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It’s a no-brainer that QuickBooks is one of the most prominent and leading accounting software available in the current market. An impeccable product of Intuit, this accounting software is used by over 4.3 million small and medium-sized businesses across the globe.
What’s more, by deploying QuickBooks accounting software, budget-strapped small businesses have experienced a significant boost in efficiency and productivity. But with various versions and editions of the QuickBooks accounting software, you might find it difficult to choose the right one for your biz. When it comes down to picking a desktop QuickBooks version, it’s important to review the features and pricing of the product. Luckily for you, our cloud hosting team has worked with a myriad of clients who’ve struggled to make the same decision.
So we thought, why not end the confusion once and for all by curating a complete guide to choosing and differentiating between the QB Pro and Premier? Let us help you choose the best QuickBooks software for your small business.
QuickBooks Accounting Software: A Brief Overview
Developed by Intuit, QuickBooks is a purpose-designed accounting software for small and mid-sized businesses striving for continued growth and escalating revenue. It’s a cutting-edge accounting automation tool that helps users manage their invoices, track cash flows, and pay bills, analyze financial reports, and streamline payables and receivables.
QuickBooks is predominantly advantageous to firms that need help creating month and year-end fiscal reports, either for tax commitments or for receiving additional capital. The software also offers complete payroll integration and bank operations management coupled with 24/7 chat support.
QuickBooks Accounting Software Versions
There are presently four QuickBooks versions obtainable in their desktop solution:
The first three kinds are for small business solicitations, with each version offering more vigorous features, while the fourth choice, QuickBooks Accountant, is aimed specifically at bookkeeping experts who also want to access their customer’s QuickBooks systems.
Let’s delve deeper to understand the differences and similarities between the two most popular QuickBooks versions, Pro & Premier.
Recommended Read: QuickBooks Desktop 2021 | What To Expect
QuickBooks Pro vs. Premier
Here we’ve differentiated between QuickBooks Pro and Premier in terms of structures, features, integrations, and value-added qualities. Let’s get into the details, shall we?
Similarities Between QuickBooks Pro and Premier
Mentioned below are the similarities between the two versions of QuickBooks.
1. Track Earnings and Expenditures
With both varieties, small business proprietors can effortlessly import their current pecuniary data from Microsoft Excel or other lineups reinforced by QuickBooks Desktop. They can also easily integrate their bank information and accounts into the software for complete, foolproof control and management.
2. Real-Time Availability of Invoice Statuses
QuickBooks Pro and Premier allow users to generate tailored, specialized statements and payment proceeds, as well as set notices on awaiting payments. The two versions are equally capable of billing, reporting, and managing up-to-date cash flow with invoice status alerts.
3. Customizable Sales Reporting
Business owners can use screens to modify their firm’s sales reports through the Pro and Premier boards. This allows them to enlist business information based on their importance and vitality. You can categorize sales data by various filters, such as by taxable customers, state, payment method, and open invoices, among other selections.
4. Payable Management
It’s vital that small companies stay on top of all their regular bills or outstanding accounts. With so many diverse expenses due at different intervals during the month, this can be tough to accomplish. QuickBooks Pro and Premier both support trial and pay recurrent operative expenditures by generating a worksheet of dealers and the amounts you owe.
5. Employee Tracking
QuickBooks Pro and Premier will both permit HR units to monitor the employee time-in and out, including leave management and vacation accruals. Their payroll management helps you reduce extra HRM costs by tracking billable hours and employee performance automatically on a single screen.
6. Real-Time Inventory Management
Managing existing merchandise and appraising the total inventory budget is labor-intensive, time-consuming, and quite painstaking. QuickBooks Pro and Premier make it probable to trail inventory and collect notices as soon as products go out of stock at your warehouse.
7. IRS Form 1099 Compliance
The IRS Form 1099 requires all companies to report the subsequent information to the Feds:
- All taxable incomes remunerated to vendors, suppliers, counselors
- Freelance personnel who delivered services amounting to more than $600
- Third-party expenditure as per the 1099 classification
Differences Between QuickBooks Pro and Premier
QuickBooks Premier is designed for more specialized functions, whereas Pro is developed for small businesses that require automated assistance in routine accounting tasks.
Here’s an analysis of the main variances between the two:
1. Generating and Tracking Reports
Creating accurate financial reports with QuickBooks accounting software tools is as easy as ABC. But the Premier version allows more comprehensive solutions to generate industry-specific reports.
Pro and Premier both allow users to track and produce income statements, balance sheets, and capital reports. The Premier, however, enables business owners to track their profitability according to merchandise, customer, or plan. This feature is not accessible in the Pro version.
2. Sales Projections
QuickBooks Premiers offers robust sales forecasting capabilities like none other. Companies that want to focus on earning more by targeting the right audience must opt for the Premier version. They can easily forecast sales in either % or $ formats to devise and implement marketing strategies accordingly.
Using QuickBooks Premier, you can evaluate whether your firm is ready for an extension or if more up-to-date pecuniary resolutions are required to meet periodical sales targets. These features aren’t available in QuickBooks Pro.
3. Number of Users
QuickBooks Desktop Pro allows up to three users concurrently using the account, whereas Premier allows up to 5 operators. This means that using Premier promises higher productivity output. This doesn’t make Pro any less efficient because it’s designed to cater to much smaller businesses with a less extensive workforce.
Let the Best QuickBooks Hosting Provider Augment Your Small Business
Using computerized accounting software like QuickBooks isn’t just cost-effective. It also enhances your small business’s overall efficiency and profit. With the help of a reliable QuickBooks cloud hosting service, you can create most of your financial reports in just a few clicks. You can also produce statements, trail expenditures, and file quarterly taxes—quickly and without any errors.
Recommended Read: QuickBooks Hosting with gotomyerp is the Ultimate Choice
To get your hands on QuickBooks software that fits your business needs, look no further than gotomyerp. We’re a dependable QuickBooks hosting provider helping SMEs to gain a competitive edge. Get in touch now.