New Features Of QuickBooks Desktop 2024: A Complete Guide

 QuickBooks Desktop is one of the most popular accounting software used by small businesses worldwide. Intuit, the maker of QuickBooks, releases a new version every year with exciting new features and improvements. With over 4.5 million users, QuickBooks offers robust accounting capabilities tailored for small businesses in a user-friendly interface.

In September 2022, Intuit released QuickBooks Desktop 2024 with features like visual workflow, improved search, and more. The next big release will be QuickBooks Desktop 2024, slated to come out in August 2023. While the official details are still under wraps, there are some exciting features and updates expected in the new version based on user feedback and Intuit's product roadmap.

In this guide, we will discuss what new features users can expect in QuickBooks Desktop 2024, along with improvements in existing functionalities.

Visual Workflows And Enhanced Navigation

QuickBooks Desktop 2023 introduced visual workflows - a graphical representation of common accounting tasks. This made the software more intuitive and easier to navigate.

In QuickBooks Desktop 2024, Intuit is expected to further improve navigation by adding more visual workflows for tasks like paying bills, tracking expenses and managing invoices. The overall interface is likely to become more graphical and responsive, reducing the learning curve for new users.

Streamlined Report Generation

Reports are critical for making data-driven decisions for small businesses. QuickBooks Desktop already has powerful reporting capabilities, but running and customizing reports can be time-consuming.

With QuickBooks 2024, Intuit may streamline report generation with easier customization options. Users can expect modern graphical reports with drilldown capabilities for insights. Creating memorized reports is also likely to become simpler with preset templates based on reporting needs.

Enhanced Search With AI

Finding transactions, contacts and other information quickly is crucial, but search currently needs to improve in QuickBooks Desktop. The search capability may see a major upgrade in 2024 release with AI-powered smart search.

The enhanced search is expected to understand common business queries in plain English. This would make finding invoices, bills and other data much faster. For eg: searching "Revenue generated from California clients last quarter" will instantly pull up relevant reports.

Improved Handling Of Recurring Transactions

Recurring transactions like recurring invoices, monthly subscriptions and repeat bills are very common for small businesses. QuickBooks Desktop already automates such recurring transactions, but setting them up involves multiple steps.

QuickBooks 2024 may allow users to set up recurring transactions in fewer clicks. The software can even suggest automating repetitive transactions which will save significant time for users. Tracking and modifying these transactions is also likely to become easier.

Better Integration With Microsoft Office

QuickBooks integrates well with Microsoft Office tools like Excel and Outlook for syncing data. But the integration experience still requires improvements, especially for bulk imports/exports and syncing contacts and calendar.

With QuickBooks 2024, Intuit may offer native integrations with Excel and Outlook so data flows seamlessly between the tools. For eg: invoice details getting reflected in Outlook immediately after raising the invoice in QuickBooks without any manual syncing.

Enhanced Payroll Management

Running payroll is a complex compliance-driven task for businesses. Although QuickBooks Payroll serves small business payroll needs with automatic tax calculations, there is scope to make payroll processing simpler.

In 2024, enhancements can be expected in the payroll dashboard to manage payroll runs more efficiently. Time tracking is also likely to be integrated into the payroll workflow to minimize data entry. Intuit may also add new third-party partnerships for direct deposit and tax filing from within QuickBooks.

Improved Mobile App

QuickBooks offers iOS and Android mobile apps to complement the desktop version, but the apps still lack many features. With growing smartphone adoption, Intuit is expected to improve the mobile experience in QuickBooks 2024 Desktop significantly.

Enhancements may include faster synchronization between desktop and mobile, barcode/OCR-based invoice scanning, adding products via mobile camera and capturing expenses on-the-go. Better inventory management and being able to handle billing/invoicing on mobile are also likely upgrades.

Expanded eCommerce Integration

Integrating QuickBooks Online with eCommerce platforms like Shopify and WooCommerce is already possible, but the capability may be introduced in the desktop version too with the 2024 release.

This will allow small businesses to connect their online stores with QuickBooks Desktop seamlessly. Inventory management and order processing can be synced in real-time across store and accounting. Automated transfers of orders, payment and tax data between the apps will help retail businesses save time.

