10 Features of QuickBooks Enterprise Software

QuickBooks Enterprise is the premium ERP solution offered by Intuit, which caters to multiple industries, such as retail, manufacturing, nonprofit, construction, and accounting.

It has four subscriptions — Silver, Gold, Platinum, and Diamond for businesses to choose from per their requirements, with a maximum user count of 40.

If you plan to adopt QuickBooks Enterprise, here are some features to help you decide.

1. Advanced Pricing

The Advanced Pricing feature enables you to get the best prices for items in each transaction. It offers various automated pricing rules to eliminate the hassles of pricing changes.

For instance, you can offer discounts to customers on bulk orders, set pricing for a particular period to facilitate offers, and apply sales taxes based on location. Moreover, the Advanced Pricing feature also allows you to customize pricing rules based on parameters such as location, class, and vendors.

To start using Advanced Pricing rules, turn it on in QB Enterprise. This is how you do it:

• Go to the “Edit” Menu and click “Preferences.”
• Select “Sales & Customers” and click the “Company Preferences” tab.
• In Custom Pricing, select Enable Advanced Pricing.

2. Automatic Price Markup Feature

The cost and the price of any item determine its profit. However, when the cost of an item increases, the price needs to be updated manually depending on the margin.

With the Automatic Price Markup Feature, when the cost of an item is updated, QuickBooks automatically suggests the price based on the makeup.

If you want the cost to remain the same, check the “Never update the cost for this item” box.

3. Advanced Inventory

QuickBooks Enterprise Advanced inventory feature empowers businesses to manage inventory without hassles. The Advanced Inventory features are available in the platinum version of QB Enterprise.

Advanced Inventory offers an easy-to-use dashboard where businesses can track and manage inventory on multiple sites. You can also assign bin locations (within sites) to inventory items and choose where to receive and sell inventory. This feature also enables you to transfer inventory between sites with ease.

Other important Advanced Inventory features include:

• Serial/Lot Number Tracking — Assign serial and lot numbers to items and include them in the bills and invoices.
• Barcodes — QB Enterprise enables barcode scanning to receive and track inventory without errors.
• FIFO — Ensure that the items stocked first are sold first. This is essential for items with an expiration date.
• Pick, Pack, and Ship — Enhance the picking, packing, and shipping process with easy job assignments for pickers, real-time status updates, and more.

4. Custom Access Permissions

The user permission features are available in all QuickBooks desktop versions — Pro, Premier, and Enterprise. However, compared to Pro and Premier, the user permissions in QuickBooks Enterprise are more granular and customizable.

QuickBooks Enterprise enables the admin to add, delete, or duplicate user roles. By default, Intuit offers fifteen roles: Payroll Manager, Time Tracking, Accounts Payable, Accounts Receivable, Admin, and View-Only.

You can also customize these roles by setting different permissions. QB Enterprise offers 115 permissions, which you can further customize depending on the business requirements.

These micro-level user permissions settings allow you to reduce data breaches and errors.

5. Cash Flow Hub

Cash Flow Hub offers an interactive dashboard to easily monitor and manage cash flow. It is available for Silver, Gold, Diamond, and Platinum editions of QuickBooks Enterprise. The dashboard is divided into four sections -

1. All Accounts — This section tracks details, such as your total balance, bank accounts, credit card transactions, and undeposited funds. You can link a bank account to get an accurate sum.
2. Cash Flow Trend — A graphical representation helps you visualize the cash flow over a period.
3. Money in — This section displays the sum that the customers have paid you or are due. You can select the data range according to your requirements.
4. Money Out — This section displays the amount you owe in bills, credit card charges, etc.

6. Intercompany Transaction Feature:

The accounting firms need to handle multiple clients at a time. In QuickBooks Enterprise, accountants can create a unique company file for each client under one license.

However, the intercompany transaction feature enables you to manage transactions between companies. This feature is available in the QB Enterprise Diamond and Platinum subscriptions.

Here are the following steps to set up the intercompany transaction feature.

• Click on the “Company” option in the toolbar and select “Intercompany Transactions.”
• Click on the “Create a Relationship” button.
• Select the company file with which you need to set up intercompany transactions.
• You need to select two accounts: “Due from account” and “Due to account,” which refer to the sum you will get from the other company or the sum you owe to the other company, respectively.

Once set up, you must go to the other company file and approve the request.

7. Security Features

Data security is paramount for every business. QuickBooks Enterprise offers some robust security features. Let’s check out.

• Audit Trail — QuickBooks Enterprise offers an audit trail to record every user activity, whether transactions or data entries. The admin can also view the data on which the activity was performed
• Closing Password — The closing password feature enables admins to set the date and time each user’s password expires. After expiry, if the user wants to change their password, they can’t do it without the admin’s permission.
• Backup — Intuit Data Protect is an online backup service offered by Intuit for additional charges. Your data is backed up automatically on the secure Intuit servers.

New Features in QB Enterprise 2024

1. Data Security

The QuickBooks Enterprise Desktop 24.0 version now offers 256-bit data encryption to ensure complete security for all your critical data, such as vendor information or credit card details.

2. Customer Prepayment Management

In some scenarios, customers require advance payments, which can be challenging to track during order fulfillment. This feature lets you easily track customer prepayments and include them in the invoice.

3. New and Improved Update Process

QuickBooks Enterprise has a new update process, which takes place in the background without interrupting your work.

Add the Power of Cloud to QB Enterprise

QuickBooks Enterprise is a comprehensive ERP solution for businesses. However, cloud computing enhances its capabilities even further. Various cloud service providers in the market offer QuickBooks Enterprise Desktop hosting solutions. There are some Intuit-authorized commercial hosting providers from whom you can also buy genuine QuickBooks Enterprise licenses.

Some of the perks that you get from QuickBooks Enterprise hosting are:

• Remote Access
• Multi-user Collaboration
• Enterprise-grade Security
• On-demand Scalability
• Minimal Operational Costs
• Reduced IT Dependency
• SLA-guaranteed Uptime
• High-Performance Computing
• Round-the-clock Customer Support
• Business Continuity and Disaster Recovery

However, to gain the cloud advantage, selecting the right cloud hosting provider is vital. The best hosting provider ensures smooth cloud migration with industry-best Quality of Service.

Ace Cloud Hosting offers Intuit-authorized QuickBooks hosting service on Tier 5 data centers. Our industry-specific cloud solutions provide customers with 99.99% SLA-backed uptime and 24/7/365 customer support with enterprise-grade security.

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