With every update we make, we strive to provide a family of products to help you get your clients ready for the future—so they can work from anywhere, save time, and keep information protected. And what an innovative year it’s been!
In case you missed them, here are 2023’s top enhancements in QuickBooks Online and connected services:
New products
- QuickBooks Ledger—a new, efficient solution for ledger clients: Manage year-end, tax-only, or low-transaction clients’ end-to-end workflows with a plan designed exclusively for accounting professionals that you can access through QuickBooks Online Accountant.
QuickBooks Online Accountant
- Chart of accounts templates: Create, import, and manage templates for different types of businesses to save time. Streamline customizing the chart of accounts for your firm and apply them to any client instantly.
- Role-based access controls: Your firms can now segregate duties and delegate tasks in your firm’s books, using advanced roles and permissions in QuickBooks Online Accountant. Choose who can view, create, edit, or delete transactions and use accounting features like charts of accounts, reconciliation, and journal entries.
- Add Client tab updates: Select the right QuickBooks solutions for your clients with the new and improved Add Client tab in QuickBooks Online Accountant. Here, you can get more tools and insight on each solution, apply accountant-exclusive billing, and access more products such as the new accountant-exclusive QuickBooks Ledger, and QuickBooks Online, Payroll, and Payments.
QuickBooks Online Advanced
- Fixed asset accounting: Rather than spend time posting and reconciling journal entries, you can now add your clients’ fixed assets and schedule their depreciation in QuickBooks.
- Revenue recognition: Help your clients who have accrual-basis businesses, including those with subscription-based services. Track recurring revenue by automating the revenue recognition standard (ASC 606) in QuickBooks.
- Spreadsheet Sync with Excel: Work with real-time data the way you want by seamlessly sending it back and forth between Advanced and Excel. Add and edit large batches of data in a spreadsheet and sync it to QuickBooks. Use standard and custom reports, build multi-company combination reports for multiple companies, and refresh your data in a single step or automatically.**
- Role-based access controls for transactions and accounting: You and your clients can choose who can view, create, edit, or delete transactions, and access accounting features such as the chart of accounts, reconciliation, and journal entries. These updates help to safeguard financial and payroll data while delegating more tasks.
- Additional custom roles: Delegate with confidence and control access at a more granular level with three new roles for bills and bill pay: bill clerk, bill payer, and bill approver.
- Estimates vs. Actuals: Automatically gauge project performance and profitability by tracking actual cost and income generated at the project level, relative to the estimate—during and after the project.
- Custom chart builder: Compare data sets with the upgraded chart view data visualization tool that helps you create vertical bar charts, trend line charts, and stacked bar charts that can be added to dashboards and management reports.
QuickBooks Online
- P&L budgeting: Help your clients bolster their growth and set clear goals. They can import a budget to QuickBooks from Excel or build one in QuickBooks using historical data, then monitor performance through budget reports. Clients using QuickBooks Online Advanced can also assign budget-related custom roles and use Spreadsheet Sync to work with their real-time budgeting data in Excel.
- Balance sheet budgeting: Create balance sheet budgets for asset, liability, and equity accounts right in QuickBooks Online, with a status bar that helps you ensure the budget entries are balanced.
- Integrations diagnostics: Stay better informed of app integration diagnostics right in QuickBooks, from one centralized dashboard. Easily manage apps, check connection status, and receive notification of syncing errors.
- Consolidated business & accountant view: To avoid confusion and help you provide guidance to your clients, your navigation view in QuickBooks is now consolidated to show the Accountant menu and your client’s on the same page.
Migrating to QuickBooks Online
- Batch migration: Boost efficiency by migrating up to 50 QuickBooks Desktop company files, including multi-currency and basic inventory items at once to QuickBooks Online, using the Accountant Batch Migration Tool in QuickBooks Desktop Accountant.** If your clients use Desktop Payroll or Payments, this data will also migrate.**
- QuickBooks Online app: Get a view that’s similar to QuickBooks Desktop—stay signed in and easily switch between companies, tabs, and windows.**
- Bank rules now migrate: Now not only will your clients’ bank rules migrate to QuickBooks Online, but their vendor-assigned categories and those vendors’ auto-categorized transactions will also make the move with them.
QuickBooks Payroll
- Map payroll items: Increase control and flexibility and reduce manual work by mapping your payroll items to your chart of accounts.
- Tax readiness widget: Get a more detailed view of your clients’ tax liabilities and expenses with a new option in Employer Tax Expenses and Tax Liability Accounts that breaks down individual agency groups into their individual tax items.
Get a year-end summary of all workforce-related updates on Firm of the Future.
