Re-evaluating your accounting software and changes coming to Intuit QuickBooks                                                                                

By Emily Zuver, Holbrook & Manter

It is no secret that we are fans of accounting software. I could start in on the benefits that it brings to farmers and agribusiness owners, but I do have a word count limit for this article. The benefits are simply endless.

Chances are you are using some type of accounting software. Whether it be something developed just for farmers or one of the more popular platforms like Intuit QuickBooks. No matter what you have in place, the mid-year point is an ideal time to really evaluate your software to make sure it is meeting your needs.

At Holbrook & Manter, we get asked often what software we recommend. It truly depends on the business and the business owners’ needs and desires. With that being said, we tend to gravitate towards QuickBooks Online. This platform allows both the business owner and their accountant to view records and finances in real time. Another plus, it allows for accessing this information from any computer or device.

While on the topic of QuickBooks, current users should be aware of some upcoming changes going into effect in July. In an effort to increase the number of QuickBooks Online users, Intuit has announced they will no longer be releasing new QuickBooks Desktop subscriptions after July of 2024. All QuickBooks users should review their subscriptions to determine if this change may impact their business, or if further action may need to be taken. If you are already using QuickBooks Online or QuickBooks Enterprise, no further action will need to be taken, as this change does not impact these subscription models.

QuickBooks Desktop users, using 2022 or newer, are already on the new subscription model and will be able to continue to purchase QuickBooks Desktop in the future.

Any QuickBooks Desktop 2021 or prior users will need to determine a plan of action, prior to July of 2024. These users will not have an active subscription to QuickBooks Desktop or Payroll and will need to decide if they should convert to QuickBooks Online or if they should purchase a new subscription prior to July. If you are using 2021 and prior, and do not purchase a new subscription, your QuickBooks file will no longer be supported. Should you have issues with your file, QuickBooks will not assist in helping to recover data, and will not protect your file from data breaches or attacks. If you want to continue using QuickBooks Desktop or processing payroll, you will need to purchase a new subscription prior to July 31, 2024. No new subscriptions for QuickBooks Desktop will be able to be purchased after July 31, 2024.

Therefore, the online option for QuickBooks is now the way to go. If you are affected by these changes, reach out to your accountant now to make the proper updates. If we can be of help with converting to QuickBooks online, please reach out. We are always here to help.

Emily Zuver is the Senior Assistant Accountant for Holbrook & Manter, CPAs. 

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