Managing finances is an essential part of any business so here we want to talk a quick dive into the advantages of using QuickBooks Enterprise. Many times business leaders know that but don’t take the time to choose the right accounting system – or they may not want to invest resources into the proper platform. Accounting software can help you to avoid errors, gain insights into key sales, customer, and vendor data, and even make better decisions for your business. Modern companies understand that they need more than paper-based accounting systems. That being said, how much more does your company need? If your company needs to go above and beyond standard accounting tasks, you may want to look into QuickBooks Enterprise edition. It’s the most recommended software in the market for mid-size and larger companies. Read about some of the things that set QuickBooks Enterprise apart and some of our favorite features below.
The Top 10 Advantages of Using QuickBooks Enterprise
Generally speaking, the biggest benefit of QB Enterprise is that it can be tailored to different business types and needs using various customizations or comprehensive features.
Versatile and Scalable – Millions of companies use various versions of QuickBooks, and often as users grow their business they migrate to QB Enterprise. That’s because even as their tasks become more complex, they are comfortable with the QB interface and know how to use the functionality. QB Enterprise has 3 levels (Silver, Platinum, and Diamond) as well as several industry-specific versions (like Contractors, Retail, Non-Profit, and more). Almost every company can find an Enterprise edition that fits their unique needs.
User Friendly – QB Enterprise offers a lot of intuitive features and easy-to-use functionality. Even people with non-accounting backgrounds can use the platform comfortably and with ease. Additionally, the all-in-one business management QuickBooks Enterprise software can be used both as an on-premise and as a cloud-based solution, which means users can choose what’s right for their business.
Robust Purchasing and Vendor Modules – Tracking vendors in one place allows users to expand their business without common difficulties. Users can do things like defining classes for various items to accurately check stock status and identify which items and products need to be reordered. Clients also like that they can invoice multiple clients at one time and easily add or remove vendors and customize fields.
Easy Reporting – There are over 130 standard reports in Enterprise that allow users to view performance data in real time. Not only that, the software provides an end-to-end view of your income and bank transactions all in one place. Users can save formatting and templates to reduce time, choose from report templates created by others, and view entire customer data on one screen.
Enhanced Features of QB Enterprise
In addition to the general benefits the platform offers, users can take advantage of the following features that are specific to QB Enterprise.
- Job Costing – Job estimating tools and industry templates help you to create more competitive bids and win new projects.
- Additional Users (and Role-Based Access) – As your business grows, you can add more users (now up to 40 simultaneously) and give them specific access based on your needs. Owners benefit from the ability to increase users and ensure they have specific permissions based on roles.
- Advanced Inventory, Barcode Scanning, and Pricing – Advanced Inventory is one of the most popular features in QuickBooks Enterprise. It allows you to turn on barcode scanning, pick-pack-and-ship functionality, tracking by lot, bin, and serial number, and then track and move that inventory to multiple locations. Enterprise also permits you to take real-time snapshots of on-hand items, purchase, and sales orders and provides a complete view of the supply chain. The Advanced Pricing functionality allows users to manage even the most complex pricing rules and allows you to do things like apply multiple rules at once, set quantity discounts and manufacturer markdowns, parameters for overriding rules, and much more.
- Database Capabilities – The platform uses a powerful, industry-standard SQL database to support your business and its growth. The database is a relational database that uses client-server technology in multi-user mode to coordinate and manage access to the company file.
- Sophisticated Reporting – Users love the end-to-end view of their income and bank transactions all in one place, including the ability to see the entire company data on a single screen using the Company Snapshot feature. There are over 130 reports in QB Enterprise and users can save formatting to reduce time. More robust reporting also allows owners to easily track expenses, pay bills automatically, and prepare for tax season or financial presentations. Additionally, if you are looking to build custom reports from scratch, you can use the Advanced Reporting feature to build anything you want with any data in QuickBooks.
- Higher security – With higher list limits and the ability to create role-specific users, your business can sell more smoothly while being assured of privacy and security. By limiting access, owners can reduce their risk of hacking or data breaches. Credential setup has more steps than in other versions, and administrators will have several options for increasing privacy and data security as they create users.