QuickBooks, the popular accounting software from Intuit, releases a new version every year with new features and improvements. As we approach 2024, small business owners who rely on QuickBooks for their finances will be wondering - what's fresh in the next QuickBooks upgrade? Here's an overview of some of the most exciting new capabilities expected in the QuickBooks 2024 release.
Automated Transaction Matching
One of the most time-consuming tasks in QuickBooks is reconciling transactions between bank/credit card statements and what's recorded in QuickBooks. The 2024 version is expected to use AI to automatically match transactions, saving significant time and reducing errors. Users will be able to auto-match 70-80% of transactions, only needing to manually match the remainder.
Enhanced Reporting
Reporting is vital for making smart financial decisions. QuickBooks 2024 will enable users to create more powerful reports faster. New customization options, additional report templates, and drill-down capabilities will provide greater insights from report data. Real-time reporting will also be introduced, allowing users to view up-to-date reports whenever they want.
Improved Inventory Management
For product-based businesses, QuickBooks 2024 promises big improvements for managing inventory. New functionalities will allow multi-location inventory tracking, serial/batch number tracking, and bin management. Users will also be able to build product kits and create purchase orders easily. Overall, much tighter inventory control will be possible.
Advanced Budgeting
QuickBooks 2024 will provide more control and flexibility for budgeting. Businesses will be able to set multiple budgets, compare actuals to budgets in custom reports, and perform what-if analysis. Advanced workflows will also enable seamless budget collaboration between departments.
Enhanced Payroll
Significant enhancements are coming to QuickBooks payroll. Direct deposit for employees will be easier to setup. Payroll taxes can be automatically calculated and paid. Users will also enjoy an updated payroll dashboard showing key info like hours, pay, deductions, etc. New integrations will sync employee payroll data with other systems.
Improved Search
Finding transactions, contacts, reports, and other information is critical in QuickBooks. The 2024 release will feature an advanced search engine for faster, more accurate results. Search keywords, filters, and search suggestions will make finding anything in QuickBooks almost instantaneous.
Smarter Alerts
QuickBooks 2024 will proactively provide alerts for a wide range of important business events, from a low account balance to a loan payment due. Users can customize alerts based on their unique needs. Real-time alerts will also be possible thanks to constant data monitoring in the background.
Easier Accounting Assistance
For those without an accounting background, QuickBooks 2024 will make it easier to get help right within the software. Contextual help and explanatory videos will guide users. Improved chatbots can answer common questions. Users can also connect to live bookkeeping professionals to get customized assistance.
The QuickBooks 2024 upgrade delivers major improvements across the board for small businesses. Smarter automation, deeper insights, and easier use of the software will help businesses manage their finances more effectively. With exciting new capabilities on the horizon, existing QuickBooks users have a compelling reason to upgrade in 2024.
