Both QuickBooks Pro and Peachtree have their strengths and weaknesses. The best way to decide which program is right for your business is by looking at the specific needs of your industry. If you’re a small business owner, keep in mind that Peachtree offers more customization options than QuickBooks. However, if you need more than just an accounting solution or need help with inventory management as well then QuickBooks might be better suited for your needs!
In this guide, we review the Differences Between Quickbooks And Peachtree Accounting Software, advantages and disadvantages of quickbooks, peachtree software history, and What is the difference between Quickbook and Sage?
Quickbooks And Peachtree Accounting Software
When comparing QuickBooks and Peachtree, it’s important to understand the difference between a general accounting program and software designed specifically for businesses. QuickBooks is a general accounting program that can be used by any type of organization, including small businesses and nonprofits. Peachtree is an accounting software package designed specifically for small business owners who want to manage their finances in one place. Both programs offer a variety of features, which can make it difficult to choose between the two when considering accounting software for your business.
QuickBooks Pro versus Peachtree
QuickBooks Pro is a more powerful accounting software. It’s designed for businesses that need more detailed reporting, multi-company accounting, and payroll features. Peachtree is a user-friendly accounting software that’s easy to learn, but doesn’t have as many features as QuickBooks Pro.
QuickBooks Pro is not as user-friendly as Peachtree Accounting Software. If you’re starting a new business or have never used an accounting software before, we recommend using Peachtree because it has fewer options than QuickBooks Pro and doesn’t require much training time for your employees to get started with it (about 15 minutes per person).
Tracking Accounts Receivable
When you have a customer who owes your business money, it’s important to keep track of the amount owed. This is called accounts receivable. Both QuickBooks and Peachtree Accounting offer a variety of ways to track this information, from general ledger accounts to aged reports and more.
Both programs allow users to create an account for each customer in which they can enter their name, address, balance due (if any), invoice number (if applicable), payment terms and other pertinent information about that person or company. From there, both programs offer useful reports for tracking these accounts receivable details.
Inventory & Cost of Goods Sold
Inventory & Cost of Goods Sold
Inventory management is a key feature of both QuickBooks and Peachtree. Both provide you with the ability to track inventory, including the number of units purchased, cost per unit and selling price. However, there are some differences between how each handles cost of goods sold (COGS).
QuickBooks uses an average cost method for tracking inventory costs. This means that it calculates your total COGS for a given period based on your average cost per unit during that period. For example: if you sell 100 widgets at $10 apiece during January but only buy 50 widgets at $8 apiece in December while fulfilling existing orders, then QuickBooks will automatically calculate your COGS as being $100 ($10 x 100) even though you only have 50 widgets left in stock after December 31st.
Peachtree Accounting uses an FIFO (First In First Out) valuation method when calculating COGS which means that it assumes you bought those 50 widgets before buying any new ones so they would be the first ones used up when allocating out any remaining funds from sales revenue after paying vendors/suppliers etc…
Costing Methods
Costing methods are used to track inventory costs. They can be weighted average, specific, FIFO, LIFO and average cost. Each costing method works differently and is best suited for different industries.
- Weighted Average Costing – This method uses a predetermined weight for each class of items in the inventory. For example, if there are three classes of products (A, B and C) with the following weights: 1/3; 1/3; and 1/3 respectively then the total cost of all items purchased is divided by 3 to determine the average cost per unit (apex). The same value is applied to each unit as it leaves the warehouse to record its value on a company’s books (book value).
- Specific Identification – This method tracks individual units as they enter or leave an organization’s stockroom so that their individual costs may be determined before sale or purchase transactions occur using either physical count or perpetual inventory methods such as FIFO or LIFO systems depending upon whether sales have occurred yet during periods involved in which they were taken off shelves.”
Sales Tax
As you might imagine, managing sales tax in QuickBooks is very different from doing so in Peachtree Accounting.
In QuickBooks, sales tax can be managed by adding an item to your Item List and setting it as taxable or nontaxable. To do this:
- Click on Inventory > Item List on the menu bar
- A window will open with a list of all items currently entered in the system. Click on New Item at the top left corner of this screen to add a new item to your inventory database
- Complete the fields for name, description and cost price followed by clicking OK when you’re finished filling out these details
Payroll
If you plan on using payroll services, then Peachtree has the edge. QuickBooks does not have a built-in payroll module, but Peachtree does.
Peachtree’s payroll module is more comprehensive than QuickBooks’. It allows for more customization and offers features like direct deposit and third party reporting. However, it is also more expensive than QuickBooks’ payroll service—the cost of which varies depending on how many employees you have to pay and what state you’re based in (it’s about $4 per employee with an additional charge for federal tax filing).
