Businesses understand the importance of choosing the right accounting software to streamline their workflows. An effective program is one that offers all the essential features needed to perform crucial tasks, like tracking income and expenses, reconciling bank accounts, and generating detailed reports.
QuickBooks Desktop Enterprise is one of the most tried-and-tested accounting software for modern times, boasting a wide range of features that go beyond the capabilities of other similar programs. However, since QuickBooks Enterprise comes in several versions, it can be hard to decide which software fits your needs.
Whether you’re considering upgrading from Pro or Premier to Enterprise or it’s your first time choosing between the three versions of QuickBooks Enterprise, this comparison guide will help you decide the best option for you.
QuickBooks Pro Vs. Premier
QuickBooks Pro is the simplest and most basic version of QuickBooks Desktop, allowing only up to three simultaneous users. It’s suitable for very small businesses that need basic features for tracking revenue and expenses, tracking unpaid bills, invoicing clients, and running detailed reports. QuickBooks Pro offers additional features, like the ability to print checks, perform job costing, create purchase orders, manage inventory, track sales, and sales taxes, set individual user permissions, and import transactions from multiple banks and credit card accounts.
If you want more options for tracking inventory and industry-specific features, then Premier is the better option. QuickBooks Pro and Premier have significant differences, but the most notable is the availability of industry-specific editions, including Retail, Manufacturing and Wholesale, Nonprofit, Contractor, and Professional Services. Also, Premier allows you to forecast sales and expenses, manage inventory in the inventory center, and run customized inventory reports—tasks you can’t perform in Pro. Overall, QuickBooks Pro is great for small businesses with general accounting needs, while Premier is ideal for those that need industry-specific features and reports.
QuickBooks Premier Vs. Enterprise
Most businesses choose QuickBooks Enterprise because of the advanced capabilities it offers that are missing in Pro and Premier. Just like Premier, QuickBooks Enterprise comes in a general business and five industry-specific editions. However, Enterprise scales up the functionality offered by Premier by allowing up to 40 users (when subscribed to Diamond). In terms of price, QuickBooks Enterprise is the more expensive, but its advanced features make up for it in value and functionality.
Here are some notable QuickBooks Enterprise features which you can’t find in QuickBooks Pro or Premier and some additional benefits of using QuickBooks Enterprise for your business.
Advanced Inventory Management
The Platinum version of QuickBooks Enterprise includes an advanced inventory management system that allows you to calculate inventory cost using the First-in, First-out (FIFO) method, track inventory by multiple locations as well as a lot, bin, and serial number, and use bar code scanning. Additionally, this feature lets you automatically assign classes, which helps QuickBooks easily remember transactions for easy and seamless data entry.
While both Premier and Enterprise offer inventory assembly tracking, Enterprise takes it one step further by allowing you to use variable builds to change a component in case the original assembly item is not available—without the need to edit the original item. The shortage report will then be reflected in your report, making it easy for you to keep an eye on what’s missing in your inventory.
Just like advanced inventory, advanced pricing is also included in your Platinum subscription. This unique feature lets you customize your product pricing based on your situation and requirements. With the advanced pricing module, you can create customized price levels across customers, items, sales reps, and classes, as well as set up discounts, giving you more control over your pricing system.
If you need highly customized and consolidated reporting, then Enterprise is the way to go. In addition to a shortage report by item for assemblies, Enterprise also lets you generate committed costs by job reports. The advanced reporting module lets you use all the data fields and tables so you can create a customized report based on your exact needs. Learn more about advanced reporting in QuickBooks Desktop Enterprise.
Free Payroll and Unlimited Direct Deposit
If you are thinking about using payroll to pay employees, the QuickBooks Enterprise Gold edition should be the minimum level that you choose as it includes the Enhanced version of payroll for unlimited employees and includes a direct deposit for free. This will save you the standard $750 per year and $2 per employee for direct deposit that it costs to add Enhanced Payroll ala carte. If you would like to have the payroll taxes and quarterlies paid for you, then moving up to the Diamond subscription gives you the Assisted Payroll version and is only $1 per employee/per payroll.
Also included in the Diamond subscription level is QuickBooks Time. This allows you to track employee time in the field or in the office via a phone, tablet, or computer and then pushes all the hourly data into the Assisted payroll in QuickBooks Enterprise so that you can easily calculate accurate employee paychecks and process payroll in a couple of simple steps.
Which QuickBooks Version is Right for You?
If you are a small business that needs simple accounting features, then you can settle with QuickBooks Pro. If you require basic inventory and industry-specific features and reports, choose QuickBooks Premier. But if your business deals with complicated accounting tasks, like inventory assemblies and the need to customize pricing, then we highly recommend QuickBooks Enterprise.