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The AI-enhanced upgrade targets businesses with more than five employees that require additional functionality such as task automation.
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QuickBooks aims Online Advanced at mid-market
06 February 2024
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9 minute read
QuickBooks has released Online Advanced as its “newest and most robust” cloud-based accounting program which uses AI to manage a higher volume of transactions at an affordable mid-market price, the software company says.
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It said Online Advanced featured automated accounting tasks and custom permission settings and allowed for data to be backed up and restored, as well as all the features of Online Plus.
Damien Greathead, accounting and adviser group lead, said the software was an alternative to current mid-market offerings.
“QuickBooks Online Advanced provides an advantage for growing and more complex businesses at an attractive price point,” he said.
QuickBooks released Online Advanced in the US in 2019 and said the upgraded software would be rolled out domestically during its Get Connected conference in Sydney in November.
It was best suited for growing businesses with more than five employees requiring “automation, customisation and control”, with subscriptions starting at $77 per month.
“We’ve expanded our platform capabilities to serve customers who are self-employed all the way through to those with larger workforces and a high volume of transactions,” Mr Greathead said.
“As these businesses grow, many are faced with the lack of an affordable solution and often adopt software that is both expensive and too complex for their needs. QuickBooks Online Advanced addresses that void to help power their prosperity.”
Online Advanced would “boost productivity” by automating accounting tasks such as putting invoices through pre-set approval flows before sending and setting reminders and approvals for transactions like invoices, payments or deposits.
Users would be able to determine and restrict access to sensitive information, such as transactions involving deposits, sales, expenses, inventory or reports.
QuickBooks said that data would also be frequently backed up and stored securely, allowing users to restore books to a previous point in time.
Users could customise insights and create dashboards and reports using the tracked data. QuickBooks said users could set a schedule to automatically send custom reports, allowing for “no heavy lifting to keep your stakeholder informed”.
Additional product capabilities would be added to the platform “in the near future”, QuickBooks said. These features were expected to “increase administrative efficiencies, enhance reporting and benchmarking and ease expense management”.
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