QuickBooks Desktop Pro Vs QuickBooks Desktop Premier

Accounting and bookkeeping have been a part of business houses for a long time. This relationship has been strong through thick and thin and has helped businesses survive the toughest of times. Every business needs these service no matter what. Starting from production, packaging, delivery, operations, to after-sales services, all of these services need proper documentation in the form of accounts in order to keep track of expenses, revenue, inventory, and other aspects of the business. Although accounting and bookkeeping have been there since the beginning of documentation practices, they have changed drastically over the years. The accountants have been replaced by computers, ledgers have turned digital, and tax preparation is now automatic. And pioneers like QuickBooks have helped bring these changes to the mainstream consumers and completely change the way accounting and bookkeeping work. QuickBooks Desktop Pro and QuickBooks Premier are two of the most popular and utilized by businesses all over the world.

So, what is it with QuickBooks Desktop Pro and QuickBooks Premier that makes them so good?

QuickBooks Desktop Premier: What Is It?

QuickBooks Premier is essentially is an all-purpose accounting and financial services software that allows users to manage ledgers, profit and loss accounts, balance sheets, keep track of inventory, pay timely bills, and keep a tab on expenses. QuickBooks Premier not only offers accounting solutions to businesses but a whole array of convenient ways to manage the books of the concerned business. The QuickBooks software provides additional features such as tracking sales, payments from customers, managing employee payrolls, preparing tax submissions, and of course, making forms and invoices. QuickBooks understands very well that the industry is spread out into various sectors and departments, and that each department has different needs and ways in which it functions. That is why QuickBooks Premier has 5 editions that cater to the needs of different industries. These are namely –

  • General Business
  • Nonprofit,
  • Retail,
  • Contractor,
  • Wholesale,
  • Professional Services, and
  • Manufacturing.

Along with the actual software, QuickBooks Premier consists of features such as pre-built reports, navigators for each and every industry, and customized terminology. Organizations and businesses can have full access to data via implementation of individual permissions and thus, keep a track of all expenses incurred due to clients, projects, services, and even employees. Businesses can also use their contacts in QuickBooks by importing them from Excel files to the QuickBooks Premier software.

The list does not end here. QuickBooks Premier is an industry elite for a good reason. Its features include the creation of a forecast, creation of a business plan, a tool for analysis, a remote access tool, a tool for keeping track of inventories, and tools for creating sales order reports.

The software is brought by Intuit and is available via an annual subscription or after a one-time payment of up to 5 different users. QuickBooks support is available via QuickBooks support numbers on a 24 hour a day basis.

Features: QuickBooks Desktop Premier

The features for QuickBooks Desktop Premier are as follows –

  • Support For Multi-monitors – You can simply get your work done in a simpler and faster fashion by opening separate windows across more than one computer systems.
  • Inventory Reports – You can now add a little bit of insight and flexibility to your business with new inventory reports that are customizable.
  • Searchable Charts of Accounts – It is much simpler to find an account along with an additional search bar in the Charts of Accounts. You can conduct the search by either account name or account number.
  • Cash Toggle Tool – With the new QuickBooks Desktop Premier, you can now get useful insights in a single click and eventually compare your own performance on the basis of cash as well an accrual.
  • Perform Industry Specific Tasks More Efficiently – This feature can be utilized in order to locate elements and fulfill inventory related tasks all in one location by making use of the Inventory Center in the QuickBooks software.
  • Tracking Balance Sheets By Class – Users can make use of this easy to access and built-in feature to keep a track of their data distinctly on the basis of department, location etc.
  • Progressively Billing Clients – This feature can be put to use by users to bill the clients on the basis of material, time, job phase etc. to make sure that the billing process suits your unique business model.

There are various other features in the QuickBooks Desktop Premier 2018 that are different in a separate version of the accounting solutions software. They are as follows –

General Contractor

  • Creating The ‘Jobs by Vendors’ Reports – this features lets users organize the job costs on the basis of vendors and then later assesses which vendor still needs to get paid.
  • Creating Job Estimates and Tracking Change Orders – We all know that job estimates change and when that happens, users simply need to enter the changed estimates into the system in order to keep a track on these changes as well as the impact they will have on the business.
  • Analyzing Profits for the Business – Now, users can make customized job reports for the costs incurred. These reports will eventually help users to assess the profitability of jobs on a fundamental level.

