Part 2: What’s in it for you?
(See 'Part 1: Signs You’re Ready to Upgrade' here)
In my last column I took a look at QuickBooks Online Advanced, the newest addition to the QBO family, and the signs that your client has outgrown QBO Plus.
Let’s continue the discussion with features that are only found in QBO Advanced, the incentives that make the upgrade worth every penny.
Bulk Transaction Entry and Modification:
When your invoices or expenses are created in external software, you need third-party apps to import them into QBO Plus. But QBO Advanced has Batch Transaction entry for Invoices, Sales Receipts, Checks, Expenses, Bills, and now even Bank Deposits.
This tool allows you to either enter multiple transactions in a grid format, or import a .csv file. Both options are much faster than creating invoices or filling in forms one at a time!
If you need to import data from your ecommerce website or billing software, this feature alone is worth the price of admission!
To learn more on this topic, make sure to join Alicia Katz Pollock's webinar, "QuickBooks Online Advanced" on October 6 at 12:00 p.m. Eastern Time. You can register here.
Workflows
Workflows are automations you can set up to manage routine bookkeeping activities, or customer notifications. Built-in templates include:
- Notify customers when you apply a payment.
- Create a reminder for yourself or your customers about overdue invoices
- Remind yourself when bills come due
- Remind yourself to make your deposits
- Add a customer message to late invoices
- Create a task and send a notification to get approvals on invoices.
When you add a Workflow to your setup, you’ll set the conditions that trigger the automation, then create the reminder or email that will be automatically sent.
Smart Reporting:
QBO Plus has over 100 reports with infinite customizations, but sometimes that’s just the tip of the iceberg.
QBO Advanced includes a free subscription to Fathom for smart reporting. Learn about your Key Point Indicators (KPIs) that are used by banks and financial analysts for in-depth analysis. These metrics go well beyond the P&L and Balance sheet to assess profitability, cash flow, and growth strategies.
In addition, some tools that are usually only available to QBO Accountants also appear in QBO Advanced. The Overview Center to assess your file health, and the Performance Center with customized charts are available for all users!
Backups
While it’s not necessary to back up QuickBooks Online since it’s cloud-based and save on redundant servers, data loss isn’t the only reason you may need a backup. Maybe you’re about to make a major change to your file structure, or want to create a year-end snapshot of your data. QBO Plus requires third party apps like Rewind or Backup Circle to export a backup.
QBO Advanced has backup built right in. Last year Intuit bought Chronobooks and absorbed the features. Online Backup and Restore allows you to roll back your data file to any point in time, or transfer your file data into a fresh QBO shell.
Priority Circle Support and Training:
Have you ever wished you had your own direct line to support instead of wading (and waiting) through the phone tree?
QBO Advanced gives you your own direct Customer Support manager. Give them a call when you need help, and they’ll route your request to the right person for white-glove solutions. In addition, the business will receive free training courses every year from Real World Training.
Conclusion
Intuit is doing everything it can to expand the capabilities of QuickBooks Online to meet the needs of small to medium businesses. These new features solve pain points, create parity between QBO and Desktop, and open up new possibilities we’ve never seen before in the QuickBooks multiverse.
QuickBooks Online Advanced will continue to be the bleeding edge of development for Intuit, and this software solution becomes more attractive all the time.
On October 6, Alicia Katz Pollock will be giving a webinar to demonstrate all of these QBO Advanced benefits. With Divvy as a sponsor, you’ll stay current on the options for your clients. Register now!