Finally, Peachtree’s payroll module is user friendly: it allows users to select whether they want to manually input information or use a wizard; its reports are customizable; and there are options available for different types of business entities (sole proprietorship vs corporation).
Accounting Reports
QuickBooks has a more robust reporting system than Peachtree. With QuickBooks, you can create customized reports and easily sort through transaction data by using the filters that are built into the program. The ability to save custom reports makes it easy to use them in many different ways:
- Viewing old transactions when trying to track down a problem or find out why something happened
- Creating financial statements for other users (e.g., investors or bankers)
- Preparing for an audit by making sure all financial records are complete and accurate
Both programs offer a variety of features, which can make it difficult to choose between the two when considering accounting software for your business.
When considering accounting software for your business, you must take into account the features that each program offers. These two programs offer a similar range of features, and it can be difficult to determine which one is better suited for your needs. Let’s take a look at the main differences between QuickBooks and Peachtree Accounting software:
- Both programs are easy to use. They have simple interfaces with no learning curve for new users. The programs also work well with other accounting systems such as payroll providers, banks and credit card processors so you don’t have to worry about compatibility issues when using both products together.
- Both programs offer a variety of features including invoicing and time tracking software, customizable reports and graphs in real time so you can always keep up with what’s happening within your company at any given moment day or night 24/7 365 days per year without having any downtime whatsoever whereas if there were ever any downtime then someone would have been fired immediately (but thankfully there hasn’t been) so everything has run smoothly thus far since starting up back in 2008!
advantages and disadvantages of quickbooks
New Businesses
QuickBooks Online can help new businesses, solo entrepreneurs, gig workers, and freelancers get their businesses up and stay on track through the critical launch and growth phases. QuickBooks Online allows them to see their income, track their expenses, and have visibility on their overall financial picture at any time. Users also get the essential tools to invoice customers, connect to their banks and credit accounts, track sales tax, and run basic financial reports.
Professional Services
In addition to basic finances, professional services firms can use QuickBooks Online to handle more complex business needs like job costing, managing cash flow, and tracking their clients’ billings and payments. Users can organize bills, schedule payments, pay online, and choose how vendors receive payments. They can also track employee time by client or project and add it to invoices automatically.
Online & Retail Sellers
QuickBooks Online works for both in-store and online retail sellers. Built-in features track products, monitor the costs of goods, and show which products are popular. Users can also create purchase orders, manage vendors, and record daily sales from every channel.
Non-profits
Charities, religious groups, and private foundations can track donations, customize invoices, and manage all their accounting needs. QuickBooks Online can categorize their expenditures by funds or programs, create custom reports, and track donors, grants, vendors, and other items.
Cons or Disadvantages of QuickBooks Online
Here are some drawbacks users have encountered in using QuickBooks Online:
Data Restoration
Users cannot easily restore their accounts data to a specific date and time unless they subscribe to QuickBooks Online’s highest-priced tier. This limits the ability of those on a tight budget to roll back changes made to vendors, customers, or settings.
Manual Followups
Users have to manually monitor transactions with due dates, such as invoices, payments, or deposits. Automatically routing invoices on an approval workflow, or notifying customers of their received payments are only available in the Advanced plan, which is 6 times more expensive than QuickBooks Online’s Simple Start plan.
Customer Support and Training
QuickBooks Online has available online support such as help articles and video tutorials. However, support is more community-based where users need to go to online forums to get the fastest help. Training is also expensive, which can amount to $3000 for a small team.
Limited Integrations
Users need to subscribe to the highest-priced plan access to more complex integrations such as HubSpot, DocuSign, or Salesforce. Otherwise, they face limitations in creating more tailored end-to-end business solutions.
Pros or Advantages of QuickBooks Online
Many users are happy with QuickBooks Online for enabling them to organize and manage their accounts, all in one place.
Online Bill Management
Users can organize, track, and pay business bills online. Its bills dashboard shows amounts, due dates, and vendors at a glance. QuickBooks Online automatically matches and reconciles the bank’s bill payments with vendor invoices. It also tracks partial payments.
Income and Expense Tracking
QuickBooks Online allows users to track business expenses easily. It can sync with bank accounts, credit cards, PayPal, and Square, so business owners know where their money goes. It automatically matches receipt information from e-receipts or photos to existing transactions. QBO also sorts expenses into categories for better account organization.
