What New Features Have Been Recently Added in QuickBooks Online

QuickBooks Online continues to evolve, offering new features and improvements to enhance user experience and streamline accounting processes. As of October 2023, several new functionalities have been introduced, aimed at providing greater efficiency, accuracy, and ease of use for businesses of all sizes. These updates reflect Intuit’s commitment to addressing the needs of its users and staying ahead in the competitive landscape of accounting software. 

In addition to the top 15 most notable QuickBooks Online features for small businesses, QuickBooks Online has recently introduced additional new functionality.

Balance Sheet Budgeting

QuickBooks Online Plus and Advanced users can now create balance sheet budgets directly within the platform. This feature allows users to set budgets for asset, liability, and equity accounts, eliminating the need for external spreadsheets and manual data entry. The balance sheet budgeting tool includes a status bar to ensure that budget entries are balanced, which can help businesses maintain financial accuracy and better manage their resources as they grow.

New Workflow Run-History

Managing workflows effectively is crucial for business efficiency. The new workflow run-history feature in QuickBooks Online provides a comprehensive history of all workflows created and run within the system. Users can track the progress of workflows in real-time, identify bottlenecks, and ensure timely completion. This feature includes detailed information such as start and completion times, involved personnel, and current status, providing an audit trail that enhances transparency and accountability.

Tax Readiness Widget

The new tax readiness widget in QuickBooks Online Payroll simplifies payroll tax setup by ensuring all necessary information is provided for the AutoTax feature. This widget guides users through the setup process, highlighting any missing information such as Federal EIN, State Registration ID, and filing schedules. This ensures that businesses are fully prepared to automate their payroll tax payments and filings, reducing the risk of errors and compliance issues.

Automatic Local Tax Deposit Settings

To simplify local tax management, QuickBooks Online now automatically sets the deposit frequency for local taxes based on the most recent deposit history. This feature helps businesses avoid missed payments and tax notices by defaulting to the correct deposit frequency, which can be updated if necessary. This automation reduces manual entry and the likelihood of errors, making tax management more efficient.

Streamlined Local Tax Collector Information

Managing multiple local taxes often involves repetitive data entry. QuickBooks Online now streamlines this process by grouping local taxes that are handled by a single collector. Users can enter the account number and deposit frequency once, and it will apply to all relevant taxes. This reduces the time spent on manual entry and minimizes the risk of errors, ensuring that local taxes are managed more efficiently.

Enhanced Invoices and Estimates

QuickBooks Online has introduced a new layout for invoices and estimates, designed to help businesses get paid faster and improve workflow. The new layout allows for on-the-spot customization without the need for templates, and integrates payment options such as PayPal, Venmo, credit cards, and ACH bank transfers. This feature ensures that all parts of the transaction are kept in one place, making it easier for customers to pay and for businesses to track payments.

Sync with Mailchimp

Integrating accounting and marketing has never been easier with the new QuickBooks and Mailchimp sync feature. This functionality allows users to automatically sync customer information from QuickBooks to Mailchimp, providing up-to-date and organized data for marketing campaigns. This seamless integration helps businesses run more efficient and targeted marketing efforts, leveraging the power of both platforms.

Excel Integration for Advanced Reporting

QuickBooks Online Advanced users can now sync their data with Excel for more flexible reporting. This feature allows for bulk data edits in Excel, which can then be synced back to QuickBooks. Users can also utilize pre-made templates and build consolidated reports for multiple companies, refreshing data with a single click. This integration provides greater flexibility and accuracy in financial reporting, catering to the advanced needs of growing businesses.

Conclusion

By introducing tools that enhance efficiency, accuracy, and integration, QuickBooks Online continues to support businesses in managing their finances more effectively. If you’re ready to take advantage of these new features in QuickBooks Online, contact Paygration today. We can help you get started quickly and efficiently, and you’ll also enjoy additional benefits, like exclusive discounts and ongoing support. Call 866-949-7267 or click the link below to get started.