Top 9 Features of QuickBooks Enterprise Platinum Edition

As your business scales, you need more than basic accounting. You need an ERP solution that brings advanced capabilities across key functions like sales, accounting, and inventory into a single, unified platform. QuickBooks Enterprise Platinum is built to meet those growing demands.

QuickBooks Enterprise Platinum is the third tier in the QuickBooks Enterprise lineup, positioned above the Silver and Gold editions.

While Silver and Gold cover core accounting needs, the Platinum edition goes a step further by adding advanced inventory management, enhanced pricing controls, and automated approval workflows. It also supports up to 30 users, making it ideal for growing teams that need seamless multi-user collaboration.

Top QuickBooks Enterprise Platinum Features

Let’s take a closer look at the key features of QuickBooks Enterprise Platinum and why it’s the right fit for scaling businesses.  

1. Advanced Inventory

The Advanced Inventory feature is available only in the Platinum and Diamond editions of QB Enterprise. It offers a comprehensive set of features to optimize your inventory management process. These include:

• Multi-location Inventory Tracking – This feature allows businesses with multiple warehouses to manage their inventory easily. You can assign a location to a specific purchase. You can also sell items for a particular location. Moreover, this feature enables you to transfer items from one location to another.   
• Serial Number Tracking – Track items by serial and lot numbers. Moreover, you can set expiration dates for items and get real-time notifications if a lot/serial number does not exist in inventory.  
• Barcodes – Set up and use barcode scanning to track your inventory. You can create barcodes in QuickBooks Enterprise or import barcodes from Excel. You can map these bar codes to items for an enhanced pick, pack, and shipping process. 
• FIFO – By activating the FIFO option, you switch from Average Costs to FIFO costs. Consequently, QuickBooks creates Balance Sheets and Valuation Reports accordingly.     

2. Enhanced Payroll

For companies that require advanced payroll capabilities, Enhanced Payroll can be very useful. Assisted or Enhanced Payroll offers a wide range of features to automate payroll calculations and tax filing. It enables organizations to process unlimited payrolls and checks for both W-2 employees and 1099 contractors. 

Managers can enter employee hours and pay their team via preferred methods, like direct deposit or checks. 

Assisted Payroll also integrates 401(k) retirement plans for employees. On the other hand, employees can access the Enhanced Payroll’s online portal to get clear visibility into their pay subs, allowance, PTOs, and more.   

3. Advanced Reporting

QuickBooks Enterprise Platinum offers a library of over 200 predefined reports for various business functions, including sales and accounting. Moreover, it has more than 70 industry-specific reports.

As QuickBooks Enterprise offers industry-specific editions, the reports are tailored for those editions. You can customize these reports by adding or removing filters, fields, or date ranges. Moreover, it enables you to combine reports from multiple companies. 

In addition to these reporting features, QuickBooks Enterprise Platinum includes Advanced Reporting, which allows you to create reports from scratch. You can take all the raw data points from QuickBooks and create new reports. The report can be used as a template for future use. 

4. Bill and PO Workflow Approvals

Workflow approvals for bills and purchase orders are available only in the Platinum and Diamond editions of QuickBooks Enterprise. Creating workflows automates the approval process and enhances collaboration. You can define approval rules for bills and purchase orders by setting up conditions. 

Moreover, you can create multiple conditions for an approval workflow, based on parameters, including vendor, amount, and vendor type. For instance, a condition can be “Amount is greater than or equal to 500”.   

5. Custom User Permissions

QuickBooks Enterprise Platinum offers custom access controls to prevent unauthorized access. You can assign predefined user roles, such as View Only, Admin, Accounting, and Banking, to employees depending on their role in the organization.

These roles can be customized according to the business process. Moreover, you can also add, remove, or edit user permissions.   

6. Advanced Pricing

For a business, pricing defines an item’s profitability. However, it can be challenging to manually alter prices as conditions change.

QuickBooks Enterprise Platinum edition includes the Advanced Pricing feature that allows you to automate pricing according to predefined rules. You can customize these rules according to the business process. 

With Advanced Pricing, you can set volume discounts for a defined quantity. Moreover, you can also set markdown according to specific manufacturers. The pricing rules can be assigned a specific date range to facilitate campaigns. You can set pricing rules for class, vendor, customer, location, and more. 

7. Cash Flow Hub

Cash Flow Hub is a feature that offers 360-degree visibility into your cash flow. It has an interactive dashboard with four sections, clearly segregating the different cash flow components. These sections are:

• All Accounts – Displays all business accounts (credit cards, banks, etc.) along with their current cash balances. You can also add or remove linked or unlinked accounts from this section.  
• Cash Flow Trend – Shows you the cash flow trend over a period with the help of a graphical representation. 
• Money In – Displays the sum paid to you and pending.  
• Money Out – Summarizes the money you paid or owe. 

NOTE: You can use the Cash Flow Hub only if you have admin access rights.  

8. Inter-company Transactions

Organizations with multiple business entities find it challenging to track transactions between them. QuickBooks Enterprise Platinum’s inter-company transactions feature enables organizations to create and manage these transactions with ease. You get a dashboard to view the transactions from all companies in one place, along with their status. 

Moreover, you can create customizable workflows to streamline transaction approvals. You can also create an inter-company transaction from a new check or bill. However, to use this feature, you need to create a relationship between the two company files.  

9. QuickBooks Priority Circle

QuickBooks Priority Circle is Intuit’s exclusive support service. Under this service, you get unlimited phone support from QuickBooks experts. Moreover, you get a wide range of learning materials, including webinars and training sessions, which are worth 3000 USD.    

Why Choose QuickBooks Enterprise Platinum Edition?

QuickBooks Enterprise Platinum is the right edition for organizations that are looking for a comprehensive business solution with enhanced features for inventory, sales, vendor management, and invoicing.

It is particularly well-suited for organizations where inventory accuracy, margin control, customer management, and scalability are the main requirements. 

Businesses with complex pricing models, such as manufacturing and retail, can opt for the Platinum edition for advanced pricing controls. 

For more information, check out this detailed comparison of QuickBooks Enterprise Silver, Gold, Diamond, and Platinum versions today.

Get More Out of Your QuickBooks Platinum With Cloud Hosting

Running QuickBooks Enterprise Platinum on a local system often limits access, collaboration, and performance. Cloud hosting removes these constraints by providing a secure, flexible, and scalable IT environment tailored for growing businesses.

When hosted on the cloud, QuickBooks Enterprise Platinum allows multiple users to work securely from any location while delivering consistent performance. On-demand resources let you scale instantly as your business grows, while eliminating the cost and complexity of on-premise infrastructure and IT maintenance.

Leading providers like Ace Cloud Hosting offer QuickBooks-optimized cloud environments with 99.99% uptime, Tier-5 data centers, built-in redundancy, disaster recovery, and multi-layer security. As an Intuit Authorized Commercial Hosting Provider and QuickBooks Solutions Provider, Ace Cloud Hosting also offers genuine QuickBooks Enterprise Platinum licenses bundled with hosting.