Built-in Invoicing
Users can create and send professional-looking invoices from QuickBooks Online. They can create custom invoices by personalizing an invoice template. The software has a recurring invoice feature that users can auto-send daily, weekly, monthly, or yearly. It also integrates with QuickBooks Time and Google Calendar.
peachtree software history
Accounting has existed for centuries, and bookkeeping has always been a respected profession. In days past, bookkeepers used paper ledgers and filing systems to record transactions including debits, credits, revenue and expenses. In the late 1800s, machines began to play a role, and with the invention of computers in the 20th century, accounting was transformed entirely. Adding machines introduced in the 1880s did not have any computer features or storage facilities; nevertheless, they simplified the counting process and were used extensively by accountants and bookkeepers. Tabulating or punch-card machines recorded data by punching a unique pattern of holes into cards. These machines could read the pattern to call up that information.
Computerised Online Bookkeeping Software
Bookkeeping software started to become more generalised and user-friendly in the late 1970s with the first spreadsheet software made by Visicalc. This made it feasible to carry out financial modelling on a computer. In 1978, Peachtree Software devised an accounting software package that could work on early personal computers. Soon after, a growing number of businesses started to see the value of buying a computer. It was possible for businesses to computerise their accounting systems at a fraction of the cost of purchasing an expensive mainframe. The first online bookkeeping software for the masses was offered by Peachtree in 1981 with an integrated office suite including a standard word processor and a spreadsheet. In 1983, Intuit launched the Quicken line of accounting software for individuals to use. Intuit designed an interface that was easy to use for non-accountants. By 1985, PCs and accounting software has become an integral part of many business offices worldwide.
Small Business Accounting Software – Easy to use & Affordable
The internet heralded further changes and small business accounting software was again transformed. It was now possible for accountants to manage and audit accounts electronically. There was no longer the need to be physically present, and they could now handle multiple jobs at once. It was even possible to run audits at long-distances. Today, cloud computing allows the storage of large amounts of data online. This makes it easily accessible as accountants can work with the accounts wherever they are, on any computer, or mobile device.
Best Accounting Software & Security
Xero accounting software is a fine example of an intuitive set up which is straightforward to use. It incorporates security features to negate any online threats, such as hacking, malware or spyware attacks. The software has all the modern day functions that make accounting easier. Gone are the days of bulky ring files and stacks of paper. If all the documents, records and accounts are stored correctly, they will be at hand with the simple touch of a button, wherever you may be on the planet. Xero accounting software can be tailored to your business’s needs, cost-effectively and its main advantage is that it is easy accounting software to use.
What is the difference between Quickbook and Sage
QuickBooks, from Intuit, and Sage solutions are stable options for any business when it comes to business and accounting management. However, there are key differences that set them apart. Depending on your business needs and your plans for the future, either choice could lead to easy accounting or trouble. Which platform—QuickBooks or Sage—is the right fit for your business? Which will provide the support and functionality that you need?
Although we can’t tell you whether QuickBooks or Sage will be better for your business, we can explain the similarities and differences between them in an easily digestible format. That will make it easier for you to select the right business software solution. (If you’re asking yourself the question, “are QuickBooks and Sage the same?”, you’re in the right place. That answer is no, and we’ll cover the reasons why down below.)
In this QuickBooks vs. Sage guide, we’ll cover:
The similarities and differences between QuickBooks and Sage
The pros and cons of each business software solution
What types of businesses and industries use QuickBooks or Sage
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Now, let’s dive in and explore two of the most popular types of accounting software for small businesses.
What is QuickBooks?
Intuit QuickBooks is a popular form of small business accounting software. For more than 20 years, it’s been the go-to classic choice for business looking for financial management software to help them balance their books and organize their records.
But how does QuickBooks actually work? It’s a single comprehensive system for financial records, reports, invoices, payroll, and more. It makes it easy for you and your staff to manage payroll and other financial aspects of your business. QuickBooks is an ideal accounting software program for small- to -mid-sized businesses. It helps businesses run more efficiently and better manage their cash flow.
QuickBooks offers numerous advantages to companies, so it’s easy to tell why it’s so poplar. The precise features and benefits of using QuickBooks will depend on which version you use. However, all versions offer some universal functionality, including financial reporting, money management, billing and invoices features, and more.
What is a Sage System?
Sage software is an accounting and business management solution. Technically, Sage isn’t accounting software. It’s enterprise resource planning (ERP) software. What is an ERP system, you ask? ERPs are basically a backend system that help you manage your whole business. ERPs improve communication across your business and streamline operations. They also include accounting software and functionality. Generally, all of Sage’s products are ideal for creating financial reports, record keeping, and overall business management.
Sage offers many different types of accounting and business management software, ranging from Sage 50 for small business looking for accounting software to Sage X3, an enterprise management solution used by large companies. Different Sage products vary widely in functionality. Depending on which Sage product your business chooses, you can use Sage to do almost anything—from tracking your manufacturing supply chain to managing your most complicated financials systems and data.
Similarities and Differences Between QuickBooks and Sage
Similarities
Both QuickBooks and Sage provide affordable entry-level accounting solutions for small businesses. Sage 50cloud, formerly known as Peachtree, is the Sage product most comparable to QuickBooks. It’s most comparable in both functionality and price, with Sage 50cloud starting at just under $500 per year. Don’t be fooled by the name—Sage 50cloud is not inherently cloud-based. Most Sage ERP products aren’t inherently cloud-based, like with QuickBooks. However, both Sage and QuickBooks products can be run from the cloud in a hosted environment.
Users of both Sage and QuickBooks can also enjoy a large ecosystem of third-party software providers who offer enhancements including AP Automation, Expense Management, and Payments.
Differences
Of course, there are also significant differences between QuickBooks and Sage. As mentioned earlier, QuickBooks is accounting software while Sage is ERP software. That difference may sound small, but it can make a huge difference for your business. Apart from Sage 50cloud, many other Sage products aren’t really comparable to QuickBooks because they offer broad functionality beyond the accounting function. It’s important to note that they also support accounting and finance functionality as well.
QuickBooks users often have a bookkeeper, while companies that use Sage 100cloud and above usually have a Controller or Chief Financial Officer (CFO).
Another difference is that Sage offers business management software tailored to certain industries or types of businesses, like Manufacturing, Wholesale Distribution, and more. QuickBooks does not offer this type of industry-specific accounting software.
Sage vs. QuickBooks
Shared Benefits and Features
QuickBooks reports having at least 29 million businesses using their software, while Sage has 6 million customers worldwide. They share some common ground regarding features and functionality, but most companies find that only one option does everything that they need.
Both companies have a lot to offer straight away. Both are capable of most functions that businesses need for basic processes.
Both companies offer or have available:
Mobile apps for iPhone and Android devices
Access to manage accounts securely online
Support through cloud servers and information storage in the cloud
Access to add multiple banking or credit card accounts
There are a few aspects which severely impact businesses, including:
Together these three facets of business management software can foster or hinder company growth. Look through each carefully as you decide whether your company needs Sage or QuickBooks.
Sage vs. QuickBooks on Scalability and Growth
Looking at QuickBooks first, there isn’t room for scalability or growth. You can opt to move up in plans, but so far as inventory storage, or handling operations there isn’t much room for improvement.
QuickBooks clearly caters to small businesses that intend to stay small. For many people, that works out well. However, if your company plans include a fair amount of growth, you’ll find that you will eventually outgrow QuickBooks.
The most advanced version does allow up to 25 users, which is sufficient for an accounting department of a medium-sized business. Other features, such as the smart reporting and custom fields, can play a role for growing businesses if the users understand how to utilize them.
Sage, on the other hand, works with a different structure. They offer many different products which cater to specific needs. Although the products differ based on business-size, they’re not necessarily “tiers.” Each option can easily upgrade to a larger or smaller Sage product which makes scaling accessible with little support necessary.
The most comparable version of Sage compared to QuickBooks is Sage 50Cloud. This system is for small businesses. Sage 50Cloud purely provides basic accounting needs similar to the “QuickBooks Essentials” plan. However, Sage is a gamechanger when you look at the plugin and extension possibilities.
Growth and scalability are something that businesses owners often start planning early into their company’s life. If you want to scale up, consider starting with Sage to avoid a bit of struggle in switching from one software to another down the road.
Sage vs QuickBooks on Support
Support is something that people often forget they need until something goes wrong. When deciding between QuickBooks and Sage, consider the two very different approaches to support that they take.
QuickBooks has a very standard approach to support where you call or send an email then wait for a response.
Sage, because of its involved community, has a different take on support. Sage makes it easy to navigate through their site and, essentially, help yourself.
There are forums, communities, and certified Sage Partners who help Sage customers as well. It’s ultimately something that fits people who regularly need help and don’t want to wait on hold.
When it comes to support, it comes down to preference. If you’re a DIY type of person, then you will probably enjoy becoming part of the Sage community. Whereas if you want someone to tell you how to fix the problem, QuickBooks has a more traditional support system.
Comparison of Plug-ins and Extensions
Plugins, add-ons, extensions, and more are changing what companies expect of software solutions. Typically, customers want something that can perform all the basic needs out of the box and then go above-and-beyond with optional add-ons.
