2019-12-09 08:57:21 News English https://quickbooks.intuit.com/ca/resources/ca_qrc/uploads/2019/12/BR300102.jpg https://quickbooks.intuit.com/ca/resources/news/ai-powered-product-updates-to-enable-smarter-business-functions/ Intuit QuickBooks Canada announces AI-powered product updates to enable smarter business functions

Intuit QuickBooks Canada announces AI-powered product updates to enable smarter business functions

3 min read

QuickBooks Connect launched today in Toronto with a focus on the accounting industry, announcing AI and ML powered product updates that will enable accountants and bookkeepers to continue to conduct smarter business operations and remain ahead of their competition – now and into the future. 

The keynote was led by Intuit QuickBooks Global Accountant Leader Ariege Misherghi, who announced the following new innovations: 

NOW LIVE Business Performance Overview: The new Business Performance tab in QuickBooks Online Accountant automatically takes a client’s data and pulls out what is needed — key figures, useful indicators, actionable items and more — and organizes it all into one simple, visually driven dashboard. The dashboard can be easily exported to share with a client and used to spark conversations and strategic recommendations based on the financial health of a business as well as how it’s performing compared to other similar businesses.

COMING SOON Optimization Centre: The new Optimization Centre gives accountants, bookkeepers an objective measure of how effectively they’ve set up each client through an efficiency score, plus concrete recommendations to improve efficiency moving forward. This works by scanning all QuickBooks transactions and identifying what percent are “highly efficient” — meaning the transactions are fully automated from recording to categorization and reconciliation. The efficiency score breaks down into three key areas: bank accounts, expense tracking, and income tracking, with each section offering specifics on what contributes to the score and what QuickBooks features can be leveraged to increase efficiency.

COMING SOON Bookkeeping Review: This new expert feature within QuickBooks finds errors automatically so accounting professionals don’t have to go hunting for them. It brings all errors to one place for quick and easy resolution — giving accounting professionals high-quality books in a fraction of the time. By automatically scanning QuickBooks to surface mistakes and streamline client collaboration, Bookkeeping Review helps keep client books complete and accurate.

 

Additional product innovations unique to the Canadian market were also announced and include:

New Sales Tax Centre: Currently live across Canada, the Sales Tax Centre has received significant investment and updates. Customers can now apply a payment to multiple filings, track partial payments, and adjust how they’re applied even after they’re recorded. Treat refunds as cash, or apply them to other payments as credits. They can also view client’s filing status at a glance. See which returns have been paid or refunded, get an accurate view of what you owe, and quickly flip between tax agencies. Lastly, you can stay on the same page as the CRA: Track complex sales tax scenarios and we’ll make sure your payments are up to date with CRA rules.

Groupings & Statements in Workpapers: This new Workpapers feature in our online Pro Tax offering give accounting professionals the ability to simplify their financial statements by grouping accounts, adding notes and attachments, adding a reference code/leadsheet, and then offering a formatted Excel doc to print off. For accountants and bookkeepers, this means time saved on exporting and importing data into external financial statements, as well as time saved for the following year as the work is done and ready for the next year, meaning customer reports can be generated in minutes.

Standard Payroll investments:  Significant improvements continue for Standard Payroll. Starting in December, employers will now be able to track, calculate and support Taxable Benefits (non-cash) in product.  Non-cash taxable benefits are a great way to run a more accurate payroll. Each one can be set up as an employee deduction, company-paid contribution, or both, and they’re all fully compliant in your province.  Some of these new supported Benefits will include; Life Insurance, AD&D, Critical Illness, Cellular plans, Board & Lodging, Parking, Transportation and Gifts & Awards.

The recently launched employee portal; QuickBooks Workforce will be able to support employee year-end tax forms starting Jan 1, 2020.  This includes the employee copy of the T4 and/or RL-1.

Day two, which kicks off at 9AM tomorrow, December 10 will continue the conference’s theme of ‘Own The Future’ and announce further AI and technology-driven product updates to help empower accounting, small business and self employed QuickBooks users-alike.

This information is intended to outline our general product direction, but represents no obligation and should not be relied on in making a purchase decision.

Information may be abridged and therefore incomplete. This document/information does not constitute, and should not be considered a substitute for, legal or financial advice. Each financial situation is different, the advice provided is intended to be general. Please contact your financial or legal advisors for information specific to your situation.

Related Articles

Canadian small business grants: Tools and tips to get funding

The best resources for small business grants in 2020 Canada GrantWatch A…

Read more

Tax brackets: How to prepare and file your Canadian small business taxes

If you’re an unincorporated small business owner or are self-employed, it’s time…

Read more

Can You Use the "Made in Canada" Claim on Your Label?

“Made in Canada” — three little words that can make a big…

Read more