Get ready for changes to QuickBooks

QuickBooks is a cornerstone for millions of businesses aiming to streamline their finances. Since its launch in 1983, the software has evolved into a comprehensive suite of tools that empower companies of all sizes to easily manage their accounting, payroll, and tax processes.  

More than 40 years after its debut, QuickBooks is more than just a software product—it’s a lifeline for businesses striving for financial accuracy and efficiency. Whether you’re tracking expenses, invoicing clients, or running payroll, QuickBooks makes complex financial tasks more manageable, freeing companies to focus on what they do best: growing their business.

Originally developed in the ‘80s by Intuit, QuickBooks quickly evolved with an intuitive design and robust feature set that empowered businesses to track their finances without needing a full-time accountant. Over the years, QuickBooks has expanded to offer cloud-based solutions, integrations with other business tools, and advanced reporting features. QuickBooks now serves more than 7 million users worldwide, cementing its status as a critical component in the business landscape.

The significance of QuickBooks extends far beyond just spreadsheets and raw numbers. For many businesses, it’s a way to boost productivity and increase efficiency. Statistics show that companies using QuickBooks save an average of 11 hours per month on financial tasks, leading to significant cost savings. Since 2020, QuickBooks’ market share has also grown, with nearly 80% of small businesses in North America relying on the software to make payroll, avoid errors, satisfy tax regulations, and make informed financial decisions.

What will be different in the future?

Intuit recently announced significant upcoming changes to its QuickBooks Desktop products. September 30, 2024, will be the last date to purchase a QuickBooks Desktop product. After that, these products will no longer be available for new subscriptions in the U.S. However, existing subscribers don’t have to worry—as long as your current subscription remains active, you’ll continue to receive essential security updates, product updates, and customer support. 

Additionally, QuickBooks Desktop Enterprise subscriptions will still be available, ensuring that businesses using the Enterprise versions continue to have access to their preferred tools. However, Intuit is encouraging all other clients to move to its QuickBooks online version, a cloud-based ecosystem of connected business solutions.

For accountants, managers, and company owners alike, it’s crucial to understand these changes. If you or your colleagues rely on non-subscription versions of QuickBooks Desktop, including QuickBooks Desktop Pro Plus, Premier Plus, Mac Plus, and Enhanced Payroll, it’s time to consider your options. (If you need to know what version of QuickBooks you’re running, a trusted IT provider can help.)

More information and recommendations.

If you want to maintain access to your QuickBooks accounts and keep your business protected, consider the following suggestions:

• Move to QuickBooks Online. Intuit is nudging all of its clients toward QuickBooks Online, a cloud-based version of the software that offers numerous benefits: anytime/anywhere access, increased productivity, and better integration with tax, payroll, and other extended offerings. QuickBooks Online offers enhanced flexibility, which is especially beneficial for businesses with remote or hybrid employees who are looking to streamline operations.
• Upgrade your QuickBooks Desktop version. If you prefer to stay on QuickBooks Desktop, you can upgrade to an enhanced subscription for QuickBooks Desktop Pro Plus, Premier Plus, or Mac Plus before September 30, 2024. This will give you access to new features and crucial security enhancements, as well as lock in ongoing support and essential security updates for at least a year, according to Intuit—though a firmer nudge toward QuickBooks Online may come in 2025.
• Consider secure payroll services. If payroll is a critical component of your QuickBooks usage, consider adding QuickBooks Enhanced Payroll or upgrading to a version (like QuickBooks Enterprise) that includes integrated services to maintain smooth operations.
• Give QuickBooks Enterprise a look. If you want to integrate payroll into your QuickBooks suite or need even more advanced financial features, upgrading to QuickBooks Enterprise (Gold, Platinum, or Diamond) is a good option. This elevated version of the software ensures continued access and robust functionality—a good choice for businesses with multiple locations, specialized teams, or complex inventory needs. QuickBooks Enterprise can process larger files than QuickBooks Pro while offering customized reporting to facilitate decision-making and improve pricing capabilities.

Why is this important?

Understanding what version of QuickBooks you’re using and upgrading your software if necessary is more than just a matter of convenience. It’s a critical step in safeguarding your business’s financial data. Outdated software is a prime target for cyberattacks; once older versions of applications are out of service or unsupported, they’re often far more susceptible to the latest threats.  

Intuit’s commitment to providing security updates for current subscribers underscores the importance of keeping software and hardware current. If you delay upgrading, your business could face significant risks, including data breaches, financial loss, and reputational damage.

In this rapidly changing digital world, software updates are an effective way to protect your business and safeguard your information. Regular updates ensure that your financial data remains secure and that you’re using the most efficient tools available to drive your business forward. 

The upcoming changes to QuickBooks Desktop serve as a timely reminder that technology is constantly advancing and new threats are always emerging—but is your business keeping pace? By working with an IT provider to take proactive steps now, you can avoid the risks associated with outdated software and keep your business on the path to success. 

Have questions about QuickBooks? Not sure whether new changes apply to your account? Ready to secure your financial future now? Contact CMIT Solutions today.