QuickBooks has been the go-to product for individuals, sole proprietors, partnerships, and SMBs to balance their books. This accounting software makes it easy to input data, track inventory, and understand where your purchases are going. You can also track revenues, link the software to bank accounts, and create financial reports that may be required for regulatory or licensing compliance.
There are several different versions of QuickBooks from which to choose. In the Pro vs Premier debate, there are specific advantages to consider with each platform that could make it the best product to meet your needs.
Here are the key points of comparison.
What Are the Benefits of Using QuickBooks Pro?
- It allows for 3 users to be operating at the same time within a data file.
- It handles your accounts receivable, providing tools to create invoices, write credit memos, print statements, track sales receipts, input payments, or offer an estimate.
- Estimates can be converted to invoicing.
- Job costing is available.
- Accounts payable provides access to item receipts and purchase orders.
- Users can pay their bills from their accounts payable screens.
- It can operate in multiple currencies.
- It allows you to calculate, collect, and pay your sales tax.
- You can create letters and labels based on your transaction history.
- Spreadsheets that are created in Pro can be exported to Microsoft Excel.
- Banking activities can be tracked, including withdrawals, deposits, checks, credit cards, credits, refunds, and payroll.
- Bank reconciliation is available.
- Price levels are offered with a fixed percentage.
Users also have the option to use QuickBooks Pro to track leads, store reports, and track email transactions. This option is still used by some large organizations, but it is built to support individuals and small businesses with only a few employees at most. Work-arounds are available to make it more productive on a large-scale application, but that isn’t a need that most people are going to have.
What Are the Benefits of Using QuickBooks Premier?
You’ll find all of the benefits that can be found in QuickBooks Pro are also found in QuickBooks Premier. It is important to recognize, however, that Premier has evolved over the years. Different versions of this platform are available. For comparison purposes, the following benefits of Premier that are not found in Pro come from the latest version that has been released.
- It allows for 5 users to be operating at the same time within a data file.
- Backorder tracking and sales tracking offer real-time availability tracking.
- Users can convert a sales order or a purchase order to an invoice.
- A full inventory center is available that includes multiple data points that make it easier to track value and revenues.
- Job costing is available on Premier, which includes features such as tracking unbilled time, batching invoiced job time, batching expenses, and order tracking.
- Balance sheet reports can be separated by class.
- There is user access to forecasting, business planning, and reporting that is specific to the organization’s industry.
- Previous reconciliation reports can be accessed on-demand.
- Pricing levels are based per item instead of operating off a fixed percentage.
- Billing rate levels can be adjusted.
- Reverse entries can be created when working with journal entries.
- Search filters are available to look at sales orders and purchase orders and how those unfilled items will impact inventory.
- A closing date exception report can be generated.
QuickBooks Premier is the better option for businesses that operate through an estimation process. It’s a lot easier to convert your estimates into an invoice so you can get paid using this version.
Premier is also a better option for those who have multiple items in their inventory and need an easy way to track what is available. In Pro, you’ve got to know what has already been committed to each customer before a sale is completed. In Premier, your sales orders or your purchasing orders reduce your inventory levels. If the order is canceled, then the inventory levels are restored.
Premier is also available in specific industry categories. The best option is the Accountant Edition, which allows you to batch-enter or batch-void your transactions. This is an absolute time saver. There are information condensing features on this version that are quite useful as well.
The debate between QuickBooks Pro vs Premier is about how big your business or personal finances happen to be. Consider each benefit carefully and then invest into the platform that meets your needs most effectively.
What has your experience been in using QuickBooks products?