CPA Practice Advisor - 14

SPONSORED CONTENT
QuickBooks Connect Innovations Roundup:

We go Further Together
INTUIT HOSTED ITS first virtualQuickBooks® Connect on
Nov. 18, where the theme was " We go further together. "
Thousands attended to take advantage of the many
opportunities to grow, learn, and share.
To help grow your practice and
serve as a true advisory partner to
your clients, here are the highlights
of the product innovations presented
to attendees in QuickBooks Online
Accountant, QuickBooks Online,
and more.

MONTH-END REVIEW
Month-end review in QuickBooks
Online Accountant is the first
end-to-end workflow built inside
any accounting software, and is
specifically built to help you clean up
your clients' books each month in a
fraction of the time and with higher
accuracy.
Month-end review lays out a
three-stage process starting with
transaction review. It starts with
categorizing all transactions being
brought into QuickBooks and accepting them into your clients' books.
Then, QuickBooks automatically
surfaces issues to you: uncategorized
transactions, transactions without
payees, missing receipts, undeposited
funds, unapplied payments, expenses
that may be assets, and duplicate
transactions. It also highlights
anomalies in each step of the process,
such as account balances that deviate from the six-month average and
material accounts with balances that
exceed 10 percent of net income.
Each row in this view is a deep
link, so you can see exactly which
entries make up each number, and
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14

DECEMBER 2020 ■

can act on them as needed. You'll be
able to customize your month-end
checklist by adding or removing
actions you want to take or review
each month, and easily track what
you're doing with built-in progress
tracking. If you're managing a team,
you can keep an eye on how the whole
team is doing right from your firm's
client list.
Soon, you'll be able enhance your
month-end review process with management reports and visualizations.

PERFORMANCE CENTER
You can now access the Performance
Center (previously only available in
QuickBooks Online Advanced) for all
of your clients' books. Any QuickBooks
Online Accountant user can access it
to advise their clients, regardless of
which version of QuickBooks Online
they are subscribed to, as well as use
it to assess the performance of your
QuickBooks Online Accountant firm.
Industry benchmarks will continue
to bring a new degree of expert-level
industry insights to your advisory services, enabling you to better identify
areas for business improvement and
set smarter goals for clients.
Performance Center calculates
key ratios, provides metrics, and
visualizes your clients' financial
performance automatically. You can
also review client performance across
10 key metrics, then build a chart
customized to your clients' needs.

right into reconciliation history. Statement Auto Import supports more than
2,800 banks worldwide, including
Bank of America, US Bank, TD Bank,
Charles Schwab, Fifth Third, Regions,
American Express, Discover, Bank of
the West, and very soon, Wells Fargo.
For banks not currently supported,
you or your clients can upload and
attach the statement to the specific
account so they are available for you
when it's time to reconcile.

CUSTOM TAGS
With custom tags, now available for
all new QuickBooks Online accounts,
your clients can start tracking the
most important information about
their business. Tags are customizable
labels that let you track money however you want in order to gain deeper
insights into a business. Clients can
add tags to money in and money
out transactions, such as invoices,
expenses, and bills to understand
where they make and spend money.
They can also create tags to track
any part of their business, such as
job types, ad campaigns, sales reps,
or project managers.

AUTOMATIC SALES TAX
CENTER
The new Automatic Sales Tax Center
calculates sales tax on invoices and
receipts. When creating an invoice,
QuickBooks automatically calculates
the sales tax rate based on what
you're selling and where you're selling
it. And, when it's time to pay sales tax,
transactions are organized and easily
reviewed.

STATEMENT AUTO IMPORT

AMAZON BUSINESS
INTEGRATION

With no additional work from you or
your clients, you can now pull in bank
statements from financial institutions

Amazon Business is now seamlessly
integrated into QuickBooks. It makes
tracking and categorizing expenses

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easier than ever. All of the details of
your Amazon Business purchase item details, quantity, shipping costs,
and sales tax - are automatically
included in QuickBooks.

QUICKBOOKS ONLINE
ADVANCED
QuickBooks Online Advanced
provides the flexibility your more
complex and growing clients need
with more users and controls, deeper
insights and stronger reporting tools,
and more apps to run their whole
business.
■ Enter, edit, and send multiple
invoices, checks, expenses, or bills at
once - and if you're already working
in Excel, you can easily cut/paste
right into the QuickBooks transaction
sheet.
■ Create tasks and assign them to a
specific employee with Task Manager.
■ Filter, group, sort, and rearrange your
data on any attribute so you get the
insight you need to make the best
decisions for your business with
Report Builder.
■ Configure reminders, approvals, and
more based on how your team works
with customizable and automated
workf lows. For example, If you
want CEO sign-off on any invoice
more than $50,000, simply create a
workflow to trigger the appropriate
approvals.
■ Leverage deep integrations and
customizable workflows with key
apps such as HubSpot, LeanLaw, Bill.
com, and Salesforce.
The QuickBooks Online ecosystem
never stops improving. Stay tuned to
more articles for enhancements and
innovations to grow and scale your
practice. ■
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