Whether you have a business, have someone working under your wing, are self-employed or simply have to work and deal with taxes on a regular basis, you certainly know the frustration it can be. No one tells anyone how to deal with taxes the right way, it0s something people need to look up on their own. Schools don’t really teach us how to do our taxes, which isn’t really great.
Inuit Inc. came up with a solution for this by releasing software that is designed to manage taxes, payroll, inventory and a lot more. This software is called QuickBooks, and it certainly does its jobs perfectly. The software includes a wide variety of tolls such as marketing tools, merchant services and training solutions.
Since different companies have different needs, mostly according to their sizes, QuickBooks is available in a variety of formats. In this article, we will be looking at QuickBooks Pro and QuickBooks premier. Both of these have the ability to manage inventory, customers, vendors, employees and manage orders as well as monitor expenses, invoices and reports. There are other third-party tools that can be integrated with QuickBooks that will allow the enhancement of the functions this software already has, but that’s not what we’re here for.
The first difference is in the price. To a lot of companies QuickBooks pro just might be enough for their needs, while to some other companies QuickBooks pro won’t do a lot for them. The file format is the same for both of them and they are very similar but, as it should be, QuickBooks premier is more expensive due to the fact that it has a few more features that QuickBooks Pro does not have. As new versions keep on coming into the market, the amount of differences between them keep on increasing.
Right now, some of the features QuickBooks Premier has that QuickBooks Pro does not are a few. These features, as said before, might be worthless for very small businesses, but if a business aims to keep on growing, as it should, than it just might be better to purchase QuickBooks Premier by making a little bigger of an investment. It just might pay off – but we’ll leave that up to you. Here are the features that the Premier version has, and the Pro version doesn’t have.
Profitability by Product
It’s pretty self-explanatory. If you have multiple products in the system it might be a good idea to keep track of all of them. The reports come in a very easy-to-read report which makes it all worthwhile. This can be a very helpful tool when trying to identify why a product is making profit and why another product isn’t.
Balanced Sheet by Class
This tool allows you to track balanced sheet items such as account receivables, account payables by class and fixed assets. Added up to other tools, this can help you save tons of time at the end of the day.
Jobs by Vendor
A tool that easily allows you to keep track of your vendors to see what jobs they are working on and what jobs they have already done. Of course, in a small company, this tool might be completely useless since in some cases this can even be memorized. But as companies keep on growing things are going to be needed to keep track of everything, and if there is a tool already available for it, why not use it?
Expenses Not Assigned to Jobs
A little bit of money has to go here, a little bit has to go there, and after a while the money is all gone. This is something that happens a lot more than what you might think because since the money goes piece by piece people won’t realize it’s going, but it is, and soon enough it will all be gone if it goes on going away. With this tool, you can keep track of things piling up, and with its help you will surely realize that it is actually piling up.
Inventory Reorder Point by Vendor
For companies that have experience and know exactly what they’re doing, this tool can work wonders. It allows the user to track inventories as well as to set optimal inventory levels, in order to keep up with everything that is required. Furthermore, it runs reports on items that might need to be reordered.
Cost to Complete Report
This is an excellent tool to use while expanding since it allows the user to control the costs that were estimated to the actual costs. Not only will it help a company that is expanding for the first time by giving it experience and realistic data, it will also help companies that might be redefining themselves or performing any other type of large operation.
Forecast Sales and Expenses
The tool obviously allows you to do budgets and keep track of estimated budgets as well as actual reports. But as we all know, a company needs to look at the future in order to know what to expect and what it can actually count on. As such, this tool also allows the user to create forecasts and compare them with real reports of what actually happened. This will allow the company to do more realistic forecasts in the future as well as improve the experience they acquire with each and every circumstance that occurs during the process.