What are some Key Features of QuickBooks Premier?

QuickBooks Premier is a robust accounting software designed for established small businesses. It comes packed with advanced features to manage finances, operations and reporting. Here is an overview of some of the key capabilities available in QuickBooks Premier.

Customizable Reporting

One of Premier’s strongest features is its powerful and customizable reporting engine. Create professional customized reports with presentation-quality formatting. Choose from over 150 report templates for business insights.

Easily tailor reports with filtering, grouping, formatting and visualizations. Add custom logos and color schemes. Schedule and email reports automatically. Consolidate data from multiple company files into one report. Reporting goes far beyond what is available in QuickBooks Pro.

Premier also enables budgeting versus actuals reporting. Compare real-time performance against budgets down to granular levels. Visualize variances and drill-down into details. You can contact to QuickBooks Premier support phone number for any issues you face while using

Job Costing and Tracking

For project-based businesses like contractors, Premier provides robust job costing tools. Create jobs and sub-jobs to represent real projects. Assign specific service items and employees.

As you purchase items or log expenses for a job, QuickBooks tracks costs at a granular level. Bill customers based precisely on accumulated job costs. This prevents under-billing or over-billing for jobs.

Generate job costing and profitability reports to analyze performance. Identify underperforming jobs needing corrective action. Optimize bidding and pricing for future jobs. The job costing engine seamlessly integrates with Premier’s billing and inventory features.

Advanced Inventory Management

Managing inventory is simplified in QuickBooks Premier with several advanced capabilities.

Build out your inventory list and assign stock items to sites or locations. Track inventory quantities and costs in real-time. Set reorder point alerts to signal when to restock.

Assign serial numbers and lot numbers to items for improved traceability. Use barcode scanning to simplify inventory counts and transfers.

Value your inventory using First-In-First-Out (FIFO) costing to better reflect reality. Group individual items into assemblies or kits for simplified management. Generate insightful inventory reports on valuation, usage, and other metrics.

For manufacturers, Premier supports bill of materials (BOM) tracking to manage manufactured inventory. It also enables backordering and drop shipping.

Enhanced Payroll Management

QuickBooks Premier enables smarter payroll management for businesses with employees. Automate payroll runs, tax payments, and filings.

Easily set up payroll items like wages, salaries, overtime pay, commissions, and bonuses. Support shift differential, holiday, and vacation pay rules. Track sick and vacation time off accruals.

Handle payroll taxes with multiple federal and state tax agencies. QuickBooks files required payroll forms and taxes on your behalf. Payroll integrates with Premier’s accounting functions.

Additional functionality like direct deposit, employee self service, and time tracking can be added with Premier payroll add-on subscriptions. Customize payroll using Premier’s flexible earnings, deductions, and company contribution settings.

Better Billing and Invoicing

Premier empowers you to get paid faster and stay cash flow positive with its billing and invoicing capabilities.

Create customizable invoice templates that represent your brand. Batch invoice multiple customers at once. Set up recurring invoices that automatically bill on schedules. Configure finance charges on late payments.

Easily attach documents like contracts or work orders to invoices. Email invoices directly to customers and get paid online via QuickBooks Payments.

Premier enables progress invoicing for jobs, deposits, and pre-payments. Invoice customers in multiple currencies. Use discounts, credits, and payment terms tailored to your needs.

Advanced Pricing and Costing

Premier provides flexible options for setting prices and costs for the items and services you sell.

Utilize cost-plus markup pricing – set a desired markup percentage over the base cost when establishing prices. Ensure minimum profit margins are met.

Alternatively, enter prices manually overriding any cost-plus logic. Define price levels to set different pricing for customers, sales reps or promotions. Use the Price Rules feature to apply discounts.

Update prices or price levels in bulk for multiple items at once. Analyze price trends and profitability over time to guide your pricing strategy using Premier’s reporting. Costing and pricing significantly levels up from QuickBooks Pro.

Scalability for Growth

A key advantage of QuickBooks Premier is its ability to scale and adapt as your business grows.

Premier allows much higher volume of transactions, customers, vendors, inventory items, employees, and accounting complexity than entry-level QuickBooks software before performance slows. This means Premier can easily power you through growth phases without needing to upgrade your accounting system.

While exact capacities depend on your Premier edition, hardware and infrastructure, most companies can expect to reach $30 million in revenue or more before outgrowing Premier, for most editions.

Premier also includes features like multiple currencies, locations, departments, and the ability to segment data using classes that allow managing greater complexity. Quick reporting and search across high transaction volumes is enabled by Premier’s advanced filtering, querying and reporting engine.

Tight Integration

A major benefit of QuickBooks Premier is its tight integration between different functional areas like inventory, payroll, billing, job costing, accounting, and reporting. This unified experience reduces duplication and manual work.

As one example, inventory receipts, issues, and valuations flow to the cost of goods sold and inventory accounts. Invoices based on job costing automatically total and bill out accurate amounts. Payroll taxes and reporting sync to accounting.

Information entered in one area pre-populates other parts of Premier eliminating re-keying. This integration allows small teams to manage the end-to-end financial workflow without chaos. Data accuracy improves when information flows between modules directly.

Automation to Save Time

QuickBooks Premier automates many routine finance and accounting tasks to maximize productivity. For example:

– Auto-generation of purchase orders based on inventory stock levels
– Bank feeds to automatically import bank transactions
– Recurring invoices, estimates, and purchase orders on fixed schedules
– Emailing reports, invoices, purchase orders at scheduled intervals
– Automatic calculation of sales tax, finance charges, discounts

Workflows become streamlined through Premier’s automation. Companies can reduce manual processes, data entry, errors, and reliance on spreadsheets. Hours saved each week translate into competitive and growth advantages.

Conclusion

QuickBooks Premier goes far beyond entry-level accounting systems with its advanced job costing, inventory, payroll, reporting, invoicing, pricing, automation, customization, and integration capabilities. Premier empowers established small businesses to scale, accelerate growth, and run financial operations with greater insight and efficiency. With its many strengths, QuickBooks Premier 2024 is a compelling option for ambitious SMEs needing more accounting muscle.