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QuickBooks Enterprise is Intuit’s flagship product, catering to businesses of all sizes and industries. Its advanced features enable businesses to optimize inventory management, sales orders, client collaboration, invoicing, and more.
But is QuickBooks Enterprise an ideal accounting solution for bookkeepers? Can it provide them with all the features that enhance productivity, reduce errors, and automate processes? Is QuickBooks Enterprise affordable for independent bookkeepers or small firms?
In this blog, we will explore what QuickBooks Enterprise offers bookkeepers and whether it is the ideal solution for them.
QuickBooks Enterprise Features for Bookkeepers
1. Cash Flow Management
Bookkeepers need to track daily cash flow to maintain accurate books. With QuickBooks Enterprise’s Cash Flow Hub feature, you get 360-degree visibility into the cash flow. Its interactive dashboard contains multiple sections, such as Money in and Money Out, that display the sum paid by customers and owed by you, respectively. You can also analyze your cash flow over a specific period with the cash flow trend graph.
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2. Chart of Accounts
With QuickBooks Enterprise Desktop, bookkeepers can create charts of accounts to manage different accounts, such as assets, liabilities, and income. You can customize the chart of accounts according to the business requirements and add or modify views and fields. You can easily add an account or duplicate entries by clicking the List of Accounts option in the Company tab.
3. Bank Reconciliations
Reconciling your bank statements is an essential process for bookkeepers to maintain accurate records. QuickBooks Enterprise Desktop offers an easy-to-use interface for bank reconciliation, saving both time and effort. Bookkeepers can navigate to the Banking option in the main menu and select Reconcile.
On the Begin Reconciliation window, they can fill out all necessary fields, including Account, Beginning Balance, Ending Balance, Statement Date, and Service Charge. QuickBooks compares your bank and credit card statements with checks and payments and displays any difference in the amount.
4. Enhanced Payroll
Bookkeepers must categorize and record payroll accurately to manage expenses. Moreover, they need to track the withheld taxes and categorize them as liabilities until they are paid to the authorities. QuickBooks Desktop Enterprise offers Enhanced Payroll that simplifies payroll and wage calculations. Businesses can review working hours and pay employees through direct deposits.
Its integration with QB Enterprise facilitates real-time data sync, enabling bookkeepers to maintain accurate data. Enhanced Payroll feature is available in the Platinum and Diamond editions of QuickBooks Enterprise.
5. Custom Reporting
QuickBooks Enterprise offers extensive reporting capabilities with over 200 pre-defined reports and 70 industry-specific reports. For bookkeepers, it offers reports such as
- Balance Sheet Detail
- Net Worth Graph
- Balance Sheet by Class
- Income by Customer Summary
- Expenses by Vendor Detail
- Transaction List by Customer
- Profit & Loss
You can customize each of these report templates according to your specific accounting requirements. Moreover, with the Advanced Reporting feature, bookkeepers can create reports from scratch and also consolidate two reports to get valuable insights.
6. Mileage Tracking
Mileage tracking is essential for businesses to track employee expenses. With accurate mileage tracking, bookkeepers can monitor expenses and maintain records accordingly. QuickBooks Enterprise offers a mileage tracking feature that allows employees to track miles and import them into QuickBooks Enterprise. The approvers can view the mileage in real time and approve instantly. Moreover, they can set different mileage rates and edit vehicle settings.
Real-time integrations ensure automated mileage approvals, preventing manual errors and ensuring accurate records for bookkeepers.
7. Integrations
QuickBooks Desktop Enterprise integrates with several third-party applications to facilitate real-time data sync. For instance, it integrates with e-commerce platforms, such as Shopify and WooCommerce, to sync sales orders and payment information. For bookkeepers, it means each transaction is recorded automatically, reducing their workload and ensuring error-free operations.
8. Multi-entity management & Intercompany Transactions
Sometimes companies have multiple business entities that bookkeepers find challenging to manage. QuickBooks Enterprise enables bookkeepers to manage multiple business entities on a unified dashboard. Moreover, you can compare the project profitability of each entity and consolidate reports from multiple entities to make informed decisions.
In addition, QB Enterprise Platinum and Diamond editions offer the intercompany transaction feature, enabling bookkeepers to track transactions between different entities.
9. Access Permissions
QuickBooks Enterprise ensures a high level of security with customized access permissions. Admins can set and assign different roles to users according to their responsibilities. Moreover, they can edit permissions for these roles and add new ones. For instance, admins can give bookkeepers unrestricted access to balance sheets and block access for other users.
In addition to access permissions, admins can set password expiry for certain users for limited-period access.
10. Payments
QuickBooks Enterprise Desktop integrates with QuickBooks Payments to ensure an error-free accounts receivable process. Businesses can receive payments from any preferred payment methods, such as ACH and credit card, which are reflected in the balance sheet in real time. Moreover, you can track customer prepayments and include them in the books accordingly.
11. QuickBooks Priority Circle
As a bookkeeper, you do not want to get stuck with application issues while managing transactions. QuickBooks Enterprise offers QuickBooks Priority Circle that provides businesses with premium support from the QuickBooks expert team through phone and chat.
In addition, you get free QuickBooks training courses and webinars, worth $3000, as part of the QuickBooks Priority Circle. Priority Circle is included with all QB Enterprise editions.
When is QuickBooks Enterprise Right for Bookkeepers
QuickBooks Enterprise is Intuit’s premium product, with higher subscription costs than other versions. On the other hand, it offers a comprehensive suite of features and reporting – everything a bookkeeper requires to handle large businesses. Therefore, QB Enterprise is the right solution for you if-
You are handling multiple business entities.
You handle a business with a large number of transactions
You want advanced reporting to offer clients deep data insights
Require a multi-user workflow
Plan to scale your practice in the near future
On the other hand, if you run a small bookkeeping practice and do not have a large number of clients, QuickBooks Enterprise can be a bit expensive for your business. Moreover, if your clients are small businesses, you might not require advanced features for payroll, inventory, or payments.
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Still Confused? We Can Help You Make the Right Decision
If you have any more queries about QuickBooks Enterprise, please let us know in the comments section. Moreover, you can contact our Solutions Consultant, who will help you decide whether QuickBooks Enterprise is the right solution.
However, if you have decided to adopt QuickBooks Enterprise for your bookkeeping practice, Ace Cloud Hosting offers genuine licenses at competitive prices, along with secure QuickBooks Enterprise cloud hosting for anytime, anywhere access.
