Intuit will release QuickBooks Desktop in 2023 along with brand-new you-related goods. For both regular users and accountants worldwide, the new version offers many new and better features, prices, license policies, and other things. Get ready and explore anything that interests you in QuickBooks Desktop 2023 since we will cover everything linked to the new edition in this blog.

Managing your small business accounting can seem overwhelming, especially when you consider all the other essential tasks on your to-do list. The financial aspects of even the smallest businesses are complex. But there are ways to simplify your responsibilities and automate much of your accounting work.

What do you need to see in accounting software while selecting? Let's explore seven factors to consider when finding the right accounting software for your business. 

1. Your budget

If you have a small business you need to maintain a budget also. However, accounting help isn't just aimed at companies with big budgets and experienced teams. There is accounting software that provides a cost-effective way to carry out your accounting and bookkeeping tasks. When considering new expenses, make sure the product is a reasonable expense that you can easily afford each month without jeopardizing your financial stability. After all, the last thing you want to do is pay off credit card debt.

2. Learning curve

Introducing new software as part of your accounting or bookkeeping process can require a learning curve (time and effort to learn the software), whether by you or just a team. work with that software. While there is no way around this problem, there is no denying that some programs are inherently easier to understand than others.

3. Available features

Not all accounting software is equal. When comparing programs, one of the most important factors to consider is specific accounting features. For example, consider things like:

• Automation
• Tax preparation service
• Payment processing
• Salary
• Track expenses

4. Integration

To save time and get the most out of automation, you should look for accounting software that integrates with other tools you use. Such an integration will allow you to spend less time duplicating information through manual data entry.  Key integrations may include:

• PayPal
• Square
• Amazon
• Shopify
• eBay

5. Reporting capabilities

How does reporting help your business? Are you new to accounting or need help finding useful reports? Basic accounting software may be enough if you just want to streamline accounting, manage invoices and payments (like automated invoicing), and create standard financial reports. However, if your needs exceed these limits, you want more powerful tools. Powerful reporting tools let you create reports such as:

• Age of the customer account
• Age of accounts payable
• Set a budget
• Cash flow analysis

6. Cash or accrual accounting preferences

Almost all accounting software supports double accounting, but not all businesses are required to use accrual accounting. Or maybe you want to start with cashaccounting and eventually move to accrual accounting. In this case, accounting software that supports both accrual and cash accounting can be very important. Accrual accounting records transactions as they occur, regardless of when you receive or pay cash. Cash-based accounting is the opposite: you only record transactionswhen money changes hands.

7. Scalability

The accounting software loaded onto a computer is outdated. However, with modern online accounting software that allows you to store all your data in the cloud, you can access the financial information you need at any time. Storing your accounting data in the cloud can help ensure your software and processes can grow with your business. With cloud accounting software, everyone on your team (with login credentials), including your CPA, can use the program on any device. In addition to being cloud-based (accessible anywhere with Internet access), many online accounting software options also have corresponding mobile apps.

Conclusion:

We have provided you the useful insights about the top 7 factors you must consider while selecting the version of QuickBooks Desktop 2023 for your business. As of small business, you should think of budget first. In small business, reconciliation can be not so much extraordinary work so you can decide the version you should be needing. If you need more information regarding the versions of QuickBooks Desktop 2023 you can contact us at our dedicated helpline number i.e. +1-844-405-0907. Our customer support team will help you out.

Also Read: Quickbooks Tool Hub