Intuit QuickBooks today announced a host of new features within its software to benefit small businesses and accounting professionals across the country, with its first ever collective ‘winter release’ of updates.
As the world’s leading cloud accounting software provider, QuickBooks is constantly striving to bring new and enhanced features to its customers. This latest product update is no exception, with enhancements designed to improve business connectivity, cash flow visibility and ease of data entry:
Open Banking Upgrades + New Connections: The new Open Banking APIs offer a faster, more secure and reliable connection between banks and QuickBooks. Today QuickBooks has confirmed that customers can now create new connections with Lloyds, Halifax, Bank of Scotland, MBNA, RBS and NatWest as well as the digital banks Revolut and Monzo using these new advanced protocols.
Ensuring that it is a smooth transition for all existing customers, QuickBooks is also helping tens of thousands of small businesses and accounting professionals upgrade their bank feeds to the new, more secure and stable Open Banking APIs. These upgrades are currently taking place in staggered waves for Santander, Lloyds, Halifax, Bank of Scotland, MBNA, Nationwide, Ulster Banks, RBS and NatWest with all other connections following soon after.
Cash Flow 90-Day Planner: Small businesses need a full view of their cash flow in order to make the best decisions. Leveraging the power of AI, this new tool will enable small businesses to predict their daily cash flow over the next 90 days and today QuickBooks is looking for businesses to be the first to trial this new feature in the UK.
The planner proactively alerts business owners when a negative situation is on the horizon and provides recommendations around how to navigate the situation. QuickBooks leverages historical data to generate predictive forecasts of cash flow using a model that has been trained on more than 26 billion touchpoints. In addition, the planner can be used for scenario planning to help users answer questions such as: “Is it safe to hire another employee now, given my forecasted cash flow in the coming few months?”
Advancements in Payroll: As part of its connected offering, QuickBooks recently launched the Advanced Payroll solution that gives employers the ability to automate pay runs and the HMRC submission. It also integrates with five main pension providers via pensionsync, keeping businesses compliant and saving them time. Additionally, it features an employee portal, so they can manage timesheets, expenses and leave requests and ditch the manual data entry.
The QuickBooks Standard Payroll offering has now been enhanced to support multiple pay schedules – making it even easier for small business, with different work patterns employees to run their payroll.
Mobile Refresh… Going the extra mile: The QuickBooks Online mobile app has been given a whole new look and feel to better help users navigate their accounts and make the most of the features available in the app.
One of the new and exciting features within the app is Automatic Mileage tracking for small businesses as we know that keeping a log and manually tracking mileage can be a major pain point for small businesses. It’s now possible through the mobile GPS signal to track and record all journeys and with the simplest of swipes identify whether those trips are personal or to be tracked as a business expense.