There is no doubt that QuickBooks is one of the best accounting software available in the market. In addition to ease of use and advanced accounting features, you will also get the option to host your version of QuickBooks on the cloud. By hosting the software on the cloud, you will be able to reap the advantages of similar UI and unlock the power of the cloud. But when it comes to choosing a QB version according to your specific industry then most of the people go with QuickBooks Premier. Although the industry-specific versions are available in QB Enterprise as well in this blog post, we are going to talk about QB Premier and its industry-specific versions only.
The Premier lies between Pro and Enterprise. This means that the Premier version is more advanced than Pro but less advanced than Enterprise. Every industry has different accounting needs and a single software will never be able to fulfill the needs of different industries, doesn’t matter how advanced the software is. This is why QB came with the industry-specific version in its Premier series. The industry-specific versions available in the Premier are professional services, general contractor, manufacturing and wholesale, nonprofit, retail and general business.
Let’s discuss all these In a detailed way.
You might be working in a professional service industry and this is where the professional service version of QB Premier can become useful to you. A business working in a professional service industry offers services that need special training in arts or science. These types of services require a license for offering services to clients. Some of the most common examples of professional services are doctor, auditor, engineer, or architect. The Premier Professional service version offers specific features relevant to the professional service industry only like one screen for viewing all the clients with unbilled time and expenses.
If you are a general contractor then you can get benefited from the specific General contractor version of Premier. A general contractor is basically a person who is in charge of daily tasks related to a construction site. Some of the specific features offered by the general contractor versions are; the ability to view which vendors still needs to pay through the ‘Job by Vendor’ report, creating job estimate and making changes to order without any hassle.
Manufacturing and wholesale
Most of the manufacturing and wholesale companies are popular for selling items in big quantities. With QuickBooks industry-specific version, you can thrive on features like the ability to set the best inventory level and track inventory without any hassle. Even reordering becomes a pie with the industry-specific version of Premier. In addition to this, you can also track which vendor is increasing your profit.
If you are running a nonprofit organization then the industry-specific version of Premier will surely act as a magic wand for your accounting operations. With the Premier industry-specific version, you can easily create end year donation reports and you can also prioritize your donors. Along with this, you can also create a statement of functional expenses in order to report to the IRS and your donors.
A retail company is the type of company that directly sells to consumers in small quantities. Some of the most common examples of retail companies are a department store, shoe store or any other shop. The industry-specific version of Premier includes the ability to use the Sales Summary Form in order to track sales without any mistake. The industry-specific version allows you to stay at the top of the inventory.
A general business is a company that sells good to all the consumers. One of the best examples of general business will be a coffee shop. The industry-specific version has industry-specific features like managing inventory items. With the help of the software, you can use the inventory center and keep track of your stock. Even the balance sheets are easily available and you don’t find any problem in dealing with your general business’ accounting operations.