QuickBooks Online innovation highlights
Congratulations on making it through the first part of 2021 – and especially tax season! While you’ve been busy taking care of your clients, we’ve been hard at work developing new product features to help make you and your clients’ lives easier. We understand that your clients look to you for guidance. We hope this summary of highlights keeps you in the know with much-needed information at your fingertips.
We’ve included highlights of the latest and greatest QuickBooks® Online product features from the past year. For even more product updates, check out our product updates page and join us monthly for our In the Know webinars.
The new Bill Pay feature by Melio is an upgraded embedded bill payment capability now available to U.S. customers. With this new feature, you or your clients can better manage cash flow by offering the flexibility to make payments directly from QuickBooks and decide how vendors receive payments.
How it works:
- Access Bill Pay from your expenses page or by choosing any bill on your Pay Bills list.
- Schedule and pay bills right from QuickBooks Online via bank transfer, debit card (for free), or credit card (2.9 percent fee).
- Choose the method of payment each vendor receives: direct deposit or paper check.
The embedded and default option in QuickBooks will be the new bill pay experience, which can be accessed by selecting “Schedule payment” from the Expenses Page or Bill Page. If you or your client do not wish to use the new bill pay experience and want to continue to access the print check option or mark a bill as paid, follow the steps below:
- From the Expenses page, click the “Action” dropdown and select “Mark as paid.”
- From any bill page, select click the dropdown next to “Save and schedule payment” and select “Save and print.”
With custom tags, now available to all QuickBooks Online accounts, your clients can start tracking the most important information about their business, such as understanding where they are spending money and how they can be more profitable.
Tags are customizable labels that lets your clients track their money to gain deeper insights into their business. They can add tags to Money In and Money Out transactions, such as invoices, expenses, and bills, to help them understand where they make and spend money. Tags don’t impact the books; they re simply labels that track different types of data, without having to touch the chart of accounts.
How it works:
- Go to “Banking” in the left navigation, then click on “Tags.”
- If your clients do not see a tab for “Tags,” they may need to turn the feature on in QB Labs, which can be done by clicking on the gear icon.
QuickBooks Cash is a no-fee business bank account that offers fast payments, high-yield savings, custom forecasting tools, and more – plus, it syncs automatically to QuickBooks for seamless accounting. In addition, we have recently made it available to accountants to sign up for QuickBooks Cash to use for their own firm.
QuickBooks Cash benefits for accountants include the following:
- 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.**
In addition to your own firm’s QuickBooks Cash account, you also have access to view your clients’ small business Cash Flow Overview and Planner pages. You can also see credit card and loan balances in the Cash Flow Center for a more accurate snapshot of you or your clients’ business finances.
The upgraded “all accounts” section allows you to see how much money you have across their accounts, including outstanding credit card and loan balances. Instead of having to check multiple accounts, you have just one place to understand and determine next steps for cash flow.
- New Money In section shows overdue invoices, upcoming invoices, paid (not deposited) invoices, estimates, and unbilled time activity.
- New Money Out section highlights upcoming bills, overdue bills, sales tax, and payroll.
Getting money into your bank account instantly has never been easier, thanks to the improvements we’ve made to the Instant Deposit feature in QuickBooks Payments. Now, you can pre-select the days of the week you want to make automatic, instant deposits, which can occur up to three times daily – at 9 a.m., 2 p.m., and 9 p.m., PT.
How it works:
- If you’ve already set up Instant Deposit, you can set your schedule by navigating to Account and Settings → Payments → Deposit Speed → Set a schedule for instant deposits. Select the days you want instant deposits for, and when you’re done, select Save schedule.
- If you haven’t set up Instant Deposit yet, you can do so by following these instructions.
QuickBooks Commerce is a business management platform designed to help small businesses attract and sell to new customers across multiple e-commerce channels, including online storefronts, marketplaces, and POS systems. It gives QuickBooks customers one integrated platform to centrally run and manage their small business, and allows them to access the same cloud platform capabilities that bigger companies use to manage omnichannel sales.
