Why Should I Consider Adopting an ERP System?February 7, 2023
Here are 5 ways an ERP system can transform your business: It’s easy to get connected, and at gotomyerp, we’re here to help. Sign up online or give us a call today.
A few months ago, Intuit rolled out the latest QuickBooks Enterprise 2020. The previous version came with a bundle of features, including multi-faceted functionalities, industry-tailored versions, a payroll permission manager, etc. The latest 2020 edition is no exception. It has brought some exciting features and upgrades.
QuickBooks Enterprise 2020 is available in three different versions: Silver, Gold, and Platinum. The latter contains all the features of Silver and Gold, along with some exclusive attributes. In this blog, we’ll discuss some of the new features and enhancements in the new edition. So, without wasting any time, let’s get started!
Here are some of the new features and enhancements of QuickBooks Enterprise 2020:
The breakdown of inventory cost contains many variables, including duties, taxes, insurance payments, storage costs, freight costs, and more. Previously, users had to input these costs manually into each inventory item, which was an inefficient and tedious process. The new Landed Costs option in QuickBooks Enterprise 2020 will enable accountants and bookkeepers to input these costs into item bills efficiently. As a result, businesses will be able to keep track of their inventory-related expenses and find ways to minimize their costs to improve the bottom line of their business.
Most companies, especially large enterprises, work with a vast network of vendors, which makes it hard to keep tabs on prices and lead times, leading to inefficient supply chain management. The previous QuickBooks Enterprise Preferred Vendor feature offered some useful insights on vendors – however, it didn’t provide an option to compare alternate vendors. The new Alternate Vendor feature is specifically introduced to allow businesses to associate alternate vendors for inventory items. Companies can also assign specific values, like costs, part numbers, and lead times, to different items and vendors, which will result in an improved supply chain process.
Effective accounts receivable management is crucial to ensure that customers pay their dues on time. Accountants must keep track of non-paying customers to avoid dreaded write-offs. However, following up with delinquent customers can be extremely challenging and can waste a substantial amount of valuable business time. The new Automated Payment Reminders feature solves this problem by identifying late-paying customers and scheduling emails for specific customers. Businesses can create a reminder email template and mailing lists and track payment reminder emails more conveniently to get a firm grasp on receivables.
A QuickBooks Enterprise 2020 Diamond edition comes with the latest Assisted Payroll and TSheets feature that allows a business to pay workers within QuickBooks. A company only needs to enter hourly pay rates and salary details and input the actual number of hours worked by each employee. The system handles payroll tax forms and payments and prints paychecks. It enables businesses to run payroll more efficiently without outsourcing. In addition to that, the TSheets time tracking feature can sync timesheet data and allocate time for each job code to facilitate a seamless costing process.
Lastly, let’s talk about improved accessibility and smart help. It’s not a new feature but an enhancement that will make QuickBooks more accessible to different users. The new accessibility features include high-contrast settings, simplified UI, and support for third-party assistive programs, among other user-friendly options. Moreover, the new QuickBooks Enterprise 2020 comes with Smart Help, which makes it easier to access the help section and help troubleshoot problems on the go. Users can simply press the F1 button and find help topics on a variety of problems relevant to the task window, which will save time and improve efficiency.
Many other exciting features of QuickBooks Enterprise 2020 will help companies improve the operational efficiency of their business. Here are some other upgrades that might interest you:
Also, QuickBooks Desktop 2020 is now compatible with Microsoft Office 2019
READ: Why Businesses Need QuickBooks Hosting in 2020
As expected, Intuit is moving toward automated processes and making its software more accessible to different users. Users around the globe welcomed QuickBooks Enterprise 2020’s new features and enhancements. QuickBooks Enterprise hosting is an excellent solution to ensure seamless business operations and achieve growth.
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ALSO READ: 8 Reasons Why QuickBooks Enterprise Hosting is the Way to Go in 2020