QuickBooks Desktop 2024 is set to launch later this year, bringing with it a host of new features and updates that promise to improve the accounting experience for small businesses and accountants alike. As an industry-leading accounting software, QuickBooks has continually innovated over the years while maintaining the user-friendly interface that it is known for. The 2024 version is no exception, with Intuit adding capabilities based on the latest technology trends and customer feedback.
In this comprehensive guide, we will walk through the key new features in QuickBooks Desktop 2024 and provide tips on how you can navigate them for smoother accounting and financial management. Whether you are an accountant recommending QuickBooks to clients or a small business owner yourself, this guide will prepare you for what’s new so you can hit the ground running with the 2024 release.
Enhanced Bank Feeds and Transaction Matching
Connecting bank accounts to QuickBooks has always allowed transactions to be automatically imported and reconciled. For 2024, Intuit has revamped bank feeds to deliver more reliable and consistent connectivity. With the ability to connect to over 16,000 financial institutions, the improved bank feeds facilitate a smoother bank reconciliation process.
Once transactions are imported, QuickBooks leverages machine learning to categorize and match them. If any transactions are unmatched, the software presents suggestions based on past matches that you can review and accept or decline with one click. This takes a lot of the grunt work out of matching downloaded transactions. The accuracy of transaction categorization and matching is far better with the upgrades in 2024.
Smart Invoicing
Invoicing is a core task for any business using QuickBooks Desktop, with the software storing customer information, automating recurring invoices, allowing online payments, and more. The 2024 update takes invoicing to the next level with smart invoicing capabilities.
As soon as you begin creating a new invoice, QuickBooks will recommend products and services to add based on past history with that customer. This saves you time recalling and manually adding line items. Customer-specific terms, discounts, and memos will also auto-populate for faster invoicing.
Once an invoice is generated, QuickBooks will recommend sending it directly through preferred channels like email or text based on customer communication history. Tests by Intuit found that smart invoices save an average of 41% of the time it normally takes to create and manage them manually.
Advanced Reporting
QuickBooks reporting has always provided the basics like Profit & Loss statements, Balance Sheets, account registers, and more. The reports are perfect for cash flow management and making day-to-day business decisions. The 2024 version takes it further with advanced analytics and customizable visual reports.
Using the new Insights tab in Reports, you can access dynamic reporting tools that go beyond static reports. Create customized summary and detail reports filtered by any field or date range. Visualize reports through charts and graphs. QuickBooks will detect trends and unusual spikes in the data to highlight. Advanced reports are perfect for identifying issues like decreased profit margins or spikes in spending.
For accountants and bookkeepers, batch reporting allows generating reports across multiple company files in just a few clicks. No more toggling between various client reports!
Visual Budgeting
Planning and managing budgets is critical for controlling cash flow and planning growth. QuickBooks 2024 introduces a completely redesigned budgeting module with dynamic visual options.
The visual budgeting tools allow you to:
- Create budgets for multiple scenarios to compare and forecast
- Use interactive charts to visualize budgets vs. actual data
- Generate profit and loss, balance sheet, and cash flow forecasts
- Identify budget variances at a glance
- Filter budget vs. actual by dates, customers, accounts, etc.
Whether setting sales targets or keeping project costs in check, the new QuickBooks budgeting module ensures you have dynamic control over financial plans for your business.
Enhanced Payroll Management
Running payroll is a compliance-heavy task. QuickBooks 2024 aims to lighten the burden for businesses with several enhancements to payroll management.
Payroll updates include:
- Automated tax calculations and payments to over 12,000 tax agencies
- Expanded pay types like piece rate, tips, manual checks, etc.
- Support for hourly and annual pay schedules
- Updated tax tables and forms for 2024
- Automated new hire reporting
- Improved integrations with HR systems
Managing payroll taxes and forms is tedious. The upgrades in QuickBooks 2024 handle the heavy lifting while ensuring full compliance. The additional pay types also support businesses with non-standard pay structures.
Inventory and Order Management
For product-based businesses, inventory and order management is a high priority within QuickBooks Desktop. The 2024 release builds on existing capabilities to help better track inventory, streamline order fulfillment, and reduce data entry.
With the new QuickBooks, you can:
- Print barcode labels and use a mobile scanner to receive/count/transfer inventory
- Configure inventory alerts to notify when stock gets low
- View real-time inventory availability across locations
- Use batch inventory adjustments to quickly update multiple items
- Generate pick lists and fulfill orders in fewer steps
- Create purchase orders from low inventory alerts
As fulfillment processes get more complex, QuickBooks 2024 gives product businesses greater control. Inventory tracking is tighter while order management is streamlined. Data entry stays lean through barcode scanning and automated workflows.
Enhanced Search
Finding transactions, contacts, reports, and other data in QuickBooks is easier with the enhanced search capabilities. Intuit redesigned the search algorithm and interface to deliver:
- Faster results as you type
- Search within selected scopes like Accounts, Contacts, Inventory, etc.
- Filtered search results
- Search for phrases, transaction details, amounts, etc.
- Search historical transactions even in previous years
- Ability to search data in attached documents and photos
Finding the exact data you need in QuickBooks 2024 takes just a few clicks thanks to the enhanced search. No more scrolling through lists or remembering specific fields – just type a few keywords and the relevant data appears automatically.
Connectivity and Accessibility
QuickBooks 2024 continues to expand connectivity and accessibility for multiple users. Enhancements include:
- Support for high resolution and touchscreen monitors
- Improved accessibility with screen readers for the visually impaired
- Expanded support for cloud storage apps like Dropbox, Google Drive, OneDrive, etc.
- Ability to email forms and transactions directly in QuickBooks
- Multi-user access to a company file from multiple devices and locations
No matter your team structure or devices, the latest QuickBooks makes business data accessible. Switch effortlessly between desktop and laptop systems at work and home. Store data securely using integrated cloud storage apps. The focus on accessibility opens up QuickBooks Desktop to even more users and use cases.
Get Ready for QuickBooks Desktop 2024
The latest QuickBooks Desktop release is slated to be available in 2024. Based on the expected new features and improvements, it will be a significant update for accountants, bookkeepers, and small business owners.
Major focus areas for the 2024 release include smarter workflows like automated transaction matching, enhanced reporting and budgeting, improved inventory and order tracking, tighter payroll management, and more. Accessibility and connectivity also see significant upgrades.
As the release date approaches, keep this guide handy to preview what’s coming in QuickBooks Desktop 2024. Whether you are an existing user evaluating the improvements or a new user considering QuickBooks for your small business, this overview gets you up to speed on what is new. With a clear picture of the features and capabilities, you can upgrade or start using QuickBooks 2024 more confidently and ensure smoother accounting operations from day one.
