QuickBooks Enterprise is one of the most powerful account solutions from Intuit. It has several innovative features that not only simplify business accounting but also other tertiary functions such as inventory management that brick-and-mortar businesses require for operating efficiently. It is essentially an all-in-one solution with a range of tools, reports, and systems catering to the unique needs of different businesses. It is a highly customizable solution that can be tailor-made to suit the requirements of businesses in different verticals such as manufacturing and wholesale, contractors, nonprofits, professionals, retailers, and accountants. Let us take a look at some of the less known QuickBooks Enterprise features.
Using Custom Fields for Updating Status on Purchase Order
In QuickBooks Enterprise Solutions, it is possible to set up fields with several options allowing users to include a fixed picklist for users to select from. For example, a purchase order can include options for requesting, ordering, quoting, and approving the order from the procurement department for tracking order statuses. Users can set up reports based on orders and the current statuses.
Segregate Duties by Customizing User Roles
It is possible to create and assign specific roles to different users. While one accountant should be able to create, modify, or delete bills, another may be restricted to a view-only mode with the right to settle bills and issue checks. These advanced capabilities help in protecting data by separating user duties. DaaS providers can help with QuickBooks virtualization so that users can access the software from different places.
Make Inventory-Based Orders
It is sometimes cheaper to procure items in bulk as it reduces costs. QuickBooks Enterprise can automatically mark items that are approaching a lower threshold. An item’s status of stocks can be tracked. This data will allow businesses to decide if there is sufficient stock available in hand and when the right time to buy is. Users can get a sense of what is needed based on the calculation provided by QuickBooks by comparing the available quantity with the required quantity after subtracting pending orders. This ensures that there are larger quantities at lower costs.
Replaces Jobs with Ship-To Address
QuickBooks Enterprise can handle many more jobs and customers than a regular accounting software because of its higher limitations. By adding each location to which your goods have been shipped as an individual job not only increases the profitability of the location but also each customer. This adds the flexibility of having multiple sales representatives, limits for credits, and location-based price levels. It must be noted that creating proper files is important for managing the function well.
Open Multiple Company Files Simultaneously
QuickBooks Enterprise is one of the few accounting solutions that allow businesses to open and work with multiple company files. Because of the possible addition in load, it is preferable to opt for QuickBooks Enterprise Hosting. This feature helps in saving time with multi-user access.
Create Powerful Reports for Finances
Businesses can get a thorough view of their financial records including individual transactions for simplified tracking of their income and outgo. This is possible with the income tracking feature in QuickBooks Enterprise. All transactions, including expenses from several bank accounts, can be added to the tool in a single user interface quickly with minimal efforts. There are specific templates for industries that businesses can choose to track their balance sheet, P/L records, statements detailing the cash flow, comparing actual and forecasted financials, and other details. This can help derive a more accurate view of the company’s financial health to make appropriate changes wherever applicable. Interestingly, you can even combine the company files for generating unified reports. These reports can be viewed in Excel spreadsheets for simplifying analysis. Businesses can also track their spending, fixed assets, deductibles resulting from taxes from QuickBooks Enterprise.
Manage Payroll for Employees and Contractors
Payroll management is a capability that can be used in QuickBooks Enterprise much like managing orders and the business customers. This feature can be used to calculate earnings, tax liabilities, and other expenses within the software.
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