Intuit Quickbooks vs ProfitBooks Accounting Software

Intuit Quickbooks vs ProfitBooks Accounting Software

Accounting software is an inevitable resource for modern businesses. It is used for performing different accounting operations, such as, tracking financial transactions, creating a ledger, invoices, purchase records, etc. Reporting and analysis are other important features of any accounting software.

While the market is brimming with options for accounting software, be it cloud-based or on-premise, there are a few which live up to the expectations of SMBs and enterprises alike. Among the trusted ones, ProfitBooks and Intuit Quickbooks are the popular names. If you have already shortlisted these two names, here we have made the final selection easier for you. A detailed comparison of these two accounting software in terms of invoice, inventory and payroll features will help you make an informed selection.

Compare Quickbooks vs ProfitBooks Invoicing

Creating Invoices in Quickbooks

How to Create Invoices in Quickbooks?

  • To create an invoice in Quickbooks, you need to go to ‘customers’ in the left bar menu, click on ‘customer name’, and then on ‘Create Invoice’.
  • You can also switch on the online payment option, if required.
  • You have to select the term for invoice and invoice data. The due date will be automatically populated.
  • Then, select between ‘product’ and ‘service’. If it’s product, then give the product description, mention price, and keep the income account as ‘sales’.
  • For services, mention the service name, give description and the rate.
  • You can also decide the message to be displayed on invoice.
  • Save the invoice, attach documents if required, and share it on a particular customer email ID.

Benefits of Creating Invoices in Quickbooks

  • Easy-to-use and simple interface for creating invoices.
  • You can create invoices for products/services by just selecting between these two in the dropdown menu.
  • Once the customer name is selected from the dropdown menu, the address is auto-filled.
  • You can select the term for every invoice – 15 days, 30 days or 60 days. As soon as you select the terms, the due date is filled automatically.
  • Add the product/service name and a short description.
  • Then, you need to fill the price/rate column, which would be tax exclusive.
  • Description on invoice (for products) and description on the sales form (in case of services) have to be filled in the box.
  • The invoice can be shared via email with customers. The invoice preview is available.
  • Go on accounts & settings menu, click on sales and then the ‘customize look & feel’ button.You can customize the invoice in terms of style, appearance, header, footer, and activity table. You can also add your company logo.

Creating Invoices in ProfitBooks

 How to Create Invoices in ProfitBooks?

  • In order to create invoices in ProfitBooks, you can filter for different invoice options –Paid, Unpaid and Draft. If you select the paid option, a list of all paid invoices till date will come.
  • You can also select an invoice on the basis of the customer name, project, due data and amount.
  • Then you have to select between cash invoice, credit invoice and time-based invoice.
  • For credit invoice, you can select the existing name from the dropdown menu or add a new customer.
  • Then, you can select the product, give description, mention quantity, number of units, cost, discount, and tax (if specified).
  • You can add as many rows for products as you want, and can also add extra charges like discounts.
  • You can also schedule your invoice by selecting between options given in the ‘How Frequently’ dropdown menu.
  • For cash invoice, you need to mention the account name. Customer name, mobile and email need to be filled every time, as they are not saved.
  • For task-based invoice, you have to create task details for charging customers, and mention hours and rate for every task.
  • Then, you have to click on ‘Billable’ and mention the income amount.

Benefits of Creating Invoices in ProfitBooks

  • Customization of invoices is possible. You can add logo, select from different invoice number settings and template options, and customize invoice labels.
  • Different types of invoices can be created – Credit Invoice, Cash Invoice, and Time-Based Invoice.
  • Along with discount and cost, you can add other charges like shipping charge.
  • Recurrent invoices can be created with just a click on the ‘Yes/No’ button.
  • Customer Notes and Terms & Conditions are auto-filled.
  • If the payment is made by customers, you can add payment details.
  • You can print invoice details and delivery challan.
  • Time-based invoice option helps in creating tasks for creating service invoices.
  • Email can be sent to customers, along with the attached invoice.

 

Compare Quickbooks vs ProfitBooks Inventory Management

Managing Inventory in Quickbooks

How to Manage Inventory in Quickbooks?

