QuickBooks has been the leading accounting software for small businesses for years. With intuitive interfaces, robust reporting, and helpful automation tools, it makes managing finances easier for entrepreneurs and small business owners.
As 2023 draws to an end, Intuit will likely soon release QuickBooks 2024 with new features and updates to help users streamline workflows and unlock new levels of productivity. Here’s an overview of some of the improvements users can expect in QuickBooks 2024 based on Intuit’s history of innovation.
Advanced AI and Machine Learning Capabilities
In recent years, Intuit has been finding ways to incorporate AI and machine learning into QuickBooks to automate routine tasks. From automatically categorizing transactions to flagging duplicate bills, this technology saves users time.
We can expect Intuit to expand on these capabilities in QuickBooks upgrade 2024. The software may leverage machine learning for enhanced predictions and recommendations to simplify financial management. For example, accurately forecasting cash flow, suggesting the best ways to get paid faster, recommending vendor payment terms, and more based on a company’s unique financial data patterns.
More Options for Customized Reporting
While QuickBooks already offers customizable reports, users often want more complex reporting capabilities to get actionable insights from their financial data.
QuickBooks 2024 may allow greater flexibility with visualizing data on reports. Expect easier ways to compare trends over various date ranges or previous years. More options for filtering reports by multiple parameters. Charts and graphs that auto-populate with key performance indicators like profit margins, accounts receivable, best/worst selling products, and more.
Improved Inventory Management
For product-based businesses, inventory management workflows in QuickBooks can often be time-consuming with manual product receipt/transfer workflows.
QuickBooks 2024 may bridge various inventory management gaps that currently exist. Users may find improvements like multiple warehouse/location tracking, batch inventory transfers between locations, and auto quantity syncing with ecommerce platforms. This will help businesses save significant time managing products across physical and online sales channels.
Enhanced Payroll Features
QuickBooks Payroll caters to an essential need for businesses to pay and manage employees. Intuit constantly enhances payroll capabilities, and 2024 will likely add options like scheduling based on demand forecasting for industries like retail and hospitality.
Other potential upgrades include expanded policy control for managing paid time off requests, improved tools to comply with local/state/federal payroll legislation changes, and more convenient direct deposit setup.
Integration with More Business Tools
QuickBooks already connects with many popular business apps for seamless workflows. But users often request integrations with more niche applications they rely on, which QuickBooks 2024 may fulfill.
Expect expanded compatibility with emerging HR platforms, more ecommerce integrations supporting specific product attributes, improved syncing with proprietary warehouse systems, and more tailored integration based on industry-specific needs.
While the specific features coming in QuickBooks 2024 are still speculative, users can count on Intuit striving to make financial management even smoother. By incorporating the latest technology paired with user feedback, QuickBooks is sure to unlock higher productivity and confidence for businesses in the coming year.