CPA_Practice_Advisor_November_2020 - 9

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QuickBooks Insurance and 401(k) are ValueAdds for Small Businesses
ACCOUNTING PROFESSIONALS KNOW that maintaining
the books is just one aspect of running a small business.
There are many more areas that today's accountants must
advise on in order to help their clients succeed and stay
competitive. This includes advising clients about insurance
benefits to protect their businesses as well as benefits they
can offer employees in order to help retain current staff
and recruit new talent.
Intuit recently announced
two new offerings - QuickBooks
Insurance and separately, 401(k)
powered by Guideline - that can
help you and your clients protect
your businesses with comprehensive insurance coverage and also
offer employees a 401(k) retirement
plan, a benefit traditionally offered
only by large companies. These
expanded capabilities can help you
and your small business clients succeed, and employees thrive.

THE NEED IS NOW FOR
INSURANCE
Obtaining business insurance can
be time consuming and overwhelming. Many agencies require several
forms to be filled out to initiate a
quote, and the purchase process
that can take several days to weeks
to complete.
To expand the benefits of QuickBooks and help customers manage
their overall business, QuickBooks
Insurance has launched an affordable, customizable and easy-to-use
alternative. A small business can
get a quote online and be insured
in minutes, starting from within
QuickBooks.
Accessible via the Insurance
tab in QuickBooks Online and
QuickBooks Online Accountant,
businesses can apply for general

liability, professional liability (particularly applicable for accountants
and accounting firms), employment
practices liability, workers' compensation, commercial auto, cyber,
earthquake insurance, and many
other types of policies through four
highly-rated providers: AP Intego,
Coterie, Cover Genius and Next
Insurance.
QuickBooks uses artificial intelligence (AI) to recommend the best
insurance provider to customers
based on relevant information that
already exists within QuickBooks in
addition to their unique needs. This
information helps find the right provider and expedite the application
process. Once customers purchase
an insurance policy, they can view
key details of the policy and provider in their QuickBooks account.
If a small business owner needs
help choosing a policy, QuickBooks
Insurance has an online recommendation tool or they can connect with
certified small business insurance
experts to guide them through the
process, giving owners the confidence that the policy they choose
is right for them.
Several of the insurance providers offer policies with smaller
monthly installments, rather than
one big annual payment, allowing
small businesses to conserve cash.

401(K) POWERED BY
GUIDELINE
QuickBooks Online Payroll customers now have access to an affordable
benefit that helps attract and retain
employees, while also providing
employees a secure place to save
for retirement through the new
QuickBooks 401(k) powered by
Guideline offering.
You can help your clients set up
their company's 401(k) plan in minutes and automate both company
and employee payroll contributions,
all within their QuickBooks account
using Guideline's single sign-on
integration with QuickBooks Online
Payroll. Data is securely synched
automatically, so updates and
changes will be reflected in both
places without any additional steps.
Click " 401(k) retirement plans " from
the Benefits tab in QuickBooks
Online Payroll. Clicking on " Get
Started " will direct users to 401(k)
options powered by Guideline.
The cost for a 401(k) plan
through Guideline is $39/month
base, plus $8/month for each

NOVEMBER 2020 ■

employee, and is designed for businesses of any size. As a QuickBooks
Online Payroll customer, this cost
includes full-service 401(k), 3(16)
and 3(38) fiduciary, live U.S.-based
support, employee onboarding,
low-cost mutual funds, and simple
employee and employer dashboards.
Contributions are automatically deducted each pay run, with
no need to maintain deductions
or manually re-enter payroll data.
Small businesses can also offer to
match contributions.
These services transform QuickBooks into a small business hub,
providing tools and resources in
one place that helps inform smarter
financial decisions and protection.
Put on your advisory hat and help
your clients explore these options,
today. ■

The ProAdvisor
Spotlight is sponsored by

www.CPAPracticeAdvisor.com

9
http://www.CPAPracticeAdvisor.com
CPA_Practice_Advisor_November_2020

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