Six New Features in QuickBooks Online for Growing Businesses
In the fast-paced business world, efficiency and productivity are key to success. As a small business leader, you understand the importance of leveraging technology to streamline operations and maximize resources. QuickBooks Online Advanced is one such tool that has proven to be a game-changer for many businesses. In this blog post, we’ll explore six new features in QuickBooks Online Advanced that can help take your business to the next level.
- Multi-Company and Multi-Currency
Whether through acquisition or global reach, growing just got a lot easier.
With QBO Advanced, you can easily switch back and forth between companies using the settings gear. Even better, you can combine data from multiple companies in one report.
For businesses that operate internationally, QBO now supports multiple currencies. You can easily manage transactions in different currencies without worrying about conversion rates or exchange fees.
- Customizable Roles
QBO now offers more built-in roles and allows for custom roles when the existing ones don’t meet your needs. Some new built-in roles include HR Manager for running payroll and Assistant Bookkeeper for handling AR and AP transaction entry. You can also limit which reports someone can view, ensuring that sensitive information is only accessible to those who need it.
- Fixed Assets Management
QBO has introduced several features to eliminate the need to track fixed assets and their depreciation schedule in a separate Excel spreadsheet. Key capabilities include adding fixed assets to the register directly from transactions, support for non-depreciable and fully depreciated assets, asset disposal support, CSV import, and report export. No longer waste time with manual entry. QBO Advanced creates automatic monthly depreciation and comprehensive reports. When you look at the asset online, you can see the depreciation schedule for that asset.
- Approvals/Automation/Workflow
QBO now supports multi-user sequencing approvals, from clerk to financial lead to CFO to owner. Posting to the GL happens on approval, not while waiting for approval. Printing and emailing are blocked until the approver approves the transaction. There’s also a detailed audit log, run history, and the ability to comment on rejections. Approval workflows enforces compliance with organizational policy, systemize internal stakeholder sign-offs, prevent user error, reduce the time spent back and forth to gain approval, and mitigate fraud risks.
- Custom Dashboard
With QBO, you can create your custom dashboard with up to 25 charts. Custom dashboards allow you to visualize your data in a way that makes sense for your business and helps you make informed decisions.
In conclusion, QuickBooks Online Advanced is more than just an accounting tool. It’s a comprehensive business solution to streamline operations, improve financial management, and drive growth. With features like multi-company reporting, multi-currency support, customizable roles, fixed assets management, approvals automation, and custom dashboards, it’s equipped to handle the complexities of a growing business. As a small business leader, leveraging these features can help you focus on what you do best: growing your business. In business, efficiency is not just about doing things right; it’s about doing the right things. And QuickBooks Online Advanced helps do just that.
