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Following the recent launch of QuickBooks’ new and improved Ledger, accountants are already enjoying the benefits of moving their low complexity clients onto the software.
New and Improved QuickBooks Ledger a Game Changer for Low-Complexity Clients
12 July 2024
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4 minute read
Harnessing the power of automation, QuickBooks Ledger streamlines manual, time-consuming workflows so accountants can focus on higher-value services. Features include automated bank feeds, bank reconciliation, financial statements and a seamless transition to tax preparation using QuickBooks Tax powered by LodgeiT. Accountants can manage their client’s books end-to-end, or invite their clients to log in to connect their bank feeds, review their transactions, or view their reports.
Ideal for start-up businesses
Tish Bhagwandeen, CA and Founder of Infinance Solutions has found QuickBooks Ledger an ideal option for micro businesses who may be just starting out and are hesitant to make the jump into a full accounting software environment.
“For a micro business with simple requirements or seasonal events, it can be challenging to get them to understand why they should make the cost investment into accounting software,” said Tish. “QuickBooks Ledger has been a great way to get these clients to begin digitising their businesses and see the advantages that brings.”
“There’s a huge benefit for a client just starting out on their business journey. With Ledger, it's very easy for them to gain access to reporting so they can understand their own profit and loss and gain the insights they need to assess the viability of the potential business they are starting up. This also empowers clients to be a little more independent of their accountant as well as more accountable for their financial information. With Ledger, they have the ability to manage that information and it’s a really nice introduction to what accounting software is without being overly intimidating,” said Tish.
Clients have peace of mind knowing they can easily upgrade from Ledger to another QuickBooks Online plan when their business grows.
Seamless Tax Integration
Emma Fabbro, CPA and Founder of Fusion Accountants has been moving low-trading and non-trading entity clients onto the new QuickBooks Ledger product and is already seeing the benefits of transitioning these clients away from spreadsheets.
“One of the biggest benefits of the new Ledger is the ability to get these smaller clients off Excel, and get them to connect their bank feeds. Once they are on Ledger, we’re free of that very manual Excel process. With the connection of bank feeds, you’re getting that clear snapshot of transactional data and reducing the risk of errors. It means the data is live and I can give my client a snapshot of how the entity is performing at any point in time,” said Emma.
QuickBooks Ledger is fully integrated and accessible through QuickBooks Online Accountant, so accountants can manage end-to-end workflows for all their clients from one place.
“Another great feature is the ability to run reports and integrate that data directly to QuickBooks Tax powered by LodgeiT. With my clients using QuickBooks Ledger, I have access to the Prep for Taxes functionality, which helps streamline end of year accounts and tax preparation,” said Emma.
For more tips to streamline your tax workflow this financial year, visit the Intuit QuickBooks EOFY Hub and join one of our webinars. To learn more on QuickBooks Ledger visit our website or give us a call at 1800 618 521.
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