Intuit — QuickBooks Premier

Article Tools

• Print This Article
• Email This Article to a Friend
• Save This Article
• Order a Reprint

From the June/July Review of Small Business Accounting Systems

Many factors contribute to QuickBooks being the most widely used small business accounting software in the world, with more than 3.7 million businesses in the United States alone, and with 250,000 professional accountants using a QuickBooks product. Being one of the earlier companies to market with such a system gained Intuit a strong foothold, but over the past 15 years the technology vendor has continued to improve its QuickBooks line, providing the ease-of-use components required by its user base, while also developing the accounting backend to the system in a way that would keep professional accountants satisfied. QuickBooks is now offered in several variations, with the primary off-the-shelf versions being QuickBooks Pro and QuickBooks Premier, while the low-end free Simple Start provides bare-bones bookkeeping for the smallest entities, and Intuit’s QuickBooks Enterprise provides a more scalable and robust alternative for companies outgrowing the capabilities of Pro and Premier. This review focuses on QuickBooks Premier, which is available in versions for several specific industries, including Accountants, Contractors, Manufacturers/Wholesalers, Nonprofits, Professional Services and Retailers. The system costs $449.95 for a single license; it costs $1,199.95 for a license that supports three concurrent users. QuickBooks supports up to five concurrent users with the purchase of additional licenses. QuickBooks also develops numerous add-on modules like payroll, point-of-sale, credit card acceptance and marketing, while additional options are offered for specific niche markets, including e-commerce, shipping management, website development, remote access, CRM and strengthened inventory.

Ease of Use/Basic Functionality -- 5 Stars
Intuit started with Quicken, which was geared specifically for simplified personal financial management. When founder Scott Cook started developing QuickBooks for the small business market, the goal was the same — a primary focus on ease of use. The software was immediately and overwhelmingly popular with small business owners, but at first fell short in the eyes of many professional accountants. Intuit then set its sights on strengthening the core accounting functions, and QuickBooks has evolved into a powerful SMB program that has maintained its usability, while also gaining the respect and usage of professional accountants. With the ever continuing addition of new features and functions, the developers have managed to keep most of these tasks in a workflow orientation so as not to overwhelm users. The interface for QuickBooks Premier gives quick access to key activities, organized in a graphical workflow format that makes it easy to quickly enter bills, create invoices, accept payments and perform other tasks. The Home page can also be customized by each user to include tasks they perform most frequently.

Specific functions are generally focused around various “Centers.” The Customer Center, for instance, provides quick access to customer contact information, prior invoices, account balances, pending orders, payment terms and other data. The client list is easily sortable and filterable, as is the vendor list in the Vendor Center, which allows quick viewing of transactions for vendors, as well as access to AP data. QuickBooks Premier’s Employee Center gives the user one-click access to employees, payroll histories, timesheet entry, as well as access to the Payroll Center, if the business is using one of the Intuit Payroll services that integrates with QuickBooks. Each of these Centers includes the ability to set up personalized reminders and to-do lists.

Core Accounting/ Security Functions -- 4.5 Stars
Each of the various editions of QuickBooks Premier can support any number of companies and subsidiary entities. Each also includes traditional, double-entry, GAAP-compliant GL with AP, AR and payroll functions, with industry-specific versions of the system guiding users through initial setup of accounts using common structures for specific industries and business types. Premier supports time-based billing, job costing and MICR check printing, and also includes customer, vendor, inventory and employee management functions. Options are also available for full and self-service payroll, POS, online banking, electronic payment remittance, credit card acceptance, e-commerce and remote access. Built-in inventory capabilities include support for multiple price levels and multi-part assembly items with the ability to track and set re-order points. The system includes an always-on audit trail and security functions that can restrict users to/from specific areas, functions or clients. Add-ons for industry-specific needs and enhanced inventory management are available through Intuit’s third-party developer network.

For 2008, Premier includes an enhanced data collaboration utility, Accountant File Transfer, which enables businesses to share files with their accountant for review purposes and then easily import any changes back into their system. The business can continue to use Premier while their accountant performs these write-up services. Additional new feature additions and enhancements include integrated e-mailing of invoices, estimates and reports via Outlook. The new Time Tracker add-on option offers online employee time data entry for businesses that bill based on time. It includes a timer function and has the ability to transfer time from Outlook appointments.

Reporting & Management Functions -- 5 Stars
QuickBooks Premier includes an excellent selection of reporting functions, accessible from either the Report Center or directly from the other centers, where reports related to the task at hand are generally available with one or two clicks. The system also automatically creates sales and expense forecasts, financials and other statements, including AR aging, AP, payroll, purchasing and period comparisons. Benchmarking options allow a business to compare its data with similar businesses in their industry. Reports can include graphical displays and can be output into Word, Excel or PDF. The system also provides templates for helping to create business plans. Customizable reminders and alerts can be set to notify users of tasks, credit limits, aging, payments due and filing deadlines.