If you are a small business owner or are in charge of the finances of a company, chances are you have been acquainted with QuickBooks. It is one of the most widely used accounting software instruments, whose users count is in the millions all over the world.
Many users consider QuickBooks Desktop Premier as one of the helpful versions of this software. In this blog, we will discuss QuickBooks Desktop Premier is, how to log into QuickBooks time login for time tracking integration and step by step guide to set up QuickBooks Premier.
What is QuickBooks Desktop Premier?
QuickBooks Desktop Premier is an on-premise version of the QuickBooks accounting software that you put on your computer and use locally. Basically, you work with QuickBooks Online through the web, while QuickBooks Desktop Premier is physically installed on your machine.
With the program, you can record the flow of the company's money, such as sales, expenses, invoices, and payments. It is a product tailored to small and medium businesses and has more capabilities than the basic QuickBooks Desktop Pro version.
Benefits of Using QuickBooks Desktop Premier for Your Business
Save Time: With the use of your accounting software you can avail of the built-in templates, automated calculations and easy report generation that help you reduce your accounting time.
Accurate Financial Records: Part of record organization is not losing money, invoices, or bills etc. Thus you will only have to deal with the minimum number of mistakes and there will be no unexpected situations.
Data Security: In case it is installed on your computer, you are the one who decides who can access your data.
Tax-Ready: If all your financial information is gathered in one place then tax time is made easier and there is less pressure.
Better Business Decisions: Reports and insights in Premier reveal to you which departments of your company are profitable and which are lacking.
How to Install and Set Up QuickBooks Desktop Premier
Step 1: Check System Requirements
Intuit’s official site is where you can find the hardware and software requirements for your computer in order for QuickBooks Desktop Premier to work including the OS version, RAM, and disk space etc.
Step 2: Purchase or Obtain QuickBooks Desktop Premier
- To install the software, you can choose to either buy a physical copy or download it from Intuit’s site.
- In the case of download, make sure that you also have your license number and product key at hand.
Step 3: Install QuickBooks Desktop Premier
- Run the installer on your PC if you had downloaded it earlier or insert the CD.
- Hit Next on the installation window.
- Once you have acknowledged the License Agreement, hit Next.
- Explain the type of installation you want;
- Choose the place where you want the software to be installed (a default location is good unless of course, you want to change it).
- Press on Install.
- The wait for the process to reach completion.
- When you are asked to do so, put in your license number and product number.
- Complete the procedure.
Step 4: Activate QuickBooks Desktop Premier
- Open QuickBooks.
- The software activation window will pop up.
- Get through the activation by phone or online (we suggest online) just follow the instructions on the screen.
Step 5: Set Up Your Company File
- Open QuickBooks.
- Select Create a new company.
- In the EasyStep Interview, give your business information:
- Fiscal year, accounting method (cash or accrual), and tax form, etc.
- If there is a need, put in the opening balances of accounts.
- Create the company file (choose a safe place and give it a name).
Step 6: Customize Your QuickBooks Settings
- Make your chart of accounts.
- Bring in your customers, vendors, employees.
- Change the look of your invoices and other paper works.
- Set up the way you want to pay and the bank accounts.
Step 7: Backup Your Company File
- On the menu bar, choose File Back Up Company Create Local Backup.
- Select the place you want to back up and save regularly to keep your information safe.
What’s the Difference Between QuickBooks Desktop Premier and Other Versions?
QuickBooks Desktop Pro: QuickBooks Pro is the basic version of QuickBooks. The software comes with core features that suffice to keep track of the income and expenses of a business but lacks the industry-specific tools and advanced reports of Premier.
QuickBooks Desktop Enterprise: Enterprise is the most powerful version of QuickBooks tailored for large companies. It is built to handle large amounts of data and users but is pricier and more challenging to operate.
QuickBooks Online: This is a cloud-based version that is accessible from anywhere as long as there is an internet connection. It is easier to share the data with your accountant if you are somewhere but you may not have some of the advanced features of Premier.
Conclusion
QuickBooks Desktop Premier is a tool that can be adjusted to the different needs of the sectors and is powerful enough to handle the accounting of small to medium commercial enterprises. Besides that, its versatile reporting, inventory control, and job costing features can even help managing the finances of a company to a great extent. The software, however, has some drawbacks which make the process of learning how to use it a bit challenging, but on the whole, it still provides a satisfactory strong performance and is dependable for people who require in-depth, local accounting solutions.