Manufacturing

  • Tracking point of Inventory Reorder – this feature can be used to keep a tab on inventory and set an optimal inventory level. This feature also creates a report that displays things that need reordering.
  • Tracking Profits in Terms of Product – It is advised to always keep a tab on the largest moneymakers so that users will be able to know which products they need to promote so as to keep them in the inventory and which items need to be dropped as they are not that profitable.
  • Prioritizing Orders That Need Fulfilling – Users can see all the sales orders with open status and then prioritize them in the desired order. Users can instantly view which orders could be shipped and which ones could not be.

Nonprofit

  • Creating End of the Year Statements for Donation – Users can view their biggest donors and can eventually track all the donations.
  • Creating Form 990, i.e., Statement of Functional Expenses – Identifying the expenses for presentation to the board of major donors and the details regarding data about IRS is now easy.
  • Create Donor Reports – Users can track the donations that come from donors.

Professional Services

  • Track Unbilled Expenses and Time – Businesses can now view all the clients with unbilled expenses and time in terms of employees, projects, clients, and services on a single computer screen. Users can also send invoices without any troubles.
  • Different Bill Rates – Users can now pay as well as get paid the right amount by easily and quickly setting up separate billing rates.
  • Analyzing the Profitability by Clients and Projects – Reports such as Proposal vs. Billed, job costs, vendor costs, cost to complete the job etc. help users to stay on the top of the game in terms of profits and projects.

Retail

  • Simple Tracking of Sales – Tracking sales is now accurate as well as flexible with the help of the Sales Summary form. Users simply need to enter total payments and the nontaxable/taxable sales figures for every week, or any time period for that matter.
  • Keeping a Track of Costs and Inventory – Users can now simply keep a track on reorder points as well as inventory.
  • Create a Profit/Loss Summary – Businesses can now create a comparison chart of one month’s profits and losses with other month’s figures.

QuickBooks Desktop Pro: What Is It?

For many small business houses, QuickBooks is usually the ‘go-to’ for accounting and bookkeeping software. However, the final decision depends on which software they need for their business. Recently the trend seems to shift to the online version of the QuickBooks software but at the end of the day, the desktop versions rule the market. QuickBooks Desktop Pro is a very easy to use and comprehensive bookkeeping and accounting tool that caters to the everyday needs of small to medium-sized businesses.

As mentioned earlier, QuickBooks Desktop Pro, simply referred to as QuickBooks Pro is a very simple to use accounting tool that is specifically designed to handle the accounting and bookkeeping processes of small to mid-sized businesses. The tool provides its users, solutions in the form of a core financial services software via robust functionalities such as financial software applications like payable and receivable, expense management, payroll management, and project accounting, all in one single integrated software.

Users can also utilize the bank account reconciliation option in order to link their bank accounts and at the same time define the workflow for all accounting and bookkeeping activity. This enables users to make automatic payments and make deposits from their linked bank account(s). Users can also manage employee payrolls through one single application.

QuickBooks Desktop Pro allows its users to make the entire billing and invoicing process automatically, and work on aspects of order management from a separate reconciliation window. QuickBooks Pro users can simply link, sync, and import information from related integrated applications or payment gateways such as American Express, Square, and PayPal. All of the transactions are categorized automatically for recording expenses and earnings on a monthly basis.

Another interesting feature about QuickBooks Desktop Pro is that is can be set up on a system as well as on the cloud. If the users want they can also download the mobile application for QuickBooks for Android as well as iOS to get access to their data on the go or whenever they wish to. Support is available via the QuickBooks support number on an all around the clock basis.

Features: QuickBooks Desktop Pro

These features are as follows –

  • The QuickBooks Desktop Pro software supports up to 3 different users in a single data file.
  • Revenue and receivables – credit memos, invoices, sales receipts, statements, receive payments, and estimates to invoice.
  • Expenditures and payables – item receipts, purchase orders, and paying bills.
  • Job casting.
  • Constant inventory tracking.
  • Time and mileage track.
  • Banking related tasks – money deposits, check deposits, credit card bill payments, credits, bank account charges, bank interest payment, employee account paychecks, online banking, and bank reconciliations.
  • Sales taxation – collecting and paying sales tax.
  • More than one currency.
  • Price levels – fixed percentages.
  • Report making – budget making, financial reporting, and robust operations.
  • Misc. – creating letters and labels, memorizing reports, customizing templates, exporting data to Excel, keeping track of leads, making the business organized, making navigation an easy task, making sure good user access/experience, and email transactions.

