Whether you’re just starting off with a small business or own a booming corporation, the fact remains that having reliable accounting software is a must. Even if you have your own professional accountant, he or she will likely recommend that you use an accounting program to keep track of your company’s finances. QuickBooks is perhaps the most established and well known account programs on the market. But since QuickBooks first debuted decades ago, the number of different software options to choose from has grown significantly, leaving many business owners wondering which version QuickBooks is right for them.
By selecting the right version of this software for your business, you can have all the accounting tools and functions you need at your disposal without spending more than you need to in the process. To choose the version that’s best for your business, it’s smart to begin with an understanding of the three most common options available to you.
QuickBooks Pro
There’s a reason QuickBooks Pro is the most popular version of the software: it contains all the basic accounting tools you would need for any small business. From the ability to manage your employee payroll, track expenses, generate invoices and reports, and even print paychecks, this version is the most basic yet is still more than enough for most businesses just starting out (assuming you don’t need an accounting software that’s specific to your industry).
This version of QuickBooks also allows up to three users to be logged on at one time, which is more than enough for the average small business. As your company grows, however, it may be necessary to upgrade to the next version…
QuickBooks Premier
The next step up from QuickBooks Pro is QuickBooks Premier, which allows business owners to enjoy all the features included with QuickBooks Pro in addition to several others. First and foremost, QuickBooks Premier allows you to actually create a detailed business plan and even forecast future expenses and sales. This is the first version you’ll probably want to consider if you need accounting software that’s industry specific, as this program is the first to allow for industry-based reporting.
There are also several different options to choose from when it comes to QuickBooks Premier based on your business type, including:
- general business
- contractor
- non-profit
- retail
Overall, QuickBooks Premier tends to be the best option for small- to medium-sized businesses that have exact industry needs.
QuickBooks Enterprise
The cream of the crop when it comes to QuickBooks accounting software is the Enterprise version, which is geared more towards larger organizations. This is reflected in the higher price tag that comes with this software; if you own a larger company, expect to spend thousands or even tens of thousands of dollars for the annual licensing on this program. The main upgraded features you’ll find in the Enterprise version include a significantly larger data set option and the ability to have many users logged into the software at once (ideal if you have a large accounting team). Furthermore, Enterprise allows you to integrate your accounting software into other applications that your business may use for more seamless reporting.
Which Version of QuickBooks is Right for Your Needs?
Now that you have a better understanding of the main differences between some common QuickBooks programs, how can you decide which version of QuickBooks is right for you?
Generally, if you’re just starting out with your small business, QuickBooks Pro will be enough for your needs. If your business is growing or you find yourself in an industry with specific accounting needs, then Premier is probably your best bet. For larger organizations with more complex accounting needs, it may be worth looking into Enterprise.
Another important factor to consider: the operating system your business computers use. If you’re a strict Apple/Mac business, keep in mind that you will need to purchase QuickBooks for Mac to ensure compatibility.
With several different options to choose from when it comes to your company’s accounting software, the decision can seem a bit overwhelming. But by asking yourself some key questions about your business, you can ultimately choose the right version of QuickBooks to meet your accounting needs with absolute confidence.