What’s new in QuickBooks Desktop 2021
QuickBooks is a famous option in accounting software for various businesses. This multi-functional software offers multiple features, like invoices, reports, bill payment, and tax filing. QuickBooks provides a variety of different products as per the business requirement. Lately, Intuit has launched the latest version of QuickBooks Desktop 2021. All the existing users will receive an email notification about the recent update for QuickBooks Enterprise and Desktop versions.
The latest version of QuickBooks Desktop 2021 is beneficial for those small and mid-scale businesses who are handling complicated accounting working. It is providing improved and simplified features for quick and fast financial data management. This version is entirely about automation that will help in saving time and enhancing productivity. It offers the latest automation of features like improvements of bank feeds, generating category-based receipt expenses entry using the mobile application of QuickBooks Desktop, automation of sending statements, and much more.
System Requirements -
- Windows 8.1 update 1, or Windows 10 update supported by Microsoft Windows server 2012 (or R2), 2016, or 2019
- 2.4 GHz processor required
- 4GB RAM (recommendation of 8GB)
- 2.5 GB disk space suggested (due to the additional space required for data files)
4x DVD-ROM drive (if the user is downloading it from Intuit server) - Internet access required for payroll and online features(recommended speed of 1 Mbps)
- Product registration required
- A higher screen resolution of 1280x1024 is available for the monitor. It supports one workstation monitor but can extend up to 2 monitors. Improved for Default DPI settings
- Internet Explorer version 11 (32-bit)
1. Simplified Banking Feeds-
This enhanced feature saves a lot of time as you don’t have to enter banking transactions every month. You can categorize the automatic banking transactions with extra details with improved rules, batch editing, and enhance matching.
Advantage -
You can import bank feeds faster by automation of categories or batch-editing of your banking transactions as payees, accounts, and classes.
Enhance data stability with better matching and reduced manual entry.
You will get flexibility and efficiency with the improved rules that allow quickly search the defined category.
It helps you to review or resolve transaction differences.
2. Automation of Receipt Management -
Business owners and managers spend most of the time entering the expense receipts manually. You can automatically generate and categorize the receipt expense transactions in QuickBooks with the latest version of the QuickBooks Desktop mobile application. You have to click the photograph, import it and view it in the app.
Advantage -
There is no chance of losing the receipts as the employees can click the photograph via mobile application.
QuickBooks can store the digital copies on the user’s computer.
The better-organized manner by attaching the digital receipts to expense transactions for auditing purposes.
Precise categorization and recording of multiple receipt transactions in one shot. Easy access to review the complete process.
3. Create Customer Groups Based on Rules -
Build customer groups based on rules as per the fields like customer type, status, location, and balance, to manage it easily across multiple features.
Advantage -
The feature of automatically adding or removing the customer from groups based on pre-defined conditions helps you enhance customer management, insights, and communication.
You can create customer groups whom you can contact and manage discreetly helps you to stay organized.
You will have better insights into customer type, status, location, and balances.
4. Automation of Statements -
Business owners or managers can conveniently remind the customers of their overdue payments by generating automated statement emails crafted according to the different customer requirements. You can boost the customers to settle their payment via sharing the online payment links sent in the email.
Advantage -
It is time-efficient by automation of repetitive statements to different customer groups as per their need or shift.
You can remind the customers regularly so that your payment gets faster.
You can review all the outgoing statements before sending the mail.
You can customize the reminders according to the specific customers to maintain a healthy business.
5. Advancement of Inventory Improvements -
After the new version of QuickBooks Desktop 2021, business owners and managers can conveniently manage their warehouse inventory. The improved features like data level permissions, barcode label pricing, landed cost calculations, and alternate vendor reports are enhanced features that will help to smooth your inventory management.
Advantage -
Enhancement of security and confidentiality by allowing users access to only specific data, transactions, and reports relevant to them.
You can increase productivity by enhancing the delegation of user permissions.
You can minimize the workarounds for granting granular permissions to save your time.
You can generate reports like Inventory Stock Status by Item and Inventory valuation summary.
It gives higher pricing visibility to the customers and employees that includes the sales price on the barcode.
It improves the shopping experience for the customers by providing them pricing information on every inventory item.
You can get the flexibility after setting up the landed cost accounts as “COGS” or “Other current assets.
You can calculate the correct landed cost for old items bills from the closed accounting period.
You will have better control over sensitive information by printing bills, with or without the landed cost.
6. Payroll and Liability Reminder -
This feature helps small business owners to set their calendar notifications about the reminder of payroll tax and liability payments.
Advantage -
You will get your reminders for liability payment deadlines on your mobile phone or laptop without opening the QuickBooks Desktop 2021.
You can timely pay your liabilities.
You can track various deadlines of your debt, and you will receive timely reminders for the same.
7. Customization of Payment Receipts -
With customized payment receipts, business owners can communicate with their customers continuously and professionally.
Advantage -
You can send detailed, customized, and professional patterned receipts with all the related data fields.
You can customize the receipts as per the existing ones to avoid relearning.
You can set a default template of payment receipts that can reverse according to the customer’s needs.
8. Email Templates -
You can create and reuse various templates to communicate via email with the customers.
Advantage -
You can comfortably save, store, and recall any email template for reuse.
It helps boost your confidence and accuracy while sending emails to the customers, and it automatically previews the PDF attachments before sending.
9. Automation of Merchant Service Payments and Reconciliation -
The enhanced automation of matching workflow with payments assists QuickBooks Desktop merchants to tally their accounting information regularly.
Advantage -
Automatic reconciliation of payment transactions.
You can get efficient reconciliation with a click.
The Multiple tabs were created for clear workflow with tooltips and enhanced in-product assistance.
10. ToolHub-
This feature assists in common QuickBooks issues.
Advantage -
It provides help in fixing the most common flaws of QuickBooks.You can get all the familiar tools in this hub.
You can resolve the issues with a click, and it saves your time.
Conclusion
You can check the current version of your QuickBooks software that your business is using. If you are using a recent version of QuickBooks Desktop, then the upgrade is not essential. For all the annual subscribers, an automatically updated version with all the new features is already available. For one-time purchase businesses, you can analyze whether the latest version is essential for your business, and it is worth spending that additional cost for the upgrade