super efficient and not use QBO is beyond me!

Commonly, I hear colleagues say, “QBO is inferior to QuickBooks Desktop.” When asked why they believe that, the most common reasons have to do with data feed, inventory capabilities and invoicing. Consequently, it becomes abundantly clear to me that they have not looked at QBO in a long time. New and improved QBO is not only as robust as desktop; it also makes working from anywhere, sharing files and completing the work quickly an absolute breeze. Here’s why:

Data/Bank Feeds. This was a game changer for me and what tipped the scales in my decision to go 100 percent QBO. QBO connects with almost every bank imaginable. I’m even able to connect my clients’ smaller, obscure credit unions. Transactions come in nightly and are smart-categorized for ease of entry. A quick review allows me to batch-accept multiple transactions in seconds. For common transactions, I can set up a rule to not only classify them, but also to auto-accept them into the books, cutting down on the number of transactions I even need to look at.

Reconciliations. Have you seen the new reconciliation screen? My absolute favorite new column is “cleared date.” I can’t begin to count the number of hours I’ve saved sorting by cleared date, unchecking transactions from the following month and seeing that zero balance. There is a troubleshooting wizard that helps you find beginning balance errors and other issues, and you can even undo previous reconciliations from the Accountant Toolbox in QuickBooks Online Accountant!

Recurring Transactions. My favorite thing to do with accrued transactions is to set up a recurring journal entry to automatically move money from prepaid expenses/revenues every month on to the profit and loss. This gets scheduled and set automatically, and I never need to look at it again. I use recurring sales receipts to automatically bill my clients (using QuickBooks Payments), and auto-generate and email receipts for their records. You can also set up recurring transactions to just “remind,” as opposed to creating an entry into the books. No more missing estimated tax payments or insurance payments!

Improved Inventory. Yay for inventory improvements! I love that I now can create bundles for easy invoicing and reporting. Bundles allow you to group products and services together at one price. Set up stock status and reorder points to assist in inventory management. Batch-enter purchase orders. Automatically calculate sales tax. With more than 40,000 different sales tax laws across the country, it can be hard to always know what tax to collect and where to pay. With automatic Sales Tax calculations in QBO, you’ll no longer spend hours every month accounting for every penny and worrying about remitting.

Improved Invoicing. Intuit® streamlined the tracking of invoices to final payment in an effort to better manage your client’s Accounts Receivables and monitor cash flow. Smart invoicing automatically matches payments with respective invoices, and the new Invoice Tracker provides a quick “send, viewed, paid, deposited” glance. Progress Invoicing is also launching, which will allow your clients to invoice customers as jobs are completed.

Nothing is certain in this life and in our profession except change. If you are one that leans toward QBO as an “inferior” accounting software, I highly encourage you to take another look and see how the ongoing changes in the cloud are being incorporated into QBO to keep us efficient, accurate and successful. I can’t ever imagine going back to desktop.

To work in a live test file, check out our friend Craig at Craig’s Landscaping! Now That’s The Way To Work.