Editor’s note: We will continuously update this post with new features of QuickBooks Online, so be sure to check back regularly.
QuickBooks Online regularly introduces new features to make the platform more user-friendly and help users improve work efficiency. Below, we’ve listed the latest QuickBooks Online updates, including new features and changes, and discussed how they can help you streamline business workflows and improve your overall QuickBooks Online experience.
QuickBooks Bill Pay
QuickBooks Online has transitioned from using Melio to having its own built-in bill payment feature called QuickBooks Bill Pay. It is a new solution that allows you to pay your bills directly from the QuickBooks Online platform.
Available exclusively for QuickBooks subscribers, QuickBooks Bill Pay helps you manage the different aspects of your accounts payable (A/P) through its key features. These include approval workflow setup, bill payment processing via automated clearing house (ACH) or checks, automatic vendor invoice capture, and 1099 filing.
The program is available in all QuickBooks Online plans, except QuickBooks Self-Employed. You can set up QuickBooks Bill Pay from your QuickBooks Online account when scheduling a bill payment. You can choose from three subscription options, and once subscribed, you’ll be prompted to provide information, such as company details and personal information.
New Invoice & Estimate Experience
The new QuickBooks Online version now includes real-time PDF creation, allowing you to see a live preview of your invoice or estimate as you enter or adjust the data in the invoicing or estimate form. This helps you customize your document easily without repeatedly clicking the preview button and ensure that it looks exactly as you desired before you finalize it.
Navigation Menu Enhancements
QuickBooks Online has made some significant changes to the navigation menu. For instance, you can now customize your menu by expanding and collapsing various sections so that you can only see what’s most important to you. Bookmarks have been moved to the top so that you can access your frequently used features easily.
Also, you’ll notice that QuickBooks now has a unified left-side menu, regardless of whether you are in the Business View or Accountant View. You can still switch between views, but your menu won’t be affected.
Human Resources (HR) Support Through QuickBooks Online Payroll
If you’re currently using QuickBooks Online Payroll Premium or Elite, then you can now access HR support for free through QuickBooks’ partner, Mineral Inc., a leading HR and payroll compliance platform.
Premium and Elite users can access the HR Support Center, which includes an extensive library of resources compiled by HR professionals. These resources cover various HR topics, including hiring best practices, handbooks, compliance, creating job descriptions, and more.
Those using Payroll Elite have the added benefit of accessing unlimited live expert support through HR Expert Advisory. This allows you to connect to an HR Advisor who will answer any questions you may have. They can provide personalized support on various HR topics, including hiring, termination, compliance, and benefits.
Project Estimate vs Actual Reporting
When you subscribe to QuickBooks Online Advanced, you’ll be able to generate a project estimate vs actual report. This report compares your estimated costs and revenues against the actual expenses and revenues incurred during and after a project is completed.
This new feature helps with project management in many ways. For instance, it helps business owners quickly identify where expenses are higher than expected and determine where estimates are inaccurate and adjust them for similar future projects.
Fixed Asset Management
Also exclusive to Advanced users, the new fixed asset accounting tool allows you to record and track fixed assets, such as land, buildings, machinery, vehicles, and equipment. It allows you to enter a new asset and calculate depreciation expenses based on your selected method, such as straight-line depreciation or double declining balance. You can then run a depreciation schedule to see how much you’ve invested in fixed assets over time and how those costs are being deducted via depreciation.
Spreadsheet Sync in QuickBooks Online Advanced allows you to pull information from QuickBooks automatically and then push it into Microsoft Excel and edit it as needed. You can manipulate the data using Excel’s built-in tools, such as making complex calculations. Once the data is finalized in Excel, it can be pushed back easily to QuickBooks Online Advanced with all the changes made.
Additionally, this new feature allows you to import and export custom lists, including items, customers, and vendors. You can also generate multi-company reports in a single spreadsheet—meaning you can analyze and compare data across multiple entities without the need to switch between different QuickBooks accounts.
To get started, click on the Spreadsheet Sync tab in the Reports screen and then follow the prompts to install the Spreadsheet Sync add-in and sign in to your QuickBooks account.
To gain more meaningful insights into your company’s financial future, Advanced allows you to create profit and loss (P&L) forecasts for a period of up to three years. You can build a P&L forecast either by using the prior year’s actuals or the average of actuals from the prior three, six, nine, or 12 months. After creating the forecast, you can convert it into a new budget easily.
You can access the new forecasting feature in QuickBooks by clicking on Financial planning from the left-side menu and then selecting Forecasts.
Enhanced Revenue Recognition
The revenue recognition standard, ASC 606, requires that revenue should be recognized when it is earned and not when a sale happens or when a payment is received. QuickBooks Advanced recognizes revenue when it’s earned automatically, regardless of when the payment is received. This means businesses using accrual accounting no longer have to track recurring revenues manually using complex spreadsheets or creating journal entries.
What’s more, Advanced provides added benefits, such as post-invoice editing. After saving an invoice, you can edit the revenue recognition schedule based on your needs or contract arrangements. This may be beneficial for project-based companies where revenue recognition requirements may vary depending on deliverables and project milestones.
Additionally, you can add new products or delete existing line items on an invoice or sales receipt after the fact, and the revenue recognition schedule will adjust automatically. You can also make changes to an item’s price or service date if needed.
Frequently Asked Questions (FAQs)
QuickBooks Online is cloud-based accounting software that helps businesses manage their finances, track expenses, create invoices, and automate other bookkeeping tasks. Read our detailed QuickBooks Online review to learn more about this cloud accounting solution.
Some of the new features of QuickBooks Online as of this writing include QuickBooks Bill Pay, a new invoicing and estimate creation form, a new navigation menu, and HR support through QuickBooks Online Payroll. There are also new features exclusive for Advanced users, like enhanced revenue recognition, forecasting, and fixed asset accounting.
You’ve just learned what’s new in QuickBooks Online. Keep an eye on our regular updates to ensure you have the latest QuickBooks Online tools to help your business succeed.