Intuit’s QuickBooks Desktop is the leading accounting software for small businesses. With each new annual release, Intuit adds new features and improvements. But is it worth upgrading every year? Here are some key factors to consider when deciding whether to upgrade to QuickBooks Desktop 2024.
What’s New in QuickBooks Desktop 2024
While Intuit hasn’t officially announced all the updates coming in the 2024 version yet, they usually give some hints ahead of time about what to expect. Based on this, some potential new features may include:
- Enhanced reporting with more customization options
- Increased automation for tasks like reconciling accounts
- More flexible inventory management tools
- Expanded options for managing vendors and 1099 contractors
- Integration with more third-party apps
Of course, the only way to know for sure what’s coming is to wait for the official announcement from Intuit. But these types of improvements are in line with updates they’ve made in previous releases.
Benefits of Upgrading
Upgrading each year allows you to take advantage of the latest features. This can provide several benefits:
- Increased productivity: New automation tools save you time on routine tasks.
- Improved accuracy: Enhancements like reconciliation can reduce errors.
- Better insight: With more customizable reporting, you gain greater visibility into your finances.
- Easier scaling: Expanded features accommodate growth and additional complexity.
- Integration: Connecting with more apps widens the capabilities.
- Compliance: Upgrades ensure you adhere to changing tax codes and regulations.
For most QuickBooks 2024 users, upgrading provides an opportunity to work smarter and more efficiently.
Cost of Upgrading
The exact cost of upgrading to QuickBooks Desktop 2024 will not be available until Intuit releases pricing information. However, based on previous years, you can expect the price to be in the $200 to $300 range to upgrade from the previous year’s version.
While this may seem like a significant investment, for most businesses the boost in productivity and efficiency outweighs the upgrade cost. And there are usually discounted upgrade offers available, so the net cost may be lower.
Considering the upgrade in terms of ROI, the time savings and accuracy gains usually translate into a very fast payback compared to the upgrade fee. It’s cheaper than investing in new hardware or staff.
Alternatives to Upgrading Annually
Some businesses may not want to upgrade QuickBooks Desktop Enterprise every year. Here are a few options to consider instead of upgrading annually:
- Skip a year: Upgrade every other year to get new features while saving some costs in between.
- Stick with your current version: If your needs are met, you can forgo upgrades and continue using your current version.
- Move to QuickBooks Online: The web-based version has lower upgrade costs and is continuously updated.
- Third-party integrations: Add-on apps can augment your existing version with some of the latest enhancements.
- Make manual changes: You can modify forms and processes manually instead of via upgrades.
Evaluate whether the latest improvements are truly worth the upgrade cost for your business before making a decision.
QuickBooks 2024: Should You Upgrade?
For most QuickBooks Desktop users, upgrading to the 2024 version will be a smart investment. The newest features will drive productivity, accuracy, and insight – providing substantial value that outweighs the upgrade cost.
However, businesses that don’t require the latest functionality can potentially hold off on upgrading. Be sure to research the new features and assess your specific needs.
QuickBooks Desktop Enterprise continues to be the top accounting solution for small businesses thanks to Intuit’s ongoing innovations. Taking advantage of these annual advancements through upgrades is recommended for most users in order to fully leverage the power of QuickBooks.