Which accounting software is better; QuickBooks or Sage 50?
It is better to check the unique features of both software applications. Additionally, analyze the hidden costs such as setup cost, support plans, up-gradation fees, cloud storage fees, and other similar charges. This will help business owners in deciding to select the right software out of this two popular accounting software.
Both software applications are being used by many accountants who are working in small and medium corporations across the globe. There are a few similarities between the two accounting solutions but most of the features are uniquely set-up which may help businesses to grow in many ways. QuickBooks has been featured as a powerful tool for Bookkeeping & Accounting Services. Whereas, Sage 50 has empowered entrepreneurs and small businesses to operate more efficiently with Project Management Functions and Client Invoicing. We have enlisted some of the most important features of both software applications which are as follows:
|Quickbooks Prominant Features|
|Track sales, sales tax & customer payments|
|Estimates & Invoices|
|Tax Agency Reports|
|Pay online Link Invoices|
|Automated Online Banking|
|Sync Bank Data|
|Automated Tax Calculation|
|Sage 50 Prominent Features|
|Fixed Assests Managment|
|Multi-User Remote Access|
|Cloud Accountant Collaboration|
|Integrated Bank Feeds|
Businesses may be benefited from support services that are being offered by both accounting software. The details of such support services are as follows:
QuickBooks & Sage 50 – Support Services
Online access: Business owners and accountants can access and work on the financial data anywhere on the go with internet availability. They can access both QuickBooks and Sage 50 from any internet-connected device using either mobile browser or through a desktop browser.
Bank accounts: QuickBooks and Sage, both can add bank accounts and credit card accounts. But it is only the QuickBooks that can synchronize transaction information automatically. Whereas, Sage can’t auto-sync the transaction information.
Mobile apps: QuickBooks and Sage both offer mobile apps for iPhone, iPad and Android devices. Business owners may use the virtual platform to have access to all core functions over the apps.
Apart from the above-mentioned features, business owners should consider the pricing model, integrations and technical support options. The details of these factors are given below:
|There are three ways through which you can make the payment as:
||You can only make the payment through an annual subscription.|
|QuickBooks provides technical support through email, tickets, over a phone call, and through a live support||Sage 50 provides technical support over a phone call and through a live support|
Quick Snapshot of QuickBooks
The software helps business owners to monitor and track how much money the business is bringing in as ‘sales revenue’ and how much it’s spending over on a certain account head as ‘business expense’ on daily basis.
One of the greatest features of QuickBooks is that it allows business owners to auto synchronize all checking accounts and credit cards, which may relieve business owners. All transactions that appear in such accounts can be automatically reflected in QuickBooks. QuickBooks is one of the most powerful accounting software for small and medium scale enterprises that offers a full suite of bookkeeping tools and allows you to create accounting heads up to four levels of sub-accounts.
QuickBooks has many integrated tools that may help to save businesses their precious time. Using such tools and shortcuts will not only enable accountants to complete their accounting tasks in a much quicker way but it can also help them achieve overall organizational efficiency. QuickBooks also provides businesses a great automated backup service which helps them secure their financial data from all potential hazards. The management of QuickBooks also claims, “Once you use our software for all your accounting needs, you will not end up switching to any other software”.
QuickBooks helps businesses in managing their business taxes easily. Preparing and submitting tax filings based on reports which don’t have correct tax figures may cause businesses to face CRA penalties on such misleading figures. QuickBooks has made life easy for many business owners; the software prepares tax agency reports and generates tax payable figures accurately and on time.
Quick Snapshot of Sage 50
Sage 50 is primarily recognized as a project management tool for small business corporations that allows multiple employees to work on a single project simultaneously and collaboratively. This software has less on the bookkeeping features and more on the client invoicing and cloud-based project management features. There is no limit to assign multiple collaborators on a single project. There is also no limit on sending multiple business quotes and invoices. Sage can turn business quotes into orders and then track accounts receivable in just a single click.
We don’t see too many downtime issues using Sage 50. Sage cloud accounting has ensured that there is less or no downtime issues. This will help many companies to avoid having unproductive times of their employees.
In Sage 50, one person can handle all accounting requirements for a small business. Sage also allows its users to send payments through PayPal. It can also add a built-in online payment processing system that accepts credit card payments. On the contrary, QuickBooks does not offer any online payment processing system.
Deciding on which accounting software is the best for your company varies on many factors. If your business frequently requires employees to collaborate on projects, then a project management service like Sage 50 can be one of the best options. Whereas, if your company is expected to have a huge volume of business transactions that need to be controlled through proper bookkeeping software then QuickBooks will be desirous.
It is always recommended to use the latest versions of the software as the outdated versions may not only limit us to access many updated functions but also increase potential risks which are associated with data backup activity.
The purpose of this article is to share some of the major features of both accounting software which are being used by many public accountants. There is nothing that has stopped you from using either QuickBooks or Sage 50. Some businesses use QuickBooks because it can handle all bookkeeping functionalities much better than the other accounting software whereas some businesses use Sage 50 because of its invoicing and project management tools.
Sohail Afzal, CPA, CMA, MBA
Sohail Afzal, (CPA, CMA, MBA) is the founder & CEO of GTA Accounting Professional Corporation. He is a highly experienced Chartered Professional Accountant and businessman himself and understands the challenges that many businesses face when it comes to cash flow management. As an experienced business consultant & tax advisor, he is helping companies grow by providing the technical, financial, and contractual information necessary for strategic decision-making.