Tighter Integration With Apps

QuickBooks Online offers hundreds of third-party app integrations, allowing users to extend the software's capabilities for their specific needs. QuickBooks Desktop also offers some integrations, but the capability is much narrower compared to the online version.

With the 2024 release, Intuit may significantly expand integrations with both first-party and third-party apps. This will help customize workflows as per business requirements around inventory management, shipping, CRM, eCommerce and more. Useful new integrations include Shopify, Zapier, Gusto and others.

Enhanced Data Security

With growing cyber threats, strengthening data security is a priority for Intuit especially after QuickBooks Desktop was targeted in a recent malware attack.

QuickBooks Desktop 2024 is likely to include upgraded security protocols during data transmission and storage encryption. Protection against unauthorized access may be improved by introducing biometric logins using fingerprint/facial recognition. Periodic security audits and threat detection also expected.

Faster Performance

Even as the software gets more complex with new features, QuickBooks must deliver fast performance. Users can expect Speed boost in commonly used areas like generating reports, bulk data imports, syncing data and switching between screens.

The improvements may be enabled by code optimizations, efficient data caching and updating backend technologies. Support for multi-core processing can also accelerate performance, especially when dealing with large data sets.

Easier Data Migration

Many businesses switch from QuickBooks Online to QuickBooks Desktop and vice versa as their needs evolve. The process of migrating data between the online and desktop platforms is complex currently.

To simplify data migration across versions, QuickBooks 2024 may come with guided workflows for moving data. Pre-mapped fields and auto data validation during migration can eliminate much of the manual work needed today. Intuit may also provide free tools and templates to aid data migration.

Improved Multi-User Access

Allowing multiple users shared access to QuickBooks company files aids collaboration in teams. Though QuickBooks already supports multi-user access, enhancements in user permission management and activity tracking expected.

For instance, the admin may be able to customize user roles with granular access to specific features like reporting or invoicing. Audit logs recording user activity can help track changes and maintain accountability. Better progress syncing will also help multi-location teams work together.

Expanded Industry-Specific Editions

QuickBooks Desktop already offers industry-tailored editions for Manufacturing, Nonprofit, Professional Services, Contractor etc. In 2024, Intuit may target more verticals like healthcare, hospitality, real estate, field services among others.

The industry-specific editions come pre-configured with unique chart of accounts, workflows and reports suited to that vertical. This saves significant setup time for businesses and unlocks industry-specific insights. More customizable fields and template choices also expected in the editions.

Enhanced Data Analytics & Insights

Data analytics is becoming more critical for small businesses to take decisions backed by data. QuickBooks Desktop 2024 Pricing may come with enhanced built-in analytics powered by AI to spot trends and insights.

Users can expect modern visualizations like interactive charts, graphs and gauges throughout the software. Customizable dashboards with trends, profitability analysis, budget vs. actuals and KPIs specific to the industry will make financial data more transparent.

Self-Service Troubleshooting

QuickBooks Desktop already offers robust help resources online along with live support agents. To further improve the self-serve experience, QuickBooks 2024 may feature in-product troubleshooting with step-by-step guides.

Diagnostic tools can proactively detect issues with data files or performance for the user to self-resolve errors faster without waiting for support. Contextual help displayed based on the user's screen may also help troubleshoot problems more efficiently.

Streamlined Onboarding

For first-time QuickBooks users, understanding how to configure the software for their specific needs has a learning curve. QuickBooks 2024 is expected to provide guided setup workflows based on business type.

Pre-populated industry templates, contextual help and recommendations during onboarding will make setting up hassle-free for beginners. Streamlining the initial configuration with easy import of existing business data will allow users to become productive faster.

Wrap Up

QuickBooks Desktop 2024 promises to bring intuitive new features that solve evolving small business needs. While the highlights discussed above are tentative, they give a good idea of the capabilities users can expect in the next big release. Technology like AI and automation is likely to drive key improvements under the hood as well.

With over 90% market share in the small business accounting software space, Intuit QuickBooks continues to dominate thanks to constant innovation. The 2024 update seems poised to deliver simplified workflows, deeper insights and enhanced user experience for the 4.5 million+ QuickBooks Desktop users worldwide.

Stay tuned for more details on QuickBooks Desktop 2024 as the release date nears next year. For any questions on the upcoming features or help with your current accounting system, please contact us. Our experts are always happy to assist!