Intuit — QuickBooks 2010 Premier - CPA Practice Advisor

From the April/May 2010 Review of Small
Business Accounting Systems (Locally Installed).

Who
hasn’t heard of or used QuickBooks? Let’s factor in the millions
who are using QuickBooks at this very minute. All told, QuickBooks is by far
the single most popular financial accounting product designed specifically for
the small business owner. But Intuit, makers of QuickBooks, has not been content
to rest on its laurels. Instead, more features and functionality are found with
each new release. 2010 is certainly no exception.

BASIC SYSTEM FUNCTIONS:
QuickBooks installation has always been simple, and the new Express Install
offers users even quicker setup by eliminating or consolidating some of the
previous steps. QuickBooks is easily navigated, utilizing centers as a means
of system navigation. Users can also access specific functions from the drop-down
menu bar at the top of the screen. The QuickBooks user interface is very full,
and new users may initially find it cluttered. If so, users can easily customize
the user interface to suit their needs. All QuickBooks data-entry screens are
similar in design so users will quickly become comfortable with navigation.

QuickBooks provides industry-specific chart of accounts options along with
form templates to design custom forms. As well, QuickBooks Premier allows users
to choose an industry-specific edition of the software during installation,
with editions for accountants, contractors, manufacturers, wholesalers, nonprofits,
professional service firms and retailers.

CORE ACCOUNTING CAPABILITIES:
All QuickBooks activity is processed through centers. Though not named specifically
as modules, QuickBooks provides the core set of GL, AP, AR and Payroll functionality.
Journal entries are processed through the company function. The customer center
offers users the ability to enter customer information, create invoices and
handle credit card processing. The vendor center lets users manage all vendor
information, enter and pay bills, receive items into inventory, and process
1099s.

QuickBooks Premier offers sales tax functionality. Users can set up preferences,
run state tax forms and pay tax as needed. The sales tax liability report details
sales tax due and tax payee. The Audit Trail report provides management with
detail about every transaction that is entered into QuickBooks. QuickBooks currently
contains multi-currency capability, although only one currency type can be assigned
per customer.

While QuickBooks Premier can be networked inside a central location, it does
not have true multi-location capability, but the remote access feature can be
utilized to access data from the main office.

DAY-TO-DAY OPERATIONS:
QuickBooks easily handles regular sales orders, and the POS edition will suit
small retailers well. QuickBooks Premier also offers links to both UPS and FED
EX, with an option to set up an account for either or both in the shipping manager.

Centers allow for tracking of detailed information about customers, vendors
and employees. Customer information can be stored, and users can attach files,
check balances and view customers based on the selected criteria. Vendor management
is similar, with balance totals listed, as well. Quick reports of check balances
can also be run directly from this screen. The employee center tracks check
total per pay period, with summary reports run from the center.

Inventory is entered under the vendor center. One of the new features in QuickBooks
2010 is the ability to enter or edit multiple list entries, cutting and pasting
directly from Excel into QuickBooks. Users can also enter sub-item groups, the
manufacturer’s part number, and purchase and sale information, but pricing
is limited to one per item.

Invoices, statements and other correspondence can be emailed directly to recipients
from within the program. As previously noted, QuickBooks offers optional remote
access capability. Also available is an optional check deposit feature that
allows users to deposit checks into their checking account via a scanner for
immediate electronic payments. The online banking feature allows immediate download
of bank transactions into QuickBooks Premier for easy reconciling.

MANAGEMENT FEATURES:
The company snapshots function allows users to display as much content as desired
on the snapshots page. The report center provides a display of reports sorted
by category, with the option to memorize reports (save reports) along with a
list of favorites and recent reports. Reports can be easily modified as needed
with samples available in the Report Manager. And all reports can be printer,
emailed or exported to Excel. Users can also create custom financial statements
using the new Statement Writer.

A wizard is available for setting up all new users, providing each with unlimited
program access, selected access or the option to be set up as an external accountant.
Managers can then choose and set the appropriate level of access for each user.

INTEGRATION/IMPORT/EXPORT:
Data can be imported into QuickBooks using a text file format. Data files such
as customers, vendors and transactions can also be exported to Excel or a CSV
file. Users can also import data using Excel or .CSV files, though the data
will need to be modified prior to importing.
QuickBooks offers a variety of add-on products designed to integrate with QuickBooks
financial data. A solid payroll module is also offered in QuickBooks as are
other online business tools such as a starter website, email marketing, and
the Intuit Sync Manager, which allows users to keep desktop data and online
files accurate. The program also integrates with numerous third-party add-ons
in a variety of verticals and categories to help meet the wide-ranging needs
of small businesses.

The accountant copy feature allows businesses to complete their data entry
and send it directly to their accountant for review and corrections, and the
new Client Data Review reduces an accountant’s time dramatically by identifying
errors and offering corrections. The new document management function allows
users to attach PDFs to customer, vendor and employee files.

HELP/SUPPORT:
Users have access to several Help functions inside QuickBooks, including entering
search terms, searching for a topic, interactive tutorials, and step-by-step
coaching, which is ideal for new users. QuickBooks 2010 will automatically download
any system updates whenever the user is online. As well, any time an update
is available for downloading, the users will receive a message. A manual update
option is also available.
The QuickBooks user community offers access to other QuickBooks users, which
include accountants, product experts and Intuit employees, providing answers
to many common questions as well as solutions to common problems. Several levels
of support are available, emphasizing the option to use local support experts.
Intuit does utilize international support centers, but the higher level of support
carries a higher likelihood that U.S. support personnel will be utilized.

SUMMARY & PRICING
QuickBooks Premier 2010 is available for $399.95 for a single-user system and
$1,099.95 for a three-user system, and it includes the modules outlined in our
core set of GL, AR, AP and Payroll. QuickBooks continues to provide small businesses
an affordable financial solution. It offers easy install and setup and can be
running in a very short period of time without a significant amount of training
required, which is an important attribute to the very busy small business owner.
Though QuickBooks may not be ideally suited for companies in a rapid growth
pattern or those who desire more customization and integration options, it does
a great job of doing what it is designed to do. And the vendor does offer several
industry-specific versions as well as different levels of the product to meet
a variety of business needs.

2010 OVERALL RATING:

Small Business