QuickBooks is widely used by many businesses in the Small and Medium Business (SMB) segment for their accounting and bookkeeping needs. Most often, it is used to manage invoices, track cash flows, pay bills, etc. It’s also a great tool to generate reports for tax reporting, manage sales, review accounts receivables, run payroll, and sometimes to track inventory.
There are different options in QuickBooks which can be overwhelming and confusing for users to choose from. QuickBooks is also available as a SaaS version, apart from the desktop version. Both these versions are vastly different, which makes it important to understand them before making a purchasing decision. Let’s look at each of them separately.
Also called QuickBooks Online, this version was released ten years after the Desktop version was launched. The main point to note here is that it does not have all the features that are included in Desktop. The platform is completely different from the Desktop version and comes with a new look and feel.
The SaaS version can support up to 25 users, while the hosted version supports a maximum of 30 users. The online version is relatively new, and can only be accessed via the cloud. Therefore, it takes time for the users to get used to it. It caters to the core accounting function of the business, and also allows you to custom-build your solution by integrating third-party applications.
Usually the number one choice for customers, this version of QuickBooks was launched in 1991. The Desktop version has different types – Enterprise only, Premier, and both. The QuickBooks Enterprise type is feature-rich, and is available both on-premise and in the cloud – to support anytime, anywhere access for users.
A variety of customizable security settings are available only with the Enterprise model. Sales order workflow and manufacturing processes are supported in both Premier and Enterprise models. In all the models, reports are strong and customizable to benefit the end-users.
There is also a hosted version that allows you to install the local QuickBooks software on the cloud, for anytime access. Using the right product of QuickBooks will ensure all aspects of your business functionalities are taken care of. SMBs can manage QuickBooks in-house or through an external accounting and bookkeeping partner.
The process of accessing the right QuickBooks product, and customizing it to fit your business needs may eat into your daily operational activities. When your accounting and reporting needs are taken over by an external partner, you’ll have your business operations running smoothly. SmartFin has 10+ years of expertise in providing top accounting and bookkeeping services for clients across the globe. Drop us a line if you would like to explore our services.