Check out these new features and improvements in QuickBooks Online that could very well grant you the gift of higher efficiency.
Profit and Loss Report Enhancement
A column has been added to profit and loss reports in QuickBooks Online Accountant, so now you only have to run one report when comparing your current financials to previous year-to-date. To create your profit and loss report, select the new previous year-to-date comparison period.
Remain Compliant with Sales Tax Filing
If you are currently using the QuickBooks Manual Sales Tax experience, the Taxes tab in QuickBooks Online has been refreshed to make it easier to find the most important information when collecting and filing sales tax. A list of verified tax agencies was also created that can be matched with your existing tax rates. To use it, match your current tax rates with tax agencies on the verified list.
Manage your Chase Bank Account
If you bank with Chase you can now establish and manage that bank account with QuickBooks Online. Intuit has worked with Chase to allow users establish the connection to Chase through QuickBooks using their own username and password. The primary account holder can enable read capabilities for delegate users such as their accountant or bookkeeper.
To implement this, ensure you are an authorized user on the Chase profile. If you are not an authorized user, the primary Chase account holder will need to sign onto Chase.com and grant you permission as an Authorized User. Learn More About Authorizing Users on a Chase Account
New and Simple Workflow for Credit Card Payments
A new workflow has been added that simplifies the recording of paying down a credit card in QuickBooks Online Accountant and QuickBooks Online. This new workflow can be found by clicking the ‘+New’ button and selecting ‘Pay down a credit card’ under ‘Other’ or you can access it from the expense list under ‘New transaction’ and selecting “Pay down a credit card.’
Revenue Streams Dashboard Report
You can easily identify opportunities for your business by examining the revenue trends in QuickBooks Online Advanced. Create your dashboard to focus on revenue streams of your choice with customization options including accrual versus cash, defined fiscal year, date range, and other key variables.
Did you know you can automate specific workflows in QuickBooks Online Advanced? Automation frees up time and reduces errors that can be made with manual processes. You can create workflows to set reminders to send invoices, make deposits, or email customers when an invoice is overdue.
Create Custom Roles
Up next in custom user permissions in QuickBooks Online Advanced is custom roles. You can now assign multiple people to a custom role instead of having to go into each user and set task limitations. First, create a set of user permissions that fit certain roles within your company. When you have new employees join the company, you can quickly assign them the permissions of the custom role.
When batch invoicing and batch checks were released earlier this year, you were given the ability in QuickBooks Online Advanced to batch expenses. This is a sub-workflow to accounts payable and allows you to better manage and control your cash flow with faster processing of checks, expenses, and bills.