Sage 50 Pro vs Premium vs Quantum : Chooase Best Fit for Your Business
Introduction
Financial management is an important part of operating a business. Hence, when deploying comprehensive and versatile accounting software, Sage 50 offers tailored solutions to meet the needs of small and medium-sized enterprises. It comprises three main versions: Pro, Premium, and Quantum.
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It is also important for users to understand the features and capabilities that every version offers and the differences between them to select the right one for their business-specific needs.
In this article, we will try to compare Sage 50 Pro vs Premium vs Quantum Accounting models and see their features, benefits, and limitations of to help you make the right decision.
Sage 50 Pro Overview
Sage 50 Pro is the very basic version of the Sage 50 suite. It is considered perfect for small businesses that need basic features for their accounting practices.
This version is also recommended for companies with one user and offers an affordable accounting solution, as it will not require many overhead costs as compared to the other Sage 50 editions.
The main features include:
- General Ledger
- Accounts Payable and Receivable
- Invoicing
- Bank Reconciliation
- Inventory Management
This is the most affordable version of Sage 50; It is easy to set up and is also recommended for small businesses that require only essential accounting functions. The price tag starts at $58.92 per month per user.
Additionally to the robust accounting capabilities of Sage 50, it is also worth noting how other platforms, such as Shopify offer features such as integrated e-commerce solutions that can complement your accounting requirements.
Sage 50 Premium Overview
Sage 50 Premium has been for medium-sized businesses that need more advanced accounting features as compared to the Pro version.
This version can accommodate up to 5 users and offers more inventory management capabilities and advanced reporting tools for customized financial reports.
Aside from the features offered by the Pro version, it has additional features such as:
- Advanced Inventory Management
- Job Costing
- Multiple User Access
- Departmental Accounting
- Time and Expense Tracking
The Cost price of the Premium version is approximately $101.92 per month per user. The advanced features enable users to track expenses profitability and facilitate collaboration among the team members, thus, making it more expensive as compared to the Pro version.
Sage 50 Quantum Overview
Sage 50 Quantum is the top-most version of Sage 50 suite. It brings to you the most comprehensive set of features. It has been designed for large businesses or those that require more advanced accounting functions. The best part is that It can support up to 40 users, thus, making the collaboration among bigger teams and multiple departments much smoother.
It comprises all the features of the Pro and Premium version and various other interesting features such as:
- Role-Based Security Settings
- Advanced User Management
- Workflow Automation
- Industry Specific Solutions
Quantum is also one of the most expensive models as it comprises more features and capabilities as compared to the Pro and Premium versions. The price tag is approximately $172 per month per user.
What Are The Similarities Between Sage 50 Pro vs Premium vs Quantum Accounting?
As you can see, all three versions consist of features such as tracking and filing GST/HST, processing payroll remittances, storing multiple financial records, creating and tracking purchase invoices, and also integrating Microsoft Word and Excel.
Also, all the versions consist of more than 1 user at a time for businesses with more than one user, company, or location. One can also acquire insights from the performance dashboard for real-time information.
Features and Functionalities Comparison: Sage 50 Pro vs Premium vs Quantum Accounting
Let us now take a look at some of the main features and aspects of all the three versions:
Advanced Inventory Management
The user can track and manage their inventory and gain accurate information about the present status of their inventory. An automated system is used to calculate the quantity and true value of their inventory after every sale that has been made.
This also helps the user to save time, and effort, and minimize the errors usually caused due to manually updating journal entries.
Also, the Premium and Quantum versions offer this feature. The Premium version is a perfect choice if you only wish to utilize this feature and do not want the additional ones offered by the Quantum version.
Creation and Sending of Bills and Invoices
You can now generate professional invoices and bills quickly and efficiently. Likewise, you can also customize templates, automate recurring invoices, and email them directly to customers. This helps to streamline the billing process and improve cash flow management.
This feature is also available in all the versions of Sage 50. In case you do not want to encounter any other complex features offered by the higher versions, then Sage 50 Pro is the perfect option.
Departmental Accounting
This feature also ensures that businesses can segment their financial data by departments or cost centers. This ensures a more detailed tracking and analysis of financial performance throughout the different areas of the organization. The Premium and Quantum versions offer this feature. However, the Pro version does not comprise it.
Financial Reporting
Financial reporting within Sage Business Cloud Accounting offers real-time, customizable, and automated financial reports, thus, delivering comprehensive insights and making sure of compliance and accuracy, all with the help of a user-friendly interface.
All three versions can also be used to create standard financial reports; nevertheless, the Premium and Quantum versions also offer advanced reporting capabilities.
Comparison Table for Sage 50 Pro vs Premium vs Quantum
| Feature | Sage 50 Pro | Sage 50 Premium | Sage 50 Quantum |
| Users | 1 User | 2-4 Users | 5-40 Users |
| Charge for services using employee Time Slips | No | Yes | Yes |
| Print cheques | Yes | Yes | Yes |
| Simplify reordering items from vendors | No | No | Yes |
| Prepare payroll cheques with automatic tax calculations | Available | Available | Included |
| Process cheques as a batch | Available | Available | Included |
| Prepare ROE slips for print or online filing | Available | Available | Included |
| Keep accurate records with the full-time audit trail | Up to 7 | Up to 100 | Up to 100 |
| Process Payroll Remittances | Yes | Yes | Yes |
| Reconcile bank statements to accounting data | No | Yes | Yes |
| Use Departmental Accounting | No | Yes | Yes |
| Create payroll expense groups | No | Yes | Yes |
| Create and assign role-based security settings | No | No | Yes |
| Access and customize built-in reports | 111 | 156 | 167 |
| Consolidate financials for multiple companies | No | Yes | Yes |
| Manage inventory | Basic | Advanced | Advanced Plus |
| Generate packing slips | No | Yes | Yes |
| Track items by serial number | No | No | Yes |
| Track and report on the project | Yes | Yes | Yes |
| Budget projects by fiscal year | 1 Year | 1 Year | Up to 5 Years |
| Create a detailed project budget | By period | By account, by period | By account, by period |
| Assign projects and invoices | No | No | Yes |
| Track salaried employee and contractor hours | No | No | Yes |
Conclusion!
Sage 50 comprises various accounting solutions that are capable of catering to various business requirements. From the small business owner searching for important accounting tools to a growing business that requires advanced features, or a medium-sized enterprise that needs comprehensive solutions, there is a version that is suitable for everyone’s needs.
So you see, you need to evaluate your business needs, budget, and growth plans to make an informed decision. Also to leverage added features, most businesses have started hosting Sage 50 with Ace Cloud, which brings promising results for businesses willing to unleash the complete potential of any of the Sage 50 versions. Lastly, you can also access anywhere, anytime, cross-device compatibility, automated backups, data security, and more, to name a few.
Frequently Asked Questions (FAQ):
What is the difference between Sage 50 and quantum?
Sage 50 Quantum is one of the most popular versions of Sage 50 suite. It comprises the most comprehensive set of features. It is also designed for large businesses or those with advanced accounting functions. It can support up to 40 users, thus making collaboration among bigger teams and multiple departments much easier.
What is the difference between Sage 50 and Sage accounting?
The Sage 50 and Sage One are both market-leading account packages from Sage UK in their respective target markets. Sage One, previously known as Sage accounting, is quite popular for very small businesses and sole traders, while Sage 50 has been targeted for small to medium-sized businesses.
What does Sage 50 Premium include?
Sage 50 Premium comprises completely supported and unlimited access to support, automatic updates, and also the freedom to add the right services for your business, such as payroll, and credit card payments. It also includes an app to help you make sales on the go.
