A medium-sized business owner uses Sage 50 Premium Accounting software. It is a Premium plan of Sage 50 Accounting. When users choose the Premium Plan, they get many added features such as multiple-user mode, advanced budgeting, audit trails, etc.
Businesses with more accounting requirements must go for Sage 50 Premium because it has many features that are not included in the Sage 50 Pro plan. In this article, you will gain insights into what Sage 50 Premium is, what its features are, and the benefits of taking the Premium plan.
Table of Contents
Medium to Large-sized Businesses are often confused about which Sage 50 Plan they should go for. Here are the reasons why you should buy Sage 50 Premium accounting software to manage your company’s financial records.
- Multi-User Mode Available: Unlike Sage 50 Pro, users will get the multi-user mode. This will allow their team to work on the same company file and collaborate.
- Expense Management: You will be able to manage the income, expenses, and outstanding payments with automation.
- Manage Inventory: Apart from simply managing the finances, Businesses can use Sage 50 Premium to manage or track inventory and verify and adjust the quantities as well.
- Generating Advanced Reports: You can create customized advanced reports that will help you understand the finances better.
- Work from Anywhere: Users will be able to log in to Sage 50 Premium from anywhere. They don’t need to use a particular computer system to use this software.
- Invoice and Bill Tracking: Users can effortlessly manage their invoices and bills by tracking them and streamlining payments.
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Here are a few of the prominent features of Sage 50 Premium Accounting Software that make this plan worthwhile.
- Enhanced Security: Manage access levels for each user with options like None, View Only, Add, Edit, or Full. Permissions can be customized separately for each company if you manage multiple businesses.
- Cloud-Based Storage and Data Access: Sage 50 Premium allows licensing for up to 5 users, making it ideal for teams.
- Customer Management Center: This customizable dashboard provides quick access to customer data, such as Aged Receivables, Contacts, Sales Orders, and Top Customers. Rearrange or hide up to 19 data areas to suit your workflow.
- Open Multiple Companies: Work with several companies simultaneously. However, some features like Year-End Wizard, payroll forms, and third-party integrations are restricted to additional companies. Core tasks like data entry and reporting remain fully functional.
- Broadcast Invoicing: Send identical invoices to multiple customers simultaneously. Ideal for recurring dues or service contract billing.
- Advanced Job Costing: Divide jobs into phases, which can be further broken into cost codes for detailed reporting.
- Proposals Feature: Easily create proposals, similar to quotes. After acceptance, you can invoice the entire proposal, a percentage of it, or customize line-item percentages until fully billed.
- Inventory & Services Management Center: Quickly view inventory status and transactions, including Sales Invoices, Purchases, and Inventory Adjustments. Customize it with 22 modules and track build/unbuild transactions for assembly items.
- Change Order Processing: Create and share detailed change orders that show adjustments to estimates, contract amounts, or completion dates. Record acceptance and apply updates to job expenses, quantities, and revenues seamlessly.
- Pricing Formulas: Streamline price adjustments using customizable formulas by price level. Recalculate prices for selected items or your entire inventory in a few clicks.
- Serialized Inventory: Manage inventory with serial numbers for better tracking of specific units.
- Item History by Customer: View and customize sales history for specific items or customers. Sort by columns, open original transactions, or export data to Excel.
- Master and Sub-stock Items: Automate the creation of related inventory items with up to two attributes, like size and color for apparel.
- Vendor Part Numbers: Track vendor-specific part numbers on the inventory screen and include them in purchase orders, quotes, and other documents.
- Purchase Order Selection: Effortlessly generate purchase orders based on inventory levels by selecting a range of items for evaluation.
- Time Card Entry for Payroll: Use a weekly timesheet view to input time cards for payroll processing.
- Vendor Management Center: Access vendor data easily using a customizable dashboard with modules like Aged Payables, Payments, and Item Purchase History.
- Payroll Raise History: Maintain a record of employee raise histories directly in the employee maintenance screen.
- Time and Expense Tickets: Track time tickets for billing clients and expense tickets for additional costs like photocopies.
- Consolidations: Combine multiple companies into a parent company to generate consolidated financial statements.
- Expanded Employee Information: Store emergency contact details, EEO data, and employee review history. Set reminders for upcoming reviews.
- Departmental Financial Statements: Simplify department-specific financial reporting with tools to enforce proper account segmentation and choose departments during report generation.
- Multiple Budgets: Unlike Sage 50 Pro, Sage 50 Premium allows you to save multiple budget versions for easy comparison and forecasting.
Here are the benefits of using Sage 50 Premium software to manage your company’s finances:
- Budgeting Made Easy: Get a clear picture of your finances, including incoming and outgoing cash flow.
- Simplified Payroll: Streamline payroll with options like direct deposit or pre-printed checks. You can also manage employee records, payroll taxes, and checks efficiently.
- Automatic Data Backup: Enjoy peace of mind with automatic cloud-based backups for your critical data.
- Seamless Integration: Integrate Sage 50 with Office 365 and other areas of your business for better workflow management.
- Faster Invoicing: Create and process invoices and quotes quickly to save time.
- Accurate Bank Reconciliation: Keep your accounts error-free with simple bank reconciliation tools.
- Multi-Currency Support: Conduct business in multiple currencies with ease.
- Enhanced Security: Protect your data and ensure compliance with accounting regulations.
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Conclusion
A business that needs more advanced accounting features compared to Sage 50 Pro must buy the Sage 50 Premium Plan. The Premium Plan includes many features such as advanced inventory management, customizable financial reports, and multi-user mode. 1 to 5 users can access the company file at the same time. This supports the increased productivity of the team and lets you work collaboratively.
All features that are included in the Pro Plan are present in this Sage 50 Premium plan. However, you will not get these features in the Pro plan. Amongst Sage 50 Quantum Accounting. Sage 50 Premium and Sage 50 Pro, the Premium is the middle best. From small to medium or medium to large businesses, this software has the optimal number of features which is required for is small as well as large-sized businesses.
Frequently Asked Questions
Why is Sage 50 Premium better than Sage 50 Pro?
Sage 50 Premium accounting software is better than Sage 50 Pro because of the additional features that are provided in the Premium plan. The price of the Premium plan is higher due to features such as multi-user access, multiple companies that can be accessed with one login ID, advanced budgeting, serialized inventory tracking, advanced reporting, and audit trails.
Are there any similarities between Sage 50 Premium and Sage 50 Quantum?
Yes, there are similarities between these two plans. Features such as filing and tracking GST/HST, tracking and generating invoices, recording multiple financial records, and integration with Microsoft Excel and Microsoft Word.
How many users can use Sage 50 Premium at one time?
From 1 to 5 users can use the Sage 50 Premium at one time. This will help increase the overall productivity of the team.
I have a large-sized business, should I buy Sage 50 Quantum or Premium?
Large-sized business owners must go for Sage 50 Quantum, medium-sized businesses must choose the Sage 50 Premium plan, and small-sized businesses should choose Sage 50 Pro accounting software.
