An Evaluation of Top Accounting Software – QuickBooks, Peachtree/Sage50, Intacct

In today’s cut throat business environment, the focus has shifted from traditional and laid back methods of yester years to ones where the emphasis is on optimizing operational efficiencies. This is mostly achieved through concentrating on core competencies in-house and spinning off back office functioning to lower priced options. One of this is accounts and bookkeeping functions. Doing so is especially helpful for small business accounting, start-ups and mid sized companies that have to look constantly for ways and means to reduce expenditure to increase profitability.

While outsourcing of accounting tasks is now the much preferred choice of businesses, the process has been facilitated by the introduction of cutting edge software that has made accounting processes very simple. On top of the pile are QuickBooks, Sage 50 (erstwhile Peachtree) and Intacct.

A brief evaluation of their main features will be in order –

QuickBooks – It all started with it being a way out to simplify personal financial management and later progressed to becoming a tool offering maximized accounting solutions. The main benefit of QuickBooks is its ability to assist every facet of the accounting system. QuickBooks accounting services provides paths to constantly monitor income and expenditure and helps in quick and speedy finalization of bank reconciliation every month. Tedious and repetitive tasks like payroll management and tax computation and finalization is made easy with QuickBooks.

QuickBooks bookkeeping services are amenable to almost the whole gamut of industries and business. Those that stand to gain heavily include wholesale and retail services, any small and midsized business and wherever top class accounting solutions are needed to increase performance levels.

Sage 50 - Formerly known as Peachtree Accounting, Sage 50 in its new avatar is accounting software that complements small to large businesses and individual entrepreneurs who want to streamline their bookkeeping functions. The main advantage of Sage 50 is that it is very versatile and flexible software and offers its users a wide range of options. These include choices to businesses to fully integrate it in their total existing systems or opt for standalone functions such as payroll management or inventory management or invoice management. It can even be structured for exclusive client servicing.

What then are the key metrics of Sage 50? For one, it aids in devising comprehensive accounting solutions. Accounts payable, bank and credit card reconciliation, inventory tracking and monitoring, purchase planning and checking of income and expenditure are some of the key heads of accounts. It also helps in forecasting cash flow and working capital requirements.

Intacct – Unlike the other two, Intacct is a cloud based solution offering the whole range of accounting functions. It can be customized to match specific requirements of different business sectors such as retail and wholesale, hospitality and tourism and healthcare. However, these are just illustrative examples only.

Intacct provides a high degree of customization. It is possible to have reports generated with specific fields of choice, have client wise tailor made financial solutions for vendor monitoring and inventory management and go for total employee tracking including payroll processing, tax computation and finalization of tax returns. 

While this software can be used across all sectors, unlike Sage 50 and QuickBooks accounting software this is rather more complex software as it is cloud based. Hence it is not considered to be suitable for small businesses and startup where the level of professional expertise amongst employees is not expected to be as high as those in midsized and large corporations. 

A brief summary of the features of QuickBooks, Sage50 and Intacct will bring things to a clearer perspective –

QuickBooks – Pros - Offers great support to Outsource QuickBooks accounting, precise financial management, user friendly navigation, seamless integration with third party applications. Cons – Limited inventory management options.

Sage50 – Pros – Accurate financial management, robust web based accounting, reliable inventory management features, easily monitored work-flow, multiple accounting options. Cons – restricted inventory management.

Intacct – Pros – Complements a wide range of business sectors, integrates with specific client needs, tailor made dashboards. Cons – Top of the line features that may be too complex for small businesses and startups.

Recommended Post : Quickbooks Software : What Does It Do With Your Business Accounting?

Finally, whichever accounting solution that you might go with, be assured that it will optimize your business efficiencies.                    

           

QuickBooks Accounting Services - Empowering Small Businesses

There is no fixed definition of small business. It varies between countries and parameters that help define it. The common perception is that companies that have simple ownership patterns like partnerships or sole proprietorships or even corporations that do not have elaborate stakeholding structures can be labeled as small businesses. 

An example will clear the air to a certain degree. Under Australian Fair Work Act 2009, the criterion for small business ranges from fifteen employees and ditto for the European Union. In the United States, small businesses are classified as those having less than 500 workers.

• In many countries around the world, small businesses are given huge incentives by the Government as they are seen as a dynamic vehicle for economic growth. 

• Small convenience stores, restaurants, tradesmen, bakeries and even professionals like accountants, lawyers and photographers are put in this category. 

• Small manufacturers with limited capital investments in plant and machinery are also clubbed here. Quantum of turnover, assets, and profits are also taken into account.  

• All these points to one definite direction – that small businesses have limited needs and more or less are those that operate within fixed preset boundaries. 

• Start-ups that are on their way to becoming profit generating entities also fall in this category. It is in this scenario that their need for accounting services has to be evaluated. 

But any business big or small has one requirement in common and that is the need to have a good accounting setup so that the process is always clear, precise and accurate. And this is where QuickBooks Accounting Services have a big role to play in empowering small business and driving them forward. 

How then do small businesses stand to gain from these services - 

Ease of operations – This is very important as most small businesses outsource their accounting process primarily to avoid investments in setting up hardware and software and hiring trained accountants. As a small business owner, your system is continuously updated by accounting services almost on a real-time basis. 

The advantage of QuickBooks software is that the online dashboard is periodically updated and gives snapshots of all financial data. Thus it is possible to track income and expenditure, accounts receivable and payable, cash flow requirements and other operational data. You are thus in total control of your small business.

Streamline time management – The main strength of QuickBooks is that it automates tasks. Small business owners are perpetually running short of time. You have to look into so many aspects that are the priority for you. QuickBooks automates key accounting procedures such as recurring invoices and payments of bills, categorizing expenses into different heads of profit and loss account and syncing bank and credit card transactions with general ledger cash. 

This saves time on procedures that would normally have taken up a lot of your attention. It is in addition to the built-in report formats that are updated continuously, enabling you to get financial statements on the go at any point of time.

Be connected on the go – QuickBooks accounting software keep your books in order and you might find it necessary to monitor your data continuously. In this Internet-fuelled age, this is easier than you think. With specialized apps, you can access QuickBooks from your smartphone or tablet anytime to take important business decisions or cash in on sudden openings and opportunities. 

For a small business, this can often be the thin dividing line between failure and success. The software is also compatible with such tools as PayPal so you can transact business even if your customer is not using QuickBooks.  

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Why Use QuickBooks for Small Business Accounting?

How does QuickBooks service function? You scan your invoices and documents and upload them to the outsourcing agencies through secure servers or as attachments to email. They will log into your server over secured remote access service, update your existing records and log out. When you next log into your system, the records have been updated leaving you with time to be devoted exclusively to core business activities. 

If you are a small business owner looking to be empowered with quick growth and development, availing professional Outsource QuickBooks accounting is your best option. To this end, get in touch with us at info@cogneesol.com. Our team of experienced and qualified accountants will ensure that you can concentrate single-mindedly to chalking out plans for business expansion while we fully take care of your accounting functions.