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QuickBooks Online Advanced training for businesses
QuickBooks Australia
Overview
This video provides an advanced training session on QuickBooks Online Advanced, highlighting its capabilities beyond basic accounting. It emphasizes how the software can be used as comprehensive business management tool, suitable for businesses with turnovers over $500,000. The training covers features like customizable user roles, task management, workflow automation, custom fields, post-invoice surveys, fixed asset management, forecasting, budgeting, and spreadsheet synchronization with Excel. The presenter uses a fictitious construction business, 'Quick Building Business,' to demonstrate these features step-by-step, encouraging viewers to consider how these tools can be adapted to their own businesses, regardless of industry.
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Chapters
- QuickBooks Online Advanced is positioned as a robust business software, not just for accounting.
- It offers features beyond standard QuickBooks Online, including customizable user roles, tasks, workflow automations, and spreadsheet sync.
- The software is ideal for businesses seeking to maximize efficiency and control over their operations.
- A fictitious construction business, 'Quick Building Business,' will be used for practical demonstrations.
Understanding the scope of QuickBooks Online Advanced helps businesses determine if its advanced features align with their operational needs and growth potential.
The presenter introduces the 'Quick Building Business' as a case study for demonstrating advanced features.
- QuickBooks Online Advanced allows up to 25 users at no extra cost.
- Users can be assigned customized roles, offering granular control over access to specific transactions and data.
- This contrasts with previous versions where only preset roles were available.
- Customizable roles ensure that employees only have access to the information and functions relevant to their job.
Precise control over user permissions enhances data security and ensures employees are focused on their specific responsibilities, streamlining operations.
Creating a custom 'Building Manager' role with specific access permissions for a new user.
- Tasks can be set up as recurring or one-off reminders, assignable to team members, and dated for future action.
- Tasks can be linked to specific transactions, suppliers, or customers, and can include document attachments.
- Workflow automations allow for the creation of automated processes based on predefined triggers and conditions.
- These automations can streamline processes like sending quote reminders or managing bill approvals based on value.
Automating routine tasks and workflows frees up valuable time, reduces human error, and ensures critical business processes are consistently followed.
Setting up a workflow to automatically remind a team member to follow up on a quote 3 days after it's sent, or a multi-approval process for bills based on their dollar amount.
- QuickBooks Online Advanced allows for the creation of up to 150 custom fields across various transaction types.
- Custom fields can be text, numbers, dates, or dropdown lists, offering flexibility in data capture.
- These fields can be used for internal tracking or displayed to customers on transactions.
- This feature enables businesses to track specific data points relevant to their unique operations.
Custom fields allow businesses to tailor QuickBooks Online to their specific needs, capturing unique data points that are crucial for analysis and operational tracking.
Adding a 'Sales Manager' dropdown field to invoices and sales receipts to track sales performance.
- The 'Modern Reporting' feature allows for dynamic data updates and customization of reports.
- Reports can be compared across periods, include percentage calculations, and be filtered by specific customers or suppliers.
- Data can be visualized through charts and pivot tables for easier interpretation.
- The 'Post-Invoice Survey' feature can automatically request feedback, testimonials, or referrals from customers based on their satisfaction level.
Enhanced reporting capabilities provide deeper insights into business performance, customer satisfaction, and sales trends, enabling data-driven decision-making.
Generating a monthly profit and loss report with income percentages and visualizing sales performance by sales manager using charts.
- Fixed Asset management allows businesses to track depreciable assets, automate depreciation journals, and manage asset disposal.
- Forecasting tools enable users to create future financial projections based on historical data and custom variables.
- These forecasts can be converted into budgets, allowing for comparison against actual performance.
- Budgets can be created for specific entities, classes, or locations, offering detailed financial planning.
These tools provide robust financial planning and management capabilities, helping businesses anticipate future performance, control costs, and manage assets effectively.
Setting up a forecast for the next financial year with a 10% income increase and then converting it into a monthly budget.
- Spreadsheet Sync creates a dynamic link between QuickBooks Online Advanced and Microsoft Excel.
- Users can run reports directly in Excel, including multi-company reports for consolidated views.
- Data can be updated in Excel and then synced back into QuickBooks, allowing for bulk edits and transaction updates.
- This integration significantly saves time for data entry and report generation.
Integrating with Excel provides powerful data manipulation and reporting capabilities, allowing for more complex analysis and efficient data management.
Updating custom fields for multiple invoices in Excel and then syncing those changes back to QuickBooks Online.
- While QuickBooks Online is cloud-based, an optional backup and restore feature is available.
- This feature allows users to create manual or automatic backups of their data.
- Restoring data allows users to revert to a specific point in time, providing version control.
- This offers an additional layer of security and control for critical data.
The backup and restore feature provides an extra safety net, allowing businesses to recover from accidental data loss or incorrect updates with confidence.
Restoring the QuickBooks file to a previous date after realizing a large batch of transactions was updated incorrectly.
Key takeaways
- QuickBooks Online Advanced transforms accounting software into a comprehensive business management platform.
- Customizable user roles and permissions are crucial for data security and operational efficiency.
- Workflow automation and task management streamline daily operations and ensure process adherence.
- Custom fields allow businesses to tailor the software to their unique data tracking needs.
- Advanced reporting and spreadsheet sync provide powerful tools for in-depth financial analysis and data manipulation.
- Fixed asset management, forecasting, and budgeting empower strategic financial planning.
- The software's integration capabilities, particularly with Excel, offer significant time-saving benefits.
- While cloud-based, optional backup and restore features provide an additional layer of data control.
Key terms
QuickBooks Online AdvancedBusiness SoftwareCustomizable User RolesWorkflow AutomationsTask ManagementCustom FieldsSpreadsheet SyncFixed AssetsForecastingBudgetingModern ReportingBackup and Restore
Test your understanding
- How does QuickBooks Online Advanced differ from standard QuickBooks Online in terms of user management?
- What is the primary benefit of using workflow automations in QuickBooks Online Advanced?
- Explain how custom fields can be utilized to enhance data tracking within a business.
- What are the advantages of using Spreadsheet Sync for reporting and data management?
- Describe the purpose and benefits of the fixed asset management feature in QuickBooks Online Advanced.