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QuickBooks Online and Advanced Changes for 2020

Nov 18th 2020
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Intuit recently announced new and upcoming changes to its QuickBooks Online and Advanced products at the virtual QuickBooks Connect conference, held this year online instead of in San Jose, Caif.

Recent QuickBooks Online innovations highlighted at QuickBooks Connect include:

1. Automated Sales Tax Center

The new Automated Sales Tax Center automatically calculates the sales tax on invoices and receipts for easy review and accurate filings. QuickBooks also lets small businesses know when their tax payment is due to help ensure taxes are filed on time and the new Automated Sales Tax Center supports all of the sales tax jurisdictions in the U.S., with a team of QuickBooks sales tax experts reviewing and updating the rates every month to ensure their accuracy.

2. Tags

The Tags feature allows users to label and track how they are spending their money. By tagging transactions inside QuickBooks, small businesses can create reports on any money-in and money-out transaction they want, from invoices to expenses to bills.

3. QuickBooks Online Advanced-Only Features

a.) Performance Center: Newly available, Performance Center within QuickBooks Online Advanced uses AI-driven learning models to give customers a topline view of how their business is performing through custom dashboard widgets with key performance indicators. This includes detecting trends and anomalies across revenue, expenses and profit.

b.) Deep integrations with third-party applications: Also newly available, QuickBooks  Online Advanced offers its customers deep third-party app integrations to help manage their business end-to-end as many growing companies rely heavily on different apps to manage their larger, more complex businesses. Deep integrations and customizable workflows with key apps include Salesforce, Hubspot, and Lean Law.

 4. Accountant-Specific Changes

a.) Month-end Review and Reports: Through QuickBooks Online Accountant and its accountant-only Month-end Review feature, accountants can create highly visual reports directly inside QuickBooks to help owners better understand a report's content and take the mystery out of a report’s numbers. Accountants can also add comments on the reports to help describe the report’s information and customize a report’s look with the accountant’s and small business’s logos.

b.) Looking ahead:  QuickBooks is looking to add more capabilities within Month-end Review to help accountants efficiently and effectively close their client’s books at the end of each month. One idea brought forward by accountants using QuickBooks Online Accountant is the ability to ask clients questions directly inside their QuickBooks file when more information, like a copy of a receipt, is needed to categorize a transaction.

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