Learn about the latest features that take the stress out of payroll, give you control over your cash flow and provide insights to help run your business.
This year’s QuickBooks Connect saw our event go virtual with an online platform that brought together more accounting professionals, small business owners and self-employed Canadians than ever before. Some of the best moments included spotlight presentations on the latest QuickBooks product innovations.
We’ve heard from you and we know the last year has been incredibly challenging for your business. Over the last year, our team pivoted to help you navigate the rapidly changing environment. Designed to help you save time and make better decisions more easily, here’s a look at some of the new product features we know can help you take your business further.
You’re already familiar with QuickBooks for its many accounting functions, but did you know it also boasts powerful tools to automate work and bring all your data into one place? This year, we’re bringing three new innovations to QuickBooks Online that can save you time and help ensure you stay compliant, all while providing the insights you need to run your business.
There are times when you need to offer different prices for different customers, but manually tracking and overriding pricing is a major hassle. Price Rules eliminate this issue by automatically tracking and applying the discounts you’d like to offer.
This feature also helps easily create price rules for specific customers, products or services. This is great for providing loyalty discounts, creating holiday sales, setting wholesale pricing and even working with international currencies.
Working with contractors can bring a lot of benefits to your business, but manually taking care of T4A and T5018 slips for tax time is inefficient and can lead to mistakes. Now QuickBooks makes it easy to track contractor paperwork year-round so you can file more quickly.
When you add or update a contractor in QuickBooks Online, simply choose to track their payments for the appropriate tax slip. Then QuickBooks will automatically track contractor payments throughout the year. Come tax time, all you need to do is select which form to eFile with the CRA.
Reporting in QuickBooks provides a great foundation for gaining key insights like profits and expenses. But what if you want to know how much money you made and spent on a specific client? Or which storefront is generating the most income?
That’s where tags come in. Long-awaited, customizable labels that allow you to track information by “tagging” it in a way that makes sense for your business. The possibilities are endless with all the different ways to customize how you track income, expenses, and optimize your business.
Many small businesses with employees adopted new team management tools over the last year. And flexible payroll was essential to navigating the uncertainty of the pandemic. With that in mind, we’re introducing three innovations to help take the stress out of payroll.
Employee Workforce Portal
When your team grows and you need to set new hires up for payroll, you typically add information for each employee in QuickBooks manually. But with the new Employee Workforce Portal, your employees can easily enter requested information themselves.
While this saves you a lot of time during onboarding, the portal offers even more features for employees. By logging in they can access paycheques, view time off and download tax slips.
Simplified Records of Employment
Manually filing a Record of Employment online through Service Canada can take over 30 minutes. Plus, tracking down data and entering it into forms can result in errors and costly fines.
Now we’re making it simple to download a Record of Employment in Service Canada’s preferred file format in just a few steps. As a bonus, if an employee’s status changes you can simply pull up their profile to manage their employment details.
Payroll Tax Centre
Paying and filing payroll taxes is one of the most stressful responsibilities of being an employer. The rules are complex and tracking them manually isn’t very fast or reliable. With Payroll Tax Centre you can track and pay payroll taxes directly from QuickBooks.
This feature automatically tracks and calculates federal and provincial taxes that are due to the CRA and Revenu Quebec, saving you time and increasing accuracy. When a tax bill comes due a reminder will appear and you can easily review the details and choose how you want to pay.
Cash Flow & Payments
We’ve heard from you that cash flow is the #1 stress you have in running your business. That’s why we’re introducing new money innovations that help you get paid faster and manage your cash flow so you can continue to grow your business.
Coming soon, we’re bringing Bank Payments to QuickBooks — the low-fee way to get paid fast by EFT. When sending an invoice in QuickBooks, you can now add preferred payment methods and allow your customer to choose how they pay.
In addition to receiving credit card payments, you can now easily connect your bank account to accept digital bank payments. No need to share bank details. This gets you paid faster and keeps your customer information safe and secure.
Account subject to eligibility criteria, credit and application approval.
Cash Flow Planner
To help reduce the day-to-day stress of managing your business, QuickBooks Cash Flow Planner lets you see today what you should expect tomorrow. Connect your bank accounts to get a daily view of your cash flow months in advance. And if a cash flow shortfall is projected you can take proactive measures to mitigate it by advancing an invoice, sending a payment link or delaying a bill payment.
Partner-Enabled Invoice Funding
For businesses in a growth phase or those working on large orders and long timelines, there’s often a need for money upfront. But loan applications can be tedious and unpredictable, leaving too many businesses relying on credit cards.
To alleviate this, soon eligible customers will be able to get their invoices paid upfront for a small fee. Partner-enabled invoice funding is currently in the works and we can’t wait to unveil it later this year.
We’re excited for you to try all of these great new innovations! To learn more check out https://quickbooks.intuit.com/ca/
This information is intended to outline our general product direction, but represents no obligation and should not be relied on in making a purchasing decision. Additional terms, conditions and fees may apply with certain features and functionality. Eligibility criteria may apply. Product offers, features, functionality are subject to change without notice.