Intuit is set to release QuickBooks Desktop 2024 later this year. This major new version promises features like enhanced automation, improved accessibility, expanded integrations, and increased performance.
For small business owners relying on QuickBooks Desktop for accounting and financial management, a new release means weighing the decision of whether to upgrade or not.
Upgrading to the latest version enables access to the newest tools and innovations. However, change also brings short-term disruptions. So how should SMB owners decide whether upgrading to QuickBooks Desktop 2024 makes sense for their business?
Here is a step-by-step guide to making the right call:
Step 1: Understand the New Features and Improvements
First, become familiar with the new features and capabilities coming in the QuickBooks Desktop 2024 update:
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Read Intuit’s release notes and website detailing version 2024’s improvements.
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Watch demo videos highlighting the major changes and benefits.
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Attend a live or recorded webinar diving into the new QuickBooks Desktop.
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Talk to an Intuit rep or advisor about how the upgrade would benefit your specific business.
Getting clear on the tangible enhancements in 2024 allows you to accurately assess their value.
Step 2: Review Your Current Workflows and Pain Points
Next, take an honest look at your existing workflows and pain points with your current QuickBooks Desktop version:
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Note where workflows feel slow, disjointed, or cumbersome.
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Identify areas where better reporting or analytics are needed.
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Flag common pain points your team complains about.
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Catalog redundant data entry that eats up time.
Cataloging workflow friction spots shows where 2024’s new features can provide upgrades.
Step 3: Compare Current vs. New Capabilities
Now map your current pain points against the new features in QuickBooks Desktop 2024:
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Will enhanced automation resolve tedious manual processes?
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Do expanded integrations address connectivity issues?
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Can improved customization reduce redundant workflows?
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Will new industry-specific templates solve reporting needs?
Directly comparing shows where upgrading would unblock business or productivity obstacles.
Step 4: Review Your Growth Trajectory
Consider your business’ growth trajectory and future goals:
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Are you projecting considerable growth in transactions, sales, or data?
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Are you expanding to new locations or business lines?
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Do you plan to add more users or staff?
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Is scaling up inventory a goal?
If considerable growth is expected, upgrading provides more headroom versus older versions with hardcoded limits.
Step 5: Consider the alternatives.
Finally, weigh the alternatives to upgrading QuickBooks Desktop:
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Consider the switching costs of adopting a different software platform altogether.
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Compare subscription pricing between versions if cost is a concern.
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Explore workarounds for limitations in your current version.
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Look into only upgrading certain seats versus enterprise-wide.
Full upgrading may not always be the only option.
Make an informed upgrade decision.
Follow these steps to objectively assess whether upgrading to QuickBooks Desktop 2024 makes sense:
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Clarify the new features and how they address your needs.
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Quantify where frustrations and limitations exist currently.
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Map new capabilities against current constraints.
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Factor in growth trajectory and future needs.
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Vet possible alternative solutions or workarounds.
This allows you to weigh the benefits against disruptions to make the right call for your SMB. The more methodical your process, the higher your long-term upgrade ROI.
Upgrading is an exercise in change management. With the right analysis and planning, you can make a decision that optimizes your accounting workflows and sets your business up for success.
Beyond the core analysis, here are some additional considerations when deciding on upgrading to QuickBooks Desktop 2024:
Evaluate the training requirements.
Consider the training time and costs required to get your team up to speed on the new version. New features may have a learning curve. Weigh the short-term dip in productivity against the long-term gains.
Assess implementation risks.
A major upgrade brings inherent risks of implementation issues. Carefully assess potential pain points like data migration, connecting apps, and testing integrations. Have contingency plans to minimize disruptions.
Plan for hardware requirements.
Factor in any hardware upgrades like new workstations, servers, or OS licenses to support QuickBooks Desktop 2024 performance. Budget these IT upgrades into your cost-benefit analysis.
Review support readiness
Confirm that your QuickBooks support plan provides experts to contact if needed during the migration and adoption period. Leverage them fully as an upgrade resource.
Get buy-in across your team.
Beyond pure ROI, get user feedback on QuickBooks Desktop 2024’s new features to build excitement and engagement. Smoother user adoption leads to quicker wins.
Phase your rollout
Consider a phased rollout by upgrading power users first, then a wider deployment in waves. This allows working out issues before an enterprise-wide upgrade.
While upgrades require short-term heavy lifting, taking a holistic approach to the analysis helps ensure you choose the path that is ultimately best for the business.
Using implementation specialists
Leverage Intuit Authorized Consultants who specialize in successfully guiding migrations to QuickBooks Desktop 2024 for SMBs like yours. Their expertise in smoothing upgrades may be worthwhile.
When to pull the trigger
Aim to upgrade towards the start of your fiscal year or slower season. Avoid upgrading during year-end taxes or peak sales cycles. Create a project plan and timeline.
Managing the learning curve
Mitigate the learning curve by providing ample training resources, quick reference guides, and onboarding support to your team when rolling out QuickBooks Desktop 2024.
Taking a 360-degree view of all factors often makes the best upgrade decision more apparent.