Formerly known as Peachtree Complete Accounting, Sage 50cloud Accounting is a classic software that has been helping small businesses with their accounting needs for many years.
But is it the best option for online businesses? In this blog post, we'll discuss how convenient using Peachtree software for your ecommerce business is. By the end, you'll realize whether or not Peachtree is for new ecommerce business owners. So let's get started!
When is Peachtree Accounting Software Good for Ecommerce?
An online business isn't like a brick-and-mortar business. Therefore, specific functionality is needed to allow your small business to thrive.
The accounting software from Peachtree is one solution that can help you keep track of your finances and ensure that your ecommerce business is running smoothly. Here are some situations where Peachtree accounting software can be a good fit for your ecommerce business:
Optimizing Sales of Goods
If you sell products online, keeping track of your inventory levels is crucial. Peachtree accounting software can help you stay on top of your inventory so that you can reorder products as needed. As a result, you never run out of in-demand products, driving sales and revenue.
Peachtree has complete inventory management features, even on its basic tier, Peachtree Pro. Here’s what you can expect with Peachtree:
- Inventory adjustment
- Inventory issuance
- Item assembly
- Sales quotes
- Sales orders
- Sales invoices
- Purchase orders
- Purchase bills
One of the benefits of using Peachtree tax software is that it complies with up-to-date payroll and pension legislation. Additionally, it follows the law regarding tax forms, such as the 1099 form, needed by small businesses.
You can also utilize the built-in payroll function to pay your employees. The software includes tools for tracking employee information, salaries, and benefits. This can be extremely helpful in organizing your workforce and making sure everyone is being paid correctly and on time.
Secure Remote Business Accounting
Online businesses may seem much simpler than your conventional businesses, but dealing with remote staff needs unique features to hold your business together. That's where role-based user permissions come in.
By assigning different users different roles within your accounting service, you can fine-tune settings to give them exactly the access you want.
For example, you might give your bookkeeper read-only access to your financial data while allowing your accountant to view and edit records. Or you could give your customer service team the ability to create and track support tickets but not to view your financial information.
You can ensure that everyone on your team has access to do their job while keeping sensitive company data safe from unauthorized eyes.
Consolidating Your Small Businesses
Do you have many other businesses online? What if you can combine them into one corporate entity? That's company consolidation, in a nutshell.
The New Company Setup process perfectly combines each of your small business's charts of accounts together. This functionality can be useful if you want to create a new company that is a consolidation of several others or if you want to reduce the clutter in your chart of accounts.
The resulting consolidated chart of accounts will have all the necessary company data without redundancies. But tick off the following pre-consolidation conditions first to ensure company data is compatible and can be seamlessly integrated:
- When setting up your consolidated company in Sage 50, each individual company must have data recorded in the same version of Sage 50.
- Every business you plan to consolidate must have the same accounting method for their bookkeeping: either accrual or cash-basis.
- Each general ledger account should share the same account ID.
- Your businesses must have the same fiscal-year structure.
- Your businesses should have the same account number for your Equity-Retained Earnings.
When is Peachtree Accounting Software Not Good?
Peachtree accounting software is a great choice for many small businesses. However, these drawbacks may make you consider other accounting software.
If you want to buy Sage Peachtree accounting software, you'll notice that it seems stuck in the 1990s with its clunky interface and dated design elements.
Peachtree accounting software is designed for businesses that have been using the same program for years and are reluctant to change. These businesses want something familiar and easy to use, even if it doesn't look modern.
Sage Peachtree focuses on adding new features to its existing products rather than redesigning them from scratch. As a result, Sage 50cloud looks like your traditional Windows 98.
Peachtree offers a wide range of features to help online businesses manage their finances. However, the software can be challenging to learn and use, particularly for those who are new to the world of accounting. The service can also be expensive, particularly for small businesses that need to use it regularly.
Additionally, the support offered by Peachtree can be somewhat limited, making it difficult to get answers to questions or resolve problems.
Peachtree accounting software offers a variety of features that can help streamline accounting and financial processes. However, Peachtree is not always the best option for every ecommerce business. New business owners may find the learning curve steep, and the software can be expensive compared to other accounting options.
It's not an all-encompassing solution for ecommerce businesses, but Peachtree software can be a helpful tool when used in the right way. If you're looking for an expert opinion about ecommerce accounting and business, we'd be happy to chat about what we can do to help you reach your goals. Call Unloop today!