Feedback on latest version of QuickBooks
Towards the end of May, Intuit released an update for QuickBooks including a new "one step" VAT retun system. Here's what they had to say about it:
New QuickBooks Simplifies VAT Returns; Makes Bookkeeping Easier for British Small Businesses
New Features Support Transactions in Multiple Currencies;
Improve Cash Flow Management and Provide Live Community Support
"The new product is designed to make small business bookkeeping quick and easy, consistent with the company’s commitment to help small businesses take control of their finances. Intuit is a global leader in financial management for small businesses.
"Packed with new features and improvements the new product includes a new and improved system for easily and accurately preparing and filing VAT.
"Anticipating the rumoured VAT increase announcement from Downing Street, QuickBooks now offers the new VAT Exception Report, which makes it easy for small businesses to manage the changes that might occur after filing VAT. The report automatically adjusts calculations, ensuring the next VAT report is accurate and providing a transparent audit trail for both the small business owner and HM Revenue & Customs (HMRC).
In addition, the new One Step VAT Returns feature allows small businesses to automatically populate their quarterly VAT returns and to file them instantly and securely online with HMRC. This greatly reduces the likelihood of wasted administration time, effort and costly VAT mistakes that can occur with manual methods of calculating and filing business tax. Both features are available in the improved VAT Centre, which provides a number of resources to help manage and demystify VAT.
“Our ongoing collaboration with UK small businesses shows that the paperwork associated with VAT returns is considered to be a significant burden,” said Pernille Bruun-Jensen, managing director of Intuit UK. “We designed the new VAT features to minimise administration time and help small businesses meet tax requirements and possible changes in an easy and straightforward fashion.” Bruun-Jensen continues, “A recent survey showed that eight out of 10 current QuickBooks users said the software helped save time on their accounts. We are confident that we’ll build on this fantastic record with the release of the new offering , due in no small part to new features, such as the VAT Exception Report.”
In addition to the VAT features, the newest QuickBooks software includes a wide range of functionality designed specifically to help small businesses simplify their bookkeeping. These include:
- Easy setup: Provides the help needed to get set up quickly through an initial interview. A QuickBooks coach and a short video provide a step-by-step demonstration of how to do key tasks so owners can swiftly move from setup to use.
- Company snapshot: Creates an intuitive, real-time cash flow snapshot in a single screen, allowing small businesses to easily identify problems and opportunities as well as make more informed decisions and avoid missed payments.
- Multicurrency capability: Makes it easy for owners to trade with international customers and suppliers. By automatically downloading exchange rates, QuickBooks ensures current and historical records remain accurate, eliminating the need to search for and manually convert currencies. This means faster invoicing and support for international sales as well as preventing expensive manual errors.
- Easy email invoicing: Lets business owners automatically create multiple invoices and quotes in seconds. Integrates with Microsoft Outlook, enabling small business owners to send them in batch as PDFs. This significantly reduces the time to send individual emails, and increases accuracy and speed of payments.
- Sales and expenses tracking: Creates essential cash flow reports, including profit and loss, sales, expenses and balance sheets. This gives small business owners a precise picture of their financial position and provides a clear overview for banks and other stakeholders.
- Live Community: Helps small business owners find and communicate with other small businesses in the UK and to get help on business critical issues. Small business owners can ask questions and get answers from experts or other QuickBooks users and build a professional network with other like-minded small business owners.
Pricing and availability: QuickBooks is available in a £99 Simple Start edition; QuickBooks Pro with One Step VAT and multicurrency priced at £249; and QuickBooks Premier with sales and expense forecasting and inventory management for £499,
With the VAT return system and multicurrency function, Intuit appears to have addressed two of the shortcomings of the previous version, but has it been enough to convince you to upgrade? Feedback from those who have seen the new version - or those who are still wary - would be greatly appreciated. Your comments will be used to enlighten other AccountingWEB members.