The new QuickBooks Desktop 2023 is now available. Here are the top eight new features designed to make it even easier for you to run your business from end to end with QuickBooks.
1. Intercompany Transactions
Manage your multiple business entities more efficiently and with greater transparency through seamless tracking of intercompany transactions. See a video here.
The issue
When you use consolidated reporting in Enterprise you still have to manually adjust for intercompany transactions which takes time and sometimes causes mistakes.
Solution
By tagging intercompany transactions from the start, you can save time, make fewer mistakes, and easily run consolidated reports.
2. Expiration Dates
Customers who sell perishable inventory (food, cosmetics) need to track and sell products before the expiration date. See a video here.
The issue
You sell perishable items that require an expiration date. Currently, you have to combine an expiration date and a lot number which causes confusion and is hard to track.
Solution
A separate field for expiration dates allows you to easily create reports and filter inventory based on the expiration dates. This saves time and makes it easier for the warehouse to pick the right product.
3. Inventory Categorization
Ability to organize item lists by groups or categories to help find products easily.
The issue
You sell thousands of products and have to scroll through all of your items to find what you need. This takes a lot of time and can cause a lot of mistakes.
Solution
By having the ability to create item categories, you can shorten the item list and find exactly what you are looking for in seconds.
4. Improvements to Bill & PO Approvals
Originally launched in Desktop 22.0: Manage purchase order and bill approvals and track all approvals with an audit trail. See a video here.
The issue
You want to add more users to delegate work. However, because you cannot monitor what bills and purchase orders are being created, you have to do it yourself instead.
Solution
By having the ability to create when a bill or PO requires approval, you can feel more comfortable delegating work and adding more users.
5. Cash Flow Hub
Monitor the financial health of your business to maximize profits. See a video here.
The issue
As you make decisions for your business, you need to see how this would affect cash flow. Right now, you have to do this manually in an excel spreadsheet.
Solution
With Cashflow Hub, it’s easy to see how different scenarios impact cash flow, helping you make more informed decisions.
6. Business Mileage Tracking
Ability to add trip start and end location and automatically calculate the miles in between. See a video here.
The issue
You have to manually enter your odometer readings, manually enter IRS-approved mileage rates, and you have to add all employees’ business trips.
Solution
Accurately record and track business mileage, making it easier to get tax deductions.
7. Improved Bank Connections
Connect external bank and credit card accounts to quickly download and categorize transactions.
The issue
You have to download your bank data and then import the statements manually to QBDT. Every time you want to review your transactions you have to manually trigger the download/sync.
Solution
Save time with direct feeds without needing to manually import bank data.
8. Node Card Reader
A new card reader to allow for contactless payments.
Customer Problem
You want to accept contactless payments, but currently, the only card reader you can buy requires you to swipe for the customer.
Solution
The Node card reader can accept contactless payments like Apple Pay & Google Pay. In addition to accepting debit and credit cards.
Peak Advisers has thousands of hours of experience helping our clients with their QuickBooks needs. We’re here anytime you need assistance with QuickBooks.