QUICKBOOKS FEATURES IN COMPARISON

FEATURES QUICKBOOKS PRO DESKTOP QUICKBOOKS PREMIER DESKTOP ONLINE SIMPLE START ONLINE ESSENTILAS ONLINE PLUS
Payment Method Once Off Once Off Monthly Subscription Monthly Subscription Monthly Subscription
Number of users 3 5 1 + 2 Acct 3 + 2 Acct 25 +2 Acc
Track sales, expenses and profit Yes Yes Yes Yes Yes
Create professional invoices and sales receipts Yes Yes Yes Yes Yes
Send invoices directly through popular or Intuit email systems Yes Yes Yes Yes Yes
Batch invoicing to invoice several customers at once Yes Yes No No No
Track your cash flow with reports Over 100 reports Over 135 reports 20+ reports Over 40 reports Over 65 reports
Create professional quotes and estimates Yes Yes Yes Yes Yes
Automatically pass expenses to customers Yes Yes No Yes Yes
Company snapshot Yes Yes No Yes Yes
Calendar view for tasks, bills, invoices ad transactions Yes Yes No No No
Keep on top of receivables with the Collection Centre Yes Yes No No No
Track and manage VAT Yes Yes Yes Yes Yes
Manage supplier bills and payments Yes Yes No Yes Yes
Track stock Yes Yes No Yes Yes
Create back orders for out of stock items and set stock aside No Yes No No No
Use different units of measure No Yes No No No
Flexible pricing to set prices and discounts by customer, job, item or currency No Yes No No No
Offer early payment discounts Yes Yes No No No
Track time and highlight unbilled expenses before your invoice No Yes No No Yes
Handle multiple currencies and track currency gains and losses Yes Yes No Yes Yes
Create budgets and compare to actual performance Yes Yes No No Yes
Build financial forecasts No Yes No No No
Classify transactions by business area Yes Yes No No Yes
Recurring Invoices Yes Yes No No Yes
Manufacturing Module No Yes No No No
quickbooks-vs-excel

Why You Should get rid of Excel and Go for an Accounting Software Such as Quickbooks

Without wasting much time, let’s dive deep into why you should get rid of the Spreadsheet and start using an Intuitive Software like Intuit Quickbooks.

1. Excel is Complex

Let’s face it, working with Excel formulas is complex and prone to error. A simple mistake in accounting can put your whole business in disarray. As opposed to excel, accounting software does all the calcultations for you automatically which is to your advantage helping you save time and effort. Even if you aren’t an accounting expert, you can still use a Software like Quickbooks since it is user-intuitive and very easy to use.

2. Susceptibility to Fraud

Excel Spreadsheets are susceptible to fraud as it is very easy to change and update information on these sheets. Further to that, it’s very difficult to track who made the changes which mean anyone can change information when they feel like it. Accounting Software, on the other hand, maintains an audit trail helping you track who made the changes and at what time which will be to your advantage.

3. Easy to make errors

Making errors in Excel Spreadsheet particularly when you are using them for your accounting is very easy. And when the errors are made, tracking them down becomes difficult as Excel does not leave a trail. With software like Quickbooks, the story is different, you can track down changes live as they are made which means you can identify errors with ease.

4. Harder to track multiple income streams

With the Zimbabwean economy requiring businesses to diversify, this means your business will have to increase it’s income streams. And each income stream in most cases will require you to have a separate spreadsheet for it. This makes tracking and even storing your information difficult as your income streams increase. With Accounting software, you can just set up a different account to manage your various income streams and the data is automatically saved in the system.

5. No Double Entry System

With Excel, there is no double entry system for making your important calculations. You will need various workbooks for managing your accounting which will make things complicated for you. With Quickbooks, once you record a sale, everything is automatically recorded for you. This means with a click you can generate your reports.

6. No Backups

Excel backups have to be set manually and they are only done on the local machine. This is bad for business because computers can get stolen or in other conditions, crash. Unlike with cloud based accounting software where backups are saved in the cloud for future use, with excel, once a file is lost, there is no getting it back.

7. No Reporting and Statements

Excel and other spreadsheet software cannot compute statements and reports. The process is manual and can cause you to lose up to 130 hours of productivity each year. With accounting software like Intuit Quickbooks, you can generate your accounting statements in one single year which is great and to your advantage.

8. No invoice tracking

If you want to get a headache, try tracking your invoices in a spreadsheet. This is often a process that will make your head boil and give you headaches. In accounting software, you can just go to your invoices to get an overview and track them out with ease and this is done in rapid response.

9. Programming Expertise

Excel, headaches and programming often go hand in hand. If you want to wake up in the middle of the night from a ‘formula nightmare’, then try to compile financial reports with excel. The headaches are enough to have a grown man drip in sweat on the coldest day in the Zimbabwean winter. Excel requires programming expertise especially if you need it for financial reporting. Formulas, filters, data connections, etc. make setting up a spreadsheet to cover your basic accounting needs a nightmare.

10. No Security

A good hacker can hack a spreadsheet at most in 5 minutes. Imagine that? It only takes 5 minutes to ruin your business and expose your finances if you are using excel. This is why you need to use accounting software as it keep your files secure due to 256-bit encryption.

There are other advantages to using accounting software like Intuit Quickbooks Online especially if you are a business operating in Zimbabwe. You can get in touch with us to learn more about our Accounting software for enterprise needs. We are a licensed Intuit Quickbooks Reseller in Zimbabwe.

15-shareholders-tagalong

WHAT IS A SHAREHOLDERS’ AGREEMENT & WHY YOU NEED ONE

This guide will inform you of the key benefits and reasons for implementing a shareholders’ agreement within your organization. Even if you have a new company with fewer staff, or there’s just two of you working together, having an agreement in place will prevent potential complications further down the line.

A shareholders’ agreement is a formal arrangement established between the company’s shareholders, governing their relationship with one another. The purpose of having an agreement in place is essentially to protect the shareholders who have invested in the company and to safeguard the organization. Without it, disputes between shareholders have the potential to grind the company to a halt.

The agreement will include explicit information which will be valuable for all shareholders, both minority and majority shareholders. A mutual relationship between all parties is established because the agreement states that the rules which are needed when running a company; this applies to small organizations as well as bigger corporations. So, if you are setting up a business with family or friends, and differences arise, you will all be protected by the rules agreed upon.

Broadly speaking, shareholders’ agreements lay down the way in which business will be conducted and how any issues will be resolved.

The main reason for putting a shareholders’ in place, is to protect the shareholders and the company. For example, if you don’t have an agreement in place, the majority of shareholders are able to make important decisions that are not necessarily in the best interest of minority shareholders. Decisions that should include everyone might be about the appointment or removal of directors, issuing of new shares, etc

Another advantage of having the agreement is the flexibility is offers in comparison to the basic constitution, as no standard form exists for shareholders’ agreements. Furthermore, because it is a private document, commercially sensitive information can be included. 

Although the company’s constitution (memorandum and articles of association) can serve as the foundations, a shareholders’ agreement provides further reassurance that everyone is on the same page and enables problems to be nipped in the bud, generally saving time and money in the long run.