QuickBooks Enterprise – Robust Accounting Software for Enterprise Business
In this blog, we will talk about QuickBooks Enterprise Features, Requirements, Latest Updates and
Every day, new businesses are being started, and many are being closed down as well. The difference between a successful and unsuccessful business is the proper management of the company. Managing any company is becoming difficult day by day.
As the customers grow, your clients also grow. Your sales increase which leads to increase in purchases and stock keeping also. Everything is connected and you will have to keep track of all the data. Having the proper data at your disposable can make or break your company. It will help in unforeseen circumstances and put you in a position to grasp any opportunity that comes with you.
To help companies in their data management, various software tools have been developed. These are called Financial Accounting Software. They help in the smooth functioning of the business. One of the best software is QuickBooks Enterprise.
What is QuickBooks Desktop Enterprise?
As mentioned above, QuickBooks Enterprise is a Financial Accounting Software developed by the American firm Intuit. It was launched in May 2002 for medium scale companies. As of now in 2020, QuickBooks is the market leader with the best software out there. They have a subscription base of close to 7 million globally.
QuickBooks Enterprise is best suited for companies that have a revenue of more than $1 million per year. This software is also useful for Not-For-Profit Organisations as well. These companies have a large amount of data and transactions that they need to record.
QuickBooks Enterprise allows you to give access to a greater number of employees. The software is very flexible and customizable according to the requirements of different types of industries.
Why Choose QuickBooks Enterprise?
There are many accounting software tools out there available right now. However, QuickBooks, which is developed by Intuit, has been there for quite a while now.
Intuit was founded in the year 1983. They started with a software called Quicken. Quicken had a market share of around 85% at that time, as claimed by the company. This was very successful and they developed more software for small scale business owners.
They launched QuickBooks in the early 2000s and were one of the first movers in this industry. There are different versions of the software for different industry-specific needs. As of September 2005, they had garnered a market share of around 74% in the American market alone.
In 2008, QuickBooks’ share in the retail market in the business accounting category had reached a staggering 94%.
These data show they have a proven track record and have been in this segment for a while now. They are the market leaders in many categories. Their experience is greater compared to their competitors. As they have been in the market for a while now, they have better user experience and more refined and developed products to offer.
Features of QuickBooks Enterprise
Since they have been in this space for a while now, they provide many features to the consumer. Years of development have made the software more user friendly and according to consumer needs. Some of the features of QuickBooks Enterprise are as follows:
Multiple User Access in QuickBooks Enterprise
QuickBooks Enterprise is best suited for companies with a turnover of over one million dollars. These companies have a large number of employees who need access to such bookkeeping software services. The software allows access to up to 30 users.
You can also select how much access you want to give to each employee. Employees at different levels and working in different sectors can be given access to data related to their specific roles and levels.
Inventory Management in QuickBooks Enterprise
For big companies, managing inventory can be a big task. They have a large variety of products. Keeping track of inventory of each product can be very difficult. If ever there is a mistake in inventory management, it can lead to huge losses for the firm.
For big companies, the stock is not located in one location but many locations across the country. This makes it furthermore complicated to track for each location. Through QuickBooks Enterprise, you can keep track of your inventory for other locations in a single place.
You can track inventory using bar codes, serial numbers, or lot numbers. You can have real-time knowledge of your inventory like where it is now. If you move from one location to the other, you can move it to the software too. It updates automatically.
You can get status reports of your inventory in real-time and whenever you want to reorder, you can create purchase orders with just a click of a button.
It is an important function if any company wants to keep growing. In today’s age, it is important to run campaigns from time to time to attract new customers. QuickBooks Enterprise has an inbuilt feature wherein we can create a sales campaign. We can set up discounts, manufacturer markdowns, and pre-scheduled promotions.
Pricing of Products in QuickBooks Enterprise
It allows us to make the proper pricing of our products. It gives the company to allow to price their products on various factors. You can price the product based on different combinations of customer, item type, vendor job type, and many more. You can have an unlimited number of combinations.
It allows you to have multiple price rules at once or have exclusives as well to prevent it from combining with other rules. You can even set discounts for the products you want to promote.
QuickBooks Enterprise – Industry Specific Software
We all know different kinds of industries require different kinds of tools. QuickBooks Enterprise has different versions for different kinds of industries. They provide dedicated versions of the software for manufacturing and wholesale, contractors, not for profit organizations, retail and professional services. These dedicated versions have specialized features and provide reports according to industry.
Vendor Management in QuickBooks Enterprise
Big organizations have a large number of vendors and customers. It can be in the thousands and keeping track of each one manually is very difficult and time taking. QuickBooks Enterprises allows you to extract any information from any vendors easily.
You can easily create new vendors or edit current ones. You can create professional purchase orders of each vendor and send them instantly. You can create invoices also for multiple customers in one batch.
Generate Reports Easily in QuickBooks Enterprise
As you know, we can generate industry-specific reports in QuickBooks Enterprise. Some of these include balance sheets, profit and loss statements, and cash flows. It can help in making projections and prepare the stock for the same.
Grow Business with QuickBooks Enterprise
These reports can also be exported to other software to avoid repetition of work. You can synchronize and download your bank statements directly into the software as well.
The first version of the QuickBooks Enterprise was released in the year 2002. There have been many updates since then, and newer versions have come with more features and bug fixes. The latest version is the QuickBooks Desktop Enterprise 20.0. It has added a new diamond package allowing up to 40 users now.
If you are a business looking for proper financial management software, you should look no further and just go with the best.