Handling finances is one of the most important and convoluted parts of running a business. You have to track sales, orders, shipments, backorders, estimates, pre-orders, and taxes. And then you have to make sure you collect money from those invoices, get everyone paid on time, and deal with issues like mileage and employee taxes.
QuickBooks Premier Accountant Edition can make managing those finances a much easier process for you. Read on to discover the benefits of this edition and why you should upgrade from QuickBooks Desktop Pro.
What Is QuickBooks?
QuickBooks is an accounting program that can help businesses manage every aspect of their financial operations. This powerful, versatile tool can handle everything from bills and invoices to mileage and contract workers. It’s flexible, easy to use, and helps you keep everything organized and available at your fingertips.
There are two primary QuickBooks programs: Desktop and Online. Online allows for more cloud-based work, while Desktop offers a little more power. And within QuickBooks Desktop, there are two plan options: Premier and Pro.
QuickBooks Premier Pricing and Users
Let’s dive in on QuickBooks Premier with the basics: plan pricing and users. The plan is a little more expensive than the Pro version, which starts at $300 a year. A QuickBooks Premier Accountant Edition will cost you about $500 a year.
But that extra $200 a year will get you a lot of extra capability, not least of all in the number of users who can be on the license. A Pro plan will only allow up to three users to access the QuickBooks license. But a Premier Accountant plan will allow you to have as many as 100 different user licenses at one time.
There are a few features that both Pro and Premier carry. They can both manage sales tax and inventory, as well as being able to work in multiple currencies. But that’s where Pro’s abilities end and Premier’s superior capability sets in.
QuickBooks Desktop Premier offers industry-specific versions that are custom-tailored to your business’s needs. It can also create sales orders and bills of materials at the touch of a button. And with Premier, you get an additional fifty detailed reports you can run.
Manage Backorders and Sales Orders
One of the great benefits of QuickBooks Desktop Premier is that you can manage backorders and sales orders easily. Let’s say you have a customer order 200 items and you only have 127 in stock. Instead of waiting for the other sixty-three to get in, you can send the 127, invoice the customer for them, and note that when you get new stock in, you still owe that customer sixty-three more items.
You can also handle sales orders easily with QuickBooks Premier. Sales orders are non-posting sales transactions to hold the order until you invoice against it. You can use a sales order fulfillment worksheet and enjoy easier sales order workflow management in Premier than in Pro.
Handle Order Questions
Sometimes, you may have customers who call with questions about certain orders. They may want to know what stock you have on hand before they decide how much to order. With Premier’s current availability tracking, you can see how many of an item you have in stock that hasn’t already been promised to another customer so you never end up double-selling stock.
Customers may also want a detailed estimate before they place an order. With QuickBooks Desktop Premier, that’s a snap; you can run the estimate for the customer in minutes. And then when the customer calls and confirms that they do want to place the order, converting that estimate to an invoice is the matter of the push of a button with Premier.
Show Previous Reconciliations and Reverse Journal Entries
One of the main reasons accountants love Premier is that it allows you to show previous reconciliations. This option can show you a snapshot of all previous reconciliations on your account. The ease of this process can save you a lot of time and hassle in running down previous reports.
QuickBooks Premier also allows you to easily reverse journal entries. You don’t have to go in and make a million notes or try to delete an entry. Instead, with the click of a button, you can reverse or cancel any journal entries you made for previous periods.
Should I Upgrade?
QuickBooks Desktop Premier has features that almost anybody can benefit from. The ability to handle backorders, availability tracking, and estimate to invoice conversion alone makes the upgrade worth it. But there are some businesses that might benefit a little more than others from an upgrade to Premier.
If you have a business that operates in a niche industry, finding accounting software that meets your specific needs can seem impossible. That industry-specific version option that we mentioned earlier can be a huge selling point for businesses that are trying to find custom-fit accounting solutions. And the extra power Premier provides can help you find the growth that’s so important for a business operating outside the regular business model.
Discover the Benefits of QuickBooks Premier Accountant Edition
When you’re running a business, keeping the financials in order is paramount and complicated. QuickBooks Premier Accountant Edition can make that process a lot quicker and easier. With all-new features and capabilities, this edition can keep you in the black and growing fast.
If you’d like to get help setting up your QuickBooks Premier account, get in touch with us at Fourlane. We have experienced QuickBooks ProAdvisors who have been involved in thousands of successful QuickBooks implementations. Contact us today to get your system set up and start accounting easier.