Peachtree or QuickBooks?
|
When it comes to choosing an accounting program, the choice often boils down to Peachtree versus QuickBooks. There are few alternatives available in entry level products.
Which to choose?
The answer is...that depends. One key difference relates to security. Peachtree offers more granular security, while in QuickBooks, there are not a lot of options, if you want to limit staff access. Peachtree uses the concept of posting; users post data in a specific period and close the period to move forward. QuickBooks offers an option to password protect the system through any given date so that anyone without the password cannot change data in the locked time period.
Peachtree allows users to open two company files concurrently, which is not possible in QuickBooks.
QuickBooks offers the ability to send a copy of the file to your accountant and continue working, with some limitations. When the accountant is done, he or she can send the file back to you and the changes are easily integrated into your file. This saves you from having to manually enter journal entries. QuickBooks also offers more options than Peachtree in terms of online banking compatibility.
Review the dictates of your environment
In a manufacturing environment, QuickBooks only allows average cost for inventory whereas with Peachtree, users can track inventory using Average Cost, First in First out (FIFO), Last In First Out (LIFO) or specific unit.
Another major difference is the time periods recognized for tracking data. Peachtree allows unique accounting periods - say four weeks, for users who prefer to have 13 periods annually. Some businesses, such as restaurants, prefer 13 periods because each period is exactly the same duration (unlike months) which enables restaurateurs to keep payroll more consistent and inventory more tightly controlled.
In QuickBooks, a period is equal to one calendar month, and users don't have to close periods or close years. In fact, five years can be open concurrently. However, no period other than a month is easily doable. In Peachtree you can only have two years open. With QuickBooks you can more easily change your year for reporting purposes.
Need a programmable reporting tool?
Peachtree has enormous flexibility in customizing reports. Additionally, certain versions of Peachtree come with Crystal Reports, which offers even more flexible reporting capabilities.
For example, one client using Peachtree asked us to create a highly detailed, customized P&L statement with very specific groupings. We were able to do this using the existing tools within Peachtree. In QuickBooks this would require the Intuit Statement Writer or other outside products.
Importing data?
One client with a mobile work force wanted to make it easy for employees to enter their expenses anywhere, so the firm could bill clients and pay employees quickly.
It is easier to import data into Peachtree than QuickBooks, and in this case, data from a separate product, ExpenseWatch, was easily imported into Peachtree. ExpenseWatch is also compatible with QuickBooks but, in general, transactions can be more easily imported into Peachtree without use of additional tools.
Ready for a mid-market solution?
Peachtree and QuickBooks both have solutions for businesses that outgrow their entry level products. When more speed and greater capacity are needed, it's time to step up to QuickBooks Enterprise or Peachtree Quantum. QuickBooks Enterprise edition offers much more granular security than the Pro and Premier versions. Both QuickBooks Enterprise and Peachtree Quantum offer easy migration within their respective product lines.
One rule of thumb is, when a company needs more than five simultaneous users (in either QuickBooks or Peachtree) it's time to implement a mid-market solution. Of course there are other things that may make you consider a mid-market solution including database size, speed, number of customers and vendors and volume of transactions.
In the final analysis
Many times the answer comes down to what does your accountant or bookkeeper use or recommend? However, it is important that you look at all aspects of your business and determine the right solution for your firm. While change is possible, it is far easier to choose the right solution the first time.
|
| To link or not to link, that is the question... | There are both advantages and disadvantages to linking QuickBooks and Timeslips. Many of these same advantages and disadvantages apply to the Peachtree link.
First, here's what the link can do:
· Create and/or update clients in Timeslips and send the information to QuickBooks to populate the customer:job list.
· Bring customer:jobs from QuickBooks into Timeslips
· Optionally, create invoices in Timeslips and send them to QuickBooks (if QuickBooks is on an accrual basis)
· Enter payments into Timeslips and transfer to QuickBooks avoiding double entry
· Write checks or enter bills in QuickBooks and use these to create expense slips in Timeslips.
 The biggest advantage is that you need only enter the data once, which saves time. For example, if you change a client's address in Timeslips, it's saved to QuickBooks.
Best of all, when you put deposits into Timeslips, they are sent to QuickBooks already assigned to the proper category on the chart of accounts.
However, some users view double entry as a valuable cross-check, giving you a measure of control, especially if two different staffers are entering data.
Then the disadvantages
Entering expenses in QuickBooks to create slips in Timeslips for billing purposes does not save a lot of time. However, there is a work-around. If you incur more than 20 expenditures per month, instead of the link, expenses can be exported from QuickBooks and imported into Timeslips to minimize this disadvantage. If there are just a few expenses, it's easier to do double entry.
When you send payments from Timeslips to QuickBooks, a journal entry is generated. However, checks can not be created from a journal entry.
There is a work-around available in this case, as well, which puts transactions through an exchange account and enables lawyers dealing with trust account transactions to write checks.
This work-around can be explained via a phone conference or by purchasing the Quickbooks TALpro guide Connecting Timeslips and QuickBooks, A Detailed Guide written by Caren Schwartz and available from Time & Cents Consultants, LLC.
The guide is free to clients when they request help with the link, or $50 for non-clients and do-it-yourselfers. Credit will be offered to those who buy the guide and then decide to call in professional help.
|
|
|
|
|
| | |
We're looking for more great clients just like you! Your referrals are always appreciated. |
| Peachtree 2011 new features | These include:
(1) make change orders simpler to handle
(2) simplify job management
(3) billing enhancements including generate invoices for multiple clients at one time
(4) easy access to details on inventory for improved inventory management,
(5) dashboards for easier access to all data, and, in Sage Quantum Order Process workflow tracking.
|
|
|
Quick Links
|
|
Caren's web site
|
Current Software Versions
|
|
Are you up on the latest? The most recent versions
available include:
Amicus Attorney v2010 Premium Edition
Amicus Attorney v2010 Small Firm Edition
Amicus Accounting v2010
PCLaw v10.03a
Peachtree v2010, all editions, SR1
QuickBooks v2010, all editions, R5
Time Matters v10 SP1
Timeslips v2010 SP2
Note: While manufacturers support only the latest
release and two versions back, Time & Cents provides support on all
versions.
|
| Software we support
 |
|
|
