Advantages and disadvantages of peachtree accounting software

Peachtree accounting software is a business tool found in most small and medium-sized business organizations. Often, the advantages of peachtree accounting software (over manual bookkeeping) are not completely understood by accountants, hard-working account managers, business owners or anyone who will be using the peachtree accounting software. To understand the advantages, let me list out the following disadvantages of manual bookkeeping:

Peachtree accounting software is popular for its convenience of use. It can manage your accounts, payroll and other financial needs in one place.

Advantages:

-It offers a free 30 day trial

-The software is compatible with other accounting software, such as Quickbooks and Sage

-The user interface is very intuitive and easy to use. It can be used by both newbies and experts alike

-It has an unlimited number of users, which means that you can assign it to anyone in your company who needs to do accounting tasks

Disadvantages:

-There are no freemium options available for small businesses. A paid subscription is required for all users

Advantages:

-Easy to use

-Familiar and intuitive interface

-Intelligent features (e.g., automatic data input)

-Available in a variety of versions, including cloud-based and desktop versions

-Easy to learn and use for beginners, but also has features that will keep advanced users engaged

Advantages and disadvantages of peachtree accounting software

Advantages of Using Peachtree Accounting Software

Peachtree Complete 2011 - Business Status Screen (Sample Company)
Peachtree Complete 2011 - Customer & Sales Screen  (Sample Company)
Peachtree Complete 2011 - Vendors & Purchases Screen  (Sample Company)
Peachtree Complete 2011 - Inventory Screen  (Sample Company)
Peachtree Complete 2011 - Employees & Payroll Screen  (Sample Company)
Peachtree Complete 2011 - Banking Screen  (Sample Company)
Peachtree Complete 2011 - Company Screen  (Sample Company)

Peachtree Complete 2011 – Business Status Screen (Sample Company)

Starting a new business requires a lot of time and energy. After deciding on what you are going to sell or what kind of service you are going to offer, you will need to come up with a business plan in order to see if your idea will work. Once you determine that your idea will work, and then you will have to jump through all of the governmental red tape, secure financing, and determine where your business will be located. Another decision that you will have to make is to determine how you are going to keep your books.

Accounting for Small Business

When it comes to maintaining your company’s books you have three options: hire a CPA firm to do it, purchase bookkeeping software, or use a spreadsheet program such as Excel. The first option can be very expensive depending on how much time the CPA spends working on your financial results. The second option can range anywhere from inexpensive to hundreds of thousands of dollars. I would warn against using a spreadsheet program to keep track of your books unless you are an accountant and very good at using spreadsheets. For our small business, my wife and I decided to go with option two, purchasing software to keep track of our books because it is much simpler and it reduces the chance of making needless mistakes.

Purchasing Accounting Software

There are many different small business solutions to choose from to handle your bookkeeping. It is easy to fall in love with solutions that have all of the bells and whistles, but for most of them you are paying for functionality that you will never use. I recommend purchasing Peachtree to use as your accounting software. My wife and I use it for our small business and I use it professionally at the manufacturing company that I work for.

About Peachtree Accounting Software

Peachtree accounting software was created by Sage Software. Sage has been around for over 30 years and is one of the top accounting software providers in the world. They are geared specifically at small businesses. Peachtree comes in five different versions: Pro, Complete, Premium, Quantum, and Accountant. Peachtree Pro is the base version that has basic functionality and is the cheapest. I use Peachtree Complete for our small business and it has more than enough functionality. Peachtree Premium adds additional functionality with advanced budgeting functionality and a few other tools. Peachtree Quantum is what we use at the manufacturing company to take care of our corporate books. We used to do it for one of our side businesses before it went out of business. Quantum adds more functionality geared more towards accountants and larger businesses. The Accountant version is more for CPAs. For most small businesses, you can easily get by with Pro, Complete, or Premium.

Benefits of Using Peachtree

Peachtree is a great basic accounting software that offers several benefits. Let us explore each one and take a closer look.https://www.youtube-nocookie.com/embed/gJGgZHb4i-g?start=0

Easy to Setup

One of the great advantages of using Peachtree is that you can be up and running in under a half-hour. You do not have to know much or anything about accounting to set it up. Follow the onscreen guide and it will take you step-by-step through the setup process that includes setting up all of the company information, customers, vendors, inventory or service items, employees, chart of general ledger accounts, and security. For the general ledger accounts, Peachtree offers you the ability to choose from preloaded accounts or you can setup your own. My advice is to only setup your own if you have a decent understanding of accounting.

Functionality

Peachtree is a fully functional accounting system. It allows you to issue invoices to your customers, receives payments, enters payables to your vendors, print checks, pays your employees, tracks expenses, enters journal entries, and much more. It is packed with all kinds of different preloaded reports. Peachtree also will perform an internal accounting review that will identify common transaction mistakes.

Invoice Entry Screen - Peachtree Complete 2011

Invoice Entry Screen – Peachtree Complete 2011

Easy to Use

Another great benefit of using Peachtree is that you do not need an accounting degree to use it. For most of the functions, it is as simple as finding the button on the screen and clicking on it, which will bring up the appropriate window where you can enter all of the information that you need to. If you are computer literate, you will be able to comfortably move around in a very short period of time. They also offer help on their website. One of the great and scary things of Peachtree is that depending on your security clearance, you can change anything that you want, which is great if you need to change something. However, if you change something in a prior period, it will change your financial results in that period. I have used several different accounting systems in my career; none have been easier to learn than Peachtree.

Cost Effective

Another advantage of using Peachtree is that it is a cost-effective solution. Depending on the version that you purchase according to their website, you can expect to spend anywhere from a few hundred dollars to a few thousand dollars, which is very reasonable for the amount of functionality and reliability that you are getting. My advice is to check your local office supply chain store ads around the beginning of the year and you can get a much better deal on Peachtree. The first version that I purchased for our small business, I was able to get for free with a mail-in rebate through Staples. The funny thing is that it was not the least functional version either. Another piece of advice is to not purchase supplies such as checks through Peachtree, instead purchase them from your local office supply store.

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