Accounting and finance software can help make it easier for businesses of any size to keep their books balanced. For freelancers and SMBs, there is often the need to juggle many different roles throughout the day. Having software that can help keep track of everything from AR/AP to payroll to inventory can help save time, increase productivity, and maintain regulatory compliance.
Two top accounting and finance software options that are widely used are Sage 50 and QuickBooks. In the Sage 50 vs QuickBooks debate, does one program stand out over the other? Here are some of the key points of comparison.
What Are the Benefits of Sage 50?
Sage 50 is a streamlined version of what used to be Peach Tree. It provides basic bookkeeping features that are common to every business, such as invoice reporting and expense tracking. There are also options available through Sage to scale upward as your business grows, allowing you to tackle additional accounting and finance needs as they occur.
The benefits of Sage 50 can be summed up in these four key points.
- It offers Cloud-based project management. You can upload your data into the Cloud and then have multiple accounts working on the same data at the same time thanks to the collaboration and single project features that are available within Sage 50.
- You can create quotes and invoices. There is an unlimited number of invoices and quotes that can be generated through Sage 50. Business branding is included on these items, making it extremely easy for start-ups and SMBs to establish a reputation.
- Collaborators can be subtracted. If you’re a sole proprietor and don’t need online collaboration, then you can save some cash by taking advantage of a lower level plan. You’ll still receive the accounting and finance software you need, but don’t have to pay for the features or services that your business doesn’t need.
- Options are scalable. You can change your Sage 50 subscription at any time so that your accounting and finance software is able to fit your needs at any given moment.
There are three stages of Sage 50 plans that are available right now: Pro, Premium, and Quantum. Pro allows for 1 user and begins at $44.08 per month. Premium allows for multiple users or a single user and begins at $68.25 per month. Quantum is for enterprise-level accounting needs where industry-specific features are required. A minimum of 3 users is required, with pricing beginning at $172.42 month, but up to 40 user licenses can be obtained on the Quantum plan.
What Are the Benefits of QuickBooks?
QuickBooks has been helping individuals and SMBs keep track of their finances since the 1990s. They offer a series of bookkeeping and accounting tools which are designed to help keep track of financial health in real-time. This helps to simplify business management.
The benefits of QuickBooks can be summed up in these four key points.
- It syncs with banking accounts. QuickBooks can sync with a bank account or a credit card account, allowing transactions to occur within the accounting and finance software in real time. You’ll always know what the current state of your finances happens to be.
- It includes income and expense tracking. This allows brands and businesses (or individuals) to monitor spending habits to see if changes can be made to enhance net revenues.
- It offers a full suite of bookkeeping tools. From payroll management to benefits management to budget-line management, QuickBooks is a 360-degree solution for SMBs that are trying to keep all their accounting needs internalized. Each tool is easy to learn and can be used independently or can sync with other tools.
- It is scalable. If you need basic tools, there is a plan for that. If you need enterprise-level solutions, there is a plan for that as well. QuickBooks is very easy to tailor to your specific needs.
QuickBooks is powered by Intuit and there are four different plans that are offered. The entry-level plan is suited for those who are self-employed or work as an independent contractor. This plan is $10 per month and helps to track income while organizing expenses. The other 3 plans are suited for SMBs: Simple Start, Essentials, or Plus.
Simple Start is $15 per month and allows for sales tax tracking and sending estimates. Essentials is $30 per month and manages bulls and multiple users. The Plus plan can track 1099 payments, inventory, and improve time management.
With free trials and discounted monthly rates available for first-time users, both Sage 50 and QuickBooks offer some accounting and financial health. Take a look at the features each opportunity offers to determine which software package is right for you.