Accounting is one of the most vital parts of any organization. All your efforts of streamlining your business will go astray if you are not able to keep your accounting on track. From maintaining your books to reconciliation, everything needs to be done properly with maximum accuracy in accounting.
But now, companies are no longer dependent on pen and paper for dealing with their accounting operations. The drift from pen and paper to accounting software happened long ago, and now most of the businesses are thriving on the advantages of these new-gen accounting solutions.
Although there are many accounting software available in the market, QuickBooks is undoubtedly the best one. QB is an advanced and easy to use accounting solution which is being used by millions of people. Developed and marketed by Inuit, the robust QuickBooks (QB) Accounting Solution has been fulfilling the accounting needs of businesses and professionals from a very long time.
Introduced as a personal accounting software solution in the market, soon people recognized the potential of this splendid accounting software and Intuit launched QuickBooks for SMEs and professionals. Now QB is the market leader in the U.S with more than 85% of market share, and it is growing in other parts of the world as well. From QB hosting to QB online, there are various forms of QB used by both SMEs and professionals from all over the world.
The different versions of QuickBooks
There are four main versions of QuickBooks; Pro, Premier, Enterprise, and Accountant. Let’s discuss them in detail.
QB Pro is the most basic version of the QuickBooks accounting solution, but it is powerful enough to fulfill all the accounting needs of small businesses. The maximum number of users you can add in QuickBooks Pro is 3. There are two variants of QB PRO – QB Pro and QB Pro plus. The data file size ranges from 150 MB to 200 MB in QB PRO, and some of the most basic features available in this basic version of QB are as follows:-
* Multiple currency Expense tracking
* Tracking Inventory
* One-click report
* Availability of importing data from other apps like Outlook and Excel
* Make Purchase Order
* Accepting card payment
* Individual user permission
* Cloud compatibility
The QB Pro caters to small businesses since the maximum number of users allowed in it are only 3. But the basic accounting features provided in this basic version of QB are enough for small businesses.
QB Primer is perfect for both small and medium-sized businesses. The maximum number of users allowed in QB premier is 5, but its file size limit is similar to QB Premier. You should know that QB Premier is cloud-compatible and you can easily host it on the cloud by choosing QB cloud hosting provider. QB Premier has all the functions of QB Pro, but there are some additional features which make it different from the basic version of QB.
One of the essential features which QB Premier has is the sales forecast,which is not available in QB Pro. Sales forecast allows businesses to get a very accurate prediction of sales in the future, and it is based on the current data. Companies use the sales forecast for making an informed decision. In addition to this, you also have the option to create a business plan, bill of materials, and sales order with QB Premier, which comes in handy for both small and medium-sized businesses.
The best part about QB Premier is that you have the option to choose from different industry-specific versions. Various industries have slightly different accounting needs, and therefore, Intuit launched various industry-specific versions in its QB Premier category.
QB Enterprise is the most robust and advanced versions of QB accounting software. It comes intact with some of the most powerful accounting features, and that’s what makes it unique. The maximum number of users allowed in QB Enterprise is 30, and that’s why businesses mostly use it with more than $1 million in annual revenue. The data file size in QB Enterprise is up to 1 GB.
The best thing about QB Enterprise is that it comes with an advanced inventory management option. This is why all those businesses that need advance inventory management go for QB Enterprise. Following are some of the features that are available in QB Enterprise only:-
* Accountant toolbox
* Individual user permission with advanced options
* QB statement writer for everyone
* Fixed assets tracking for everyone
* Bin location tracking
* Bar code scanning without integration any add-on
* Manage Fixed assets
Professionals like accountants and bookkeepers mostly use this advanced version of QB. This version of QB offers tools for bookkeepers to review client’s file and you will be dumbfounded to know that QB accountant is included in the QB ProAdvisor membership. QB Accountant has all the features of QB Pro and Premier since it needs to be used professionally. Following are some of the additional features included in QB Accountant:-
* Client data review
* Batch void and the option of deleting a transaction
* Run a working trial balance data report
* Open and work on two company files at the same time
* Toggle to other editions of QB
QuickBooks is undoubtedly one of the best accounting software in the modern accounting landscape. Even with so many advanced accounting features, it is easy to use QuickBooks. It comes with a simple user interface which reduces the learning curve if you are planning to shift from any other accounting software to QB. Every year, a new version of QB is launched during September. Recently, QB 2020 was launched by Intuit, and it contains many new features and improvements like automated payment reminder, company file search, and secure password recovery.