Small and medium-sized businesses (SMBs) that use QuickBooks to track income and expenses know that as an accounting software tool, QuickBooks offers several useful features. As QuickBooks is ever-evolving, it can be hard for SMBs to keep up with the changes.
Not content to rest on its laurels, QuickBooks recently added some new finance features in 2021. Let’s take a look at some of these new features as well as how using QuickBooks as your accounting system can benefit businesses.
New insurance and 401(k) integrations
Less than six months ago, QuickBooks announced their new integrations of insurance and 401(k) services, called QuickBooks Insurance and 401(k). This allows businesses using QuickBooks to protect their businesses with comprehensive insurance coverage and offer their employees a 401(k) benefit. This is a game-changer for SMBs, as these types of services are more traditionally offered only by larger organizations.
Robust QuickBooks and Salesforce integration
If your business uses Salesforce as your CRM, there are plenty of integration solutions available to sync it with your QuickBooks account. Intuit have their own native solution but one integration tool that is highly rated in the Salesforce AppExchange is Breadwinner for QuickBooks, which was recently updated in March 2021. This QuickBooks and Salesforce integration tool works for businesses that use QuickBooks Online, QuickBooks Desktop, or QuickBooks Enterprise. The recent updates are of interest to SMBs using Salesforce because they can take advantage of many benefits, including:
- Invoice creation from Account, Opportunity, Order, and Custom Objects
- Invoice status tracking (e.g., paid, overdue, due)
- Support for Accounts Payable via Invoice creation and tracking
- Address and product syncing
You can watch these QuickBooks and Salesforce syncing features in a brief demo video.
Run business finance in the cloud
Some businesses working with Intuit in the long-term may be unaware that they offer cloud accounting software solutions. Businesses that choose to use QuickBooks Online don’t have to worry about downloading their finance software to their computer and limiting access to the office. As long as they are connected to the internet, accounting teams can access QuickBooks on any device. This offers several benefits including:
- Automatic backups
- Streamlined collaboration for bookkeepers
- The ability to log expenses using the QuickBooks mobile app
App integration for QuickBooks Online Advanced
Businesses that use QuickBooks Online Advanced can take advantage of the available third-party integrations. This includes a recent integration with DocuSign, which allows users to sign, send, and manage digital documents directly from their QuickBooks Online Advanced account.
New features for QuickBooks Online users
The QuickBooks team has been working away on features that offer accounting teams additional time-saving benefits. They have recently added two new QuickBooks Online features of interest to CPAs and accounting professionals.
First, QuickBooks Online now includes a Chart of Accounts feature. The standardized Chart of Accounts allows enhanced categorization abilities for bookkeepers and additional safeguards to prevent clutter and data entry errors. Second, QuickBooks Online also offers a new custom tags capability. This gives accountants the ability to create customized tags (also known as labels) to track important business and finance information.