As a partner in your financial journey, Fortiviti is committed to staying informed about the latest developments in accounting software that can impact your business operations. Intuit, the maker of QuickBooks, has announced significant changes to QuickBooks Desktop (QBD) and continues to prioritize QuickBooks Online (QBO) as their primary platform. Here’s what you need to know.

Key Dates and Changes

1. May 31, 2024: Intuit stopped supporting QBD versions 2021 and earlier. This means that these versions no longer receive live technical support or critical security updates, which can potentially pose considerable risks to your business.
2. September 30, 2024: Intuit will cease selling new subscriptions to QBD. While existing subscriptions for QBD versions 2022, 2023, and 2024 will continue to be supported, it is essential to keep your software updated to the latest version to ensure continued support and security.

Potential Implications

It can be assumed that with Intuit discontinuing new subscriptions for QBD after September 2024 it is focusing on its enhancements to QBO. While QBO doesn’t have the same robust feature for manufactured inventory tracking as QBD, we can hope that this will be a focus for them in the upcoming years. There are some reasons a company might need to stay in the QBD version (for example, if you use this to track your inventory), but be aware about what this could mean:

• Increased Costs: Intuit announced they are increasing their prices across the board in August. With the changes to technical support and security, staying on an outdated or unsupported version of QBD could lead to unexpected costs due to the need for third-party support and increased risk of security breaches.
• Limited Support: As Intuit phases out older versions, finding reliable support for these versions will become increasingly difficult, leading to potential disruptions in your accounting processes. Using an online based version gives you the newest versions keeping you from having to spend hours updating your software on your own time.

 

Why We Work in QuickBooks Online

If you had asked us 10 years ago, we would have said QBD was the accounting software we preferred. However, with Intuit’s investments into QBO and most other software providers creating tools to work with QBO, QBO has become our preferred system. Having your financial results at your fingertips gives you the ability to make informed business decisions when and where you need to.

• Remote Access: QBO allows you to access your financial data from anywhere, at any time, making it easier to manage your business on the go.
• Integration Capabilities: QBO can integrate with hundreds of business applications, streamlining your processes, sales tracking, inventory, and reporting. QBD has integration capabilities, but they are limited. Other software providers just aren’t investing in the integrations to QBD anymore.
• Greater Flexibility: QBO offers a range of features that can be customized to fit your specific business needs. Whether it’s multiple users at once, invoicing, or expense tracking, QBO has the flexibility to tailor your workflows.
• Real-Time Data Availability: With QBO, your financial data can be updated in real-time, enabling you to make informed decisions quickly. You have to make sure to setup integrations and implement review processes to ensure accuracy, but having data up to date in real time can assist with making time-sensitive decisions.
• Enhanced Security: QBO is continuously updated with the latest security features to protect your sensitive financial information, reducing the risk of data breaches and ensuring compliance with industry standards.

At Fortiviti, we understand that change can be daunting, but we also know when it’s necessary. No accounting system is perfect, but analyzing your business and making sure you are using software that best supports your back-office function is important in maintaining an efficient, sustainable business.  

 

Co-written by: Haylie Ridenhour & Shauna Huntington