With a new year upon us, small businesses using QuickBooks should be aware of the latest updates to stay current. Intuit frequently releases new versions of QuickBooks Desktop and QuickBooks Online containing valuable improvements.
In 2024, making the effort to update QuickBooks is particularly important. Here are some of the most essential and beneficial updates businesses should look to implement this year.​
For users of the desktop version, QuickBooks Desktop 2024 will bring several must-have updates when it releases later this year. Based on early release notes, some of the key improvements will include:
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Improved Visual Reporting Creating insightful, visual reports will be easier with new options to add charts and graphs to illustrate financial KPIs. More customization of report elements will also be possible.
Enhanced Inventory Tracking QuickBooks Desktop 2024 promises more automation and control over inventory management. Improvements include the ability to track inventory assembly components and customize inventory fields.
Simplified Account Reconciliation Reconciling accounts is set to become even simpler. QuickBooks upgrade 2024 will add features like automated matching and rules-based categorization to speed up the reconciliation process.
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Integration with Microsoft 365 Better integration with Microsoft 365 is coming to allow seamless syncing of business contacts, calendars, and files between the two platforms.
Based on these planned updates, upgrading to QuickBooks Desktop 2024 looks to be extremely worthwhile for improving reporting, inventory management, reconciliations, and Microsoft integration.
QuickBooks Online Advanced 2024
Meanwhile, QuickBooks Online Advanced will also see important updates this year. Planned changes include:
More Automated Billing Rules Building on existing automation, QuickBooks Online Advanced 2024 allows you to set more rules and workflows for invoicing, billing, approvals and more. This saves time as your business scales.
Custom Field Expansion You will be able to create custom fields in more areas like bills, chequeens and credit memos. This makes it easier to capture unique business data.
Visual Data Analysis New tools will empower users to visualize data trends in charts and graphs. This makes financial insights more intuitive.
Improved Project Planning Enhancements to project planning features will make it easier to view key project metrics in one place and monitor project financials.
​Based on these upcoming features, QuickBooks Online Advanced 2024 will be a must have update for growing businesses wanting more automated workflows and data visualizations.
Regular Release Cadence
Beyond major annual updates, QuickBooks frequently rolls out smaller improvements and new features through regular releases all year long.
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For QuickBooks Online, new features are added almost every two weeks. QuickBooks Desktop tends to see monthly or quarterly releases.​
Some updates add just small tweaks and fixes. But others bring meaningful benefits like new integrations, automation tools, or ways to customize QuickBooks to your business.
So in addition to planning for significant updates, you should also make time throughout 2024 to review and install incremental updates. Don't let your QuickBooks version fall too far behind.
Switching Editions​
Another way to gain the latest QuickBooks capabilities this year is to change editions if needed.
For instance, you may have outgrown QuickBooks Online and need the more advanced QuickBooks Online Advanced. Or you might benefit from upgrading QuickBooks Desktop Pro to Premier.
The Bottom Line
To optimize your QuickBooks experience in 2024, commit to staying up-to-date with the latest releases. Major updates like QuickBooks 2024 along with regular releases will bring valuable new tools and efficiency boosts. Plus, re-evaluating your QuickBooks edition can provide access to more advanced capabilities. Keeping QuickBooks current pays off with a smoother financial management experience.