Published May 3, 2023
In just a couple of short years, Intuit has been pushing the edge further with Quickbooks software. In Quickbooks Desktop 2023, they have released several new features to keep Quickbooks at the forefront of business financial software. These features are touted to help “complete your accounting tasks quicker than before.” 1
The desktop version of Quickbooks 2023 includes several features updates and new functionality. First on the list is a brand new feature to the Desktop software. This feature is called “Cash Flow Hub,” designed to help business owners get a quick glance. This offers a brief overview of all the money going in and out. When viewing “All Accounts”, it shows an overall balance of cash amounts in the business. The section “Money In” helps the business owner see all the money coming in. These can be from invoices, sales receipts, and more. The “Money Out” section highlights expenses including paid bills, upcoming bills, and payroll. From their website, ““Cash Flow Trend” chart summarizes your cash flow and shows the money coming in and out of your business.” 2
Now included with Quickbooks Desktop 2023, 64-bit processing has been enabled to improve the user experience. As compared with 32-bit software, 64-bit software has performed better overall. It’s like comparing a Corolla and a Camaro. But in this case, the sports car helps you drive your business towards productive growth. You’ll likely notice the performance increase the most when performing data intensive tasks. Such is the case when reconciling bank accounts with several hundred uncleared transactions. Overall, the change to 64-bit processing is a welcome addition to the already powerful Quickbooks Desktop software suite.
Before the 2023 update, you had to record your vendor bills in Quickbooks Desktop and send out checks or pay through Quickbooks Desktop. However, this new changes moves payment over to their online portal. Through the online options, you have the option to use credit card, Fast ACH, and Fast Check expedited services. Making your payments on time is important in maintaining positive business relationships. Don’t get caught up because your payments don’t go through. Use the new online vendor bill pay and stay on track with your expenses.
When you pay your bills, you are probably used to data entry with each time in desktop software. However, this new option allows you to upload bills from a picture upload. Using your computer or phone, you can upload a picture directly to Quickbooks. From there, you can add or match transactions from your bank. This allows you to save time on bookkeeping administrative tasks. Having more time to spare, you can put it back to focusing on your clients.
Similar to the upload bills feature, this allows you to add receipts directly to your books. No longer do you need to keep a shoebox of several months worth of data. You can save time and maintain better organization than before. Don’t go lost looking for a receipt because you needed to check an amount. Now, you can simply view your transactions and view the related receipts.
Just like uploading your bills and receipts, you can now include important documents with transactions. This can help you remember who you owe. Multiple use cases include reimbursement and bill payment. In the first case, an employee who bought job supplies provides you with several documents. This will tell you what they bought and how much it cost. On the other hand, you may want to remember exactly the products or supplies you purchased. Having this information tied in to your books will help you maintain easy access.
Using the bank feeds, you can easily add transactions from the bank to your software register. However, the new process in 2023 will help you identify transactions with more ease. No longer will you need to look line by line and be left guessing. This new feature puts more power into your hands and saves you time as a business owner.
Sending out invoices, you may have been used to sending multiple emails for each client. However, now you can send all invoices in one fell swoop. This will be a welcome feature to companies who send out several emails. It also helps with accounts receivable. Your clients will see all they owe and be able to pay you more easily.
When your clients forget to make payment on invoices, you can automate the process. You won’t have to manually send emails to remind clients to pay you anymore (unless you really want to). There is an option to tell Quickbooks software to check and send emails at periodic intervals. This process can help minimize your accounts receivable without spending several hours.
On the whole, Intuit’s new software introduces powerful features for business owners. Time savings is a big focus on this year’s update, as several features such as Cash Flow Hub and 64-bit processing allow the owner to use Quickbooks with greater ease. Other features include online bills, upload bills, attach documents, streamline bank feeds, invoice emailing, and payment reminders.
1 Quickbooks Desktop Price Update, Oct. 18 2022