QuickBooks Desktop Premier has long been one of the most popular accounting software options for small businesses. The latest version, QuickBooks Desktop Premier 2024, was recently released with several new features and improvements. For existing QuickBooks Desktop users, a common question is - should I upgrade to the newest version? Here is an in-depth review of what's new in QuickBooks Desktop Premier 2024 to help you decide if it's worth upgrading.
Overview of QuickBooks Desktop Premier
QuickBooks Desktop Premier is the mid-tier offering from Intuit's QuickBooks Desktop product line designed for small to medium-sized businesses. It sits above the Pro version with additional functionality like advanced inventory tracking, project management tools, and more advanced reporting. QuickBooks 2024 allows up to 5 users to access the company file and comes in both Windows and Mac versions.
Some key features of Premier include:
- Advanced reporting - customize and save report templates, see margins and project profitability
- Advanced inventory - track inventory in multiple locations, set reorder points and stock status
- Project management tools - track project costs and profitability, monitor project progress
- Estimates - create professional estimates to send to clients and convert to invoices
- Contractor edition - track contracted jobs and link expenses to jobs
Premier provides a solid feature set for growing businesses that need robust accounting capabilities and greater insight into their finances.
What's New in QuickBooks Desktop Premier 2024
QuickBooks Desktop Premier 2024 builds on the existing capabilities with some helpful new features and improvements:
Enhanced Search Function - The search function has been rebuilt to make it easier to quickly find transactions, contacts, reports and other data. Search results are now categorized by type and there are filters to narrow down searches.
Improved Invoice Copy Feature - Copying invoices now carries over more header information like customer messages and custom fields. This saves time when creating batches of invoices.
Easier Memo Management - You can now print, export, and bulk delete memos to keep transaction notes organized. The memo view also allows sorting and filtering to find memos faster.
More Flexible Rules for Recurring Transactions - The rules for recurring transactions like invoices and sales receipts now have additional flexibility to handle irregular billing schedules.
New Payment Icons - Icons representing different payment types like cards, eChecks, and gift cards make it clearer in the interface when these types of payments are used.
Enhanced Mobile App - Manage invoices, record expenses, and view reports right from your mobile device with an updated QuickBooks Desktop companion app.
Improved Categorization - Transactions are now more accurately categorized to reduce cleanup work. You can also merge duplicate categories and vendors.
Should You Upgrade to QuickBooks Desktop Premier 2024?
Upgrading accounting software is an important decision that can impact your workflows. Here are some factors to consider when determining if you should upgrade to QuickBooks Desktop Premier 2024:
Need the New Features? - Review the new features in Premier 2024. If there are one or more features your business could really benefit from, upgrading may be worthwhile. For example, the improved search, flexible recurring invoices, or better mobile access.
Current Version Reaching End of Support - QuickBooks usually provides support for about 3 years from a version's release date. If your current version will reach end of support in 2023, upgrading to the new 2024 version can extend support another few years.
Cost of Upgrade - There is usually a discounted price for existing users upgrading to the latest version. Premier costs $399.95 for new users, but the upgrade price is generally $279.95. Consider if the upgrade cost is justified by what you gain in new features and ongoing support.
Learning Curve - While Intuit tries to keep upgrades intuitive, there is a learning curve anytime software changes. Make sure you have time to learn the new features and train employees as needed if you upgrade.
Add-on Compatibility - If you use integrated third-party apps, confirm they are compatible with Premier 2024 before upgrading to avoid disruptions.
The Bottom Line
QuickBooks Desktop Premier 2024 provides helpful improvements like better search, flexible recurring transactions, enhanced mobile access, and more. It is a recommended upgrade, especially if you need any of the new features or are nearing the end of support on your current version. Be sure to consider the learning curve and compatibility factors before upgrading. Reach out to your accounting advisor for help determining if upgrading makes sense for your business this year.
