QuickBooks version for small business
Every small business has its own set of requirements. Since QuickBooks software scales well but lacks backwards compatibility, it’s critical to choose the software that best suits your needs. If you’re not sure what software you need, go for the one that supports the functionality you need and upgrade only if your current software isn’t up to the task. For items purchased via the Intuit website, QuickBooks offers a 60-day return policy.
The best QuickBooks version for you is determined by the size of your business, the number of monthly transactions, and whether or not you need reports or forecasts. Consider the Essentials or Pro versions of QuickBooks Online if you’re looking for the most common functionality for a sales organisation. QuickBooks Pro and Premier for desktop have more advanced features than QuickBooks Online and are the perfect option for an agency that needs more than just the basics. If you need payroll features like direct deposit, paycheck printing, and payroll tax deductions, you’ll need to buy QuickBooks Payroll separately.
QuickBooks Desktop: Unlike QuickBooks Online, QuickBooks Pro 2014 does not require an Internet connection to access your company’s data. Although the initial investment could be higher, the essential features of a sales agency are included. QuickBooks Pro 2014 monitors buyer, vendor, and employee details, sales leads through its Leads Center, invoices sales with recurring payments, inventory, and purchase orders, as well as commissions for employees and contractors, in addition to actual sales and expense reporting.
QuickBooks Premier has all of the features of QuickBooks Pro, including the ability to bill clients in phases if a sale necessitates it and monitor time and expenditures by an employee, project, customer, or service. Both the Pro and Premier versions are perfect for a sales agency’s day-to-day operations. Visit Intuit’s website to compare the features of each edition.
QuickBooks Online: For companies who enjoy the ease of not having to download, backup, or maintain software, the online edition of QuickBooks is ideal. The Collections Center, Inventory Center, and Lead Center are not included in the online edition. QuickBooks Search and the Calendar view, which displays invoices, billing, and other activities, are also missing. QuickBooks Online, multiple customer invoicing, batch invoicing, and the ability to search and deposit checks are not supported.
Setting inventory to reorder points is not possible in QuickBooks Online. Business plans, revenue or budget projections are not sponsored, and sales and expenditures are only available in one currency. The online edition could be ideal for businesses with basic accounting needs. When selecting a version, consider whether you require the missing features.
QuickBooks Pro: QuickBooks Pro does not have an online backup option, but you can pay for online backup. The Inventory Center is not included, and you can only deal with one company file at a time. The software supports up to three user licences for different user access. The Collections Center and Lead Center are included, unlike the online edition. Support for foreign sales and cost monitoring is also available, as well as a handy customer snapshot view.
You won’t be able to make business plans, track balance sheets by class, forecast revenue and expenditures, or use advanced inventory monitoring features unless you upgrade to Enterprise Solutions.
QuickBooks Premier: QuickBooks Premier has advanced features that are appropriate for most small businesses. The ability to display personalised sales and profitability reports allows you to keep track of your most important revenue streams. All of your inventory can be accessed, edited, deleted, and managed in one place with the Inventory Center. Additionally, balance sheet tracking by class allows you to monitor your data by office location, department, or service form using types.
There are a variety of billing options available, including the ability to monitor charges by job process. Finally, you can track your time and expenditures by groups, such as employee, project, customer, or service.
QuickBooks Enterprise: QuickBooks Enterprise Solutions has the most capabilities of all the systems and helps you to manage your company in the way that best suits your needs. The Enterprise Solutions edition can have more functionality than required for businesses with simple accounting needs. QuickBooks Enterprise Solutions is an excellent choice for companies who need to combine reports from various files, implement granular access control in multi-user environments, and accommodate 30 concurrent users.
The software includes a year of free online backup and technical support not included in other versions. The Enterprise Solutions edition has the most functionality for companies with several divisions or departments that require advanced monitoring and tracking.
To summarise, QuickBooks Desktop software is a great accounting software programme. Still, whenever it comes to small or mid-sized businesses, people get confused that which version should they pick for their organisation. This blog is created to help you understand that which version of QuickBooks is best for your business strata. I hope this blog enables you to pick the correct version of the software and was worth a read.