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QuickBooks Sole Trader
QuickBooks Sole Trader is here! This new QuickBooks Online plan is designed to take the stress out of Self Assessment for self-employed individuals and single-property landlords. It's the all-in-one tool that helps you track income and expenses, capture receipts on the go, automatically track mileage, and provide a real-time income tax estimate. With AI-powered transaction categorisation, a simplified Chart of Accounts aligned to SA forms, and CIS support for those who are sub-contractors only, QuickBooks sole Trader makes it easy to stay in control of your business finances.
Explore QuickBooks Sole Trader
New Invoicing Experience
The new invoicing experience in QuickBooks is designed to help you get paid faster and offer enhanced functionality. Here's what's new:
- More freedom to personalise invoices, and create bespoke templates
- Customise quotes and invoices on the spot, no templates needed
- Get alerted when a customer has accepted a quote or paid an invoice
- Track quotes in one place and view an activity tracker
- Autosave quotes and invoices created whilst using the mobile app
- Set up email reminders for customers to pay their invoices
The new invoicing experience will replace the current Classic layout you have been using. Most QuickBooks users will automatically transition to the new experience. A quick note for those using QuickBooks for CIS payments, or who have previously used GoCardless or PayPal for invoice payments: you'll remain on the Classic Layout for now. You can switch between layouts as needed, but PayPal and GoCardless integrations are currently only available on the Classic Layout.
Modern Reports
Reporting in QuickBooks Online is evolving. Modern View Reporting is replacing Classic View, offering a more powerful and reliable experience. This means you get all the functionality of Classic View, plus better performance (with large reports loading faster), improved customisation, and enhanced security. While Modern View Reporting will become the standard experience for reports in QuickBooks, the option to switch between Classic View and Modern View Reporting is currently available within QuickBooks Online.
Products and Services Interface Improvements
You’ll shortly see subtle updates to the Products and Services screen in QuickBooks. These changes reflect work we’re doing in the background to future-proof your experience by enhancing reliability, stability, and performance. Let’s review a few of the changes.
Low or Out of Stock display
We’ve reclaimed valuable screen real-estate for you by changing the way low or out of stock prompts are displayed.
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Category and subcategory display
We’ve tidied up the way categories and subcategories display on screen.
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Inventory adjustment display
We’ve streamlined the input screen for any inventory adjustments or starting value adjustments you might need to make.
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Data Import Improvements
The ability to import inventory items has been improved to enable you to easily add inventory items directly into QuickBooks or import them via streamlined CSV or Excel formats.
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QuickBooks Advanced Enhancements
Automated Revenue Recognition Upgrades
Automated revenue recognition in QuickBooks Online Advanced is now even better. If your business operates on subscriptions, or delivers services over a period, you can now enjoy greater control and customisation.
We've listened to your feedback, so instead of relying solely on pre-set schedules, you can now tailor your revenue recognition to match your specific needs. This includes support for classes and location, adjusting service dates and intervals (daily, weekly, monthly, or yearly, and for periods up to 10 years), handling mixed invoices with both recognisable and non-recognisable items, and even editing schedules directly for things like cancellations, refunds, or price adjustments. You also get the benefit of a preview schedule.
It all adds up to less time wrestling with spreadsheets and manual entries, and a more accurate, real-time view of your financial performance, directly within QuickBooks Online Advanced.
Enhancements to Custom Roles
We're giving you more ways to manage what your team members can see and do within QuickBooks Online Advanced. Recent updates to Custom Roles provide more granular control over your team members' access to reports. You can now specify which groups of reports, and even individual reports, team members can access, and whether they have view-only or customise permissions. Looking ahead, expect even further enhancements, including control over spend forms.
Fixed Assets
It’s now easier to manage fixed assets in QuickBooks Online Advanced, from initial entry to depreciation tracking. Recent enhancements include:
Draft Asset Creation: Save asset details as drafts, allowing you to gather information and finalise entries later. This is particularly useful when you don't have all the asset information immediately available, or if you need to gather details from multiple sources.
Custom Accumulated Depreciation: When onboarding existing assets, you can now enter your own accumulated depreciation amount. This simplifies the process and ensures accuracy when transitioning from manual tracking or other systems.
Enhanced Task Management
We’ve enhanced the Tasks feature in QuickBooks Online Advanced to help you and your team work more efficiently. These updates provide more context and better organisation for your to-do items, boosting visibility and saving you time.
Link Tasks to Transactions: Directly link tasks to related transactions like Invoices, Bills, Estimates, and Purchase Orders. This eliminates the need for lengthy descriptions and lets assignees quickly access the relevant information. You can even search for transactions by ID or value when linking.
Set Task Priority: Prioritise tasks to ensure the most important items are addressed first.
Enhanced Approvals: Multi-Condition Approval
QuickBooks Online Advanced now features Multi-Condition Approval for Bill and Purchase Order Approvals, giving you greater control and flexibility over your approval workflows. This allows you to set up sequential approvals, requiring multiple users to approve a Bill or PO in a specific order before it's finalised.
This is particularly useful if your business:
- Has multiple departments or locations requiring separate approvals.
- Requires approvals from different levels of management (e.g., manager, then director, then CFO).
- Needs to comply with strict internal control policies or external regulations.
- Handles a high volume of Bills and Purchase Orders.
New Financial Forecasting
We're giving you even more power to plan for the future with the addition of Forecasting to QuickBooks Online Advanced. Financial forecasting analyses events from the past and present, and collates this information to forecast what’s going to happen in the future.
Forecasts help you set long-term and short-term goals for your business. Forecasting is typically based on past performance and trends in your industry. Your historical data is analysed for patterns and projections are made based on this information. With all your financial data available in your company, you can quickly and easily create forecasts and use them to create budgets.
The addition of Forecasting gives you a clearer, more dynamic view of your financial future, all within QuickBooks Online Advanced.
QuickBooks Payroll
QuickBooks Core Payroll Enhancements
We've made several enhancements to streamline your payroll processes and improve the employee experience within QuickBooks Core Payroll. Here's what's new.
Add Separate Mailing Addresses
Easily add a separate mailing address for employees, different from their home address, directly in their QuickBooks Online employee profile. This is perfect for employees who prefer to receive payroll correspondence at a different location.
Securely Share & Manage Employee Documents
You can now upload, store, and share important personnel documents directly with your employees through QuickBooks Workforce (online only). This makes it easy to share handbooks, policies, contracts, and other essential files, keeping everything organised in one place.
QuickBooks Online Accountant Updates Updates
Work tab
We've refreshed the design of the Work tab in QuickBooks Online Accountant, adding a new spreadsheet-style layout for managing projects and tasks. This gives you more control and a clearer overview of your practice. The Work tab features two sections: 'Projects' and 'All Tasks.' Here you can:
- Manage Projects: Create new projects, use pre-defined QuickBooks templates, or build your own.
- Organise Tasks: Create tasks linked to projects, or standalone tasks for other work.
- Filter and Find: Quickly filter by client, date, and project status.
The Work tab is accessible to all members of your team, but they will only see clients assigned to them in their Work tab.
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Client Number
Improve efficiency and data accuracy with the new Client Number feature in QuickBooks Online Accountant. Now you can add a custom client identifier field to each client, allowing you to easily match clients with your firm's internal tracking numbers. This simplifies client searching, billing, and expense tracking, and reduces manual work.
Help us make QuickBooks even better! Share your thoughts and feedback in the comments below.
