Global financial technology platform Intuit QuickBooks has announced the launch of QuickBooks Online Advanced. The new addition to the QuickBooks line-up will provide Aussie business owners with a suite of new services that will allow them to optimise their financials to stay ahead of the curve.

Damien Greathead, Accounting and Advisor Group Lead at Intuit QuickBooks Australia, says QuickBooks Online Advanced is designed to cater to modern businesses’ complexities and growth trajectories, delivering a robust alternative to existing high-priced mid-market offerings.

“QuickBooks Online Advanced provides an advantage for growing and more complex businesses at an attractive price point, filling a gap not yet met in the market,” says Greathead.

“We’ve expanded our platform capabilities to serve customers who are self-employed, all the way through to those with larger workforces and a high volume of transactions. As these businesses grow, many are faced with the lack of an affordable solution and often adopt software that is both expensive and too complex for their needs. QuickBooks Online Advanced addresses that void to help power their prosperity.”

QuickBooks AI-powered insights

Greathead says at its core, QuickBooks Online Advanced leverages artificial intelligence (AI) to deliver actionable insights that empower growing businesses to manage their financial operations better. Processing transactions and reconciling data can be done quickly, saving users hours in admin.

“Larger businesses typically have a higher volume of transactions, so QBO Advanced supports the data entry process with AI technology by recognising historic data coding trends to suggest future data coding.”

“It also enables the business to create data entry’ rules’ to code recurring transactions automatically,” Greathead explains.

Save time with automated workflows

Another standout feature of QuickBooks Online Advanced is its automated workflows. This functionality allows businesses to streamline invoicing processes by implementing pre-set approval flows.

“Basically, they can set up their specific workflows and team members are prompted when an approval is required, like approving an invoice >$1k, or notified when a key action has occurred, for example, a quote for >$1k has just been sent,” Greathead says.

New reporting features also allow for personalisation, allowing business owners to have the most critical data at their fingertips.

“For enhanced reporting, QBO Advanced includes additional custom fields so the business can use these fields to report on the information that’s important for them.

“For example, they can add a custom field to their quotes and invoices that relate to their sales team, and in doing so, they can report their sales performance by a team member.”

Keeping info and data secure with QuickBooks  Online Advanced 

QuickBooks Online Advanced also offers customisable roles and permissions, allowing businesses to control access to sensitive information with precision.

“A range of predefined roles with associated permissions is provided in QBO Advanced,” Greathead explains. “However, the business can easily edit these roles or create their own.”

As data security becomes increasingly vital to small businesses, Greathead says this functionality is particularly important.

“It gives the business control over what areas their team members can access in QBO Advanced, e.g. payroll or specific reports.

“And the level of flexibility is supported down to employee level, so even if you assign a role with defined permissions to a team member, you can further tailor the access for that team member.”

Delivering peace of mind

As cyberattacks and ransomware become more commonplace, ensuring a backup of your most important data is essential. QuickBooks Online Advanced addresses this concern with its automatic backup and restore feature. By frequently backing up data and storing it securely, users can rest assured knowing that their financial records are protected. Even in the worst-case scenario, business owners should feel peace of mind knowing they can restore their books to a previous point, assuring business continuity.

QuickBooks Online Advanced represents a significant leap forward in empowering growing businesses to thrive in today’s competitive landscape. With its comprehensive features, user-friendly interface, and commitment to innovation, QuickBooks Online Advanced is poised to revolutionise how businesses manage their finances.

For more information head to https://quickbooks.intuit.com/au/quickbooks-online-advanced/