QuickBooks Product Comparison: Which One is Right for Your Business?

quickbooks proWhen buying QuickBooks it is important to understand your company’s needs and the differences in QuickBooks products.

First, let’s list the five primary QuickBooks financial software products:

 

  1. QuickBooks Pro (for PC)
  2. QuickBooks Premier (for PC)
  3. QuickBooks for Mac
  4. QuickBooks Online
  5. QuickBooks Enterprise Solutions (for PC)

In this posting I will discuss the features of QuickBooks Pro vs. QuickBooks Premier.

The biggest difference to note between QuickBooks Pro and QuickBooks Premier is that Pro does not have Sales Orders.  So if your business takes an order and then uses that order as a launching point for vendor purchase orders or to track backorders due to customers, then you will need Premier.

QuickBooks Pro allows you to do the following:

  • Allow up to three users simultaneous access to a data file (company file)
  • Track Accounts Payable (enter and pay bills)
  • Track job costing
  • Track inventory (average cost only)
    • Send progress invoices (% of the total estimate)
    • Track time and vehicle mileage
    • Produce 1099 (MISC only) and 1096 forms (on purchased forms)
    • Use multiple price levels on sales forms (base on % of base price ONLY)
    • Export data to MS Excel
    • Write letters in MS Word using QuickBooks data
    • Synchronize list information with MS Outlook contact management software
    • Track multiple currencies
    • Online banking imports from banking institutions and credit card companies

QuickBooks Premier adds these features to the Pro features listed above:

  • Building inventory assemblies
  • Create and track sales orders and backorders
  • Track current availability and not just quantity on hand (see what is on sales orders)
  • Use price levels based on “per item” prices
  • Create sales orders or purchase orders from estimates
  • Create Bill of Materials for inventory assemblies
  • Billing rate levels (with which to bill your clients for your vendors’ and employees’ time)
  • View unbilled Time and Expenses from one window
  • View or print past bank reconciliations (Premier keeps PDFs of all past reconciliations)
  • Export report templates
  • Forecasting, business planning (not just budgeting)
  • Convert units of measure
  • Easily create reversing Journal Entries
  • Use free remote access (unattended) for a year

QuickBooks Premier comes in industry-specific versions (or you can be a “General Business”).  Primarily these industry-specific versions set up a group of reports in one area that are specific to your business, i.e. if you are contractor then under the Reports menu you will have  a “Contractor Reports” option.  But some versions also have additional features that you may need to consider.  I will share these in future postings.

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