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Empowering Small Business Growth: Key Takeaways from QuickBooks Connect’s 10th Annual Conference

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QuickBooks Connect's 10th Annual Conference

Intuit, a global financial technology platform known for products like Intuit QuickBooks, TurboTax, Credit Karma, and Mailchimp, has unveiled a diverse range of groundbreaking innovations at its QuickBooks Connect’s 10th Annual Conference. This significant event aims to enhance services for the accounting community and enable small business customers within Intuit’s QuickBooks online platform.

QuickBooks Connect in Las Vegas, now in its second year, hosted 2,500 accounting professionals for three days of networking and insights. Attendees explored the latest updates from QuickBooks, a top financial technology platform supporting over 7 million businesses.

Intuit’s Commitment to Partnerships

Jeremy Sulzmann, Vice President of the QuickBooks Accountants Segment, emphasized the significance of accounting professionals as valued partners. He highlighted how QuickBooks Connect allows for deeper collaboration, with a specific focus on leveraging AI-driven innovations to provide accountants and small businesses with valuable insights for informed decision-making.

Introducing QuickBooks Ledger: A Tailored Solution for Accountants

One of the major unveilings at the conference is the introduction of QuickBooks Ledger. This cost-effective product is designed exclusively for accountants, offering a standardized platform for all clients, including those with basic accounting needs. QuickBooks Ledger utilizes automation to simplify manual workflows, offering functions like automated bank feeds, reconciliation, generation of financial statements, 1099 tracking, and a perfect transition to tax preparation. The integration with QuickBooks Online Accountant allows accountants to manage end-to-end workflows for clients efficiently. Initially available in the US, QuickBooks Ledger will soon reach accountants in Canada, the United Kingdom, and Australia.

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Enhancements to QuickBooks Online Accountant: Streamlining Workflows

Improvements to QuickBooks Online Accountant (QBOA) were announced to help accountants save time and easier workflows. Notable enhancements include:

1. Expanded Roles and Permissions: Recognizing the growing complexity of clients, QuickBooks is introducing more granular and customizable roles and permissions in QBOA. This allows accountants to manage team access to client books, delegating tasks based on experience levels to avoid potential risks.

2. Chart of Accounts Templates: QBOA now offers Chart of Accounts templates, simplifying the process of creating, customizing, and saving charts of accounts for both new and existing clients. Accountants can construct templates from scratch or modify existing product-based or service-based business charts. Additionally, they can import templates from Microsoft Excel, saving valuable time and improving efficiency.

3. Improved Add Client Experience: The QBOA dashboard facilitates a more efficient client onboarding experience. When accountants connect with a new client, they can integrate QuickBooks Payroll and QuickBooks Time. Soon, they will also have the capability to add QuickBooks Bill Pay and QuickBooks Payments. This enhancement makes it quicker and simpler to introduce the advantages of the integrated QuickBooks ecosystem to their clients.

Revamped QuickBooks ProAdvisor Program

For over 25 years, the QuickBooks ProAdvisor Program has been a cornerstone of assistance for accounting professionals, providing exclusive discounts, tools, training, and events to foster talent retention and business expansion. The newly revamped program, developed in collaboration with the accounting community, has evolved to deliver value to professionals and firms at every growth stage. This reimagined initiative heralds the beginning of a new era, marked by over 20 changes:

1. Pre-written email campaigns and templates for enhancing client relationship management and QuickBooks product enhancements.

2. New discounts and benefits tailored for full-service accounting firms that leverage Intuit’s ProConnect professional tax solutions.

3. Fresh training on third-party app integrations and Intuit’s ProConnect tax solutions (additional terms, conditions, and fees may apply).

4. Premium customer assistance extended to Gold ProAdvisors, a privilege previously exclusive to Platinum and Elite members, as well as for accountant-approved apps and special events.

5. Redesigned certification, tier, community, and skills badge to differentiate ProAdvisors’ levels of expertise for potential clients.

QuickBooks Online Ecosystem Enhancements

At QuickBooks Connect, improvements to the QuickBooks Online ecosystem were unveiled, catering to the dynamic needs of increasingly intricate and expanding businesses. Key product enhancements include:

QuickBooks Online Advanced

QuickBooks Online Advanced is a versatile solution with additional features tailored to the specific requirements of scaling businesses. Offering workflow automation, enhanced reporting tools, and integration with third-party applications. Advanced delivers heightened performance, scalability, and customization for more complex enterprises. Notable enhancements comprise:

1. Expanded Role-based Access Controls: Soon, customers will assign specific roles and permissions, regulating access to transactions, accounting features, and various reports. This ensures separation of duties, and delegation of tasks, and safeguards financial and payroll data.

2. Custom Reports and Charts: Introducing custom calculations and Key Performance Indicators (KPIs) for more relevant and informed business decision-making. Additionally, the ability to incorporate any report or chart into Management Reports enhances data storytelling.

3. Fixed Asset Module: A new fixed asset module streamlines fixed asset accounting with a comprehensive solution. It includes a fixed asset hub, batch fixed asset onboarding, and onboarding from expense and bill transaction forms. This simplifies the process of managing, depreciating, and reporting on fixed assets.

4. Approval Workflows: Advanced customers will soon access expanded approval workflows, automating compliance enforcement. Estimate approval workflows ensure estimates are approved before sharing with customers, and multi-level, multi-condition workflows route approvals based on organizational hierarchy and transaction conditions. Transactions won’t be posted to the general ledger until approved, ensuring accuracy and completeness.

QuickBooks Payroll Enhancements

QuickBooks Online Payroll addresses the team management needs of expanding businesses by simplifying Human Capital Management (HCM). It integrates payroll, time tracking, HR, and employee benefits in one accessible platform. Notable features and improvements include:

1. HR Tools: QuickBooks Payroll introduces an HR hub, streamlining employee data capture and enhancing the onboarding experience. This includes document management, comprehensive employee records, organization charts, team directories, and a mobile app for employee self-service.

2. Payroll Cost Allocation: Soon, QuickBooks Payroll users can allocate hourly and non-hourly payroll costs for an employee across multiple classes and projects. This detailed tracking eliminates the need for additional journal entries, providing accurate and granular cost classifications.

3. Payroll Item Management: A new pay item management tool offers business owners a consolidated view of pay types, deductions, and contributions assigned to employees in a filterable table. Business owners can create, bulk assign, and edit pay item information for all employees in one centralized location.

4. Allstate Health Solutions Partnership: QuickBooks has formed a partnership with Allstate Health Solutions. It offers QuickBooks Online Payroll customers enhanced insurance options for their employees. This collaboration allows businesses to tailor the right benefits package as they scale, with employee deductions synced with their payroll.

Innovations in QuickBooks Online E-commerce

QuickBooks introduces a range of new and improved e-commerce features for QuickBooks Online, specifically designed to assist small businesses in efficiently overseeing inventory across various sales channels from a centralized hub. In light of many product-based businesses relying on inefficient methods such as spreadsheets and manual tracking, these enhanced e-commerce capabilities aim to enable businesses by simplifying order and inventory management. The updated features enable customers to synchronize data across sales channels, identify growth opportunities, maintain precise inventory records, effortlessly replenish low stock, and more.

Also Read:- E-commerce Innovations in QuickBooks Online

For additional insights into how the QuickBooks Online platform supports accounting professionals and fosters the success of small businesses, please visit QuickBooks.com.

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