Intuit has recently implemented its latest round of changes to QuickBooks based on feedback from its accountant partners, primarily focused in the areas of accounts payable and accounts receivable, workflow efficiency, and Intuit Enterprise Suite.
The following are some of the key updates the Intuit team has made in response to that partner feedback, according to the Mountain View, CA-based company:
QuickBooks Online Accountant
Accountants now have the ability to create and assign granular role-based access to clients’ books. This helps better fit team needs and precise permissions for the creation, editing, viewing, and deletion of 14 additional features in QuickBooks Online Accountant. In creating these roles, teams can balance efficiency and data safety, which allows work delegation while limiting team members’ access to high-risk activities and sensitive data.
Additional new features added within QuickBooks Online Accountant include:
- Track clients more effectively with custom client IDs: Enter your firm’s own internal tracking identifiers into the new custom client ID field to streamline client tracking and navigate directly to a client’s books.
- Use flexible functionality in the Work tab: Create standalone tasks and organize and search with more robust filters.
- See the latest accountant-related updates: In QuickBooks Online Accountant, select the megaphone in the menu bar to find feature and product info, articles, and resources.
“Ultimately, these updates streamline the experience of using QuickBooks Online Accountant, which help free up time for accountants so they can focus on higher-level advisory services,” Intuit said in a statement.
QuickBooks Bill Pay
Accountants now have the ability to streamline the bill pay process for their clients in QuickBooks. They can request optimal bill pay limits on behalf of their clients to ensure smooth payment processing and can also add Bill Pay directly into their clients’ books during the onboarding process, rather than after the fact.
Clients can also subscribe to a Bill Pay plan that best fits their needs without navigating a complex setup, allowing for flexible billing options, including ProAdvisor Preferred Pricing, with the choice to either bill their firm directly or have the client billed, offering more control.
QuickBooks Payments
Accountants can help ensure continuous cash flow for their clients by scheduling recurring payments and autopay. This also minimizes disruptions and manual work by setting up recurring payments for their clients’ ongoing charges. Additionally, clients can simplify getting paid by accepting in-person payments via iPhone using the new Tap to Pay, available through the QuickBooks GoPayment app or QuickBooks mobile app.
Intuit Enterprise Suite
Accountants told Intuit they encountered some efficiency and forecasting issues while using Intuit Enterprise Suite. With that in mind, the latest updates help solve these issues, the company says. The new Suite features streamline multi-entity finances, increase financial planning, and help drive growth by finding new opportunities to deliver strategic advice and insights. Supporting the generation of dimensional profit and loss forecasts, accountants can benefit from in-depth analysis and projections of revenue, expenses, and profit inside the dimensions important to businesses, including departments, regions, programs, funds, or product lines.
Additionally, accountants can now pre-set multi-entity allocations to avoid the manual work of selecting accounts for each intercompany transaction. With account mapping, firms can help clients establish default accounts to help ensure intercompany allocations hit the right debit and credit accounts, even if the task was delegated.
AI tools on tap
“As Intuit looks to the future, we’re focused on providing tools and systems that accountants can use to streamline their work on behalf of clients,” the company says.
These tools will include artificial intelligence capabilities that perform repetitive tasks and provide real-time insights that complement accountant expertise, enabling teams to focus on the important client services that can deliver firm growth. Upcoming is an AI Accounting agent, designed specifically to work alongside a firm’s expertise and guidance, that will automate core accounting tasks. In addition, a Payments agent will soon be available to accountants that recommends payment strategies for clients’ accounts receivable and auto-generate their communications with customers, Intuit says.
Thanks for reading CPA Practice Advisor!
Subscribe Already registered? Log In
Need more information? Read the FAQs
Tags: Accounting, intuit, QuickBooks, Small Business
