Happy 2016! A new year brings new opportunities, and what better time than now to decide to get your bookkeeping for your business organized?
Whether your business is new or established, large or small, you can benefit greatly from using QuickBooks as a tool to help get your bookkeeping and financials in order. By doing so, you gain the ability to see where you are at any time and be able to make informed decisions that will help your business grow and flourish.
One thing that can help you greatly in using QuickBooks is knowing which version of QuickBooks would be of the best use to you. There are several different versions that have different functions and capabilities.
The most common version is QuickBooks Pro, which is a desktop version for a PC. This version has all your basic functions: creating invoices, tracking sales and expenses, managing accounts payable and accounts receivable, as well as being able to pull and customize dozens of financial reports.
QuickBooks also has a Premier Version that, in addition to the functions of Pro, can help you create a business plan, email sales orders, have more users, create a forecast of your sales and expenses, create inventory assemblies, as well as creating industry-specific reports.
QuickBooks Enterprise is also a desktop PC version of QuickBooks that has even more capabilities than Pro or Premier. You can have up to 30 simultaneous users with this version, it can hold 1 GB of data, and has the ability to track inventory in several different ways, such as FIFO or average-cost method, as well as being able to track inventory in multiple locations.
Another version of QuickBooks is QuickBooks for Mac. This version is generally used for smaller businesses and is not ideal for advanced inventory tracking. Unlike the QuickBooks for Windows versions, there is only one version of QuickBooks for Mac. QuickBooks for Mac has a simple reconciling system and has the same basic capabilities of the QuickBooks Pro version. QuickBooks for Mac, however, does not have the capability of creating an Accountant’s Copy and a process called “round-tripping” must be used instead if you need your accountant to review your books.
Last, but certainly not least, is the QuickBooks Online version. This version of QuickBooks is web-based, so you have ability to log in from any computer or tablet, at any location with internet access, and work on your books. This version has a monthly subscription fee. Depending on what functions you require for your business’ books, the fee can vary. This version of QuickBooks also gives you the ability to invite up to two accountants to have access to your data, which helps you in that you do not have to create and send a back-up of your file if you need your accountant to review your books. More advanced versions of QuickBooks Online also give you the ability to prepare your 1099’s, track billable hours by customer, and create budgets.
No matter which version of QuickBooks you decide is right for you, having a tool to help you manage your finances, payroll, and basic bookkeeping will help your business grow and help you make informed decisions so you can continue to move forward and make 2016 your best year yet!
If you have more questions, feel free to contact one of Larson & Company’s QuickBooks Pro Advisors for more details and information by emailing firstname.lastname@example.org.