When running your own business, working with contractors, and keeping up with your business expenses, it can be exhausting trying to learn the best ways to manage all of the information and financial data you need to keep tabs on in order to be as efficient and organized as possible.
For many businesses, a lack of solid accounting practices is part of what leads to their downfall. Some owners have found that QuickBooks Desktop Premier is a great tool to use to make their business tracking easier and more successful. Does that mean it will work for your business management?
To find out, we’ll be doing an in-depth review of this software. Will the software make sense for you? Only you can decide; with the help of our review!
QuickBooks Desktop Premier 2020
QuickBooks is a type of accounting software that is specifically created to help small business owners to fully and completely manage their accounting and finances.
Who Is This Product For?
The QuickBooks Desktop Premier is ideal for those who are running their own business with a relatively small number of employees, but it can also be used by individuals who have no employees at all and just want to keep a good grasp on their books. In particular, those who need some guidance when handling their finances will find the tools in QuickBooks useful.
This is also a great choice for individuals who want to invest in accounting software that is specific to their industry since this desktop suite will be customized to match the industry of your choice. As such, you can get the best and most useful tools.
This software can do a lot of things, but it might not be the best choice for those who have a few hundred or more employees. That is because there are more advanced versions of QuickBooks that would be better equipped to handle the needs of business owners who need to pay and work with that many employees’ information.
This Desktop Premier version of QuickBooks includes everything that comes with QuickBooks Pro in terms of features. It also has some additional industry-specific tools focused on contractors, nonprofits, professional services, manufacturing, wholesale, or retail needs.
Overview of Features
- QuickBooks Desktop Premier helps you organize your business finances all in one place so you can be more productive It inculdes all QuickBooks Pro features plus tools tailored to your industry (contractors, nonprofits, professional services, manufacturing & wholesale, and retailers)
- SIMPLE TO SETUP AND USE- No Accounting Knowledge necessary Stay on top of invoices, manage expenses, get reliable reports for tax time and import your data from a spreadsheet
- With Quickbooks Desktop Premier do tasks and get reporting unique to your industry quickly
- Premier specific industry reports and jobs: - Contractors: job costs detail, unpaid bills by job - Nonprofits: biggest donors and grants, budget vs actual by programs - Professional Services: unbilled expenses, billed vs proposal by project
- Premier specific industry reports and jobs:- Manufacturing & Wholesale: sales volume by customer, profitability by product - Retailers: purchase volume by vendor, sales tax liability
Last update on 2020-04-15 / Affiliate links / Images from Amazon Product Advertising API
There are a lot of features that we could talk about in Quickbooks, but covering every single one of them would take far too long! Instead, we’ll focus on the few main features we find to be most useful to those who are using Desktop Premier.
The first thing we want to mention is the ways the program can be used to work with specific things in your industry. In particular, you can do the following tasks for your industries:
- Contractors: view cost details and unpaid bills by job
- Nonprofits: set up donor and grant; view budget vs. actual cost for each program you organize
- Professional services: view all unbilled expenses; view billed vs. proposal comparisons
- Manufacturing: sales volume by customers; profitability for each product
- Retailers: volume or purchase for each vendor; sales tax information
As you can see, all of the detailed calculations QuickBooks offers in the Desktop Premier version are sure to be very helpful in managing your finances to a very specific degree. When you manage your finances that well, it becomes easier to turn a profit.
That’s not all the program has to offer. You can also check for bills, transfer credits, and even track invoices through the program. Plus, it has multi-monitor support, so you can set up the most product layout possible to ensure you are getting your work done effectively.
One drawback of this program is that you can only choose one of the types of sub-divided program types when you install the program. Thus, while you can have two businesses set up in separate books in the program, you cannot choose to have the features of both the nonprofit sector and the retailer sector in one install file.
How to Use Your Product
Learning to use Quickbooks for the first time can be an overwhelming process. Even if you have used Quickbooks before, this version of the program has been updated for this year. This means some things have moved and been added to the program.
It’s natural that getting familiar with Desktop Premier will take some time. This video should help you begin to get familiar with how to use QuickBooks most effectively with the new features that it offers:
Remember that no matter which type of accounting software you choose to get, you will need to learn how to use it! Thankfully, Quickbooks has been popular for a long time, so there are many resources online that you can use to quickly understand how to use the tools offered in the program most effectively.
If you’re not yet sure if using a program like QuickBooks is right for you, you might find that using QuickBooks Online Simple Start - commissions earned makes more sense for your needs. This product is a subscription to using the accounting program online which will be both more limited and simple.
On the other hand, if you are looking for a program to manage your personal finances and budgeting rather than those of a business, you may want to consider Quicken Deluxe Personal Finance - commissions earned instead. This software has tools specifically for managing your own finances and will not have business-forward features.
All-in-all, QuickBooks Desktop Premier is a good choice for those looking to have a business-forward accounting program that can be relied on. With the various specific industry tools offered in this Premier version, you can be sure you will gradually be able to improve the efficiency of how your business is going.
Don’t forget, though, that this is not the only version of QuickBooks out there. If you are not yet sure if the small business focus of this software makes sense for your financial needs, reach out to QuickBooks and discuss what other software options you have.