QuickBooks 2021 vs. 2020 vs. 2019: What are the differences?

QuickBooks is a well-known accounting software developed by Intuit. Every year, Intuit releases new versions of QuickBooks that bring value to customers and improve their day-to-day business operations.

This year, in September, Intuit released its latest QuickBooks Desktop 2021 version packaged with a variety of enhanced features that enable automation in the tasks, saving time and boosting work efficiency.

Although every version is power-packed and caters to the different requirements of the business, the upgrades help to continue the business operations seamlessly.

So, let us see what Inuit has got us in 2021.

QuickBooks Features – 2021 vs. 2020 vs. 2019

1. Improved Bank Feeds

Bank Feeds in the QuickBooks Desktop is the online banking feature that helps you connect credit card accounts to online banking. Connecting your account to online banking allows downloading financial transactions so that you don’t have to record them manually.

Features/Benefits:

1. QuickBooks 2021 version enables the categorization of complex automatic bank transactions by using enhanced rules, improved matching, and batch editing.
2. You will now be able to review and resolve the transaction discrepancies quickly.

How to access?

Select Edit from the Menu bar, go to the Preferences option, click on Checking. You will then see Bank Feeds with three options – Advanced mode, Express mode, and Classic mode. Select Advanced mode and launch Bank Feeds from the banking option in the Menu bar.

Is this feature available in 2020 and 2019?

This improved Bank Feeds feature was not available in the 2020 and 2019 version.

2. Automatic Statements and Payment Reminders

As the name suggests, Payments Reminders and Statements is a feature that enables professionals to remind their customers about their overdue payments.

Features/Benefits:

1. QuickBooks 2021 version helps business owners automate the regularly sent emails. It not only saves time but also allows professionals to focus on other essential tasks.
2. When you set up the “Automated Statement” feature, you get pre-defined email templates to choose from. The statements can then be sent from QuickBooks using the chosen template. You can even customize the email and statements to be sent to different customers.

How to access?

Choose schedule payment reminders from payment reminders through the Customers menu. You will be shown a pop-up – Automate sending statements and get paid faster.

Is this feature available in 2020 and 2019?

This Automatic Statement feature was not available in 2020. But you could easily set payment reminders for your customers when their invoices were due in the “Automatic Payment Reminders” feature in the 2020 version.

Neither of these two is available in the 2019 version.

3. Customized Payment Receipts

With this feature, you can keep track of the customers’ payments and invoices.

Features/Benefits:

1. This feature allows business professionals to customize the payment receipts by adding a logo for a more professional and consistent look.
2. You will be able to set a default template for the payment receipt feature and categorize, customize, and review multiple receipt transactions in one go.

How to access?

Accessing receipt management is easy by selecting the Vendors option from the main menu that will land you to the Receipt Management option.

Is this feature available in 2020 and 2019?

Such a feature is neither available in the 2020 nor 2019 version.

4. Create Customer Groups

Customer Groups is a feature that helps bifurcate the customers and create groups depending on the fields such as balance, type, etc.

Features/Benefits:

1. The 2021 version enables automatic addition or removal of customers from the conditions pre-defined to help improve customer communication and engagement.
2. You can now stay organized by creating customer groups on factors such as customer type, location, sales rep, balances, and status.

How to access?

Choose the option Customers from the Main Menu bar and select Manage Customer Groups from the Payment Reminders option.

Is this feature available in 2020 and 2019?

Such a feature was not available in the 2020 and 2019 version. This new 2021 feature saves time by automating recurring statements to the different groups created depending on their payment tendencies.

5. QuickBooks Desktop Manager

QuickBooks Desktop Manager helps in installing QB Desktop products.

Features/Benefits:

1. With QuickBooks Desktop Manager, you can easily find and install QuickBooks products from a single management tool.
2. Easily accessible within just a few clicks.

How to access?

QuickBooks Desktop Manager is available on Intuit’s Official website that helps in installing the QuickBooks Desktop products. In the previous versions, you could gain access to the website directly from QuickBooks. However, in the latest 2021 version, you will find a pop up from the QuickBooks Help Menu to Upgrade to Latest QuickBooks.

Is this feature available in 2020 and 2019?

This feature is newly introduced in the 2021 QuickBooks Desktop version and was not available in the previous versions.

Also, To make an informed decision, don’t forget to check out our comprehensive blog post: ‘Quicken Vs. QuickBooks: Which Is Best For Your Business?‘

6. QuickBooks Tool Hub

QuickBooks Tool Hub is a one-stop solution for all your QuickBooks troubleshooting needs.

Features/Benefits:

1. QuickBooks Tool Hub helps in fixing all the bugs and errors.
2. The tool hub resolves issues related to the company, network, installation, and program, among others.

How to access?

You can download it from a renowned source.  To start the installation process, launch QuickBooksToolHub.exe. Accept Intuit’s license agreement and your download will start.

Is this feature available in 2020 and 2019?

Though round-the-clock support is always made available by Intuit, fixing bugs in the tool hub is another new feature in 2021.

Let us draw a comparison between QuickBooks 2021, 2020, and 2019 with the help of a table:

This article provides a comparison between the three versions of QuickBooks from subsequent years. If you are a business owner and a fan of QuickBooks, this article might provide a jest on the best version for your business.

If you are looking to buy QuickBooks 2021 or looking to host your QuickBooks 2021 on cloud, do not hesitate to reach out to our Solutions Consultant at +1-855-223-4887.