Intuit QuickBooks unveils new UK products and innovations at ‘QuickBooks Connect’

Intuit QuickBooks, the UK’s leading financial management software, has announced new innovations in its suite of digital products that will significantly streamline processes for accounting professionals – saving time so they can grow their practice and access insights to scale their impact .

There has been a boom in demand for accounting services as small businesses attempt to navigate an increasingly challenging economic landscape. These new updates to the QuickBooks tool aim to help accounting and bookkeeping professionals serve their clients efficiently, delivering personalized insights for more informed advice, while freeing up time to grow their client base.

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QB Practice Management

With high demand on time, streamlining workflows is more important than ever. Coming soon, QB Practice Management Software will be a brand new tool that will allow accountants to centralize client records, manage client interactions, reduce admin by automating recurring tasks, streamline workflows, increase consistency across operational procedures and manage workloads across their teams. It will also send automated tasks straight to the agent’s work queue as clients approach important task dates, from month-end reviews to VAT registrations and year-end. With deep integrations into clients’ books, QB Practice Management will also provide accounting professionals with AI-powered insights into the health of their client books in real-time.

The new end-to-end integrated platform will be ready soon, allowing accountants to streamline the tasks that lead to filing taxes through QuickBooks without ever leaving the Intuit Tech Stack. This will improve workflow automation, further reduce manual and repetitive tasks, turbocharge accounting professionals’ efficiency and allow them to concentrate on advisory work to create value for clients.

Dr Kamran Shaikh CEO of Morgan Reach says:

“The cost of living crisis and looming recession are causing cash flow problems for many of our clients, and the resulting administrative burden on us has been enormous. QuickBooks’ soon-to-be-launched Practice Management tool is going to save us a lot of time by aligning all of our tasks for each client in one place . It will enable users to track and add tasks to the work queue automatically to ensure that we can keep track of all the hygiene tasks. With this tool taking even more of our basic tasks, we will have more time to focus on what matters – while offering an improved advisory service because of the insights the tool provides.”

QB advanced

The latest update in the newly launched QB Advanced is Revenue Recognition, which supports accruals by allowing users to automate revenue recognition on a monthly basis, even if they take a one-time payment for services spread over the year, such as subscriptions.

Other tools have also recently been launched in QB Advanced to improve efficiency, save time and provide greater insight for accountants and small businesses alike. These include:

The all-new Spreadsheet Sync, which allows spreadsheet users to send data to and from QuickBooks, with built-in templates and automatic synchronization
Batch transactions, which allow users to create, edit and delete sales receipts and invoices in bulk
And Chart View, which allows users to transform a custom report into a chart for greater insight through visual representations of complex data

Books for tax

QuickBooks has expanded its Workpapers product to include a new innovation, Books to Tax, which now allows accountants to prepare, check and submit annual accounts and corporation tax to Companies House and HMRC respectively. Books to Tax’s auditor function can now also highlight potential errors on CT600 forms.

The Workpapers product has been developed to collect and group documents to simplify the annual accounts. Together with Books to Tax, the tool enables accounting experts to move complete annual accounts quickly and easily without having to move data manually between systems.

Bureau Salary

QuickBooks is soon launching Bureau Payroll, the first-ever cloud payroll offering that can connect with any existing financial management software used by a client (even competitors!)

An easier way to get clients up and running on a single, preferred payroll platform, Bureau Payroll will provide access to multiple users for easy collaboration from anywhere and time-saving automation to put payroll on autopilot.

Whether a client is hiring their first employees or has a team of thousands, Bureau Payroll will be available for a flat fee to run large volumes of payroll, across multiple clients at once, without worry.

ProSkills

QuickBooks is enhancing its ProAdvisor program with the ProSkills program (launched February 28), helping ProAdvisors expand their QuickBooks knowledge so they can increase their skills and get rewarded.

ProAdvisors must complete 3 modules in marketing, training and product to earn ProSkills badges, which they can share on social media. There are also prize draws along the way for each module they complete, with QuickBooks giveaways to be won.

Nick Williams, Product Director UK says:

“Accounting and bookkeeping professionals help drive the success of small businesses, and we are committed to prioritizing investments in our solutions they need to provide the same excellent service.

“The administrative burden can be an unnecessary waste of time and resources. We make it our mission to provide tools that take as much of the core tasks as possible, while providing unparalleled data insights – freeing up time for growth and informing the strategic advice that underpins excellent customer service.”