Updates to Payments and Payroll for QuickBooksby
New offerings from Intuit QuickBooks this month include invoicing enhancements for QuickBooks Payments and updates to QuickBooks Payroll. This article covers the highlights of these changes users will see in the respective platforms.
QuickBooks Payments and Invoicing Enhancements
To help improve overall cash flow and the speed of payment through our products, we’ve recently rolled out a host of innovations to QuickBooks Invoice solution. Specifically:
- Autopay and schedule pay: Now, invoices sent on QuickBooks feature autopay and schedule pay functionality. Autopay allows a client’s customers to securely save their payment information and set up automatic payments for recurring invoices. Additionally, for single invoices, they’re given the option to schedule payment for a preferred date. This new functionality works for ACH and card transactions, and is available for clients who have QuickBooks Online and QuickBooks Payments accounts. To set up, business owners simply need to send their next recurring invoice or single invoice with QuickBooks Payments turned “on.”
- Estimates: QuickBooks Payments is also updating the invoicing product experience to mirror the entire workflow of their interaction with a customer. Easy to craft at a desk or on the go, you can create a professional looking estimate in a few minutes. With this new feature, QuickBooks Invoicing solution provides one process that aligns with the lifecycle of the business relationship with a customer -- from getting an estimate approved, getting a deposit, and then being able to convert that estimate into an invoice for final payment -- simplifying how small businesses work. Once a customer accepts an estimate, QuickBooks automatically turns it into an invoice, taking work off of the business owner’s plate and helping them to get paid faster with the peace of mind of an upfront deposit, while getting a jump on cash flow. These features will be rolling out to eligible QuickBooks Payments customers in the coming weeks.
QuickBooks Online Payroll Updates
New this month, Intuit is introducing some exciting updates to QuickBooks Payroll, helping users save time and remain compliant, including:
- Payroll for Firm-Billed clients: With this update, accountants can now add and manage a standalone payroll option for firm-billed clients inside of QuickBooks Online Accountant. This provides more flexibility and the ability to grow. Payroll is now an option in the “Add Client” flow. This also allows existing clients to cancel QuickBooks Online and keep Payroll if they no longer need or use QuickBooks Online. With this new pricing structure, you’ll have the flexibility to accept new clients who might only want to run payroll. Additionally, if some of your payroll clients no longer need a QuickBooks Online subscription, you’ll still be able to run payroll for them. Payroll pricing for firm-billed clients will be available to all accountants at the end of June 2021.
- Contractor Payments: Soon, you’ll be able to tell your clients that paying a contractor is as easy as paying an employee. With this new feature, more small businesses can pay their contractors with same-day direct deposit convenience and complete 1099 e-filing at no additional cost. This can be a way to introduce QuickBooks Online Payroll to some of your firm-billed clients who don’t have W-2 employees yet. This new Contractor Payments add-on will start rolling out soon and be available to most accountants by the summer. Once rolled out, Contractor Payments will now be available as a product option in the “Add Client” flow. Users can add Contractor Payments to an existing QuickBooks Online subscription in QuickBooks Online Accountant. This new Contractor Payments add-on will start rolling out soon and be available to most accountants by the summer.
- Payroll Tax Center: Users can now view, track and complete their upcoming tax payments and filings all from the Payroll Tax Center. QuickBooks created a modernized experience to handle all outstanding payroll tax tasks. Simply, go to Clients, then Payroll and you’ll be able to identify key areas, at a glance, that need your attention. All payment and filing tasks will be clearly displayed with actionable statuses in two clear tables. Plus, you’ll be able to spot changes and discrepancies faster in clients’ accounts (e.g., auto payroll changes, past-due tax payments), so that they remain compliant.