The latest QuickBooks features enhance the performance and usability of it. It has simplified the process of selecting the right accounting software for small businesses. More than 2 million companies across the different states in the US use the QuickBooks.
40% of the total customers of QuickBooks online are small businesses. The latest version is the best QuickBooks for small businesses that include features such as Automated Payment Reminder, improved company snapshots, Bounced check, and many more.
The following are some of the latest features that will give the small business more power and flexibility to operate.
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1. Enhanced Reporting
The enhanced reporting structure offers better customization, usability, navigation, and presentation. Analyzing a specific report is crucial to plan the strategies for any business. A pile of the report files can make the owner confused.
The latest feature of QuickBooks small business allows creating customized reports by extracting only the required data. Further, real-time reports always show the updated changes without any additional manual efforts.
2. QuickBooks Cash
Think of a bank account that is customized to meet your needs. The latest QuickBooks Cash exactly does the same. It works like a no-fee business account that will offer you a fast payment, forecasting tools, and more. It automatically syncs with QuickBooks for continuous accounting.
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The following are some features:
- 1% APY interest
- Instant money deposit at no extra cost
- Cash Flow Planner enables small businesses to forecast the money for up to 90days
- Entry-free bookkeeping that automatically syncs the payments and spending
3. Improved Company Snapshot
The latest feature offers a centralized dashboard that helps you see all the critical business data at a glance. It can help you see the different data ranges of your business at a single view and layout.
Further, the template allows you to configure the data that you want to look at on the board without checking different reports.
4. Automated Payment Reminders
The latest QuickBooks online small business feature allows sending reminders to customers with due invoices, which helps you get due payments quickly. It saves plenty of time from following up on the late-paying customers.
Further, it also allows you the flexibility to customize the reminder for the specific customers. Hence, you can send reminders only to those customers who have a history of default payments.
5. QuickBooks Payment
The latest feature allows you to get the money directly in the account, almost instant. With this feature, a business can now preselect the day of a week when they want to make an automatic, instant deposit. You can do it thrice daily at 9 AM, at 2 PM, and 9 PM PT.
The overall process can help small businesses to get the payments receivable easily. All the payments will get directly transferred to your bank account. It will help you in managing your business cash flow.
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6. Easy Payroll Setups and Backdate checks
Managing the payrolls becomes easy, like never before with the QuickBooks. Recently, there is a 34% growth recorded in online services such as payments and payrolls of QuickBooks. The recent updates offer the ability to issue the backdate paychecks. The earlier version only allows creating checks for the current or future dates.
Additionally, it helps in reducing the time to set up the payroll by allowing the employees to complete the payroll setup. Small business owners can ask the employees to submit essential personal information directly to run the payroll.
7. 401(k) Plan Connected to QuickBooks
QuickBooks now connected with a new retirement 401(k) plan that will allow the small business owners to offer their employees a convenient and secure place to save. It is an affordable retirement platform, which will be available on the “Benefits” tab of the QuickBooks Online Payroll.
One can directly buy the plan from the QuickBooks account. The plans start from $39 and securely can be synced with QuickBooks payroll. It allows improved communication.
- Automatically checked eligibility and notified to the employees
- Auto deductions are taken out of paychecks
- Auto tracking of employee contribution
8. Introducing QuickBooks Commerce
QuickBooks introduced a business management platform naming QuickBooks commerce to help small businesses. With the help of the platform, small businesses can attract and sell across the different ecommerce platforms with an online storefront, marketplace, and POS system.
All the inventory, products, and orders are sync in a centrally run platform that will allow the small business owners to manage the omnichannel presence.
Bottom Line
Over in this post, you have seen how the latest QuickBooks features that can help the small business owners in various ways.
If you need help in choosing the right accounting software, or want to know how to set up a business in QuickBooks, please feel free to contact us.
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