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QuickBooks Online

An Accounting Firm Owner’s Guide to Strategic Technology Adoption

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Is your accounting firm’s technology stuck in the past? In a world where clients expect seamless digital experiences and remote work is the norm, relying on outdated, disconnected software can be a recipe for inefficiency, frustration, and even lost business. But with so many options on the market, how do you choose the right tools to propel your firm forward?

In a recent Earmark Podcast episode, Blake Oliver shared his framework for strategic technology adoption. He argued that firms that intentionally select software to streamline operations, enhance client experience, integrate smoothly, and enable standardization will be best positioned to thrive.

Blake walked through the key software categories firm leaders need to consider, from proposal management to artificial intelligence (AI). He emphasized the importance of choosing tools that are easy to use, align with the firm’s unique needs and processes, and facilitate client collaboration.

Proposal Software

Blake recommended proposal software options that allow firms to quickly generate professional, standardized proposals, collect e-signatures and payments, and kick off projects seamlessly. “You cannot standardize the service delivery to your clients if you don’t have standard terms in your engagement letters,” he noted.

For example, Practice Ignition and Anchor allow firms to create templated proposals with standardized terms, pricing, and payment schedules. Clients can quickly review and sign off on engagements digitally, reducing friction and ensuring consistency across the board.

Practice Management

For practice management, Blake stressed the importance of workflow tools that centralize client communications, automate tasks, and provide visibility across the firm. With remote work now the norm, he argued, “If you’re in a remote environment, how can you work remotely without having workflow software?”

Platforms like Karbon, Canopy, and Client Hub offer client portals, task management, team collaboration, and insights reporting features. By standardizing processes and centralizing information in one system, firms can boost efficiency, transparency, and accountability, even with distributed teams.

Blake shared a cautionary tale from his experience, where choosing the wrong practice management tool cost his firm weeks of lost productivity. The lesson? Prioritize ease of use and team buy-in when evaluating options to ensure successful adoption.

General Ledger & Payroll

In the realm of general ledger and payroll, Blake advised firms to curate a lean tech stack of best-fit solutions. Instead of accommodating every possible client need, he suggested choosing one or two options that cover the bases for core client types, focusing on scalability, integration, ease of use, and reporting capabilities.

For the general ledger, that might mean standardizing on QuickBooks Online for most clients, with Sage Intacct reserved for those with more complex needs. On the payroll front, Blake highlighted Gusto and OnPay as user-friendly options that automate compliance and integrate with popular GL systems.

Blake emphasized the goal of going deep on a few core platforms rather than spreading yourself thin across a dozen different tools. By strategically limiting your tech stack, you can streamline training, support, and processes while still meeting diverse client needs.

Accounts Payable & Banking

Turning to bill pay, Blake highlighted the spectrum of solutions available, from all-in-one platforms like BILL for larger clients with complex approval workflows to more streamlined options like Relay for smaller businesses. He emphasized the key is to match the tool to the client’s specific needs and design efficient processes around it.

For example, a large nonprofit with multiple departments and strict controls might benefit from BILL’s advanced approval routing and audit trails. A small business, on the other hand, may prefer Relay’s simplified workflow and flat-fee pricing. The right fit depends on factors like transaction volume, number of approvers, and accounting complexity.

Whichever tool you choose, Blake stressed the importance of clear client communication and well-defined processes. Establish expectations around bill submission, approvals, and payment timelines upfront, and consider designating a dedicated team member to manage the AP queue and troubleshoot any issues.

Artificial Intelligence

Finally, Blake touched on the exciting frontier of AI, noting that ChatGPT’s new offering for teams, coupled with Microsoft’s significant investment in OpenAI, has made the technology more viable for accounting firms than ever. He advised listeners to start exploring use cases like drafting routine documents.

For instance, firms could leverage ChatGPT to generate first drafts of engagement letters, email responses, or work papers based on predefined parameters. By automating the initial content creation, staff can focus on more strategic work like analysis and advisory.

However, Blake cautioned against an “AI-first” approach. Tools like ChatGPT should augment human expertise, not replace it. He recommended starting with narrow, well-defined pilots and keeping humans in the loop to review and refine AI-generated content.

The Path Forward

Across all these categories, Blake underscored the importance of approaching technology decisions with intention and a focus on client needs. Flashy features may generate buzz, but the true test of any tool is how well it supports your firm’s service delivery and client experience.

By aligning your tech stack with your strategic priorities, designing efficient processes, and investing in training and change management, you can harness the power of modern software to drive meaningful results. The key is to start small, iterate often, and never lose sight of the humans at the heart of your business’s heart – your team and your clients. Ready to dive deeper into Blake’s strategic technology playbook? Listen to the full episode and start charting your firm’s path to digital success.

How QuickBooks Online’s Latest Features Streamline Workflows and Boost Efficiency

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In the latest Unofficial QuickBooks Accountants Podcast episode, hosts Hector Garcia and Alicia Katz Pollock dive deep into QuickBooks Online’s recent enhancements, driven by user feedback and the need to help professionals transitioning from QuickBooks Desktop. The discussion highlights new features, such as improved navigation between invoices and estimates, credit limit settings, batch import of customers and vendors, and internal customer notes – all designed to enhance user experience and workflows.

