Over the last few years, manual accounting has taken a back seat, and accounting software has been gaining momentum. Accounting software doesn’t just help you automate your financial processes; it also lets your business save up on a multitude of costs.
In the realm of accounting software, no name is more prominent than that of QuickBooks. QuickBooks has transformed the way small and medium scale enterprises carry out their day-to-day bookkeeping.
From generating invoices to filing quarterly taxes, the software is capable of taking up any accounting task you need to perform. All you need to do is look for the right QuickBooks hosting provider and choose a version that suits your needs.
Let’s take a look at some of the most commonly available versions:
This is, by far, the simplest and the most widely used version of the software. QuickBooks Pro is an ideal choice for small scale businesses, because it can support up to three users.
If you’re new in the market and don’t have a huge workforce, you don’t need to invest in software that facilitates a huge number of users. Just two people who look after the bookkeeping processes are enough—you and your partner, if you have one.
QuickBooks Pro covers all the basic accounting functions, such as expense tracking, payroll generation, and managing bills. The software also sends reminders for important payments and liabilities. You can even put in your bank account details and integrate them with the software. The software will then pay all the vendors and clients automatically.
A very useful feature of QuickBooks Pro is ‘customer snapshots.’ You can view the customer’s entire purchase history and profile it in one table using it. This helps you analyze your key accounts and improve your relationships with them.
This is a more advanced version of QuickBooks Pro that can accommodate five users.
You get all the features of QuickBooks Pro along with a few add-ons. Unlike QuickBooks Pro, this version helps you make use of your accounting data by carrying out future planning. You can also create customized business planes and forecast sales for the upcoming fiscal year.
QuickBooks Premier is more industry-specific. The version that a real estate business buys differs from that of someone from the manufacturing industry. The software allows you to classify financial statements according to their classes and the industry you belong to. Furthermore, you can also categorize balance sheets according to a specific department, location, or profit center.
Even client bills can be categorized in whatever way you find convenient—according to the material purchased, percentage of completion, or the job phase.
QuickBooks Premier is also faster in terms of invoice generation, payments, and inventory management. You can consolidate multiple invoices into one email if they belong to the same client. There is also an additional feature called the searchable ‘Chart of Accounts.’ This allows you to look up the information sheet you want to save time. All you need to do is enter the transaction number or the client’s name to search through their transaction details.
If you want to expand your business and scale up operations, this is the right option for you. You’d be surprised to know that QuickBooks Enterprise can accommodate as many as thirty users at a time!
Despite its scalability, the software is easy to use and set-up. The navigational interface and the dashboard look at the same as the other versions.
Unlike all other versions, this one facilitates the backup and protection of all your QuickBooks data. Furthermore, QuickBooks Enterprise comes with the additional benefit of customizable reports. You can choose how you want your financial statements and reports. If your CEO asks for additional rows of data, you can easily add them.
QuickBooks Enterprise hosting is specially designed for companies that are in their growth or maturity phase because of its scalability. It can store and process data for 100,000+ customers, vendors, and employees.
This has tremendous implications for long-term use, as the software grows with your business.