QuickBooks Desktop is one of the most popular accounting software packages for small businesses. With the release of QuickBooks Desktop 2024 just around the corner, many current users are wondering if they should upgrade to the latest version. Here is an in-depth review of what’s new in QuickBooks Desktop 2024 and whether it’s worth upgrading this year.
Overview of QuickBooks Desktop
QuickBooks Desktop 2024 is accounting software designed for small business owners and bookkeepers. It allows users to manage all their bookkeeping tasks including invoicing, paying bills, tracking expenses, managing payroll, and running financial reports.
Some key features of QuickBooks Desktop include:
- Invoicing and accounts receivable
- Accounts payable and bill payment
- Expense tracking
- Inventory management
- Job costing
- Payroll processing
- Financial reporting and analysis
- Integration with 3rd party apps
QuickBooks Desktop comes in three versions – Pro, Premier, and Enterprise. The more expensive versions have additional features like advanced inventory and pricing, advanced job costing, and higher customer, vendor and employee limits.
What’s New in QuickBooks Desktop 2024
Intuit usually rolls out major updates to QuickBooks Desktop every 3 years. The last big update was in 2020, so chances are 2024 will bring some significant new features and improvements.
Although Intuit has not officially announced features for QuickBooks 2024 yet, based on past upgrades and user requests, we can expect enhancements in the following areas:
Updated Interface and Improved Workflows
QuickBooks Desktop 2024 is likely to include interface tweaks and new navigation to improve commonly used workflows. For example, better options to quickly record and pay bills or create and send invoices.
Advanced Reporting
More customizable and visual reporting like graphs and dashboards could be coming to QuickBooks Desktop 2024. Advanced reporting saves time and provides valuable business insights.
Enhanced Inventory Management
Expanded capabilities for managing and tracking inventory across multiple locations and channels may be added in 2024. This includes improved purchase order processing for inventory.
Integration with New Apps
Intuit is likely to expand integration with 3rd party apps. For example, deeper Mailchimp, PayPal, Stripe and eCommerce platform integrations may be on the horizon.
Visual Workflow Creator
A new visual workflow creator tool would allow custom automations without needing technical skills. This can automate tedious tasks and improve efficiency.
Payroll Enhancements
QuickBooks Payroll often gets upgrades like new tax forms, automated tax payments, and tools for managing payroll liabilities and payments.
Reasons to Upgrade to QuickBooks Desktop 2024
Here are some of the key benefits for QuickBooks Desktop users upgrading to the 2024 edition:
- Access new features and improvements – The latest version will include new capabilities not available in older editions. Upgrading allows you to leverage these to improve your accounting processes.
- Improved efficiency – With interface enhancements, new reporting tools, expanded integrations and automated workflows, you can save significant time with the newest edition.
- Better data insights – With the advanced reporting and visualization expected in QuickBooks Desktop 2024, you can gain valuable insights into your business performance to aid decision making.
- Take advantage of new 3rd party integrations – Any new apps and integrations with QuickBooks Desktop 2024 will provide more ways to connect the dots across the tech you use to run your business.
- Ensure compatibility – Upgrading prevents compatibility issues accessing new file formats or features in the latest version. This avoids disruptions.
- Access to support – Ongoing product support, usually for 3 years after release, is a key reason to upgrade and ensures you can get help if needed.
Reasons You May Wait to Upgrade
However, there are also some valid reasons you may want to wait to upgrade:
- No major new features needed – If the expected 2024 enhancements don’t address pain points for your business, upgrading may not be urgent.
- Change management – For some businesses, an upgrade brings unwanted change and learning curves that disrupt operations. Waiting extends the current workflows.
- Tight budgets – Upgrading has a cost, either the price of a new license, or time spent on training and implementation. For cash strapped businesses this cost may not be justified.
- Customizations may break – Extensive customizations and 3rd party add-ons bring a risk of issues after upgrading. You may want to wait for add-on providers to ensure compatibility.
- Timing is bad – Certain times of year may be busier operationally, so waiting for a less disruptive window to upgrade could make sense.
Should You Upgrade to QuickBooks Desktop 2024?
So should you upgrade this year? Here are some key questions to consider:
Do you regularly use new features added in recent versions? Upgrading every 3 years allows you to take advantage of Intuit’s major improvements. If you stick to the same old workflows, upgrading may not be as beneficial.
Does the expected 2024 feature set address pain points for your business? For example, if you’ve been wanting visual reporting or improved inventory management, the 2024 release may have what you need.
Do you rely on customizations or 3rd party apps? Assess integration risks and plan time for testing prior to upgrading. Also check when providers expect compatibility with 2024.
Is your business growing or scaling? Growth may demand the new capabilities in 2024 like advanced inventory or higher customer limits. Future proof by upgrading.
Can you budget time for training and workflow changes? Upgrading will likely require an investment in training employees on new features. Plan for this to ensure you actually utilize the upgrades.
By weighing your specific business needs against the expected new capabilities coming in QuickBooks Desktop 2024, you can make the right call on whether to upgrade this year. Carefully evaluate the benefits versus potential costs and disruptions to determine the best timing.
Bottom Line
QuickBooks Desktop 2024 is shaping up to be a worthwhile upgrade for many users based on expected new features and enhancements. However, businesses will need to assess if the benefits outweigh any implementation time and costs. Those needing access to new tools for efficiency, reporting and inventory management may find the most value in upgrading this year.
With every new release, Intuit makes improvements to address user requests and expand QuickBooks Desktop’s capabilities. For businesses able to take advantage of these new features, upgrading every few years is recommended. Carefully consider your accounting software needs and timing to decide if QuickBooks Desktop 2024 is the right choice for your business this year.