For many businesses, accounting software means Quickbooks. QuickBooks software has everything you need to handle different sides of your business, whether it is for managing accounting, payroll, invoicing, and expenses. It is no less than a boon in the lives of accountants and CPA firms, considering its market share of 56.60%. But as you might know, QuickBooks parent company, Intuit, releases new editions of this advanced software every year. In other words, every latest edition of QuickBooks comes with new and improved functionalities that can benefit your business in the long run.
Wondering what’s new in Quickbooks Desktop 2023 software? Let’s find out.
New Features You Can Access in QuickBooks Desktop 2023
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Intercompany transactions
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About The Feature |
This feature is available with QuickBooks Desktop 2023 Pro Plus, Enterprise, and Premier Plus. It lets CPAs issue a check or bill between separate company files. You need to buy the license for QB Desktop 2023 if you work with shared and separate companies internally. This feature is suitable for maintaining transparency with the help of easy tracking of intercompany transactions. |
| Challenge It Solves | Consolidated reporting often requires CPAs to adjust intercompany transactions manually, which can be a tough nut to crack, takes significant time, and still lead to errors. |
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Inventory categories
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About The Feature |
This new feature of QuickBooks Desktop 2023 allows you to organize the inventory and even provide valuable insights about the stock at the time of running reports. You can access this feature by navigating to Lists, selecting the item to be added to a category, and selecting an existing category. You can also create a new category if required.
As a result, QB users can filter the exact item from inventory and find the same within a few seconds. |
| Challenge It Solves | Finding a specific item from inventory was time-consuming and risky and involved scrolling through everything to find what you are looking for. |
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Inventory expiration date
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About The Feature |
For businesses selling perishable items such as food, tracking and selling the products before they expire is crucial. Using this feature of QuickBooks Desktop 2023, business owners can add expiration dates to the lot or serial numbers of such items. As a result, they can avoid selling items that are already expired. Besides this, they can also clear the lot of products that are about to expire by running discount offers. |
| Challenge It Solves | Before this edition, the need to combine an expiration date with a lot number was there but no solution, which made it difficult to track the about-to-expire items. |
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Vehicle mileage tracking
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About The Feature |
The Track Vehicle Mileage feature, as the name suggests, helps in tracking trips and vehicle information throughout the year. It helps in keeping a check on the mileage deductions for the tax season. This QuickBooks Desktop 2023 feature is available with QB 2023 Plus, Enterprise, and Accountant.
You can track miles driven for business using QB mobile app. |
| Challenge It Solves | Business mileage tracking is quite important to benefit from tax deductions but requires manual entries of odometer readings and mileage rates (IRS-approved). |
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Payment links
| About The Feature | Using this feature, you can send payment links to your customers to collect payments, particularly when you do not require payment invoices. You can benefit from receiving payment in advance, for initial consultations, etc. Also, the payment link can be sent to the payer via email or SMS to request the payment. |
| Challenge It Solves | Previously, a payment link must be sent with the invoices or other transactional forms for payments or deposits. |
QuickBooks Desktop 2023 Works Best with Verito’s Cloud
The new features of QB Desktop 2023 make it even more advantageous from a business perspective. However, you can still add more wings to its feature set by hosting it on a third-party cloud server. Switch to Verito’s cloud hosting plans and benefit from remote QB accessibility, enhanced security, better team collaboration, and more.
To know more about the cloud migration process for your licensed QB software, contact our experts at – 1-855-583-7486.
The post What’s New in QuickBooks Desktop 2023 and Why Should You Know About It? appeared first on Verito Technologies | Blog.
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