In the world of accounting and financial software there are numerous options available to small business owners. Accounting is the language of business, so choosing the right accounting software program for your business is vital. Many of the available financial and accounting software programs perform basic accounting functions using modules and can be used to enter, evaluate, analyze, and report business financial information. Most new business owners have little to no accounting knowledge and are usually introduced to QuickBooks or Peachtree accounting programs. QuickBooks and Peachtree are current industry leaders in accounting software programs. Both QuickBooks and Peachtree are suitable for business transactions and daily entries, but which program is best for your small business? The following is a basic analysis of the main key differences between these two popular accounting software programs.
QuickBooks
QuickBooks is the most popular of all accounting software programs due to its ease of use and low cost. QuickBooks is the most widely used, holding around 90% of the market, according to the Journal of Accountancy. There are about eight versions of the program currently available that can be tailored to individual needs and the Simple Start edition is available for download online at little or no cost. QuickBooks has been designed for users with basic accounting knowledge and is essential for new businesses where the owner has limited accounting knowledge. Plus, low costs make QuickBooks the program of choice for businesses on tight budgets. QuickBooks Online is currently available for $9.95 per month with a 30-day free trial. QuickBooks can be used internationally, with versions of the program available in the UK and Canada.
peach tree accounting
Peachtree can best be described as the “accountants’ accounting system.” Peachtree is widely used by accounting professionals around the world, holding around 9% of the market. Nearly half of all Peachtree sales are generated by referrals and purchases from accounting professionals. The Peachtree program also uses professional accounting terminology and jargon, which can be a bit intimidating if you’re not familiar with the terms. Peachtree has additional controls to prevent errors and detect fraud, which can make the program difficult to use. Peachtree is also the program of choice if a large number of users will be using it. The Peachtree program also has great inventory tracking features and is recommended for use by businesses in the manufacturing or retail industry. QuickBooks and other competitors can’t compete with Peachtree’s inventory features, which can track part identification by serial number or customer stock number (SKU).
make the choice
Studying the differences between QuickBooks and Peachtree is not enough to determine which would be more effective for your business needs. The specific needs of the company that will use the program must be carefully analyzed. Software users, such as CPAs and bookkeepers, should also give their recommendations on which program is best suited. If this task seems daunting, there are numerous consultants available to perform a detailed analysis and determine the program of choice.