Small Business Guide to Upgrading QuickBooks in 2024

Upgrading your QuickBooks software can seem like a daunting task for a small business owner. However, staying up-to-date with the latest version of QuickBooks comes with many benefits that make the upgrade process worthwhile. This guide will walk you through what to consider when planning an upgrade to QuickBooks Desktop in 2024.

When to Upgrade QuickBooks

Deciding when to upgrade QuickBooks depends on your specific situation. If you're happy with your current version and it meets all your business needs, you may be fine without upgrading for some time. However, Intuit usually discontinues support for older versions within 3 years of releasing new ones.

Here are common reasons to consider upgrading your QuickBooks Desktop edition in 2024:

You Want Access to New Features

New versions of QuickBooks tend to introduce useful new capabilities, from enhanced reporting to better inventory management tools. Review new features before upgrading to see if they’ll provide value to your business.

You Need Ongoing Support and Maintenance

QuickBooks products have a support lifetime of only about 3 years. After that period, you no longer receive assistance, software updates, or fixes. Upgrading ensures continued access to Intuit’s expert help.

Your OS is No Longer Supported

Check that the latest QuickBooks edition works on your computer’s operating system. Upgrading QuickBooks sometimes also requires upgrading your OS to avoid potential compatibility issues.

How to Upgrade QuickBooks Desktop Software

When you're ready to upgrade, carefully follow these steps for smoothly transition your QuickBooks company file:

1. Prepare Your Company File for Upgrade

• Compress your company file to condense data and speed up processing.

• Update to the latest Payroll Tax Table if using QuickBooks Payroll.

• Run a Full Backup of your company file.

2. Install the New QuickBooks Version

Save the installation file to your computer and run it to add the new program version. Make sure to install it on the same computer that holds your company file if possible.

3. Open and Convert Your Company File

Opening an older company file in a new version triggers QuickBooks to automatically convert and update the file to the latest format. Allow ample time for this process.

4. Review Changes and New Features

Examine screens, settings, menus, and reports. Get oriented with new capabilities that can boost your efficiency or insights. Resolve any flagged errors or issues.

5. Update Preferences and Personalizations

Customize forms, invoices, reports, user access permissions, and other preferences to ensure they meet your needs after converting to the new format and features.

When performed methodically, QuickBooks upgrades don't need to overwhelm small business owners. Following best practices helps avoid disruptions allowing you to access the performance enhancements in the latest edition smoothly.

Deciding Between QuickBooks Desktop or Online

In addition to regular Desktop version releases, determining whether to transition to the QuickBooks Online cloud platform is another key consideration for your organization in 2024.

Here are some differences between the two formats to discuss with your accountant or advisor:

QuickBooks Desktop

• One-time license purchase

• Install locally on your office computers

• Advanced customization and specialized capabilities

• More control over sensitive financial data

QuickBooks Online

• Lower upfront cost with a monthly subscription

• Access from any internet-connected device

• Automatic updates with new features

• Scalability as your business grows over time

• Limited local storage of financial data

As the capabilities of QuickBooks Online expand, it becomes a viable option for many small businesses. Evaluate your budget, workflow needs and comfort with the cloud to decide which offering better fits your situation in 2024 and beyond.

When to Work With a QuickBooks ProAdvisor

While QuickBooks aims for broad accessibility, the software still represents a complex financial ecosystem. Enlisting help from a supporting professional can simplify software transitions and unlock more value from your chosen platform.

Consider connecting with a Certified QuickBooks ProAdvisor for assistance with:

• Guidance on selecting your ideal QuickBooks edition

• Installing new versions and migrating data cleanly

• Custom configuration fine-tuned to your industry and use case

• Resolving software errors or problems

• Training staff on features and workflows

Investing in expert support saves managers time, lowers risk of disruptions, ensures you capitalize on capabilities, and gets maximum return from your financial software investment over time through smooth upgrades.

Conclusion

Transitioning to an improved version of QuickBooks Desktop can empower your business heading into 2024 with smarter financial tools. Carefully preparing company files, methodically upgrading installations, and working with a supporting ProAdvisor allows small business owners to access leading capabilities and streamline workflows. Evaluating whether to switch your firm to QuickBooks Online also provides an opportunity to build operational scalability and flexibility. With some strategic planning, upgrading QuickBooks boosts efficiency without requiring daunting software migrations.