Intuit QuickBooks Unveils New Innovations that Support Accountants and Drive Business Success at QuickBooks Connect

Rhea-AI Summary

Intuit (NASDAQ: INTU) unveiled new innovations aimed at enhancing success for accountants and small businesses during the QuickBooks Connect conference in Las Vegas. Over 3,000 participants attended the event, which focused on the latest offerings from Intuit QuickBooks, including new features in QuickBooks Commerce Accounting, Mid-Market Solutions, and Workforce Solutions. Key highlights include automated operations for inventory management and improved HR capabilities, aiming to streamline processes and enhance financial performance for product-based businesses.

Positive

• Enhanced QuickBooks Commerce Accounting facilitates automatic sales channel integration, reducing manual data entry.
• New Mid-Market Solutions offer advanced accounting features and integrations, improving efficiencies for complex businesses.
• QuickBooks Workforce Solutions provides a comprehensive HRIS, streamlining employee onboarding and document management.

Negative

• None.

New Offerings Introduced Power Prosperity for Accountants and High-Growth Product-based and Mid-Market Businesses with Expanding Workforce Needs

LAS VEGAS--(BUSINESS WIRE)-- Today, Intuit (NASDAQ: INTU), the global financial technology platform that makes TurboTax, Credit Karma, QuickBooks, and Mailchimp, announced new innovations designed to drive accountant and small business success at its ninth annual QuickBooks Connect conference in Las Vegas.

In-person for the first time since 2019, more than 3,000 accountants, bookkeepers, and developers joined the company at sold-out QuickBooks Connect to build relationships, be inspired, and learn about the latest offerings from Intuit QuickBooks, the world’s leading financial technology platform that helps more than 8 million small and mid-sized businesses start up and scale up.

“We’re thrilled to be back together in-person at QuickBooks Connect with our most valued partners,” said Jeremy Sulzmann, vice president and general manager of the Partners Segment Business at Intuit QuickBooks. “This year, we reimagined our event to focus solely on accounting professionals, solution providers, and third-party developers - all of whom share our mission to help small businesses succeed. The ability to gather as a community and showcase our latest product innovations that will help our partners and their clients grow is truly special.”

New innovations highlighted at QuickBooks Connect include:

QuickBooks Commerce Accounting
A 2021 Intuit survey of U.S. product-based businesses found 84% used a combination of pen and paper, and spreadsheets to manage inventory – spending 80 to 90 hours per month on this task. With Commerce Accounting, QuickBooks allows these businesses and their accountants to save time, increase accuracy, get powerful insights, and improve financial performance.

Commerce Accounting seamlessly connects sales channels such as Amazon, Shopify, and eBay to QuickBooks, automatically bringing in orders and matching sales and fees with bank deposits to reduce the need for manual data entry. Soon, additional commerce accounting and operations capabilities such as accurately tracking inventory, cost of goods sold, performing stocktakes, and tracking sales orders across all sales channels in one consolidated dashboard also will be available. These real-time data insights on order and fulfillment status, inventory levels, top selling products and channels, and more will allow product-based business owners and their accountants to make strategic business decisions and optimize sales to build successful e-commerce businesses.

Mid-Market Solutions
QuickBooks serves the mid-market with advanced accounting capabilities, automated workflows, and deep integrations to third-party applications to create efficiencies and meet the needs of these more complex businesses.

To meet the unique needs of these growing businesses, QuickBooks has introduced new integrations and features. This includes Spreadsheet Sync, which enables two-way syncing with Excel to help customers streamline their reporting processes and enter data in bulk, and the Custom Report Builder with Chart View, which can help create clear explanations of key performance indicators. Revenue Recognition and Project Estimates vs. Actuals were also introduced to help increase efficiencies for accountants and business owners.

