Using revenue streams in QuickBooks Online Advanced
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By Lynda Artesani
QuickBooks© Online Advanced just keeps getting better and better. The new features keep coming out in a flurry, including one of the newest: Revenue Streams. It’s pretty sleek! What I love about this new dashboard feature is it will definitely attract my clients’ eyes and works as an accountant-client conversation starter about an important topic they may have not even thought about discussing with you. It’s a perfect opportunity for your expertise to shine – and an opening for your client to ask about future advisory services!
So what exactly is the new Revenue Streams feature in QuickBooks Online Advanced and how can we use this feature to show off our high-value skills to our customers? Well, you’re in luck. I’m here to tell you just that right now.
Revenue Streams in QuickBooks Online Advanced is an interactive report that automatically highlights your top three money makers on the Dashboard. This feature is only visible to Master Admins. With this feature we can track revenue by multiple channels:
- Income accounts
You can also micro-filter to a specific customer, location, class, and others areas, and you can select up to 10 filtered items to show on the dashboard.
When you click back to your display, it will show you each selected revenue type over the chosen timeframe in an attractive chart. It will display them by the top performer:
Filter by product/service
This filter also compares revenue streams. Imagine the possibilities with this feature! Envision your client has a new product or service they want to keep tabs on with regard to how much revenue it is bringing in. With QuickBooks Online Advanced, now they can view the product/service sales in real-time:
Filter by classes
Something I track for my attorney clients is revenue generated by the business partner. I set this up by class and, voilà, now the partners can see how they match-up against each other. My lawyer clients love this! In the past, I would generate a report so they could monitor sales. But now with Advanced, I have an illustrative graph highlighting the top performers. This is right up their alley, especially for my most competitive lawyers. They love seeing which one generates the most income per month. They wear it like a badge of honor.
Filter by locations
Does your customer have multiple locations or storefronts? If so, the Revenue Streams’ option to filter by Locations in Advanced is going to work great. Filter by Locations and they can monitor the performance of each store, matching one up against the other. Your clients can see which store is more profitable and keep tabs on their money as daily sales come in.
Filter by project
Or, a client that has ongoing projects that they need to scrutinize over time. No more searching through reports. It’s all right here on the homepage.
Filter by customers
I have to say this is my favorite one to use for my own firm. Last summer, I dove deep into my records to see which of our clients generated the most income for the business. No need to do that anymore; today, I can use Revenue Streams to get that important information in front of me all the time. Now I have a simple daily reminder of which client brings in the most revenue for me. This tool can be used to guide my future pricing decisions.
Filter by income account
Are you tracking multiple revenue accounts? If so, Revenue Streams helps you keep an eagle eye on all of them. Sweetness! See which ones are growing, which are stagnant and could need more attention – or maybe even be eliminated. Seeing this graphic when you log in to QuickBooks Online Advanced will help your client stay focused on what they sell, what’s profitable, and keep a finger on the pulse of how each revenue source is performing.
As I said earlier, Intuit® keeps adding tools to this cloud-based accounting software that are good for my clients, and good for me. Keeping up with the newest features in QuickBooks Online Advanced gives me a chance to keep discovering the potential each one makes possible for me when it comes to how I do my own accounting business. Revenue Streams is the latest in a list of Advanced capabilities that helps me help my clients dive into the details of their business in an easy-to-see-and-understand way. And, the graphical representations of this information make it easier than ever for me to “show” my clients why my advisory services are valuable and why they matter to them and their business decisions.
As I elevate my practice to work more and more with fast-growing, complex firms, it’s my experience that these kinds of customers desire data points – just like the ones I’ve laid out here in my description of Revenue Streams. Want to impress your customer? One who you know would love to see these metrics every day when they get online? I highly recommend checking out QuickBooks Online Advanced and all its new features. It won’t disappoint.