Hello Chartered Accountants! Have you started exploring the new-age features of our newly designed practice management software, QuickBooks Online Accountant (QBOA)?
QBOA is a new-generation, cloud-based practice management software that is specifically designed to help you in your profession – to work better, smarter and more efficiently.
In our earlier posts, we introduced you to QBOA and looked at some of its powerful features. As an online accounting software hosted on the cloud, it can be accessed anytime and from anywhere.
We have seen how its unique features such as Multiple-user Access, Complete GST Compliance, Workflow and Task Management help Chartered Accountants like you save time, reduce effort and improve productivity.
Let us now look at two more of QBOA’s features that are sure to help you conduct your work smartly.
Automatic Bank Updates
An important aspect of accounting – Bank Reconciliations – can be a laborious process if you have to do it manually. First, income and expenses incurred through the bank have to be entered manually into the accounting system or spreadsheet.
Subsequently, printed monthly statements for each bank account need to be collected, and reconciled against the actual entries in the accounting system.
We have good news for you! QBOA’s automatic bank updates feature lets you retrieve direct feeds from the bank, eliminating the need for data entry.
Fetch transactions automatically and auto-categorize them
Using QBOA, you can get online feeds from your bank. The various credit and debit entries in your bank account can be easily identified, and you can fetch all the transactions into the accounting system. This eliminates the need to manually enter every transaction and reconcile the same with the bank. Also, you can auto-categorize debits/credits to the right accounting head. With just a few clicks, you can then check and reconcile the entries.
Cash flow reports
Another important tool that the QBOA offers is the generation of cash flow reports. At any point, you can understand and analyse the inflow and outflow of cash in the system – what money has come in and how it has been spent. You can stay on top with such real-time cash flow information and provide trusted advice to your clients.
Accountant Specific Tools
The dictionary defines a tool as a device or implement that helps one to perform a task. Our Accountant Specific Tools certainly fit the definition. They have been designed and developed with a lot of thought, based on inputs from Chartered Accountants like you. Our value-added tools will enable excellent insights into your clients’ fiscal status and that in turn will help you become their trusted advisor.
Value added tools and utilities – for Advisory services, Task Management, Reconciliation
With QBOA, you can easily import and export data from one system to another. You can reconcile bank statements, GST reports and more with the simple click of a button. You can handle the budgeting activity of your clients and provide advice on their fiscal prudence.
You can quickly generate comparison reports between budgets and actuals and help the client analyse variance reports.
You can use QBOA’s exclusive built-in Utilities feature to review and maintain clients’ financial data efficiently.
As a CA, you can log in and access your clients’ accounts hosted on the cloud. You can quickly run through their accounts, identify any incorrect entries posted by the client and rectify the same. QBOA lets you reclassify incorrect transactions with just a few clicks.
QBOA offers different options to view the client data. By using check-boxes, you can write off multiple invoices within minutes saving yourself both time and effort!
The Audit Trail Report is a very handy tool developed to help you manage your team members. You can easily verify the work allocated to them, the tasks accomplished, the time taken, and the hours spent on various clients/activities by each team member over a given time period. You can, at all times, review each member’s work and track their activities.
CAs, there is more that you can look forward to with QBOA. You will get a complete 360-degree view of your clients’ accounts with our in-built management reports – Balance Sheets, Profit and Loss Statements, Cash Flow reports. You name it, we are most likely to have it.
Come and be a part of the QBOA family, used by over 1 million Accountants across the globe. It’s time to take your practice to the next level. Sign-up for free and explore the product’s features.