Grow your practice and scale your impact with the top innovations unveiled at QuickBooks Connect Canada 2022

Andrew Smith is Director of Product for Canada at Intuit QuickBooks where he is focused on helping entrepreneurs — and the experts who serve them — prosper. Having grown up in a family of entrepreneurs, Andrew has spent much of his career working to solve the problems of small business owners as a startup founder and product leader.

IT'S day two of the QuickBooks Connect Canada virtual conference, bringing together accounting professionals, small business owners and self-employed Canadians. The annual event includes keynote speeches from industry leaders, breakout sessions with experts covering the latest strategies and tools for your practice and clients, and Innovation Spotlights from QuickBooks’ leadership team that provide an overview of the latest QuickBooks product innovations for accounting professionals.

At QuickBooks, we are committed to helping you grow your practice so that you can scale your impact across your clients. This year, we’ve rolled out a number of new product innovations to help you do just that. Here’s a look at the top innovations announced at QuickBooks Connect, designed to help you streamline your workflows, improve collaboration within your firm, and save you time so that together, we can power the success of every Canadian entrepreneur. 

1.  Bookkeeping Setup

The new Bookkeeping Setup feature in Books Review (formerly Month-End Review) makes it easier to adjust tasks like opening balance and solve issues like disconnected bank feeds or redundant accounts. This feature is your new “go-to” to help you with the first step in delivering high quality books.

2. Transaction Collaboration

One of the biggest challenges accounting professionals face during the monthly client books review is gathering missing information from clients. The new Transaction Collaboration feature within QuickBooks Online Accountant is designed to effortlessly retrieve this data. 

Review client transactions, select missing information and send a request that notifies clients of the information required all directly through QuickBooks. 

3. Wrap Up

As an advisor, helping your clients understand the numbers so that they can make better business decisions is an important part of your role. Wrap Up gives you the flexibility to prepare a set of tailored reports and guide your clients to make strategic decisions that power their success. Provide critical insight into their business with the ability to edit, customize and send these tailored report packages to clients directly from the platform.

4. Workpapers Innovations

We continue to focus on delivering solutions that will help accounting professionals serve your clients  – all in one place. We have simplified navigation to help streamline year-end tasks within Workpapers and added a few important new features, including: 

• Compilation Engagement Reports: updated to bring Compilation Engagement Reports in-line with CSRS 4200, including a new Retained Earnings Report.
• The Trial Balance Toggle: a tool that provides a pared down version of a client’s books.
• Enhanced conversational notes: adds threaded notes that indicate who created the note and when it was added.

5. Pro Tax Innovations

Since launching Pro Tax in 2018, we continue to build out the features and modules that we know are important to accounting professionals. Our aim is for Pro Tax to become your one-stop shop for filing returns.

This year, we’ve launched our T3 module enabling you to file trusts. We continue to build out, hone and prioritize our Pro Tax experiences based on direct input from our customers and we’ve recently updated the product to include:

• Quick Mode: reduces your bandwidth usage and accelerates Pro Tax’s performance.
• Documents: firms can now upload, view and store documents for safekeeping with a T1, T2 or T3 return.
• T1 family returns: allows you to link spouse and/or dependants, making it easier to transfer unused tax credits across the family.
• Web access code (WAC): filing allows you to easily file T2s without the need for an efile number. 

In the coming months we’ll be launching our Pro Tax FX module, so that you can prepare T4’s, T4A’s, T5’s, charitable and partnership returns. There will also be access to a variety of other forms to help serve all of your clients’ unique needs. The addition of this module will round out our offering for federal filings in English Canada.

6. Payroll Innovations

One of the accounting community’s most requested features is soon to be a reality — QuickBooks Payroll will add the ability to self-correct paycheques (as long as you haven’t filed taxes). This feature will provide three options:

• Delete: removes the paycheque completely.
• Void: keeps the original paycheque, but creates an adjustment.
• Edit: edit hours, taxes and deductions.

We’re excited for you to try all of these great new innovations. To learn more, check out https://quickbooks.intuit.com/ca/accountants

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.

Andrew is Director of Product for Canada at Intuit QuickBooks where he is focused on helping entrepreneurs — and the experts who serve them — prosper. Having grown up in a family of entrepreneurs, Andrew has spent much of his career working to solve the problems of small business owners as a startup founder and product leader.