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Understanding the new features of QuickBooks 2023

New Features of QuickBooks 2023

Your favorite QuickBooks 2023 accounting software has come up with some impressive new updates as well as features. These features are sure to make the financial management process easier for users of the software.

Automatic Expense Categorization:

With the introduction of advanced AI features, QuickBooks users will now be able to have an automatic categorization of all their expenses. This will naturally save them much effort. At the same time, it also reduces the risk of human error.

Advanced reporting and analytics

QuickBooks 2023 now makes reporting much more insightful. QuickBooks Advanced reporting now allows you to create customized reports as per your own requirement. You can use the collated data, to build the report as per your needs. The dashboards are also now customizable; consequently, they allow you to see metrics at a glance.

Real time Collaboration

QuickBooks 2023 will now facilitate collaboration between different team members, including the accountants as well as other stakeholders in the business or in the company. Different users will now be able to work on the file simultaneously. Thus the users can

Multi Condition approval Workflows

Recently, QuickBooks Online Advanced has introduced a new feature that supports multiple conditions in workflows. This enhancement allows for a more accurate representation of real-world invoice approval situations. Additionally, the introduction of a visual workflow builder simplifies the process of creating and modifying workflows by providing a visual depiction.

With this update, Advanced now enables you to direct approvals to various approvers through multi-condition approvals. For instance, if an invoice requires approval from different managers based on factors like amount, location, or projects, you can specify these conditions in your workflow. This added flexibility enhances the practicality and usability of workflows for clients in need of multi-condition approvals. Moreover, it contributes to a reduction in repetitive tasks and minimizes the potential for errors.

Inventory

Inventory In that case, when the user is perusing a report, they will have a more detailed understanding of the stocks that they have in possession.

The following steps will help a user to select a category when editing an item:

Navigate to the Lists option and press on Item List. Select the items that has to be added to category and select “Edit Items. Choose the category, and press on “Add new” to create a new one.

Moreover, businesses will also be able to see the expiration date of perishable items.

Intercompany transactions

The specific feature is available in different versions of QuickBooks Desktop 2023 including Pro Plus, QuickBooks Premier Plus, and Enterprise. It allows accountants to issue a bill between different company files. Thus, there can be simplified management of businesses, as the transactions between different companies can be tracked.

It has regularly been observed that combined reporting of transactions pertaining to more than one company requires accountants to adjust intercompany transactions manually. This becomes a long drawn out process. The intercompany transactions feature of QuickBooks 2023 will allow businesses to run consolidated reports more efficiently.

Track Vehicle Mileage

The concerned feature would help the user to track the trips and vehicles across the travels. This would also be helpful in accounting for mileage deductions. Earlier, users were required to manually enter the odometer ratings to get tax deductions on tracking business mileage. Users can thus accelerate the process of getting tax deductions.

Cash Flow Hub

Businesses get better insights into the financial position in which they are currently. The software provides them with perspective regarding the cash amount that they possess in real time. Thus, they are able to take better decisions with regard to improving cash flow. Businesses are able to track both inward as well as outward cash flow.

Payment Links

Businesses may send a payment link to their customers, in order to request outstanding payments from them. Thus, there is no requirement to attach any invoices

View-Only Mode

Users will be able to view the reports, although they will not be able to create or update any new transactions. Without the subscription, the user will not be able to edit data. Although, they still reserve the ability to view it at all times, as well as export it to other locations.

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