But this still does not help us understand why QuickBooks Pro is so popular among users all over the world. To think of it, both the software are immensely valuable and are among the most elite financial tools ever created to assist businesses in their day to day financial operations. However, QuickBooks Desktop Pro is a bit ahead in terms of features and overall outlook. Here is a list of features that will help you understand the software better –

  • Journal Entries – this feature allows the users to efficiently auto-populating in terms of the previously entered information. Users can also schedule future entries. Users are allowed to upload journal entries from outside sources.
  • Dimensions – Users can now tag all sorts of transactions in the general ledger with customizable classes, dimensions, or categories. These dimensions or classes should be there for any other module in the system as well as present to be reported upon.
  • Audit Trail – this feature allows for chronological as well as automated tracking of operations that have the potential to influence procedures and events.
  • Web Portal – this feature allows users to access the current as well as past W2 forms, pay stubs, and extra information.
  • Benefits Manager – this feature enables users to answer and update questions related to benefits as well as receive data related to benefit providers.
  • Invoice Customization – users can customize the layout of the invoices and add as well as remove additional fields.
  • Collection Automation – the QuickBooks Desktop Pro allows users to automate the collection process.
  • Payroll entry – this feature allows the users to enter data about payroll for all the employees on the company’s payroll in terms of salary or total worked hours.
  • Direct Depositing – this feature gives provisions for directly depositing paychecks into the employee bank accounts via the software.
  • Payment Processing – the software provides users an option to track, report, and manage all types of payment.
  • Purchase Orders – QuickBooks Pro 2018 supports orders of purchase and provides all the relevant details such as purchasing personnel, accounts payable, and management with complete visibility in order to streamline the processes.
  • Tax Calculations – the software assists in tax calculations and also includes resource management tools for federal as well as state tax norms.
  • Automatic Tax Payments – the softw are allows for payroll vendors through the power of attorney to process electronic payments regarding taxes.

The Verdict – QuickBooks Pro vs. Premier?

Now, we get to choose between the two elite financial tools from QuickBooks. The following pointers will help you decide and differentiate between the two QuickBooks software and choose the one that suits your business model the best.

  • There is no point in purchasing the retail version of the QuickBooks Desktop Premier software. It is better to go for the Pont of sale version of the software instead.
  • As far as the QuickBooks Premier software is concerned, it is only viable to purchase it if your business model is set up among the following business categories.
    • Accountant
    • Contractor
    • Manufacturer
    • Wholesale
    • Nonprofit
  • Last but not the least, all the features of QuickBooks Pro are in QuickBooks Premier. The thing to understand here is that QuickBooks Desktop Pro 2018 is a predecessor of the QuickBooks Premier 2018 software. As a result, it would be safe to say that QuickBooks Desktop Premier has all the features that are already available in the QuickBooks Pro version of the Intuit software. The features like the following will be the key features that will help you run mall to medium sized businesses with ease.
    • Transaction recording on a daily basis.
    • Deleting transactions.
    • Flagging journal entries.
    • Creating period copies.
    • Access to industry reports
    • Writing statement.
    • An included asset manager.

In conclusion, the verdict is that it always preferable to go for the QuickBooks Desktop Premier 2019 over QuickBooks Desktop Pro 2018 when it comes to running businesses with full efficiency. Premier has all the functions and features that a business would require. Going QuickBooks Enterprise would be reaching too far as it is not necessary for the smooth and efficient functioning of a business.

How To Install QuickBooks Desktop Premier 2018?

  • Download the QuickBooks Desktop from the download page at Intuit.
  • Once you have completed the download, the installation should start automatically. In case that it does not, you can simply start it manually by double-clicking on the installation file in the folder where you have downloaded the file.
  • In the pop-up window in front of you, click on “next”.
  • Once you completely read the license agreement, click on “accept”.
  • The next window will have you enter the license number and product number. Enter these figures carefully. Once you do, click on next.
  • The next step would be to select an installation type. You can either go for “custom” or “default”.
  • The next step will have you choose the type of system you are installing the QuickBooks Desktop software in. for more help in this step, you can click on “help” in the bottom left corner of the pop-up window.
  • The next window will ask you if you have already installed the QuickBooks software on the system. In case you have installed an older version of the software on the machine, it is advised to go for the first option.
  • Once you select the option in the previous step, the software will install and this will some time.
  • Now, once the software is installed, it is important to determine that it is activated as well. The simplest way to do it is by pressing the “F2” key. Here you will be able to see if the copy of QuickBooks software is activated or not.
  • In case it is not activated, you can go to “Help” on the top right side of the toolbar and then select “Activate QuickBooks Desktop”.
  • Here you can follow the steps and activate your QuickBooks software.
  • Now, if you already have activated the software and have a company that you would like to open in the QuickBooks software, click on the “Open/Restore an existing company” option. In case this is the first time you are using the QuickBooks Desktop software, you need to select the “Create a new company”.