Intuit QuickBooks reveals new UK products and innovations at ‘QuickBooks Connect’
Flagship event dedicated to accountants announces new products and innovations to help power growth, including Practice Management, Books to Tax and Advanced
Intuit QuickBooks, the UK’s leading financial management software, has announced new innovations to its suite of digital products which will significantly streamline processes for accounting experts – saving time so they can grow their practice and surfacing insights so they can scale their impact.
There has been a boom in demand for accounting services as small businesses attempt to navigate an increasingly challenging economic landscape. These new updates to the QuickBooks tool aim to help accounting and bookkeeping professionals service their clients efficiently, delivering personalised insights for more informed advice, while also freeing up time to grow their client base.
QB Practice Management
With demand on time high, streamlining workflows is more important than ever. Coming soon, QB Practice Management Software will be a brand new tool that will allow accountants to centralise client records, manage client interactions, reduce admin by automating recurring tasks, streamline workflows, increase consistency across operating procedures and manage workload across their teams. It will also send automated tasks straight to client managers’ work-queue as clients approach key task dates, from month-end reviews to VAT filings and year-end. With deep integrations into clients’ books, QB Practice Management will also give accounting professionals A.I.-driven insights into the health of their client books in real-time.
The new end-to-end integrated platform will soon be ready to use, allowing accountants to streamline the tasks that will lead to filing taxes through QuickBooks without having to leave the Intuit Tech Stack. This will improve automation of workflows, further reducing manual and repetitive tasks, turbo-charging accounting professionals’ efficiency and allowing them to concentrate on advisory work to drive value for clients.
Dr. Kamran Shaikh Managing Director at Morgan Reach says:
“The cost of living crisis and looming recession is causing cash flow issues for many of our clients, and the resulting burden of admin for us has been huge. QuickBooks’s soon to be launched Practice Management tool is going to save us so much time by aligning all our tasks for each client in one place. It will enable users to track and add tasks to the work queue automatically to ensure we can keep on top of all the hygiene tasks. With this tool shouldering even more of our basic tasks, we’ll have more time to focus on what matters – all while providing an enhanced advisory service due to the insights the tool provides.”
QB Advanced
The latest update in the recently launched QB Advanced is Revenue Recognition, which supports accrual accounting by allowing users to automate the recognition of revenue on a monthly basis, even if they take a lump-sum payment for services that spread across the year, such as subscriptions.
Other tools have also been recently launched in QB Advanced to improve efficiencies, save time and provide greater insight for accountants and small businesses alike. These include:
- The all-new Spreadsheet Sync, which allows spreadsheet users to push data to and from QuickBooks, with built-in templates and automatic syncing
- Batch Transactions, which allows users to create, edit and delete sales receipts and invoices in bulk
- And Chart View, which allows users to transform a custom report into a chart for greater insights through visual representations of complex data
Books to Tax
QuickBooks has expanded the Workpapers product to include a new innovation, Books to Tax, which now allows accountants to prepare, check and file Annual Accounts and Corporation Tax to Companies House and HMRC respectively. The Books to Tax’s auditor feature is now also able to highlight potential errors on CT600 forms.
The Workpapers product is designed to gather and group documents together to simplify annual account preparation. Together with Books to Tax, the tool enables accounting professionals to move quickly and easily complete year-end accounts without needing to manually move data between systems.
Bureau Payroll
QuickBooks will soon launch Bureau Payroll, its first ever cloud payroll offering that can be paired with any existing financial management software used by a client (even competitors!)
A simpler way to get clients up and running on a single, preferred payroll platform, Bureau Payroll will provide multi-user access for easy collaboration from anywhere and time-saving automation to put payroll on auto-pilot.
Whether a client is hiring their first employees or has a team of thousands, Bureau Payroll will be available for a flat fee to run large volumes of payroll, across multiple clients at once, without the worry.
ProSkills
QuickBooks is supercharging its ProAdvisor Programme with ProSkills Programme (launched 28th February), helping ProAdvisors grow their QuickBooks knowledge so they can boost their skills and get rewarded.
ProAdvisors will need to complete 3 modules in marketing, training and product in order to earn ProSkills badges, which they can share on social media. There are also prize draws along the way for each module they complete, with QuickBooks giveaways up for grabs.
Nick Williams, UK Product Director says:
“Accounting and bookkeeping professionals help drive small business success, and we’re committed to prioritising investment in our solutions they need to provide that same excellent service.
“The burden of admin can be an unnecessary drain on time and resources. We’re making it our mission to provide tools that shoulder as much of the basic tasks as possible, all while providing unmatched data insights – freeing up time for growth and informing the strategic advice that underpins excellent client service.”.
