If you’re a small business owner, you’re probably hesitant to spend extra on an accountant but, at the same time, too busy managing your business to do all the accounting work. Fortunately, tools like QuickBooks Desktop products are available out there to help you with your accounting process. In this article, we’ll walk you through a comparison between QuickBooks Pro vs Premier to help you choose which one is right for your business.
Quickbooks, a popular accounting tool among small business owners, enables users to manage cash flow, bills, and invoices, track expenses, run payroll and more all in one place.
Quickbooks will help you generate month-end and year-end financial reports that your company needs for purposes of paying tax or acquiring additional funding. Companies use it to manage their inventory and to handle all their accounting functions. With this software, you can easily track accounts payable and generate reports by specific dates. They also have chat support that is available 24 hours a day.
If you are interested in uploading your information to the cloud and administering your accounting operations online, you can use QuickBooks Online, a cloud-based accounting platform.
Quickbooks Pro vs Premier
So which one should you get? Pro or Premier? We’ll discuss the similarities and differences between their features to help you decide. But first, here is a rundown of the properties they have in common.
Similarities Between Quickbooks Pro and Premier
Like most small business owners, you probably use Microsoft Excel or other programs to store your financial data. With both QuickBook programs, you can easily import your existing data from there to Quickbooks. Both platforms also allow business owners to connect their bank to the software for a more seamless transaction organisation.
Real-time Invoice Status Updates
Creating personalized professional invoices and payment receipts is possible with both software. It will give you a reminder when payments are due or even while they’re pending. You will be able to keep track of cash flow when it gives you invoice status alerts. Both platforms also automatically send bills to partners.
Whether you use Pro or Premium, you’ll be able to increase efficiency by customizing your business’ sales reports using filters that make important information easily accessible. It can handle sales by state, daily sales, sales from taxable customers, or even payments linked to open invoices.
We all know that owning a business means receiving a lot of monthly bills and accounts payable. With both software, you can create spreadsheets of your company’s creditors, the amounts to be paid, and the reason behind the payments. Managing several different accounts payable at separate periods will no longer be difficult to manage.
Employee Time-Ins and Outs
Part of running a company is hiring and maintaining employees. If you use either software, your human resources department will be able to easily monitor and record your employees’ hours worked, as well as their vacation and sick leaves. It will also be easy to track and invoice billable hours according to your clients.
Overseeing available products and computing total inventory costs will no longer be time-consuming. Both the Pro and Premier version will allow you to track inventory effortlessly and get notified when supplies become deficient.
As you may already know the IRS Form 1099 requires businesses to report all taxable income paid to third parties. With both versions of QuickBooks, your company can easily record and track these payments in the software’s 1099 category. By paying additional fees, Quickbooks will even allow you to file your 1099 directly from the software.
Secure your financial information with both versions’ automated data backup and recovery.
Difference between QuickBooks Pro and Premier
The QuickBooks Premier version, designed for businesses requiring specialised functions, is basically the same as the Pro version, except that it provides users with industry-specific features. But if your business only necessitates simple accounting, the Pro would be a good option.
Let’s dive into their specific differences:
The first thing most business owners ask is how much will it cost? While both are reasonably priced, because the Premier is the upgraded version of Pro, it will definitely cost more. QuickBooks Pro is priced at 399.99 USD, while the Premier version is at 649.99 USD.
2. Financial Reports
While it’s possible to analyse profits and losses, create balance sheets, and generate expense reports all in one dashboard on both versions, Premier would further allow you to track profitability more specifically based on product, client or project.
3. Sales Forecast
Many of our marketing decisions are based on speculation and sometimes inaccurate predictions. But what if, instead of relying on guesses, you can base your business decisions on QuickBook Premier’s advanced forecasting capabilities. Your sales will most likely improve. Also, tracking your forecast progress will be easier with Premier.
You can use the information on your company’s projected future sale or sales forecast to make important decisions related to business expansions and achieving sales targets. Making choices will be easier when you are aware of the possible outcomes.
4. Number of Allowable Users
If several people were to handle your account, Premier would be the better choice. It allows a maximum of five people to handle the account at the same time. The maximum for the pro version is lower at three simultaneous users. With more users, less time is needed to get the job done.
- Industry-Specific Features
Quickbooks Premier has in-app solutions designed to accommodate business owners in particular industry niches like manufacturers, wholesalers, general contractors, non-profit organisations, retailers, and freelancers.
With industry-specific features and advanced forecasting abilities, the Premier version is the best option for those engaged in a particular industry niche, despite the higher price point. But if you’re a small to medium-sized business owner with simple accounting needs just looking to manage your finances more efficiently without hiring an accountant, you should give QuickBooks Pro a try. Either way, investing in a great accounting tool will surely make managing a company a lot easier.