QuickBooks 2014: What To Expect, What To Dread

browsing-in-pink-453218-mMaybe you love the system you have for keeping track of the financial side of your business and are hesitant to change. However, Quickbooks 2014 has the features and improvements that will make handling the company money easier and more efficient, making you happy about your decision to switch.

In this post, we’ll walk through the features:

Bank Feeds

This feature was formerly known as Side-by-Side Online Banking. The new interface has different colors for different transactions and allows the user more space to work.

  • The “rules” area has undergone major improvements that are highlighted below.
  • Enter class and customer:job in the same line of a debit transaction
  • Create two types of rules: assign and account and rename the vendor
  • Classic mode and express mode

Sent Email

“Sent Email” in the Customer Center that allows the user to see a list of all of the sent emails. You are able to send a customer payment receipt via email. Overall, you have more control of the email that you send from Quickbooks, which is a vast improvement over the 2013 version.

Job Costing

This is one of the most used Quickbooks features, so it is important that Intuit keep up with other companies in this area.

  • You are now able to specify a sales rep for a job and a customer.
  • Filter reports by job status to see what step each job is at.
  • You can also generate Job WIP Summary and Committed Cost by Jobs reports.

Miscellaneous Modifications

There have been so many improvements to Quickbooks in the 2014 version that it is hard to put them all in categories. Here is a sample of some of the highlights.

  • Bounced Checks: this feature was brought back better than ever, allowing you to keep track of all bounced checks
  • Fit Report to Pages x High: allows you to fit a report to a certain number of pages vertically
  • Billable Time and Costs: sort records by clicking on a column head

Quickbooks 2013 Known Issues

There were some known issues with Quickbooks 2013, and many of them have been addressed in the 2014 release.

  • The new version did not do a complete interface overhaul like the 2013 version, so it will be familiar and easy to use for people who already use Quickbooks 2013.
  • Users can now copy and paste detail lines in all transaction forms to avoid having to reenter the information.
  • The Company Information Page has been changed to My Company, and the apps are easier to see and navigate.

Quickbooks 2014 Fraud Deterrents

Quickbooks 2014 is further equipped with features that will help you detect and thereby prevent fraud in your business.

  • Cash Report: In any size business, it is vital to pull frequent records of payments and cash received. The best way to know if something fraudulent is going on is to be aware at all times of the cash flow. For small to medium companies, a summary should be pulled from Quickbooks on a weekly basis. For companies with a large number of employees, it works well to have a look at the daily reports.
  • Expense Reimbursements and Company Credit Cards: Much of the fraud that occurs is due to employees charging personal transactions to company accounts and credit cards. In Quickbooks, use online banking to download the credit card transactions of all employees on a daily basis. Use that report to check for questionable activity.
  • Quickbooks Users and Permissions: Quickbooks can help prevent fraud by simply allowing you to control which employees can access and change the financial information. Allow only certain people, such as the accountant, to have access to everything, and make sure everyone is required to use strong passwords and change them often.
  • Audit Trail Report: When employees are committing fraud, they often change dates in reports and spreadsheets to attempt to cover a trail. The Closing Date Exception Report allows the employer to get a list of transactions that were changed after closing. The audit trail report will also show what transactions have been changed.

To sum everything up, Quickbooks 2014 is easier to navigate, and it is obvious that Intuit listened to user feedback when building this release. Even if you have never used Quickbooks before, you will be able to jump right in and get your company’s finances in order with just a little bit of training. The program will help you have all of your company’s information in one place, and the security features that allow you to limit access will keep the business safe from fraud.

Bernard Roesch About Bernard Roesch

Bernard Roesch is co-founder and Managing Partner of Mission Consulting. Bernard’s background in the early years of his career was spent in the manufacturing sector, making his QuickBooks perspective a unique one – he understands the intricacies of a complex environment and then applies his strategic skills accordingly.