How it works: Because everything is tied together, your clients’ listings, products, inventory, and orders – from Amazon, ShopKeep, Squarespace and more – will all be in sync. Your clients will be able to see data on profitability insights, ROI on marketing spend, and new opportunities to expand their product line, all in one central location.
For information on who is currently eligible, visit the QuickBooks Commerce site.
QuickBooks Online Accountant
It’s always a rush to fix unresolved transactions, generate reports, and complete other month-end tasks. To help close your clients’ books with more accuracy, we have rolled out new enhancements, such as automatic error detection, so that accountants bookkeepers can consistently deliver high-quality books in less time. This feature is only available through QuickBooks Online Accountant. 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).
A new dashboard in the Clients section of QuickBooks Online Accountant provides a centralized view of all your clients’ payroll activities, from set up to tax filings, without having to go to a client’s individual account to get the information.
Just go to Clients, then Payroll, and you’ll be able to:
- Identify key areas that need your attention at a glance.
- Spot changes and discrepancies with clients’ accounts faster (for example, auto payroll changes and past-due tax payments), so they remain compliant.
Advisory training for ProAdvisors
ProAdvisors® looking to expand their skills and offer advisory services can now sign up for advisory on-demand training. You can complete this multi-part series at your own pace, gaining advanced insights on how to successfully advise your clients.
The topics covered include how to best frame your advisory work, deep dives into the core of advisory practice, and taking your advising skills to the next level. To get started with this free training, sign into QuickBooks Online Accountant. Learn more
QuickBooks Online Advanced
Earlier this year, we integrated QuickBooks Online Advanced with QuickBooks Online Accountant to enable you to gain deeper insights into your firm’s performance, more efficiently manage work within your team, and spend less time on bills and expenses. These features will be in addition to the functionality already available, and will not impact your data or existing processes. Some QuickBooks Advanced product features include the following:
The Performance Center enables you to monitor your clients’ business health in real time by calculating key ratios and metrics, and visualizing your client’s financial performance, automatically. The formulas and charts are created for you right inside QuickBooks, giving you the crucial data needed to have more influential discussions with your clients that will help them grow and become more profitable. In addition, the industry benchmarks feature lets you see how your client compares to their peers.
Even better, accountants can view the performance center – an Advanced-exclusive feature – for all clients regardless of their version of QuickBooks Online. Learn more
Enhanced custom fields
Custom fields make it easy to track the information that’s most important to you and your clients. Now, a new interface offers more flexibility for managing, editing, and reviewing custom fields.
With the new interface, you can choose a combination of sales and expense forms to show custom fields. You can also choose a combination of sales and expense forms with Customer custom fields, as well as with Vendor custom fields. Learn more
Tasks and workflows
Tasks and workflows are designed to help you keep your clients organized and get work done faster.
The task manager is your one-stop shop for you to track your pending tasks, starting with approvals and custom tasks. As a manager or accountant, you can also delegate tasks to relevant users from within QuickBooks directly, and view the status of the tasks in real time, making it easy to collaborate with colleagues.
Workflows help you spend less time on repetitive work by creating automated and easy-to-follow processes. You can use existing workflow templates to automate common activities, such as routing invoices for approvals or sending payment reminders, or create your own workflow for client-specific processes. Learn more
Custom roles: sales roles by location
Custom roles in QuickBooks Online Advanced is designed to give your team specific access to the data they need. Now, Sales roles by location now empower your sales team with the information they need to get more done. Sales users can create estimates, invoices, sales receipts, credit memos, refunds, and more for their own books of business directly from QuickBooks Online Advanced.
QuickBooks Cash Account opening is subject to identity verification and approval by Green Dot Bank.
QuickBooks and Intuit are a technology company, not a bank. Banking services provided by our partner, 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.
Cash flow planner: Cash flow planning is provided as a courtesy for informational purposes only. Actual results may vary.
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.