As you consider the best technology options for your clients, QuickBooks Online Advanced is a comprehensive option for growing businesses. Here is an overview of the most recent updates to QuickBooks Online Advanced aimed to enhance security, accuracy, efficiency, and strategic planning.
1. Enhanced security with role-based access
Security is paramount in financial management. QuickBooks Online Advanced addresses this need with its role-based access feature. This allows businesses to control who can view or modify sensitive information such as financial reports, payroll details, and receivables. By customizing user permissions, employees are granted access only to data and functions relevant to their roles, significantly reducing the risk of errors and unauthorized access. The feature includes multi-user permissions and detailed audit trails—crucial for detecting fraud and maintaining data integrity. Additionally, the Modern View interface enhances user experience by making navigation and role management more intuitive, ensuring that security protocols are both robust and user-friendly.
2. Streamlined operations with workflow approvals
Workflow approvals in QuickBooks Online Advanced bring a new level of control and transparency to financial transactions. Accountants can set up multi-user approval sequences for various financial activities, such as invoices and expenses. This ensures that each transaction is thoroughly vetted and approved in a specific order, enhancing accuracy and preventing potential fraud. Once transactions are approved, they are automatically recorded, keeping financial records up to date and audit-ready. This feature is particularly beneficial for companies with complex internal structures, because it enforces accountability and ensures that all financial actions are justified and documented before being finalized.
3. Efficient management with fixed-asset accounting
For businesses with significant fixed assets, QuickBooks Online Advanced offers a comprehensive solution that aligns with IRS depreciation requirements. The fixed-asset accounting feature allows for easy tracking, scheduling depreciation, and generating detailed asset reports. This automation not only saves time, but also enhances reliability, providing clear visibility into the current and projected values of assets—essential for informed decision-making. Accountants can effortlessly manage asset lifecycles from acquisition to disposal, ensuring all financial data is accurately captured and reflected in financial statements.
4. Accurate revenue tracking with revenue recognition
QuickBooks Online Advanced is a boon for accountants managing businesses with complex, subscription-based revenue models. The revenue recognition feature allows for customization of processes to align with specific client needs, integrating seamlessly with invoicing and reporting. This ensures efficient and precise revenue tracking, crucial for businesses with intricate revenue structures, and provides real-time visibility into revenue streams. Accountants can adjust recognition schedules and methods based on contractual obligations and recognized accounting principles, ensuring compliance and accuracy in financial reporting.
5. Strategic planning with custom forecasting
The custom forecasting tool in QuickBooks Online Advanced enables accountants to provide clients with detailed financial projections and insights. By using historical data and industry benchmarks, accountants can forecast future financial performance in key areas such as revenue growth, cash flow, and expenses. These forecasts help clients make strategic decisions, enhancing their financial outcomes and strengthening the accountant-client relationship. The tool's flexibility allows for scenario planning and sensitivity analysis, giving clients a comprehensive view of potential financial futures and preparing them for various business conditions.
6. Enhanced reporting with spreadsheet sync
Last year, QuickBooks Online Advanced introduced Spreadsheet Sync, which has now been extended to include Google Sheets. This feature allows for enhanced reporting and multi-company reporting through a two-way sync with Microsoft Excel and Google Sheets. Users can create custom charts, use templates, and manage large data sets efficiently, making it easier to compile comprehensive reports and collaborate in real time. The integration with Google Sheets also brings additional collaboration tools, such as real-time commenting and revision history, invaluable for teams working remotely.
7. Tailored insights with customized reporting
Customized reporting in QuickBooks Online Advanced allows accountants to tailor reports to their clients' specific needs. By focusing on crucial metrics and using customization options such as filters and charting, accountants can provide organized, visually appealing reports that offer deeper insights into business operations. This tailored approach improves client satisfaction and enhances the accountant's efficiency in managing financial reporting and compliance. With the ability to drill down into data and analyze trends, accountants can offer proactive advice and strategies to help clients optimize their financial performance.
The tools you need
QuickBooks Online Advanced continues to be a game-changer for accountants, providing them with the tools they need to manage their clients' finances more effectively and securely. With these advanced features, accountants can ensure their clients' businesses are not only compliant but also primed for growth and success. For more information on QuickBooks Online Advanced, schedule a free consultation.
