Thursday, January 5, 2017

Quickbook and OfficeCentral

Quickbook is one of the leading Accounting Software in the US. OfficeCentral is one of the leading cloud accounting and enterprise management software for SMEs in Malaysia.

 You can use this to compare the two products.


Intuit’s QuickBooks provides in-depth accounting functionality paired with an intuitive interface that helps businesses manage their accounting and finances.
There are three main versions of QuickBooks: QuickBooks Enterprise, QuickBooks Desktop and QuickBooks Online. Appearance and functionality between the three versions is similar enough that users can jump from one version to another relatively comfortably, although the Enterprise version does offer far more functionality and capacity than the more SMB-focused QuickBooks Desktop or Online versions.
Additionally, barring special (and rare) circumstances, the QuickBooks Desktop version is not recommended for most modern SMBs — the flexibility and wide number of integrations available for QuickBooks Online make it the superior choice in most cases.  It’s also important to note that some users can find it difficult to transfer data between the Desktop and Online versions.

QuickBooks Online
QuickBooks Online has become one of the most widely used accounting suites on the market today. The large number of pre-built integrations with both generic and industry-specific systems make it a natural choice for small-to-medium businesses looking for a software tool to manage their bookkeeping, invoicing and billing, payroll, etc. Available for a monthly subscription in three versions: Simple Start, Essentials, and Plus, QuickBooks Online offers flexibility and scalability that enable it to grow as your business grows, adding functionality as it’s needed. All versions support simple income and expense tracking, estimates and invoicing, and automatic syncing with your bank accounts. Online bill pay, robust pre-built and custom reporting options, inventory tracking, 1099 management, and payroll are all available as you upgrade versions.

QuickBooks Desktop
QuickBooks Desktop is the legacy accounting software that individuals and businesses have been using since the 198os as a replacement for paper-and-pencil accounting. Offered today in two versions (the Desktop Enterprise version is just a beefier QuickBooks Online) QuickBooks Desktop offers less flexibility than the Online version, but trades a one-time license fee for a monthly subscription (lower TCO), and includes more base features than the comparable online solution. For a smaller business that doesn’t spend much time online and doesn’t want to pay a monthly subscription (and add-on fees) for essential features like payroll, Desktop Pro or Desktop Premier may be a good solution.

QuickBooks Enterprise
The QuickBooks enterprise solutions suite, delivered via the cloud in three tiers — Silver, Gold, and Platinum — offers the same functionality as the higher-end versions of Online or Desktop, but with the capacity to handle accounting and finance for the world’s largest businesses. QuickBooks Enterprise  can generate several different kinds of reports, including income tracking reports, bank feeds, job costings reports, lead reports and price adjustment features. The accounting software also includes a customizable reporting tool that lets business leaders and others pull up important reports automatically and import reports from Microsoft Excel. Additionally, there are reporting features to track customers, vendors and items in fine detail. Between 1 and 30 users can have access to the software at one time, and it comes with 14 predefined user roles. With hosting on Intuit’s servers, those using the software can access their business information from anywhere. This feature comes in handy for businesses that rely on heavy travel. The two main add-ons for QuickBooks are Advanced Inventory and Advanced Pricing. Advanced inventory is an inventory management software that allows business leaders to track and code their products across multiple locations using barcodes. Items can be tracked down to the exact bin location. Advanced Pricing allows the user to access and change thousands of pricing rules to come up with the most optimized price for a business’s goods.

OfficeCentral is a cloud based system that is designed for the SMEs. It has many modules including accounting, HR, payroll, CRM. Point of sales and others. Users can also decide to use the accounting module if they want. Other modules can be made hidden.
In comparison with Quickbook, OfficeCentral is like the Quickbook Online and Quickbook Enterprise.
There are a lot of functions available for users since OffficeCentral do not diferentiate between Enterprise and SMEs. Only one version is offered.
All the standard functions and reports are available for users like profit and loss, balance sheet, cash flow, ledger, ageing and others.
However OfficeCentral also provide advanced functions like:
  • Multi location business - different P&L, Balance sheet, access control
  • Auto bank reconciation
  • MPERS report compliance
  • Very flexible role management
  • Business Intelligence, Dashboards, Trends
  • Powerful Ageing report
  • Include Mobile Apps for Accounting Outsourcing
  • Have claims module
  • Integration with other modules.
  • GST for Malaysia compliance
  • Tax for Indonesia compliance
  • GST for India compliance ( waiting to launch)
With the powerful features we expect OfficeCentral to give a good fight to Quickbook. They will have their own followers and niches. It will be interesting how they fare in India when the GST is launched in India in 2017.

No comments: