Ecommerce business owners all have ambitions. But even the idea of increasing sales and revenue will affect every corner of the business. That's why there's a need for everything to be simple and efficient to keep up with the anticipated increase in effort. Accounting systems aren't exempt from this need.
A lot of ecommerce sellers use Sage Peachtree accounting software. It is well-known in the market for accountants and small business owners alike. But is it a tool that can keep up with your strategy to scale? Let Unloop help you find the answer, starting with the software's useful features.
Bank Reconcillation
Every Peachtree software plan has a bank reconciliation feature. The software can link to your bank account and sync all your transactions at a click of a button. It then projects the synced transaction on the screen.
What's great about this feature is that it flags missing transactions. Whenever an amount doesn't match, the software marks it with a red flag icon.
Invoicing and Payment Capabilities
Users of the Peachtree software can issue invoices easily. They can manually generate the invoice and fill in the amount they need. Afterward, they can send it via email to the client.
The client will receive the email, including the invoice details and a convenient "Pay Now" button that helps clients make payments.
Cash Flow Forecasts and Management
Peachtree can also help you forecast your business's financial health. It uses all the data recorded on the software and generates your potential numbers, given its present revenue and expenses.
It can also help you manage your cash flow. For example, if you're planning to acquire a tangible asset, you can input how much it will cost, and the system will give you a projection of how the asset's cost will affect future cash flow and profits.
Inventory Management
Inventory management is one of the Peachtree features with the most useful automation aspect. One example is when you enter item data, it automatically populates a General Ledger (GL) account.
An automatic purchase order is also part of the inventory management feature you can use. When your inventory reaches a certain level, you can opt to have the software order from your suppliers automatically.
Cloud Backup
Peachtree’s software, such as Pro Accounting, Premium Accounting, and Quantum Accounting, are all cloud-based. That means your data is always backed up in the cloud, and you don't have to worry about data losses.
Another good thing about the cloud feature is that your data is synced to whichever device you use.
What's Good About Peachtree Accounting Software
Business owners and accountants have these good things to say about Peachtree software.
Some Vital Tasks Are Automated
From bank reconciliation to inventory reordering, automation is present. It saves time because you don't have to manually enter most of the vital data you need— the software does it for you. As a result, it allows you to focus more on everyday accounting tasks that are important for your business.
It's Affordable
You can purchase Sage Peachtree's accounting software at a starting price of $10 per month or around $350 a year. With this amount, you can have features such as payroll and job management, bill tracking, and fraud protection.
Limitations of Peachtree Accounting
As with any software available in the market, the Sage Peachtree software has its limitations.
Complicated User Interface
A user-friendly interface is great for most users, particularly non-accountants and non-tech-savvy people. So while Peachtree's rather complicated design is justified considering its features, it can do better for non-experts.
Set Up Can Be Time Consuming
Another thing that users find complicated is the installation of this accounting software. In most cases, you’ll need to contact a Peachtree expert to help them set it up. Additionally, if you run on a different computer operating system, you may have to change to Microsoft for compatibility.
Our Recommendation: Try QuickBooks Online
Whether you're shopping around for accounting software or are already using Peachtree, we recommend QuickBooks Online. It is a strategic move if you plan to scale your business.
Here are three reasons why it's a good idea to go for QuickBooks Online.
It Has the Same Features As the Peachtree Complete Accounting Plans
QuickBooks’s plans also offer the same features mentioned above. In addition, it also presents data on your dashboard and produces reports. So if you're already using Sage Peachtree accounting software, you'll find QuickBooks familiar.
Most Accountants Prefer QuickBooks Online Because It’s User-Friendly
Most accountants who know how to use Peachtree accounting software find QuickBooks more user-friendly. QuickBooks's dashboard is easier to look at. It's clean and shows the data and its graphical representation in a way anyone can easily digest. Plus, navigating QuickBooks is easy, with every section made simple. That's why accountants prefer using it to handle transactions for single market or multi-channel ecommerce businesses.
If You Already Have a Peachtree Plan, Data Can Be Migrated to QuickBooks
One awesome feature of both Peachtree and QuickBooks is that they allow data transfers. Through a data migration program, it's possible to take all your Peachtree financial data to QuickBooks and vice versa without hassle.
Peachtree Software to QuickBooks Is a Business Scalability Strategy
A lot of accountants who specialize in ecommerce businesses are adept with QuickBooks. So it's a good strategy to transition if you're already using, or plan to use, Peachtree for your business. That's because when you plan to scale, you'll have to outsource your accounting work to pros, and you want them to work as efficiently as possible.Unloop can help you with your transition to QuickBooks. We are a team of accounting professionals that know how both accounting software work. Book a call, or check out our ecommerce services now.