Intuit QuickBooks unveils new innovations to help accounting professionals grow and scale their business

London, UK - 3 March 2021

2020 was a year that small businesses embraced digital technology. 73% of small and medium-sized businesses became more digital with a third (36%) of those who launched a new digital product or service saying they could not have continued to operate without it. Digital has been key to preventing economic and cultural loss from small business closures.

Today, Intuit QuickBooks, the small business platform, announces new tools in QuickBooks Online Accountant to embrace this new way of working as well as new innovations to help accounting professionals grow and scale their practice.

Grow your practice - making self-assessment easy

With the rise in the self-employed, freelancers and gig economy workers, there is more demand for real-time tax estimates and easy tax completion. QuickBooks Income Tax Estimate makes it easier to prepare Self-Assessment filings with automated breakdown of earnings and tax deductible expenses.

Another benefit is clients will know how much Income Tax they owe through the year, so that there are no surprises come tax time. This allows accounting professionals to focus on advising instead of delivering bad news. The tool also automates admin like expenses with Receipt Capture and Mileage Tracking reducing manual work and the need to chase clients.

Income Tax Estimate also helps with clients who may have multiple tax needs like Self-Assessment, VAT and/or CIS. They can also run payroll all in one place.

Grow your practice - assisted onboarding

Assisted Onboarding is a free, 90-minute on-boarding session for clients. Available through QuickBooks Online Accountant, QuickBooks’ practice management solution for accounting professionals, the onboarding is focused on new clients who are new to QuickBooks, as well as any existing clients that aren’t actively using QuickBooks. It’s a hands-on, “Do-It-With-Me” session.

Run on Zoom, Assisted Onboarding gives the opportunity for a practice’s clients to ask questions throughout and cover the likes of Company and Advanced Settings, Open Banking Bank Feeds, Customer and Suppliers, Invoice and Payments, Expenses and Receipt Capture. With QuickBooks picking up the work onboarding clients, accounting professionals can save an average of 2-3 hours per client which means they can focus on providing quality advice.

Grow your practice - ProAdvisor

QuickBooks has launched new tools in its My Marketing Hub within its ProAdvisor Programme to help accounting professionals with their marketing and growth. The tools available in the Marketing Hub cover every aspect to reach clients and help them maximise the benefits of QuickBooks Online. Whether it be website support to maximise a firm’s brand, or through mobile experience, the My Marketing Hub has the tools to help accounting practices grow.

In addition, ProAdvisors looking to earn points to ascend through the programme’s tier system can now earn points for the number of active QuickBooks Online Payroll subscriptions they have active for clients. Each active QuickBooks Online Standard Payroll client subscription will be worth 5 points, whilst each active QuickBooks Online Advanced Payroll client subscription will be worth 10 points.

Scale your practice - month end review

Month End Review is a first-of-its-kind workflow combining a best-in-class monthly bookkeeping process with AI to detect and surface errors, such as missing data, duplicates and unexpected balances. It then provides the tools to address them all while tracking work automatically.

Month End Review breaks out transactions that need review, with easy and fast ways to categorise and fix. In identifying accounts to be reconciled, it provides one view to review and address all connected bank accounts.

It is specifically built for accounting professionals to save time as they clean up a client’s books each month. During beta testing of Month End Review, QuickBooks looked at the accuracy of clients' books for those who used Month End Review and those who didn’t. Users made five times fewer errors.

Scale your practice - workpapers

Workpapers helps accounting professionals get end of year company accounts faster and manage record keeping in one place. Accounting professionals can work directly in a client’s books without using extra tools. There’s no need to export the data and users are only one click away from their workflow.

This will reduce manual entry because users can make multiple adjustments at once. Progress is automatically saved and backed up so that numbers are preserved while working in the client’s file.

Nick Williams, UK Accountant Lead, said “This year, small businesses have needed accounting professional support more than ever. Whether it’s strategy, advice or counsel, the demand for help to survive this challenging environment has been extraordinary. Add that to the need to safeguard their own businesses, practices and livelihoods, the workload on accounting professionals has been incredible.

At QuickBooks, our role is to use digital such as mobile technology, artificial intelligence and machine learning to pick up the burden of admin, giving precious time back to accounting professionals to provide the strategic guidance small businesses need. We’re proud to launch innovations today that do just that, and we will continue to work to help digital power the relationship between accounting professionals and their small business clients.”

For more information about Intuit QuickBooks and to learn about QuickBooks products, please visit here.

Disclaimer

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, and functionality are subject to change without notice.

About Intuit

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