Are you running a business and for alternate accounting solutions? Choose QuickBooks to manage your accounts better. If you already have been using the QuickBooks Desktop version, then it is time to move to QuickBooks online or QuickBooks Cloud for anytime & anywhere access.

The accounting needs in your business keeps changing hence it is important to stay updated with the latest accounting technologies. Before adopting any kind of accounting solution or software, it is important to analyze its different versions, to find the most suitable one. The same can be said about the QuickBooks software.

QuickBooks 2020

The QuickBooks 2020 version was released in September 2019 and was one of the most promising versions of the software. It came with features & improvements like joining of multiple emails and company file search. This robust software version has encouraged many businesses to adapt to the technology.

QuickBooks private servers are a good option for businesses that need to store sensitive data in a secure environment. In-house servers are a good option for businesses that need to have complete control over their data.

QuickBooks 2021

The QuickBooks 2021 version is the latest version of the accounting software and has the latest features. There is a lot of focus on automation in the new version of QuickBooks and is also considered revolutionary. Multiple updates are available with the new accounting software and will surely benefit all kinds of businesses.

If you are looking for software that can manage all your business accounting & finances, then choose QuickBooks 2021 version  to fix the prevailing problems. Every version of QuickBooks is power-packed with accounting features, but the latest version will surely assist the continuity of business operations seamlessly.

QuickBooks 2021 vs. 2020: Features

1. Generating Automatic Statements & Payment Reminders

The feature is enabling professionals and businesses to remind the customers of the due payments. The QuickBooks 2021 updated version is helping businesses automate the sent emails by clients & customers. You can now focus on other things and the software is taking care of generating statements.

Get predefined email templates to select from when setting up the ‘Automated Statement’ feature. Choose the template on QuickBooks software to send statements using the selected format. It is also possible to customize the emails & statements to send them to clients. The Automatic Statement feature is not available in QuickBooks 2020, but it is easy to set payment reminders. Both the features are available in QuickBooks 2021 version.

2. Improvement in Bank Feeds

The Bank Feed feature is not available in QuickBooks 2020 or the earlier versions. It is featured in QuickBooks 2021 version to enable the categorization of complex automatic bank transactions. With the features, the businesses will be able to review & resolve the transaction issues instantly.

To access the feature on QuickBooks 2021, select ‘Edit’ from the Menu bar and then go to ‘Preferences’. Now click on ‘Checking’. Get to view the Bank Feeds with three available options namely – Classic mode, Express Mode, and Advanced Mode.

3. Customized Version of Payment Receipts

With the help of the feature, it is now possible for businesses to track customer’s invoices & payments. The feature is not available in not QuickBooks 2020 or QuickBooks 2019. You get to use the feature by buying the QuickBooks 2021 version software. The customized ‘Payment Receipts’ feature of the software helps to add a logo for a professional look. Set a default template receipt feature and review all the receipt transactions altogether.

To access the Payment Receipt feature, select the ‘Vendors’ option from the main menu and land on the ‘Receipt Management’ option.

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4. QuickBooks Desktop Manager

QuickBooks Desktop Manager is the new feature in the 2021 version. It is not available in the previous versions of the software. It is helping the installation of QuickBooks Desktop products easier. Using the Desktop Manager tool, it is easy to find & install the products using a single management tool. It is easily available within a couple of clicks. The feature is introduced keeping in mind the future needs of clients & businesses.

Go to Intuit’s Official site to get QuickBooks Desktop Manager. In the previous versions, clients are only provided access to the website directly from the software.

Also read: How To Fix Common QuickBooks Desktop Installation Errors

5. Creation of Customer Groups

Bifurcate the customers and create groups as per the fields like balance, type, & more. The QuickBooks 2021 version is enabling automatic addition & removal of customers from predefined conditions that will assist in fixing customer communication.

It is easy now for accounting firms or businesses to create customer groups on pointers like location, balances, sales, type of customer, and more. The feature is only available in the new version of QuickBooks and it saves time by automating recurring statements to the different groups.

Also read this: QuickBooks Desktop: New Improved Features & Pricing

QuickBooks 2020 vs QuickBooks 2021: Deciding Factors

Before selecting the accounting software, the best way to decide which version of QuickBooks is right for you is to consider the following factors.

  • QuickBooks Versions Pricing
  • Support system
  • Your Business Requirements
  • Your Budget
  • Technical Expertise

Moreover, If you are looking for the most up-to-date features and enhancements, then QuickBooks 2021 is the better choice than QuickBooks 2020. However, you can make a choice by keeping in mind the above factors.

Final Thoughts!

Selecting the right edition of QuickBooks accounting software will help you fix all the persistent accounting problems. If you are already using the QuickBooks software then upgrade to its latest version to avail the new features.

With the fully-powered QuickBooks 2021 software, you can make the accounts management process simpler. It is high time for your businesses to make an update and enjoy the features as per the accounting software solution. QuickBooks 2021 version is the most powerful accounting tool that is meant for businesses of all sizes. Use the latest version of the software to avail the latest benefits.

QuickBooks 2020 vs. 2021 FAQ’s

Where is the gear icon in QuickBooks Desktop 2020?

In QuickBooks Desktop 2020, the gear icon is next to the search bar in the top-right corner of the window. It appears as a small icon that resembles a gear or cogwheel. Clicking on the gear icon will open a drop-down menu with options and settings related to your QuickBooks company file. You can access Preferences, Charts of Accounts, Lists, and more.

Here are the steps on how to access the settings in QuickBooks Desktop 2020:

  1. Click File in the top menu bar.
  2. Select Preferences from the drop-down menu.
  3. The Preferences window will open.
  4. You can now select the category of settings that you want to change.

How long will Quickbooks 2020 be supported?

QuickBooks 2020 will be supported until May 31, 2023. This means that you will be able to receive critical security updates and technical support for your version of QuickBooks until this date. After May 31, 2023, QuickBooks 2020 will no longer be supported, and you will need to upgrade to a newer version to continue receiving critical security updates and technical support.

How long will Quickbooks 2021 be supported?

QuickBooks 2021 will be supported until May 31, 2024. This means that you will be able to receive critical security updates and technical support for your version of QuickBooks until this date. After May 31, 2024, QuickBooks 2021 will no longer be supported, and you will need to upgrade to a newer version to continue receiving critical security updates and technical support.

Can I still buy QuickBooks Desktop 2021?

Yes, you can still buy QuickBooks Desktop 2021.

How much does QuickBooks 2020 cost?

QuickBooks 2020 is no longer available for purchase. It was discontinued in May 2023. However, you can still find it for sale on some third-party websites. The pricing for QuickBooks 2020 varied depending on the version and the number of users. Here are the prices when it was still available:

  • QuickBooks Pro 2020: \$299.99 for one user
  • QuickBooks Premier 2020: \$499.99 for one user
  • QuickBooks Enterprise 2020: Starting at \$1,199.99 for one user

Does QuickBooks 2020 require a subscription?

No, QuickBooks 2020 does not require a subscription. You can purchase a one-time license to use the software. However, you will need to purchase updates and support separately.