Along with its regular June software updates to QuickBooks, Intuit has introduced a new offering called Advisory Training Services. Self-paced, the training program is designed to help accountants develop the knowledge and skills to become an insightful advisor and better manage clients’ business goals.
The training is available through the
The training modules are broken down as follows:
- Part one: Framing advisory work: The first part of the series outlines the basics of advisory service. It focuses on what advising is and how it differs from bookkeeping, consulting, and general accounting. Accountants will learn how to ensure their advisory work is truly proactive and how it brings the kind of additional value to clients that they will pay for.
- Part two: Core of the work: The second part of the training takes a deep dive into the core of advising and how to optimize the chart of accounts. Accountants will learn how to select core financial ratios and how to use them to advise clients on their business’ performance. Additionally, the training highlights how to guide your clients through the forecasting and budgeting processes, as well as how to provide detailed cash flow forecasts.
- Part three: Optimize your work: The final part of the training will help provide strategies for tailoring accountants' work to meet the specific needs and goals of each client. The module is designed to give an understanding of how to choose the most useful KPIs for each client across different industries, as well as how to work in tangent with clients on determining what actions to take to improve the KPIs you are tracking.
Other changes to Intuit QuickBooks products this month focus on speed and efficiency.
QuickBooks Payments and Invoicing
- Autopay and schedule pay: Invoices sent on QuickBooks now feature autopay and schedule pay functionality. Autopay allows a client’s customers to securely save their payment information and set up automatic payments for recurring invoices. Additionally, for single invoices, they’re given the option to schedule payment for a preferred date. This new functionality works for ACH and card transactions, and is available for clients who have QuickBooks Online and QuickBooks Payments accounts. To set up, business owners need to send their next recurring invoice or single invoice with QuickBooks Payments turned “on,” and they’re all set.
- Estimates: QuickBooks Payments is also updating the invoicing product experience to mirror the entire workflow of their interaction with a customer. Accountants now have the ability to save templates, build a library of favorites, and copy existing estimates and invoices, so they can save time starting new projects for clients. The upgrade is meant to mirror the lifecycle of the business relationship with a customer, from getting an estimate approved, getting a deposit, and then being able to convert that estimate into an invoice for final payment. Once a customer accepts an estimate, QuickBooks automatically turns it into an invoice with the option for an upfront deposit.
These features will be rolling out to eligible QuickBooks Payments customers in the coming weeks. For information about the new invoicing enhancements, visit the
QuickBooks Online Payroll
Updates to QuickBooks Online Payroll also focus on efficiency, as well as compliance.
- Payroll for Firm-Billed clients: With this update, accountants can now add and manage a standalone payroll option for firm-billed clients inside of QuickBooks Online Accountant. This provides more flexibility and the ability to grow. Payroll is now an option in the “Add Client” flow. This also allows existing clients to cancel QuickBooks Online and keep Payroll if they no longer need or use QuickBooks Online. With this new pricing structure, you’ll have the flexibility to accept new clients who might only want to run payroll. Additionally, if some of your payroll clients no longer need a QuickBooks Online subscription, you’ll still be able to run payroll for them. Payroll pricing for firm-billed clients will be available to all accountants at the end of June 2021. For additional information, head to the
Firm of the Future blog .
- Contractor Payments: Soon, you’ll be able to tell your clients that paying a contractor is as easy as paying an employee. With this new feature, more small businesses can pay their contractors with same-day direct deposit convenience and complete 1099 e-filing at no additional cost. This can be a great way to introduce QuickBooks Online Payroll to some of your firm-billed clients who don’t have W-2 employees yet. This new Contractor Payments add-on will start rolling out soon and be available to most accountants by the summer. Once rolled out, Contractor Payments will now be available as a product option in the “Add Client” flow. You can add Contractor Payments to an existing QuickBooks Online subscription in QuickBooks Online Accountant. This new Contractor Payments add-on will start rolling out soon and be available to most accountants by the summer. Learn more
here .
- Payroll Tax Center: Users can now view, track and complete their upcoming tax payments and filings all from the Payroll Tax Center. Go to "Clients," then "Payroll" to identify key areas at a glance that need attention. All payment and filing tasks are clearly displayed with actionable statuses in two tables. The idea is also to allow users to spot changes and discrepancies faster in clients’ accounts (e.g., auto payroll changes, past-due tax payments), so that they remain compliant.
