New QuickBooks Online B2B Feature and 3 Other QBO Updates
As 2022 winds down, the team at Intuit QuickBooks® has gifted us a new feature and a handful of updates to make our lives a little easier in the new year.
The first several features are available to all QuickBooks Online (QBO) users, but the last ones are only for QBO Advanced customers.
If you’d like help configuring or upgrading QuickBooks to use any of these features, schedule a consult with the team here at Certum Solutions.
1. Simplify Payments with QuickBooks Business Network
Intuit leaders just unveiled the January launch of the QuickBooks Business Network at QuickBooks Connect in Las Vegas. The new business-to-business (B2B) network allows QuickBooks users to connect with one another as customers and vendors.
Each QuickBooks user in the business network controls their own business and payment information, which stays up to date. Once businesses connect with one another, invoices, bills, and receipts can auto-populate with a customer’s or vendor’s information. The QuickBooks Business Network should take away a lot of the friction in sending and receiving money. Count this as a big win for time savings and cash flow!
2. Get Paid with PayPal and Venmo
Customers can now pay their invoices with Paypal or Venmo accounts — another flexible option that opens doors to quicker and more seamless payments. Don’t worry about setting up your own Paypal or Venmo account to receive payment; just like payments made via credit card, debit card, Apple Pay, or bank transfer, the funds go straight to your linked bank account.
As a bonus, streamlining Paypal and Venmo payments through QuickBooks Online automatically reconciles transactions. That means cleaner books and less manual labor for everyone involved.
3. Save Time with More Automation
We love it when smarter automations make it into the QBO updates — they’re a great way to boost your efficiency so you can spend your energy and brainpower on other things. We’ve got three automation updates for you this month, although the last one is only for QBO Advanced users.
● Link payee information to bank transactions: Machine learning helps QuickBooks accurately match payees’ information to about a third of bank transactions automatically.
● Turn on auto-add rules without duplication issues: This is a much-needed tweak that eliminates potential redundant transaction entries before they show up in your books. Feel confident about turning on auto-add rules now!
● Automate revenue recognition in QBO Advanced: QuickBooks Online Advanced users who account on an accrual basis are in for a real treat with automatic revenue recognition. No more third-party apps or spreadsheets; the generally accepted accounting principle (GAAP) recognizing revenue when it’s earned is now built into the software.
If automatic revenue recognition would be helpful to you, Certum’s team can set you up on QuickBooks Online Advanced along with a software discount.
4. Compare Estimated Costs to Actual Costs in QBO Advanced
QuickBooks doesn’t technically do job costing, but comparing your estimated spending and actual spending during and after a project to determine profitability is sure pretty close. Handy columns help you not only compare the numbers side by side but also help you see how much your actual spending is above or below your estimate. This kind of tracking can help businesses make real-time decisions about projects and profitability. It’s a great example of the kind of robust features you get in QuickBooks Online Advanced that simply aren’t available in the entry-level software.
Get Ready for the New Year with a Hand from Certum Solutions
These kinds of updates can save you a lot of time and help you get paid more easily if you take advantage of them. Goodness knows we could all use a little more rest and peace of mind at the end of the year! As always, let us know if we can assist you with your books, software conversions, or QuickBooks questions. Just call us or find some time to chat. We’d love to help you start the new year feeling organized and prepared for success!
Images courtesy of Intuit QuickBooks
