QuickBooks Premier is an accounting software program developed by Intuit for small and medium-sized businesses to manage their finances and accounting needs. Premier offers robust features beyond what is available in the basic QuickBooks Pro package, providing more sophisticated tools for advanced accounting requirements.
Overview of QuickBooks Premier
QuickBooks Premier comes in three editions – Premier Accountant, Premier Contractor, and Premier Manufacturing and Wholesale. Each edition is tailored to the specific needs of those industries. Here are some of the key features available in Premier:
- Advanced reporting – Create and customize professional reports with presentation-quality formatting. Additional report templates are available beyond what’s in Pro.
- Budgeting and forecasting tools – Set budgets by customer, project or class. Compare actuals to budgets to identify variances. Create forecasts up to 12 periods out.
- Inventory tracking – Track inventory stock levels and costs. Set up inventory assemblies. Generate inventory reports.
- Job costing – Track costs associated with specific jobs. Monitor job profitability. Bill clients accurately based on job costs.
- Automated purchase orders – Create and email purchase orders to vendors based on inventory stock levels. Maintain commitment reporting.
- Advanced inventory – Value inventory using first in-first out or average costing. Track inventory in multiple locations. Set up inventory serial/lot numbering.
- Enhanced payroll – Offer greater flexibility in setting up payroll items and preferences. Includes customizable wages, taxes, deductions, and direct deposit.
- Advanced pricing – Utilize cost-plus markup pricing or set a minimum price level. Establish pricing rules or discounts.
Who Should Use QuickBooks Premier?
QuickBooks Premier editions are designed for businesses with more complex operational and accounting needs compared to those well-suited for QuickBooks 2024 Pro. Here are some examples of businesses that would benefit most from QuickBooks Premier:
- Small manufacturers or wholesalers managing inventory and bill of materials
- Construction companies tracking job costs and Accounts Receivable
- Professional services firms with employees and customized invoicing needs
- Retailers with multiple locations or inventory items
- Companies requiring departmental reporting or budgets
- Businesses with average annual revenue above $1 million
Generally Premier works best for well-established small businesses that have outgrown basic accounting software but don’t need the power of enterprise-level systems. It provides a scalable solution for growth.
Key Benefits of Using QuickBooks Premier
There are many advantages to using QuickBooks Premier for managing your business finances:
Streamlined processes – Automate routine accounting tasks like invoicing, inventory management, and reporting. Reduce reliance on spreadsheets and manual processes.
Insightful reporting – Generate the detailed reports you need to identify issues, trends, and opportunities. Monitor departmental performance or analyze job profitability.
Improved efficiency – Manage all your accounting in one integrated system. Reduce duplicative data entry and manual errors. Access your financial data anytime.
Enhanced inventory management – Gain visibility into your inventory. Optimize stock levels. Improve purchasing accuracy. Streamline order fulfillment.
Better budgeting and forecasting – Set budgets at granular levels. Compare performance to budgets. Model future scenarios with forecasts. Identify variances.
Cost tracking – Accurately track project or job costs down to fine details. Bill clients precisely based on costs. Analyze profitability.
Customization – Tailor Premier with add-on apps and user permissions to match your workflows and requirements.
Scalability – Handle increasing transaction volumes and complexity as your business grows over time. Power through growth phases without needing to change systems.
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Getting Started with QuickBooks Premier
Transitioning to QuickBooks Premier is straightforward for businesses currently using QuickBooks Pro or other accounting software. Typically the first step is to identify your business needs and select the ideal Premier edition – Accountant, Contractor, or Manufacturing & Wholesale. Each provides tailored features and reports for those industries.
Next is to set up your organizational structure including customers, vendors, items, employees, accounts, and other lists. Much of this data can be imported from Excel or your existing system. Turn on preferences for inventory, payroll, jobs and advanced accounting as desired. Build out service items, assemblies and bundles. Establish user permissions.
Once setup is complete, review the available reports, customize layouts, and set budgets. Build workflows and integrate Premier with other software like POS systems. Use intuit support resources for help optimizing Premier. Training employees is critical. With proper setup and training, Premier can quickly become a hub for efficiently managing your financial operations.
Scaling Up Your Business with QuickBooks Premier
As your business expands, QuickBooks Premier has the power and flexibility to scale up with you. Premier can accommodate far greater transaction volumes, employees, inventory items, and data complexity than entry-level QuickBooks.
To support growth, review your feature needs and upgrade to a higher Premier tier if required. The more advanced job costing, inventory and manufacturing features are invaluable for complex operations.
Take advantage of Premier’s budgeting tools and customizable reporting to gain insights into the business. Dive into profitability analysis and forecasting to make data-driven decisions.
Look for third party apps and integrations that can extend Premier’s capabilities like warehouse management, data visualization, or CRM.
Make sure your Premier company file, hardware, and internet can handle increased loads. Optimizing Premier performance is critical as transaction volume increases in a growing business. With the right edition and optimization, QuickBooks Premier can scale to support your business now and in the future.
Conclusion
QuickBooks Premier support number provides powerful accounting tools for businesses that need robust functionality beyond entry-level software but don’t require the complexity of enterprise ERPs. Premier’s specialized editions and advanced features streamline operational and accounting processes, provide insightful reporting, and scale to support business growth over time. The right edition of Premier can be a cost-effective solution for established small businesses looking to optimize financial management.