QuickBooks Workforce Solutions
QuickBooks Workforce Solutions is evolving to provide a complete Human Resources Information System (HRIS) platform for employers so they can easily manage each employee’s employment journey as well as their increasingly complex HR needs. New capabilities coming within QuickBooks Workforce Solutions that will broaden its HRIS functionality to serve small and mid-market businesses include:

• Simplified Employee Onboarding: New employees will be able to easily create an account in QuickBooks and provide details including paycheck preferences, tax withholdings, direct deposit information, emergency contacts, and more. The employer will be able to track when an employee completes these tasks through the QuickBooks onboarding task tracker and can assist if a worker gets stuck at any point, streamlining and accelerating the entire process.
• Improved Document Management: Employers will have the ability to keep documents such as payroll, personal, and benefits paperwork organized and in one place. They will be able to create folders, move, copy, upload, download, view, delete, and categorize documents, all while using Multi-Factor Authentication (MFA) for added security to safeguard all sensitive employee information.
• Enhanced QuickBooks Time Integrations: New, improved workflows between QuickBooks Online and QuickBooks Time will help small businesses better manage their workforce. Reports, workflows, and time insights from QuickBooks Time will be integrated and available directly within QuickBooks Online. This will make data access easier for invoicing, projects, and payroll as users can easily manage timesheet summaries, schedules, reports, and more.

QuickBooks Online Accountant
Providing the one place accountants and bookkeepers need to grow their practice and scale their impact across clients and services, QuickBooks Online Accountant (QBOA) helps accountants increase efficiency through streamlined and standardized workflows.

Key new features within QBOA include:

• Books Review - Bulk Transaction Processing: Enabling accountants to deliver services done right, Books Review can ensure books are done quickly, efficiently, and correctly every month, improving compliance. Books Review now includes bulk transaction processing, a new time-saving feature that allows accountants to process hundreds of transactions at a time, helping them deliver results for their clients on time and on budget.
• Client Request: Helping accountants capture and manage client information across all services, Client Request now allows accountants to view and quickly retrieve transaction level information provided by clients no matter where they are in QuickBooks. They can also easily create new requests if further information is needed from the Accountant Toolbox.
• Enhanced Document Management: Improvements in information capture and document storage have been introduced across QBOA, including folders, document types, and contextual notes, making it easier to stay organized and keep critical information such as expense receipts, tax documents, inventory assets, and checks, for the next month and into year end.
• Custom Roles: Coming soon, accountants will be to create granular roles and permissions for their teams to manage books. Custom Roles will provide greater access control. Users will be able to choose from popular role types such as “Sales Manager,” “Payroll Manager,” or “Admin," or modify roles to meet the unique needs of their firms.

QuickBooks ProAdvisor Program
Celebrating the 25th anniversary of the program, Intuit unveiled a fully redesigned training portal created to meet the knowledge needs of the more than 600,000 active QuickBooks ProAdvisors worldwide. With a broad spectrum of training, education, and certifications, the new portal, first available for ProAdvisors in the U.S., makes it even easier to identify and find trainings that ProAdvisors need to grow their skills and knowledge as well as create personalized goals and learning paths. New content will be added on an ongoing basis to help ProAdvisors grow skills and knowledge across the QuickBooks platform and accounting industry as a whole.

To learn more about how the QuickBooks Online platform is helping accounting professionals and small businesses thrive, visit QuickBooks.com.

About Intuit
Intuit is the global financial technology platform that powers prosperity for the people and communities we serve. With more than 100 million customers worldwide using TurboTax, Credit Karma, QuickBooks, and Mailchimp, we believe that everyone should have the opportunity to prosper. We never stop working to find new, innovative ways to make that possible. Please visit us for the latest information about Intuit, our products and services, and find us on social.

This information is intended to outline our general product direction, but represents no obligation and should not be relied on in making a purchasing decision. Additional terms, conditions and fees may apply with certain features and functionality. Eligibility criteria may apply. Product offers, features, functionality are subject to change without notice.

Source: Intuit Inc.

View source version on businesswire.com: https://www.businesswire.com/news/home/20221208005160/en/

Intuit QuickBooks:

Kim Amsbaugh

650-224-3645

Kim_Amsbaugh@intuit.com

Source: Intuit Inc.

FAQ

What new features did Intuit announce at QuickBooks Connect 2023?

Intuit announced new features including QuickBooks Commerce Accounting, Mid-Market Solutions, and improved HR capabilities within QuickBooks Workforce Solutions.

How many participants attended the QuickBooks Connect conference?

More than 3,000 accountants, bookkeepers, and developers attended the QuickBooks Connect conference.

What is the purpose of the new QuickBooks Commerce Accounting feature?

The QuickBooks Commerce Accounting feature automates inventory management, allowing businesses to connect sales channels and reduce manual data entry.

What benefits does QuickBooks Workforce Solutions offer?

QuickBooks Workforce Solutions offers a complete HRIS platform for managing employee onboarding, document management, and enhanced integrations with QuickBooks Time.