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3 Game-Changing Features of QuickBooks Online

One of the things I love my most in this world…and one that I’ve built my entire career upon is QuickBooks Online. Next month I’ll be exploring QuickBooks Desktop vs. QuickBooks Online but, until then, let’s explore a few (of the many) reasons I love QuickBooks Online.

Here are a few of my absolutely favorite features of QuickBooks Online. Each of these has saved my team and my clients hours each month!

Bank Feed with Renaming Rules

I’ve loved the way QBO handles bank transactions for a few years – it’s a clean, easy interface and pretty great at suggesting the correct account for most transactions that come in. It “learns” quickly and allows me to add or match transactions for a large number of transactions in a very efficient way. However, Intuit recently added the ability to set bank rules. These rules go further than the automation already present, and allow a user to add customization and assist in avoiding mispostings. I love the example given in the blog about splitting expenses from a tel-com company, a flat fee portion as Telephone and the remainder as Internet.

Bank Rules

Recurring Invoices/Sales Receipts + Payments

Yes, I realize that this is technically TWO features. But since they go together, like peanut butter and jelly, (or vodka and tonic?), I figured it was okay to list them as one. I cannot describe how much time these features have saved myself and my team. If you are a business that has any sort of recurring revenue such as dues or monthly retainers, you’ll want to use recurring transactions to manage them. For our company, after we get our engagement letter and credit card authorization form signed, we set up our monthly bookkeeping clients with a recurring sales receipt. The card automatically gets charged, with a copy of the transaction emailed to both the client and myself. For the clients that are not paying via credit card, we create an invoice instead of sales receipt. This process saves hours each month. With Payments, QBO automatically records the merchant fees as well as the deposit.

recurring sales receipt

Delayed Billing

This is similar to the recurring/automated invoices, and we use this for our clients that are billed hourly for ongoing services, training, special projects. We enter our time as we do the work, and based on our agreement with the client, QBO is set up to automatically create and send out invoices for any billable time/expenses. For us, this is generally each Friday. Again, we use this in combination with Payments – in this case, the client is able to use the Invoice Portal to pay their invoice online using a credit card, bank account, or just recently (it’s in beta) Bitcoin. QBO posts the payment to the invoice and records any merchant fees.

delayed billing

These 3 simple features were 100% game changers for Kildal Services. My team and I are able to spend less time on administrative tasks and more time servicing our customers and growing the business.

If you haven’t checked them out – what are you waiting for? Go! Do it now, and then take all that time you’ll have on your hands to read a book, or go for a bike ride, or take a walk in the woods, or swing on the swings…

 

Stacy Kildal

Stacy Kildal

Contributor at Fundera
Stacy Kildal is owner/operator of Kildal Services LLC—an accounting and technology consulting company that specializes in all things QuickBooks. In 2012 & 2013, Stacy was named one of CPA Practice Advisor’s Most Powerful Women In Accounting. Stacy is one of the three hosts for the QB Show and has also been featured frequently on Intuit’s Accountant Blog, Community "Ask the Expert" forums, at various Intuit Academy To Go podcasts, as well as hosting a number of Intuit Small Business Online Town Hall sessions. She is a big fan of working mobile and has been recognized by Intuit as being an expert on QuickBooks Online, having written Intuit’s original courses for the US, Singapore and Canadian versions.
Stacy Kildal