  • To manage inventory in Quickbooks, you need to click on company name, and then go in company settings.
  • Click sales in the left bar menu, go to products & services to enable ‘track quantity on hand’, ‘show products/ service columns’, & ‘track quantity and price’.
  • Create a new product by going to the company page, and then products & services. Click on the ‘new button’ and define new products/services.
  • Enable ‘track quantity on hand’ button and mention the initial quantity on hand. Also, mention the date of entry count and fill in the sales and purchase information.
  • Fill in the price and cost, which will help in the valuation of your entry.
  • Now start making transactions by clicking on the ‘+’ button on the top. Then click on ‘customers’ to create sales receipt.
  • Choose the customer name, add new product, and then fill in quantity, rate and tax (if applicable).
  • Now the quantity of a product has been updated, and it reflects the total stock you defined earlier minus the amount in sales receipt just saved.
  • Now again click on the ‘+’ button on the top and go to suppliers. Fill in the payee name, add the product, quantity, rate and tax. After this, the updated stock in hand will start reflecting.
  • Then go on the ‘Report’ in the left bar menu to update the current quantity in hand, if required. You just need to click on the product tab and update.
  • In the report section, you can click on the balance sheet from the dropdown menu to know the closing stock value of your inventory.
  • You can also select the ‘inventory’ in the dropdown menu for inventory valuation detail.

Benefits of Managing Inventory in Quickbooks

  • It helps in keeping your inventory organized and provides custom images to glance your stock quickly.
  • With an organized products list, it allows you to find quickly what you are exactly looking for.
  • After every stock purchase and sale, the inventory quantity is updated automatically. This way, you can find out what is selling and what not.
  • It provides real-time inventory evaluation to help you keep financial statements and records up to date.
  • It also provides tools to keep track of every purchase order, so that you know what’s being ordered from which vendor.
  • Vendor contact information is also updated regularly, and is managed at one place for easy access.
  • One of its biggest advantages is that it integrates with other software tools being used in your company. This way, tracking of sales and expenses becomes even smoother and easier.
  • However, it does not show the wholesale price, profit margin and the expected profit on liquidation. You may need an excel sheet for all these calculations.

Managing Inventory in ProfitBooks

How to Manage Inventory in ProfitBooks?

  • To manage inventory in ProfitBooks, you can begin by adding a new product.
  • While adding a new product, you need to mention name of the product, and enable ‘track inventory’ and ‘batch for this product’ if required.
  • As soon as you click on the ‘opening stock’ tab, you are required to mention the quantity, unit price, batch number, manufactured date, expiry date, and where to put the stock.
  • Then you can fill the tabs for the reorder level, sales price, and income account.
  • If you are a trader, you can also put the purchase price and expense account.
  • Once you have saved all these details, you can see what’s sold and purchased. The list of invoices will also start showing up here as soon as the sales begin.
  • Once a new product has been added, you can go back on the main page and click on ‘manage stock’ button.
  • You will get different options, such as, if you have to issue the stored raw materials for production, you can click on the ‘Issues for Production’ button, and mention the product, quantity to be issued, and the warehouse from where they have to be moved for production.
  • Once the production of a product has been completed and you want to create invoices, click on ‘Receive for Sales’ button, and mention the product name and quantity.
  • If moving a product from one warehouse to another, click on ‘Record Transfer’, and select the current warehouse, transfer date, product, transfer city, and the destination warehouse.
  • If there was any wastage during production, click on ‘Record wastage’, and mention the products being damaged, details of wastage, and the warehouse.

Benefits of Managing Inventory in ProfitBooks

  • The process is quite simple in ProfitBooks to handle all aspects of inventory management.
  • You can easily track inventory using this accounting software.
  • Raw material stocks that have been issued for production can be managed efficiently.
  • The stock of final products can be updated with ease.
  • If products move from one warehouse to another, the record can be maintained in an error-free manner.
  • The amount of wastage of raw materials and the damage of final products, if any, can be tracked with perfection.

