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QuickBooks

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!

A ProAdvisor’s Guide to the New Era of QuickBooks

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QuickBooks has consistently led the charge in the accounting tech world, evolving to cater to the diverse needs of small businesses and accounting professionals. On a recent episode of the Earmark Podcast, I had the opportunity to delve into the latest changes with Hector Garcia, a top QuickBooks ProAdvisor and educator. 

Our conversation highlighted the impact of Intuit’s QuickBooks Live Bookkeeping and Tax services on our community. Hector and I delved into whether Intuit is now competing with its ProAdvisors or is fostering a collaborative future. We also explored the challenges and opportunities for accounting firm owners.

Keep reading for the highlights of our discussion, or watch the full episode here:

Want to listen on the go? Find the link to the podcast version at the bottom of this article.

A Closer Look at Intuit’s Live Services

Intuit launched QuickBooks Live Bookkeeping in 2019. This year, they’re adding Live Tax, meaning that QuickBooks customers can now discover and purchase basic bookkeeping and business tax services directly from inside the product. Intuit is targeting these services to businesses that are not yet ready to hire a full-time accountant or bookkeeper but require professional help. Sounds a lot like our clients, doesn’t it?

The Accounting Community Reacts

The announcement was met with unease – to say the least – across the ProAdvisor community, sparking concerns about direct competition from Intuit’s vast resources. Hector put it bluntly, saying, “When this first thing launched, it was something that mostly accountants just hated.”

A Nuanced Impact: Analyzing the Effect on ProAdvisors

Many accountants feared Intuit’s “Live” services would compete directly with ProAdvisors, but the impact has been more positive than anticipated. Hector believes that the new services have increased awareness of professional bookkeeping and tax services among small businesses, resulting in a surge in demand for tailored and advanced advisory services that only ProAdvisors can provide. QuickBooks Live doesn’t compete with this.

Carving Out Opportunities for ProAdvisors

Intuit’s move has highlighted ProAdvisors’ value to their clients. Here are some ways Hector says ProAdvisors can distinguish themselves and expand their offerings:

  • Specialization: Develop expertise in niche markets or complex accounting needs, delivering a level of specialization that transcends Intuit’s offerings.
  • Advisory Services: Capitalize on the increasing demand for strategic financial guidance, budgeting, forecasting, and business planning—where your impact can be profound.
  • Technology Integration: Employ your deep understanding of the QuickBooks ecosystem to provide bespoke technology solutions, enhancing your clients’ operational efficiency.

Adapt and Thrive: Embracing the New Landscape

Hector says adapting to these changes involves embracing innovation and identifying ways to enhance Intuit’s services. Here are his suggestions for how to adapt and thrive:

  • Market Your Unique Value: Communicate the advantages of your services, emphasizing the personalized touch you offer beyond Intuit’s scope.
  • Embrace Technology: Harness the full potential of QuickBooks features and third-party apps to deliver state-of-the-art solutions.
  • Invest in Continuous Learning: Stay abreast of industry shifts and technological advances to offer forward-thinking services.

Transforming Challenges into Opportunities

Intuit’s introduction of Live Bookkeeping and Live Tax has undoubtedly prompted concerns about competition. Yet, it has also acted as a stimulus for innovation within our field.

“The essential lesson for ProAdvisors is to recognize the necessity of adapting and discovering new ways to distinguish their services,” Hector says. By focusing on areas where their expertise can outperform automated services, ProAdvisors can continue to deliver unparalleled value to their clients. Specialization, strategic advisory services, and advanced technological integration within the QuickBooks ecosystem are paths to enhancing your offerings and making yourself indispensable to clients.

Are you prepared to navigate these changes and seize the opportunities they present? To explore these topics more in-depth, tune into my conversation with Hector Garcia on the Earmark Podcast.