QuickBooks Pro vs. Premier: The Ultimate Comparison Guide
QuickBooks Desktop's two editions, QuickBooks Premier and QuickBooks Pro, are fantastic programs, but it's critical to understand the differences between the two to make the best option for your company.
The key distinction is their adaptability—QuickBooks Premier offers several industry-specific versions, but QuickBooks Pro does not. Premier also has more powerful reporting capabilities, particularly for inventory and contracts.
If you're deciding between QuickBooks Pro and Premier, utilize our comprehensive comparison guide to discover the differences between these two accounting software options so you can make the best selection for your company.
How Their Costs Compare
Most small business owners prioritize costs while searching for the best business accounting software for their finances. So, how do QuickBooks Pro and Premier compare in terms of pricing?
QuickBooks accounting software is priced differently depending on the version. For example, if you researched QuickBooks Online vs. Desktop before deciding between these two versions of QuickBooks Desktop, you'll know that QuickBooks Online is billed monthly, but QuickBooks Desktop has a one-time fee.
So, although QuickBooks Desktop Pro is $399.99 for a one-time purchase, QuickBooks Desktop Premier is $649.99.
While comparing QuickBooks Pro vs. Premier, keep in mind that Intuit occasionally gives discounts to new users, so check their website for specifics.
All the Differences
Though QuickBooks Pro and Premier are both versions of the same software, they do have some differences, which is why this detailed comparison is necessary in the first place.
Let's look at the key distinctions between QuickBooks Pro and Premier:
QuickBooks Pro: The Specifics
QuickBooks Pro is a straightforward, surprisingly robust, and powerful solution for small-business accounting.
Many business accountants can extend QuickBooks Pro's core restrictions with numerous workarounds, and a mid-market firm might utilize Pro for 80% of its daily needs.
However, even if a trained accountant does not manage it, a QuickBooks Pro account may provide the following features:
- A data file can be accessed by three people simultaneously
- Purchase orders, item receipts, and pay bills are examples of payables and expenditures
- Tracking of time and miles
- Costing a job
- Receivables and revenue include invoices, credit notes, statements, sales receipts, payments received, and estimates to invoice
- Inventory component tracking
- Banking operations
- Print and e-file 1099s
- Several currencies
- Price levels expressed as fixed percentages
- Collect and remit sales tax
- Budgets, operational reports, and financial reports are examples of reports
The Specifics Of Quickbooks Premier
So, why would anyone pay extra for QuickBooks Premier over QuickBooks Pro? The features listed below are important accounting tricks that Premier has over Pro.
Overall, QuickBooks Premier provides the following features that QuickBooks Pro does not:
A data file can have up to five concurrent users.
- Build assembly, inventory center, unit of measurement
- Price points per item
- Estimate to PO, change order tracking, see unbilled time and expense from a single window, batch invoice time and expense
- Tracking of sales orders/backorders, tracking of current availability, sales order to PO to invoice
- Reporting includes balance sheets by class, past reconciliation reports, forecasts, business planning, and industry-specific reporting
- Levels of billing rates
- Filter sales order and purchase order information depending on current stock levels
- Report on Closing Date Exceptions
- Journal entry reversal
A more straightforward method to compare both the versions is by considering the reasons why company owners prefer QuickBooks Premier even though it comes with a higher expenditure.
Orders For Sales
QuickBooks Premier includes sales orders, which are non-posting sales transactions used to retain an order until it is invoiced. Premier includes a sales order fulfillment worksheet and simpler sales order process management than Pro.
Purchase Order To Estimate
For contractors, Premier's estimate-to-purchase-order capabilities are a compelling incentive to upgrade—and an important feature to consider when weighing QuickBooks Pro vs. Enterprise.
Consider an estimate with 30 lines of items to be purchased for a certain task. You may generate a purchase order from that estimate in QuickBooks Premier.
Journal Entries In Reverse
Many business owners prefer Premier over Pro because it allows you to do reverse journal entries in your accounting software. This implies you'll be able to undo or cancel journal entries you made in QuickBooks Premier for past periods.
Assume you need to know which goods were invoiced and are currently awaiting shipment to the client. QuickBooks Premier allows you to do so; however, QuickBooks Pro does not.
Tracking Current Availability
Unlike QuickBooks Pro, several versions of QuickBooks Premier track current availability. This feature tells you how much you can guarantee a client depending on the merchandise you have on hand and haven't committed to another customer.
Previous Reporting On Reconciliation
QuickBooks Premier has past reconciliation reporting capabilities, which is one of the key reasons accountants recommend Premier to their customers. This QuickBooks Premier feature provides a summary of prior reconciliations.
Item Price Level
QuickBooks Premier also gives you additional price-level choices. You will not be restricted to a certain percentage price increase or decrease.
Price level per item may frequently be crucial for manufacturers, wholesalers, distributors, and retailers. QuickBooks Pro's set percent pricing is excellent, but it's not flexible enough for many organizations.
QuickBooks Pro vs. Premier: Top Alternatives
Here are some alternatives to QuickBooks Pro and Premier to consider:
Wave Accounting Software
Wave is fully free accounting software that provides all of the fundamental functions you'll need to manage the books for your small business. The wave includes free custom invoicing, advanced reporting, and bank synchronization.
Xero Accounting Software
Xero accounting software is available in three editions: Early, Growing, and Established, each with progressively greater features of business capabilities.
Of course, each edition of Xero accounting software will have its pricing, but because they will be billed monthly, the cost will be easier to understand than QuickBooks Pro and Premier.
QuickBooks Online Accounting Software
Last but certainly not least, if you want to continue with the QuickBooks brand but want a more user-friendly accounting software, QuickBooks Online is a better option than QuickBooks Desktop Pro and Premier.
QuickBooks Online is cloud-based accounting software that is charged monthly.
The Bottom Line
If you want a desktop version of QuickBooks but do not require the scale of QuickBooks Enterprise, we recommend QuickBooks Premier over Pro.
When comparing QuickBooks Pro vs. Premier, Premier provides more capabilities that would assist most small business owners.
An entire universe of accounting software packages is available outside of QuickBooks Pro and QuickBooks Premier. Many will be more accessible and less expensive due to their cloud-based, monthly payment systems.