Learn to Manage Your Business with QuickBooks

Posted By: author
Posted On: 22 May, 2021

What is Quickbooks? 

QuickBooks is an accounting software package built by Intuit. This software caters to the needs of businesses of every size. Secondly, it also provides cloud-based and on-premise accounting applications that are efficient enough to accept business payments, maintain and pay bills, and manage payroll functions. Above all, the latest QuickBooks version offers more reliability and a better experience for customers.  The QuickBooks desktop versions are Pro, Premier, Accountant, and  Enterprises that are improved with new features, for example, automatic payment reminder for clients, companies able to add customer PO number. Lastly, Batch invoices can be quickly sent to customers, hassle-free update of QuickBooks version. 

QuickBooks Premium vs QuickBooks Enterprise 

QuickBooks accounting software has premium and enterprise versions. Both have differences in their features, specifications, and pricing. Let’s have a look at them.

Features

QuickBooks Premium QuickBooks Enterprise 
1) Premium allows a maximum of five users. 1) Enterprise allows a maximum of 40 users. 
2) Secondly, the premium doesn’t offer bills of materials (raw materials) 2) Enterprise offers the same. 
3) The software doesn’t offer fixed asset management. 3) Fixed asset management is a critical feature in the enterprise version. 
4) Barcode label prices are unavailable. 4) Enterprise offers barcode label prices. 
5) Landed cost (final cost of products plus shipping and logistics costs) feature is not available. 5) The Enterprise version offers the landed cost feature. 

Specifications

QuickBooks Premium QuickBooks Enterprise 
1) Data file up to 150-200MB can be worked on.  1) Data file up to 1GB can be worked on.  
2) Premier does not provide automate or customize prices within QuickBooks.  2) The same is available in Enterprise.  
3) Individual user permission is available  3) The advanced version of individual user permission is available in Enterprise version. 
4) Card payment is accepted 4) Card payment is accepted with the option of a preferred rate.   
5) Users can create reports with QuickBooks statement writer. The option is available for accountants only.  5) The same is available for all.  
6) Feature such as bin location tracking is not available  6) Bin location tracking is available.  
7) Bar code capabilities without add on feature is not available.  7) The same is available in the enterprise version. 

Pricing 

Premier plus 2021: Annual subscription $299.99/yr (40% off the first year).  

Premier plus 2021 + payroll: Annual Subscription $ 699.99/yr ( 30 % off the first year) 

Enterprise 21.0: The Annual subscription is $892.50 (30% off the first year).  

How to manage the business with QuickBooks?  

Get started 

Users are often unsure of how to start working on QuickBooks Desktop. Therefore, these step-by-step guidelines with help you start.  

  • Download QuickBooks Desktop 
  • Install QuickBooks Desktop 
  • Set up your company file 
  • Add the people you do business with 
  • Add the products and services you sell 
  • Set up your Bank Feeds 
  • Navigate the home page 
  • Manage customers, suppliers, and employees 
  • Enter opening balances 
  • Set up sales tax 
  • Customize your forms 
  • Create sales receipts and invoices 
  • Receive payments 
  • Enter and pay bills 
  • Configure your users 
  • Back up your data 
  • The client must upgrade to the new version of QuickBooks Desktop 
  • Find out where to get more help. 

Demo

quickbook demo.jpg
Image courtesy: Intuit 

  • The main dashboard is easy to handle.  
  • From the left-hand menu, clients can organize their accounting data, keep track of sales, generate reports, calculate GST, keep track of the company’s employees and much more. 

Installation

The QuickBooks installation is a hassle-free process, i.e. why small-scale businesses prefer it.

  • The QuickBooks installation file needs to be open, and the user must follow the onscreen instructions.  
  • Secondly, the user must start the installation process by accepting the software license agreement.  
  • Type the product and license numbers.  
  • Read the guide if not sure about where to find this information.  
  • Choose the preferred type of installation: i.e. Express, or Custom and network.  
  • If the client is a new user, then we suggest an Express install.  
  • Moreover, if there is no clarity, review the QuickBooks guide to install the QuickBooks Desktop.  
  • Hence, follow the instructions onscreen after you choose an installation option to complete the installation. 

Use-Cases of QuickBooks  

We will see some real-life use cases to understand the usage of QuickBooks.  

1.  An equipment sales and rental company, FFUN Trailers and Marine services in SasKatoon (a city in Canada), sells mowers, trailers, boats, and related parts. The company has to manage its customers. Above all, these business clients greatly rely on the company and maintain a complex inventory of products. Hence, FFUN company required an easily manageable accounting system with solid inventory capacity. So, the company moved from QuickBooks Premier version to Enterprise version and upgraded to advanced inventory module. QuickBooks Enterprise saved this company a great deal of time and hassle.  

2. Xenex Healthcare Services is a hi-tech company that has built an inventive device that instantly disinfects hospital rooms using pulsed xenon ultraviolet light. Earlier, Xenex used Intuit QuickBooks online to handle their finance while simultaneously tracking the inventory on a separate application. However, as the company’s operations grow fast, they require a system that could handle their complex inventory requirements right in QuickBooks without shifting to any other software or data integration hassles. Therefore, upgrading to QuickBooks Enterprise Solutions saved time to manage complex inventory.  

The above real-life examples show how business can benefit from QuickBooks Enterprise and why we must opt for this upgraded version. Even though the demo version or premium version can handle many organizational tasks, QuickBooks Enterprise becomes a much better and reliable option when the business starts growing. In conclusion, this software will help us to boost the performance of our company.  

Conclusion  

QuickBooks is an accounting software built for small scale businesses. It offers several versions to handle different levels of difficulty in operations. Two main versions of this software are cloud-based and desktop-based. Desktop-based version further sub-divides into Pro, Premium, Accountant, and Expertise. A demo version on the web is available too. The features, specifications and pricing also vary accordingly. Therefore, budding start-ups, small-scale businesses, NGOs, individual traders can use this software to solve the operational issues in their organizations. Lastly, it helps maintain inventory, keeps track of sales, staff, payroll, and generate instant reports to gain insight.

Modern Businesses use a cloud data pipeline to perform data consolidation from various data sources to a specific destination like a data warehouse, data lake or database. Consolidation makes it easier for data analysts to generate relevant reports. Daton is a highly automated cloud data pipeline that fetches real-time data from Quickbooks and loads to popular data-warehouses such as Google Bigquery, Snowflake and Amazon Redshift. It is easy to use, requires zero maintenance and coding experience.

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