Let’s explore how QuickBooks Online actively listens to user feedback, what specific pain points these updates address, and how these changes empower professionals to serve their clients better and grow their practices.

Seamless Navigation and Streamlined Workflows

One of the most significant enhancements discussed in the episode is the improved navigation and workflow between invoices and estimates in QuickBooks Online.  Alicia highlights the importance of the “Manage” button, saying, “All the options that you’re trying to find are all in there.” 

The new “Manage” button and “Suggested Transactions” feature allow seamless navigation between related invoices and estimates. This update addresses a common pain point for users transitioning from QuickBooks Desktop accustomed to a more efficient workflow.

Enhanced Customer and Vendor Management

The new credit limit feature allows professionals to set credit limits for each customer, helping them manage risk and maintain financial control. This addition provides a valuable tool for professionals to ensure their clients remain within acceptable credit boundaries, fostering healthier financial relationships.

Furthermore, with its spreadsheet-like interface, the batch customer and vendor import feature streamlines the process of adding and updating customer and vendor information. Alicia praises this update, saying, “You’ve always been able to import a spreadsheet to add to customers and vendors. But seeing the grid in the software is a step forward.”

The Power of Collaborative Insights and Diverse Expertise

Throughout the episode, Hector and Alicia’s discussion highlights the value of collaborative insights and diverse expertise in navigating the evolving landscape of QuickBooks Online. Hector, as an ex-banker, provides unique perspectives on the implications of QuickBooks’ new financial offerings, such as the “Get Paid Up Front” feature becoming a line of credit.

Meanwhile, Alicia shares her hands-on experience with the software, offering suggestions for further improvements and highlighting the importance of staying current with the latest features and best practices. She mentions her updated book, “QuickBooks Online from Setup to Tax Time,” as a valuable resource for professionals looking to deepen their understanding of the platform and adapt to its ongoing changes.

Embracing Change and Thriving in the Digital Age

From improved navigation and workflow to enhanced customer and vendor management, these updates provide professionals with the tools and insights they need to streamline their work, better serve their clients, and grow their practices. To learn more about these exciting updates and discover how QuickBooks Online can revolutionize your practice, listen to the full episode of the Unofficial QuickBooks Accountants Podcast.

Alicia Katz Pollock’s Royalwise OWLS (On-Demand Web-based Learning Solutions) is the industry’s premier portal for top-notch QuickBooks Online training with CPE for accounting firms, bookkeepers, and small business owners. Visit Royalwise OWLS, where learning QBO is a HOOT!

Mastering QuickBooks Lists: Tips from the Unofficial QuickBooks Accountants Podcast

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If you’re a QuickBooks user, you know how important it is to keep your lists organized and up-to-date. In a recent Unofficial QuickBooks Accountants Podcast episode, hosts Hector Garcia and Alicia Katz Pollack shared their expert insights on mastering list management in QuickBooks Online, particularly after converting from QuickBooks Desktop. Let’s dive into their top tips.

Chart of Accounts

First up: the Chart of Accounts. Hector and Alicia recommend using account numbers strategically to ensure optimal reporting layout rather than relying on alphabetical order. They also advise merging duplicate accounts and inactivating unused ones to keep your COA lean and clean. Be cautious when deleting accounts with balances, as this can impact your financial statements. Lastly, sub-accounts should be employed effectively to maintain an organized hierarchy.

Products and Services

Next, let’s talk about Products and Services. After completing your data cleanup, inactivate any unused products to streamline your list. Utilize product categories for better organization, and leverage custom fields like “Income Account” for precise mapping to your COA. These steps will make your bookkeeping more efficient and your reports more accurate.

Locations and Classes

Hector and Alicia have some great advice regarding location and class tracking. Use Locations to track performance by store, department, or other relevant segmentation. Understand the differences between Locations, Classes, and Projects in QBO, and recognize that QBO has some limitations on Classes compared to Desktop. Choose the right tracking tool to get the most meaningful insights.

For more QuickBooks tips, listen to the full episode

Other list management tips from the podcast include streamlining recurring transactions (and considering bank rules as an alternative), customizing invoice terms and payment methods to match client needs, optimizing custom form styles for a professional look, and managing attachments effectively within QBO.

The benefits of list cleanup are numerous. You’ll enjoy improved reporting accuracy and efficiency, time savings for your bookkeeping team and clients, and enhanced customization and scalability of QBO. A little bit of list maintenance goes a long way!

Mastering your QBO lists is key to making the most of this powerful accounting platform. By following the expert advice from Hector and Alicia, you’ll be well on your way to a cleaner, more organized QuickBooks Online company file. For even more insights, listen to the full podcast episode.

Alicia Katz Pollock’s Royalwise OWLS (On-Demand Web-based Learning Solutions) is the industry’s premier portal for top-notch QuickBooks Online training with CPE for accounting firms, bookkeepers, and small business owners. Visit Royalwise OWLS, where learning QBO is a HOOT!