Announced at QuickBooks Connect 2019 in Melbourne, the new QuickBooks Tax, integrated with LodgeiT, will allow accountants to manage the end-to-end tax lodgement process for their clients directly from QuickBooks Online Accountant.
It will allow accountants to review their clients’ books, make adjustments and corrections, attach supporting documents before exporting the data from clients’ QuickBooks file, and automatically map the chart of accounts to the relevant accounts in LodgeiT and pre-fill tax forms.
“Accountants and bookkeepers typically spend long hours at tax time reviewing and preparing client data from multiple sources,” said John Dunkerley, country manager, Intuit Australia.
“Customers tell us this is an inefficient and fragmented workflow, causing frustration, leading to room for error, and eats into time that could be better spent providing value-added services that truly matter.”
Intuit head of adviser marketing Meagan Wood said the new offering would help improve the workflow of smaller firms.
“The tax solution really does take us to a different consideration set with accountants in particular, because it enables us to have that end-to-end workflow that they can just stay in QuickBooks and take it from start to finish and historically it stopped at one point, but now we’re taking it through to lodgement which is going to increase our attractiveness to smaller firms who are looking for an end-to-end online tax solution,” Ms Wood said.
Speaking to Accountants Daily, technology consultant and founder of Value Adders Matt Paff said the rollout was much awaited ever since Intuit placed a focus on practice management software.
“It’s been a core focus they talked about at QuickBooks Connect two years ago and they said they were going to put a lot of development into practice management, and certainly they have,” Mr Paff said.
“It is not just about a LodgeiT integration — they have a whole tax preparation area now where you get the files ready for actually doing the tax lodgement process and it looks pretty good.”
Intuit also announced a new receipt capture functionality to save and store work-related receipts in preparation for tax time.
It will soon be made available to QuickBooks Online customers and is currently available in QuickBooks Self-Employed.
“Our small business customers have told us that manually keeping track of their receipts can be a painfully time-consuming process,” Mr Dunkerley said.
“QuickBooks’s receipt capture is a solution offering an effortless way for small businesses to capture, store and manage their receipts, all in one place.”
Jotham Lian is the news editor of Accountants Daily, the leading source of breaking news, analysis and insight for Australian accounting professionals.
With a focus on breaking news and exclusive analysis, Jotham keeps Accountants Daily readers up to date with company moves, tax updates and essential business and client strategy.
Before joining the team in 2017, Jotham wrote for a range of national mastheads including the Sydney Morning Herald, and Channel NewsAsia.