Compare Quickbooks vs ProfitBooks Payroll Generation

Quickbooks for Integrated Payroll

How to Create Payroll in Quickbooks?

  • Go to the ‘Employee’ tab in the navigation menu and click on ‘Turn on payroll’.
  • You need to have the company administrator privilege to create payroll in Quickbooks.
  • Then, go to the ‘Payroll settings’ and in the ‘company profile’ tab, mention phone number, website, email ID, type of business, etc.
  • In the ‘Configure Rule’ tab, mention employee email and ID. Employee code can also be generated automatically.
  • In ‘Create Masters’ tab, mention the department and designation for which you need to create the payroll.
  • In ‘Locations’ tab, you can add multiple locations of your operations.
  • In ‘Banks’ tab, provide account details for the one which will be used for generating salary.
  • In ‘Leaves’ tab, you can create all types of leaves and rules associated with them. You need to enter the leave name, abbreviation, credit frequency, credit data, number of days to be credited.
  • Then, click on ‘Encashment’ to fill in ‘carry forward’ and ‘encashment’ specifications.
  • In ‘Holidays’ tab, you can set up weekly day offs and general holidays, which include all annual holidays.
  • In ‘PF Rules’ tab, you can put additional salary components by entering the salary name and abbreviation.
  • Now, you can add in employees by clicking on ‘Add Employee’. You just have to provide personal and professional details of every employee, PF eligibility, leave details, and then enter the CTC amount, and click on ‘Calculate’.
  • Once the employee record is set up, you can run payroll and make payment adjustment for any employee.
  • With double click on any employee tab, you can see the preview of the payroll.
  • You can also download salary register on an excel worksheet.
  • Click on preview payroll, and select a month to see the payroll.

Benefits of Creating Payroll in Quickbooks

  • The payroll of employees are kept secure, as the user needs to have the company administrator privilege to access and create payroll.
  • Employee codes can be generated automatically.
  • You can add employees from all locations of your business operations.
  • All types of rules can be created along with their applicability and specific rules.
  • Holidays and PF rules can also be added easily.
  • Once all employee related details are entered, you just have to click on ‘calculate’ to generate payroll.
  • Payment adjustments for different employees, such as, bonus and incentives can be added easily.
  • You can check payroll preview with the double click on employee name.
  • Salary register can also be downloaded on an excel worksheet.
  • If you wish to lock a particular month and specific variables, you just have to click on the arrow next to ‘run payroll’ and select ‘Unlock.

Creating Payroll in ProfitBooks

How to Create Payroll in ProfitBooks?

  • To manage payroll in ProfitBooks, click on the employee tab in the navigation menu and click on ‘Manage Payroll’.
  • You can begin managing payroll by setting up payheads, which are salary components.
  • For defining salary components of every employee, you need to double click on the employee name in the ‘employees’ section.
  • Fill all ‘work details’ of an employee, which include joining data, payment type and other professional details.
  • If the payment type is bank transfer, then bank details have to be filled.
  • Then, click on ‘salary details’ button to define the salary structure.
  • Click on ‘Leave Details’ to specify leave types, total leaves, used leaves, and pending leaves. You can also add new leave types, if any.
  • Once leaves and salary structure have been defined, just click on ‘run payroll’ to save a payroll.
  • To finally process the payroll, you have to add account details of the bank from which the payroll will be processed. Then mention the payroll schedule date and click on ‘process payroll’.

Benefits of Creating Payroll in ProfitBooks

  • Managing payroll with ProfitBooks is really simpler with few simple steps involved.
  • You can define salary structure for every employee without any chance of error.
  • Leaves requests by employees can be easily tracked, so that those can be considered while processing the payroll.
  • Leaves structure can be clearly defined for every employee using ProfitBooks.
  • Payment can be made to employees through cheque, cash and online.
  • The date of payroll processing can be set, so that the salary can be processed on the set date automatically, without any delay.
About The Author
Kalpana Araya
Kalpana Araya Kalpana is an inquisitive tech enthusiast who loves reading & writing everything under the sun. Currently writing for Tech, SAAS, IT Hardware and Software products. She is a Digital expert with 5+ years of experience in the industry.