QuickBooks Premier, the bigger sibling of QuickBooks Pro, offers all the features of QuickBooks Pro plus the following:
Like QuickBooks Pro, QuickBooks Premier is suggested for companies with sales of up to $1 million/year and up to 20 employees, but again, these are just broad guidelines rather than hard and fast rules. QuickBooks Premier allows for up to five simultaneous or concurrent users in one company at a time (as opposed to Pro’s three maximum concurrent users).
It handles inventory assembly, otherwise known as bill of materials, sales orders (I describe those to clients as “incoming” purchase orders) and back orders, and it can track the current availability of an item (based on orders), not just the pure quantity on hand.
In addition, QuickBooks Premier offers these advantages over QuickBooks Pro:
- Units of measure
- Create sales orders or purchase orders from estimates
- Per item price levels: these are actual numerical prices you can set for different items in a price level, not based on a fixed percentage of the regular selling price. This is great for foreign pricing of goods when multiple currencies have been turned on and you wish to have prices in foreign currencies that do not fluctuate with the exchange rate.
- Billing rate levels
- View unbilled time and expenses (Pro can view unbilled time and expenses as well when you click on the Add Time/Costs button on an invoice, but Premier allows you to see Unbilled Time and Costs without being in the middle of an invoice.)
- View or print past account reconciliations (not just the most recently completed reconciliation period, which is available in QuickBooks Pro
- Balance Sheet by Class
- Export report templates (to be imported into other QuickBooks company files to make customized reporting easier once the work has been done in one company file)
- Forecasting & business planning (goes beyond budgeting)
- Easily create reversing journal entries
- Free remote access (unattended) for a year for your client
NOTE: Company files which have been opened in QuickBooks Pro can be opened in QuickBooks Premier for the same version year and vice versa. If the company file has been used in QuickBooks Premier and Premier-only features (such as sales orders) have been utilized, you can still open that company in QuickBooks Pro but you won’t have access to those features.