When it comes to managing finances and inventory, QuickBooks stands out as a top choice for businesses. QuickBooks Online (QBO) is widely used for its accessibility, but QuickBooks Enterprise is designed for larger businesses with more complex needs. In this article, we’ll explore the top features of QuickBooks Enterprise that are not found in QuickBooks Online, their significance, and why businesses should consider them.
Advantages of QuickBooks Enterprise vs. QuickBooks Online
1. Advanced Reporting
With advanced reporting, businesses can create custom reports and track key performance indicators (KPIs) for deeper business analysis. This feature provides insights into financial data, aiding in informed decision-making. Enterprise allows you to generate more advanced reports than QuickBooks Online. For instance, you can run job costing reports, which provide detailed insights into project expenses, labor costs, materials, and more, helping businesses manage project budgets effectively.
Learn more about advanced reporting in QuickBooks Enterprise.
2. Advanced Inventory Management
QuickBooks Enterprise’s advanced inventory management features include:
- Serial and Lot Number tracking: This feature enables businesses to assign unique identifiers to individual items in their inventory. Each item is tagged with a specific serial number or lot number, allowing for precise tracking throughout its lifecycle.
- Barcode Scanning: Enterprise simplifies inventory management by using barcode readers or scanners to input data directly into QuickBooks Enterprise. Items are labeled with barcodes containing product information, which can be scanned during various inventory-related transaction.
- Multi-Location Inventory: Multi-location inventory management allows businesses to track inventory across multiple warehouses, stores, or locations. Each location’s inventory is managed separately within QuickBooks Enterprise, providing visibility into stock levels across the organization.
- Efficient Order Fulfillment: With multi-location inventory, orders can be fulfilled from the closest warehouse to the customer, reducing shipping costs and delivery times.
- Inventory Transfers: QuickBooks Enterprise facilitates inventory transfers between locations, allowing businesses to move stock where it’s needed most efficiently.
- Bin Location: This feature involves organizing inventory within warehouses by assigning specific bin locations to each item. QuickBooks Enterprise allows businesses to track the exact physical location of each item within their warehouses.
See why QuickBooks Enterprise is the best inventory management software.
If you would like to try the full version of QuickBooks Enterprise Desktop, click here to get a free, 30-day no-commitment trial plus access to the Resource Guide that lists all the features available in Enterprise.
3. Provides Estimated vs Actual Reporting in All Plans
QuickBooks Enterprise provides estimated vs actual reporting in all plans, whereas with QuickBooks Online, you have to upgrade to the most expensive version. This feature allows businesses to compare estimated costs or revenue with actual costs or revenue. It is invaluable for tracking project progress, budget adherence, and overall financial performance. Also, estimating costs and revenue for projects and comparing them with actuals helps in evaluating project profitability. Businesses can determine if projects are on track to meet their financial targets or if adjustments are needed to improve profitability.
4. Speed and Stability of a Desktop Software
QuickBooks Enterprise is desktop-based software, which means it runs directly on the user’s computer rather than in a web browser like QuickBooks Online. This architecture often results in faster performance, as the software interacts directly with the computer’s processor and memory. Also, with Enterprise, the data is stored locally on the user’s computer rather than in the cloud. This can lead to quicker access to data, especially for businesses with large data files.
Another benefit is that Enterprise allows users to work offline, without requiring an internet connection. This is particularly useful in remote locations or areas with poor internet connectivity.
5. Job Costing
QuickBooks Enterprise: Offers robust job costing features, enabling tracking of expenses and revenue associated with specific jobs or projects. This feature is valuable for businesses working on projects with multiple cost components, such as construction or professional services.
- Project-Based Accounting: QuickBooks Enterprise allows businesses to allocate expenses and revenue to specific jobs or projects, providing a clear picture of each project’s financial performance. This helps in evaluating project profitability and identifying areas for cost control.
- Cost Allocation: Expenses related to labor, materials, subcontractors, and overhead can be accurately allocated to each job or project. This enables businesses to determine the true cost of each project, ensuring accurate pricing and maximizing profitability.
- Budgeting and Forecasting: Job costing in QuickBooks Enterprise facilitates budgeting and forecasting for future projects by providing historical data and insights. Businesses can use this information to estimate costs, set budgets, and make informed decisions about resource allocation.
- Compliance and Auditing: For industries with regulatory requirements or contract obligations, job costing helps ensure compliance by providing detailed records of project expenses and revenue. This facilitates audits and helps businesses meet reporting requirements.
6. Industry-Specific Solutions
QuickBooks Enterprise offers industry-specific versions that come pre-configured with features, reports, and workflows tailored to the unique needs of each industry. For example, the manufacturing edition might include tools for managing bill of materials (BOM), work orders, and production scheduling.
The industry-specific solutions in Enterprise are scalable, allowing businesses to grow without outgrowing their accounting software. As businesses expand, they can continue to use QuickBooks Enterprise with confidence, knowing that it can accommodate their evolving needs.
Explore the industry-specific features of QuickBooks Enterprise.
Conclusion
While QuickBooks Online serves well for small businesses, QuickBooks Enterprise offers advanced features and customization options essential for larger businesses. Whether you’re dealing with complex inventory, specific industry requirements, or project-based costing, QuickBooks Enterprise provides the tools needed to manage finances effectively.
Ready to experience the power of QuickBooks Enterprise for your business? Sign up for a free trial with Paygration today and harness the advanced features and scalability of QuickBooks Enterprise. Contact us at 866-949-7267 to get started and see how QuickBooks Enterprise can streamline your business operations and drive growth.
Have Questions? Need Help?
If you have any questions about the features of QuickBooks Enterprise, you can give us a call at 866-949-7267 and one of our experts can walk you through the details.
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