What’s new in QuickBooks online?
What’s new in QuickBooks online

What’s new in QuickBooks online?

QuickBooks UAE is an accounting software that provides tools for financial and business management. Also, QuickBooks online is the best-suited application for small businesses and for those who start their new business. In a word, This Accounting software helps you to generate a profit and loss report that summarizes income excluding expenses.

Some of the salient features are:

  • Create and track invoices – You can easily create invoices and print the invoice or directly mail them to the customers. You can also track how much is outstanding the customer
  • Keep track of bills and expenses – if you are connected with your banking account, QuickBooks Online UAE will easily maintain the expenses and categorize them. You can also enter your bill details which help to remind you of the upcoming bills.
  • Print financial statements–you can print financial statements like profit and loss reports, balance sheet reports, and statements of cash flows.
  • Track employee work hours and payroll – the hours of the employee are calculated and turned into payroll for invoice generation which makes everything easy for the user.
  • Track inventory – you can calculate the quality and cost of the inventory.
  • Simplify taxes – QuickBooks make taxing easy for users. You can just take the printout of the financial statements.
  • Accept online payments – online payment has become common these days. So, you can offer your customer to pay online and track using QuickBooks payments.
  • Scan receipts – scan some of the bills to avoid missing bills during taxing.

Moreover, Every month QuickBooks Dubai adds new features and enhancements to make it easy and efficient for users. The new features added in August 2021 are

  1. Smart insights in performance center for QuickBooks online advanced

KEY PERFORMANCE INDICATORS (KPIs) are metrics that help to measure the quality and efficiency of how a business achieves its objectives. However, The metrics differ according to the company plans and goals. Hence, The most effective KPIs use SMART criteria. To make good KPIs the following conditions are to be taken into accounts

  • Measurable goals
  • Historical records
  • Actionable goals
  • Variability
  • Historical records
  • Process indicators
  • Result indicators

A Performance dashboard helps you to track the KPIs metrics and goals of your company. It consequently provides a platform that helps to increase the quality of the business by generating feedback within your company.

The main functions of the dashboard include

  • Enrich performance, optimize goals, and gear up the business in the right direction by including the process and people
  • Inspect the root cause of the problem that stops the growth of the business
  • By using performance metrics, record processes and activities within the company.

In fact, The new smart insights sections in the performance dashboard help you to evaluate the KPI metrics and emphasize the properties that are affecting the business to achieve its goal. This feature also allows the user to get alerts on some of the selected metrics like profit, expenses, and transactions. For example, when there is a particular drop in the income of the day then the user can set it to alert gross expense to keep track of the business.

  1. Changes coming to bill approval workflows in QuickBooks online advanced

Earlier only admin users can provide the bill approval. The admin users can also have other high-value works and each time have to spend time on approving the bill. Now QuickBooks UAE has come up with the solution of assigning the role to a user.  The new bill approver permission will let the admin customize the user with the ability to approve the bill. This feature also allows the admin to give the authority of approval alone without viewing other data and metrics that are irrelevant to the user.

The new user workflow helps the admin to keep track of the approval process without affecting the payment loss. For example, if the admin user is unavailable to approve the bill, then he can assign a user the authority to approve which can still make the business flow without any lag. As a result, The security of the data can be maintained by refining the control given to the user.

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