QuickBooks Announces Full MTD Product Suite is live
Intuit QuickBooks today announced its full Making Tax Digital (MTD) product suite is live. In a product demonstration on stage at QuickBooks Connect London, VP and UK country Manager, Chris Evans, and Head of Product Europe, Shaun Shirazian, showed how both accounting professionals and small businesses can use QuickBooks, now, to file in compliance with the biggest tax compliance change in a generation; HMRC’s Making Tax Digital for VAT.
Included in the MTD product suite is QuickBooks’ Bridging Software. Bridging Software enables small businesses and accounting professionals to use spreadsheets to file their VAT through QuickBooks in compliance with MTD filing requirements. For small business customers using spreadsheets, the process remains easy and familiar, while adhering to HMRC’s MTD filing rules. Bridging Software is ready to use, now, for small businesses and accounting professionals.
Shaun Shirazian, Head of Product Europe, said: “Accounting professionals and small businesses are looking to the software industry to make MTD easy. After conducting numerous pilots, through listening to the feedback of our customers and by working closely with HMRC, we have optimized and iterated QuickBooks and built a best-in-class solution ready for the MTD generation that is available to QuickBooks users. As digital tax is embraced, our next challenge is to help small businesses and accounting professionals put digital at the heart of their business to help them supercharge productivity, run and grow their business.”
Both the MTD for VAT and Bridging features are included for free in all QuickBooks Online subscriptions*. QBOA users have access to reduced QBO subscription pricing as part of QuickBooks’ ProAdvisor loyalty programme.
In solving for MTD, QuickBooks developed tools to help accounting professionals and small businesses save time in the VAT work flow.
Firstly, unique to QuickBooks and launched as a pilot± today, SmartCheck helps accounting professionals and small businesses save time by identifying common mistakes as small businesses submit their VAT return. Secondly, Smart Notifications which launches soon, is a system that notifies accounting professionals when their clients need to file for VAT, pulling in due dates and automatically creating tasks in Practice Management. Both tools are included in the QuickBooks Online subscription.
QuickBooks research shows small businesses and accountants need support as they transition to MTD. As a result, QuickBooks has launched and MTD hotline, which can be reached at 0808 168 4238, 9-5 Monday to Friday.
Flat Rate Scheme is currently not live in the MTD product but will be available soon. Accountants currently can’t file for themselves, but this will also be available soon.
QuickBooks Product Innovations for Accounting Professionals∞:
Announced today are a host of QuickBooks product updates designed to help accountants put digital at the heart of their, and their clients’ finances.
· SmartLook: QuickBooks adds to its award-winning customer service with the addition of SmartLook, virtual customer service now available for accounting professionals. With the click of a button, accounting professionals can speak, live, to a customer service agent who can use video technology to help with troubleshooting, tech support and questions around getting data into QuickBooks. SmartLook will give accounting professionals additional confidence that they can get fast, accurate answers when facing technical problems managing a clients’ books.
· QuickBooks Online Advanced Payroll: QuickBooks today announces an advanced, feature rich payroll product, QuickBooks Online Advanced Payroll. QBO Advanced Payroll solves for accountants and payroll bureaus that manage multiple businesses with complex payroll needs. Available now in QuickBooks Labs, QBO Advanced Payroll provides a route to payroll automation, a streamlined pension experience and a self-service portal for employees, including a mobile app. QBO Advanced Payroll is a different product, but complements the existing QuickBooks Online Standard Payroll, a simpler payroll solution.
· Client Overview: Now available in QBOA, Client Overview is designed to help accounting professionals win new client business. Accounting professionals often review a new prospect’s digital accounting records to understand how much work will be required to perform a one-time clean up and how much work there will be to maintain the books on an ongoing basis. This work can take hours, but using Client Overview within QuickBooks takes that down to minutes by showing accountants everything they need on one screen. From additional services that might be required, to the volume of transactions on a monthly basis, to how recently the books were reconciled, accountants can now use Client Overview to more confidently price their services and help their clients understand what is behind that pricing.
· Statement Auto-Import: QuickBooks research shows 35 percent of an accounting professional’s time is spent chasing clients for the assets they need, such as bank statements, to get work done. Available now in beta, when a client connects a financial institution to QuickBooks to download transactions, QuickBooks automatically imports bank statements, too.
· Client Benchmarking: Going live soon, this feature will help accounting professionals deliver more value to their clients by leveraging data on the QuickBooks platform to instantly provide deep insight into how a business is performing relative to peers\. Client Benchmarking will recommend actions for accounting professionals and their clients to consider in order to make them more profitable and increase their cash flow.
QuickBooks Product Innovations for Small Businesses and Self-Employed:
Also announced today are a number of innovations that will be coming soon to help Small Businesses and the Self-Employed put digital at the heart of their finances.
· Receipt Capture: Today, QuickBooks announces Receipt Capture will launch soon across its entire line up. An accountant, small business or self-employed can use mobile to snap a photo of a receipt, and QuickBooks will automatically import and match it to a transaction. This helps users track receipts on the move, attach receipts to invoices, eliminate lost or damaged receipts, and store them for easy reference. By taking on the burden of managing receipts, QuickBooks gives users time back to focus on running and growing their business.
· Mileage Tracker: Keeping a log and manually tracking mileage can be a major pain point for small businesses and the self-employed. QuickBooks first launched Mileage Tracker to Self Employed customers in QBSE as an easy and automatic way track their work miles. QuickBooks has since tracked over 1.4 Billion miles in business travel around the world, finding customers more than 560 Million Pounds in deduction savings. Today, QuickBooks announces Mileage Tracker will be available soon across its entire product line up.
· Open Banking: Open Banking in QBO is coming. The opening of bank APIs enables QuickBooks to give customers unprecedented levels of control in the automation of their finances. It also opens up significant time savings, innovation and partnership opportunities that will revolutionise how technology shoulders the burden of financial management. QuickBooks today announces Open Banking connectivity will soon be live with the five top small business banking account providers – Lloyds, HSBC, Barclays, Santander and RBS / NatWest. Functionality is currently being tested with a group of QuickBooks customers and will be generally available soon.
For more information on QuickBooks and the products available visit www.quickbooks.co.uk