Sage takes the cake when it comes to add-ons and plugins. It has impressive levels of connectivity. Unfortunately, it takes a substantial amount of know-how to get these aspects up and running. If you do choose Sage, your best bet is to work with a Sage certified partner to set up your Sage connections. Connect Sage with Magento, a CRM, and more.
QuickBooks, however, took a different approach to connectivity and instead, focused on compatibility. Where Sage has made their software open for other developers to create tools or software solutions which can connect with Sage, QuickBooks has built a suite.
Similar to the Microsoft suite, QuickBooks created solutions that would work in tandem with and seamlessly with QuickBooks accounting software. You can use QuickBooks Payroll and even sync the QuickBooks system with ADP, which acquired Intuit years ago.
Additional Features
There are some aspects of both software that raise some questions or should grab your attention. Additional features such as payment processing, fee structure, and usage are things that can be crucial for business owners.
Unlimited Usage
Briefly mentioned in the scalability section, QuickBooks allows a different number of users for each tier. Essentially, the more you pay monthly, the more users can interact with the system. Sage doesn’t directly limit users, although you may restrict users within your company for security. Both allow for the unlimited creation of invoices, though, which means that regardless of the number of people using the software, your invoice volume won’t be a problem.
Free Trials and Pricing Plans
Pricing is a big deal for any business. Sage operates on an annual charge, and for many, that’s a big commitment. If you plan on being in business next year, it’s worth it. Some Sage software options implement recurring, monthly fees, although that’s more for administrative support. QuickBooks, on the other hand, requires a monthly subscription.
With both, the amount you pay varies, there isn’t a flat rate for either option, it depends on what you want. QuickBooks has its pricing tiers which change the price by features. They also run an ongoing sign-up promotion where you get a 50% discount for a certain length of time. Both offer free trials, although QuickBooks’ free trial automatically charges you the day after the trial ends. Sage’s free trial gives full access to Sage and gives you enough freedom to get a sense of whether the features are essential to you or not.
Sage vs. QuickBooks – Pros and Cons
QuickBooks Pros and Cons
All business management or accounting software has pros and cons, and QuickBooks is no exception. According to a survey of QuickBooks users, these are the top advantages and disadvantages of this type of accounting software.
QuickBooks Pros
2. It’s easy-to-use with an intuitive interface.
3. It’s flexible with more third-party applications, so if QuickBooks doesn’t natively have the functionality you need.
4. The QuickBooks dashboard provides quick insights into your data and the state of your business.
5. It offers good accounting options.
7. It offers many useful features, including money management and financial reporting features.
8. It easily links to banks and credit cards.
9. It offers a full suite of bookkeeping tools, including tools to manage purchases, sales, receipts, and payments.
10. It offers cloud support options.
QuickBooks Cons
1. The system sometimes crashes, resulting in lost data.
2. It cannot produce reports outside of the accounting function.
3. It offers limited customization and personalization options, particularly when it comes to the dashboard.
4. It doesn’t offer industry-specific features and may not be ideal for businesses that require functionality including barcode scanning, eCommerce, and lot tracking.
5. QuickBooks imposes file size limits on users. Larger files can also take longer to load.
6. There are only a limited number of users allowed.
7. As companies grow, their accounting and finance staff may spend more and more time consolidating multiple instances of QuickBooks.
8. QuickBooks offers limited scalability, meaning that after your business grows beyond a certain point, QuickBooks will struggle to handle additional growth.
QuickBooks – The Final Grade
If your business is considering leasing or buying QuickBooks, you can rest assured knowing that you have chosen a powerful accounting solution perfect for the needs of many small businesses just like yours. However, it comes with disadvantages, too. QuickBooks doesn’t offer robust inventory management and has limited customization options. It also lacks project management capabilities and places limits on file size that could hinder growth.
Sage Pros and Cons
As a reminder, Sage products offer functionality that goes far beyond what QuickBooks, or any other form of accounting software, offers. For the purposes of this comparison, though, we’ll focus mainly on accounting functionality.
Sage Pros
1. Sage offers functionality beyond accounting, including HR and inventory and stock management.
2. Sage makes the same real-time data visible and accessible to users across your company.
3. It allows businesses to take advantage of cloud-based project management.
4. It makes it easy for multiple users to collaborate on the same project.
5. Employees can easily create personalized invoices and quotes.
6. Sage offers products tailored to meet the needs of specific industries like manufacturers, distributors, and non-profits.
7. Sage excels at creating key financial reports, including reports that pull data from across your business.
8. Sage offers payment processing functionality from PayPal or companies’ built-in online payment processing system.
9. Sage products usually include many different user permission levels, making it easy to restrict what data users can see.
10. It is scalable and can grow with you.