At the recent QuickBooks Connect event in London, Sasan Goodarzi, Executive Vice President of QuickBooks, outlined his company’s vision to help fuel their customers’ success. All based around the three core aims of saving their customers’ time, putting more money in their pockets and helping them grow, these innovations are currently being worked on by 4,000 engineers worldwide.
#1 You will be able to access all your business apps in one place
QuickBooks estimates that you need 15-17 apps to run your business. The open platform that QuickBooks is building will host all of these apps so you can run your business from one device. Once you’ve input your basic data, it will suggest the apps you need and then build a personalised dashboard, which your accountant can also access. This brings all of your data into one place and saves you time flitting between spreadsheets, apps and online accounts. One example in the US is the integration with TSheets (a time tracking and scheduling app) so businesses can allocate an employee’s time to payroll or an invoice with one click.
#2 Wasting time on invoices will be a thing of the past
Invoicing is one area QuickBooks has invested a huge amount of money in because they know this is a real pain point for customers. The QuickBooks app has pretty much automated the whole process. Once you’ve entered the invoice amount you can choose the template and payment options, send it from your phone, you will know when your customer has received it, when they look at it and get a notification once it’s been paid. It will also learn who your late payers are and set alerts to chase payment.
#3 Machine learning will deliver you a personalised service
Machine learning is going to be a real game changer for QuickBooks. By analysing your data it will learn your cash flow trends, such as the average time a customer takes to pay, and then show you a real time view of your cash flow in less than five minutes – bringing together all of your accounts and projected transactions and then making suggestions on how to tide you over any predicted shortfalls. Machine learning will also be applied to the mileage tracker function which automatically logs every mile that you drive (without draining your phone battery or data allowance). Over time it will learn whether your journeys are personal or for work so you don’t have to classify them yourself.
#4 You can learn about the trends affecting your business
With millions of customers in 181 countries, QuickBooks has access to a huge amount of data which offers them insights into business trends across the globe. Whether it’s pricing or the level of competition in different locations, QuickBooks wants to leverage these learnings for customers to help them run their business.
#5 Finding an accountant will be easier than ever
One of the most important things a new business needs to do is find an accountant who will understand their business. QuickBooks is introducing a new feature which will help businesses connect to a local accountant and see reviews of their service from other customers. This will save time searching for suppliers and ensure that you partner with an accountant who is an expert in QuickBooks from the start.
The capabilities that QuickBooks is building today harness the power of technology, insight and data to help small businesses serve their customers and thrive.