QuickBooks is the premier accounting software system for small business owners, and with good reason: it features robust reporting, an easy to use interface, customizable invoices, inventory tracking, ease of use when on the go, and more. In fact, recent upgrades have made QuickBooks even more impressive, adding additional flexibility and customization. Here’s what our team learned when they attended advanced breakout sessions at QuickBooks Connect, a three-day conference for accounting professionals:
#1 Get Set Up for Maximum Output
The conference focused on the latest QuickBooks feature releases and the expanded offering of third-party plug-in modules that allow users to scale the software to fit their particular needs. The key intention of Intuit’s new cloud platform aims to empower business owners to scale their business and allow the software to scale along with them. From restaurants to construction to manufacturing and everything in between, QuickBooks has industry-specific features tailored to your business’s unique needs and allows the end-user and their accountant access from anywhere.
Some of these features include:
- Operates on any device: QuickBooks can be accessed from any cloud-enabled device, including a mobile app when you’re on the go.
- Updates in real time: Since it’s cloud-based, QuickBooks updates for each user on each device as changes are made.
- Industry-specific reports: From job tracking to profit by location, QuickBooks provides reporting designed specifically for your industry.
- Inventory tracking: Manufacturing, distribution and retail industry businesses can stay on top of their inventory and gain accurate insights into the movement, cost, and profitability of the items they sell.
- Donation statements and contribution reports: Nonprofits can efficiently track their most important metrics for year-end submissions to their boards and the IRS.
- Third-party apps: QuickBooks easily integrates with over 400 industry-specific third-party apps, which work together and eliminate the hassle of double entry.
- Automation: eliminate manual entry by downloading bank and credit card transactions, import sales data from your POS, and process payroll directly.
#2 Explore Features for the Self-Employed
A significant portion of the sessions at QuickBooks Connect showcased their latest product, QuickBooks Self-Employed. There’s a good reason for that emphasis: today, roughly three in ten workers are self-employed, and over the next five to ten years, that percentage is expected to double. In keeping with that trend, QuickBooks has added multiple features, including an enhanced navigation and more detailed transaction reports that are specifically tailored to the self-employed individual. Here are a few of the software’s latest benefits that make running your business easier:
- Mobile mileage tracking: Track your business mileage as you travel to and from clients and business meetings. Once the end of the year rolls around, QuickBooks Self-Employed will effortlessly organize your deductions into a comprehensive report.
- Sort bank transactions: If you don’t have a business bank account yet, you can easily link your personal bank account to QuickBooks and choose whether the transaction is personal or business related.
- Accounting on the go: Make online payments and create invoices from anywhere.
- Track expenses: Expense receipts are instantly tracked and categorized – simply by taking a picture.
- Handle tax payments online: Calculate and pay quarterly taxes online with QuickBooks, eliminating year-end surprises.
Whether you are an accounting professional or a business owner, QuickBooks is designed to streamline processes and simplify your experience. Even so, they can also be more complex to understand and learn. It’s essential to have the right guidance to ensure that your business is using the right version of QuickBooks and is set up for maximum success. If you’re looking for ways to make your accounting processes easier and more efficient, or just want to learn more, contact Cray Kaiser today.