QuickBooks Get Connected 2020 product updates revealedby
At QuickBooks’s virtual Get Connected 2020, several minor updates were revealed, alongside a few product upgrades to expect in the coming months.
In addition to the previous announcements made prior to Get Connected, QuickBooks announced the following additional updates at its virtual exhibition. Dame Kelly Holmes was one of the guest speakers included in the lineup.
The performance centre allows users to create reports straight from QuickBooks without having to use third-party systems, or export/import them from Excel. The reporting functions offer added customisation and automation such as baselines templates to provide quick insights.
Within the performance centre, partners can create pie charts, bar and line graphs and key business KPIs for tailored business advice for clients and provide data points.
Partners can also use pre-made charts that give a snapshot of their day-to-day business health, including charts such as expenses over time, revenue over time, accounts payable and accounts receivable. These can then be customised using select filters such as date range, and retrospective editing options.
“We found that partners didn’t have enough time to build specific insight for each client,” said QuickBooks account manager Angus Martin. This is primarily due to the amount of time it would take to create reports in Excel or other systems they might be using.”
The performance centre is aimed at providing customised and powerful insights to recommend smart business decisions.
Filter for employees
The filter system allows partners to customise which client they see in their dashboard within their client list. The function filters for leads for customers and employees which gives managers oversight of which colleague is in charge of each assignment. Lead assignment will also allow managers to allocate leads for projects and assignments. This is split into two primary components:
- Lead filer for employees: Restricts employees to seeing only clients tied to a specific lead.
- Lead column for managers: Shows the initial of the associated lead for that customer or primary employee. Shows managers which colleagues are associated with which client. Can reassign leads with reassignments tool that allocates partners to colleagues and changes to current employees after the departure of an employee.
The lead accountant can be edited by the master accountant and anyone with admin access can reassign customers and edit lead accountants.
“Today the QBO client list is not too relevant for bookkeepers and accountants of large firms, and we received feedback that it was difficult sometimes for them to only see clients that they specifically serve,” commented Martin. “They often have to maintain a separate filter for client lists in Excel or a separate practice management solution.”
Sales overview tab
82% of UK businesses fail due to poor cashflow.
Officially launched on 14 October, the sales overview tab gives key insights into the extra tools in your armoury to try and get payments in. The tab uses payment technology to help lower the rate of late and non-payers by providing a snapshot with clear advice.
The at-a-glance dashboard provides a “one-stop-shop” of advice and insights on payments in a centralised location. It offers an overview of low-level detail and key advice such as ways you can set up online payments, recommend third-party solutions and how to try and recoup late and non-payments.
The overview tab is intended as a consultative way to help plan with clients for late payments and recommend solutions for their business by what it thinks will reduce late payment fees. The function cannot restrict card payments by the merchant or provider as it is an integration.
Product manager Jonathan Valentine revealed that, although in early stages, QuickBooks is currently testing a pre-payments and payments function on accounts.
Following on from the income tax estimate, announced just before and during the virtual event, the accounting platform has plans to offer a full income tax application module. Although this may not be expected for several months, plans are to include corporation tax and a fixed-rate asset register.
A tool for creating working papers has also been tested as a prototype but is still in its early stages.
QuickBooks account manager George Wood revealed that work is being done to look for more payment partners and options – Square and Stripe are amongst the many being explored.