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An accounting software provider has launched a new month-end review offering aimed at bringing better efficiencies and accuracy to the book review process.
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Simplified month-end process review offering launched
01 October 2020
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Intuit QuickBooks Australia has announced a new month-end review feature that purports to eliminate key pain points for accountants and bookkeepers.
Intuit said the offering aims to improve the usual manual process by using AI automation to identify common issues and hard-to-find anomalies to ensure books are complete, accurate and audit-proof.
Furthermore, the new feature seeks to enable accounting professionals to easily track the reconciliation status for each client, with firm managers having full oversight of the progress to ensure no client is left behind.
“At a time when accountants and bookkeepers have been putting in long hours to help small businesses survive — with three-quarters (74 per cent) of small-business owners having turned to an adviser for support during the pandemic — new time-efficient solutions are needed more than ever,” said Natira Drayton, Intuit Australia’s vice-president and country manager.
“There’s no doubt that the role advisers play is more important than ever right now and we’re doing our part by building new tools and providing extra support through features like month-end review.”
Intuit stated that compared to the tools advisers currently use, such as the manual Excel process, month-end review is available within a client’s books directly, where accounting professionals can quickly fix mistakes and run reports with ease, while also allowing advisers to customise certain checks based on client nuances with minimal set-up.
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In the near future, Intuit QuickBooks said they plan on extending the new month-end review offering to allow it to identify uncleared expenses, payments, deposits and credits, and other ways for advisers to help businesses come up with a plan to pay their suppliers, get paid by customers, consider a write-off, or just resolve a clerical error.
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