Accounting software is a computer program that allows automation of financial records and processes and assists accountants, store managers and business owners in maintaining, posting and reporting an organization’s financial transactions within a functional system.
A good accounting software solution should contain modules such as customers, vendors/suppliers, sales ledger, purchases ledger, accounts receivable, accounts payable, journal, payroll, fixed asset direct cost (cost of sales) and indirect cost (administrative expenses), assets, liability, trial balance, general ledger, trial balance, income statement, inventory management, balance sheet, etc. Basically it functions as a complete accounting information system.
With it, you can record transactions, generate reports, manage customer and vendor contacts, create purchase and sale orders and invoices, manage and track stock levels, bill customers, and monitor cash and bank account movement and balances.
How does Sage 50 Accounting Software Works?
Sage 50 accounting software solution serves the needs of customers, including those automating their accounting for the first time, to seasoned, advanced users needing to consolidate financials for multiple companies. Sage 50 software solution contains all the definition and functions of a good accounting software when properly implemented and staff effectively trained.
It is easy to use and designed to automate financial transactions of business organizations as most accounting software do. Whether you are managing a trading company, hotel, manufacturing company, consultancy business, school, logistics company or a service oriented business, the software can be customized to fit your specific business needs.
The software helps organizations achieve more by simplifying everyday tasks so you can get more work done, helps you get to your data faster and provides tools to help increase organizational efficiency and financial recording accuracy.
Specifically the software has features to set up your charts of accounts for your business, and implement a workable system that gives you daily, weekly, monthly reports of your business and finances.
With the software, you can easily determine your turnover, direct & indirect cost, profitability, track and maintain inventory, cash and bank balances, to mention just a few.
8 key benefits of using Sage 50 Accounting software for your business
- Manage the company’s payments, collections, receivables, cash and bank balances by the use of the automated solution.
- Gain insight with periodic reporting for turnover, costs, profit, and cash flow management.
- Get a high-level view of your key business and financial metrics.
- Reduce errors and easily reveal, deter fraud with screen-level security and a clear audit trail
- Work more efficiently with customer, vendor, and inventory management centers
- Save cash and reduce costs using “what if” scenarios and your real-time financial information.
- Periodically produce income and expenditure reports and balance sheet for the business and analyse financial trend at a glance.
- Help to reinforce the internal control system of your organisation.
Do you need an afordable and effective accounting software for your organization?
Skytrend Consulting Limited is one of the best accounting software implementation and training companies, with specialty in implementing accounting software for small amd medium scale businesses in Nigeria. When it comes to setting up suitable and cost effective accounting software solutions for your business, Skytrend Consulting takes the lead!
The organization have been in the business of accounting software solutions since 2013. Skytrend implements and trains corporate organizations, hospitality business, big and small supermarkets, service business and individuals, fresh and existing graduates and job seekers on how accounting software can improve the productivity, data accuracy and reporting capacity of their businesses and facilitate their real time reporting of accounting information. They have expertise in hotel accounting, manufacturing businesses, merchandizing, services, schools and other categories of business operations.
To book a call or make inquiries with their Sage 50 Accounting Software Implementation and Training experts in Nigeria, (Skytrend Consulting Ltd), call 0803 385 7245 or 0803 239 3958 or email firstname.lastname@example.org today.
What Is Sage 50 Quantum Accounting Software?
An effective accounting solution is one of the keys to a more developed and longer-lasting business. So when you’re having trouble finalizing financial decisions because of inaccurate reports or the absence of efficient accounting software, it’s time to move forward and use Sage 50 accounting software.
Sage 50 Quantum Accounting software is a multifunctional and value-priced business management and accounting solution. It helps small to medium-sized enterprises understand and monitor their business performance well through accurate financial reports and automatic audit trails.
Benefits of Sage 50 Quantum Accounting to your business
Sage 50 Quantum accounting software is particularly custom built and useful for manufacturing, construction and multi-level businesses. Some of the key benefits of these high end industry standard accounting software include:
- Improved customer management
- Customised for Manufacturing businesses.
- Inventory management solutions.
- Customizable reporting.
- Employee and workflow management.
- A user-friendly interface, etc are just some of the features of Sage 50 Quantum Peachtree software. You will be informed in real time of all your purchases, sales details, and other financial transactions that are crucial to your business.
Warning signs that signal the need to move up to a more powerful, flexible solution:
- Own multiple companies that require some financial consolidation
- Store your voluminous inventory in many locations
- Have thousands of customers and vendors, and process thousands or hundreds of thousands of transactions every year
- Spending too much time trying to get Excel to run the spreadsheets you need
- Have had to cobble together numerous applications to accomplish everything
- Have become a global business
- Sweat over security
- Spend too much time implementing manual processes
What is the Difference Between Sage 50 accounting software and Sage 100 Evolution ERP?
Sage 100 Evolution is a cost-effective Enterprise Resource Planning (ERP) software with a complete accounting and business management solution for small and medium sized businesses with an advanced operating environment.
The software, like many other popular ERP solutions includes very rich features and fully integrated modules, divided into several segments for different business areas. It allows businesses to maximize operational efficiencies, enhance business intelligence and drive productivity.
Sage 50 and Sage 100 are popular choices with businesses everywhere. However, they differ quite a bit regarding the features and functionalities they can bring to your workplace and what you can achieve through their use in your business.
If you have just started your business, it is likely that you would find Sage 50 a capable accounting solution that meets all your needs and provides you with a way forward.
However, if you are at a stage of expansion or going into the mid-market phase, you might find some of the inherent limitations of Sage 50 a little counter-intuitive. In such cases, Sage 100 ERP can definitely be a meaningful upgrade for you.
Let us take at how these solutions differ and what this can mean for your business.
Key Fundamental Difference Between Sage 50 and Sage 100 ERP
Sage 50 is offered as a plug-and-play accounting solution for small businesses and startups. The solution incorporates several important accounting features and functionalities while also providing different kinds of reports you can use to bolster your business decisions. It also includes basic inventory management capabilities. This makes Sage 50 a particularly good solution if you operate out of a single office location and would not be affected by desktop-based functionality.
On the other hand, Sage 100 is a fully-features ERP or Enterprise Resource Planning solution for businesses on the path of growth. The solution, like many other popular ERP solutions, is divided into several modules for different business areas. Accounting and inventory management, also found in Sage 50, are just two of these modules.
Apart from these, you also have modules for project management, HR management, purchasing and supply management, sales, customer management, manufacturing, business intelligence, and reporting to name a few.
Now that the fundamental difference between these solutions has been established, let us take a deeper dive.
Features and Functionality Difference Between Sage 50 software and Sage 100 ERP
The main area where Sage 50 and Sage 100 differ greatly is in terms of features and functionality. Sage 50 is an accounting solution that is meant for small businesses, preferably to be used by one organization that has relatively simple accounting needs and operates out of one office location.
Support for integrations and multiple users is limited and you would need to use other tools if you want to incorporate additional business areas and roles. In fact, using Sage 50 to deal with multi-user, multi-access business environments can be quite difficult.
Sage 100, on account of being a fully-featured ERP solution, contains many added features and functionality that can allow you to apply it to multiple business verticals like retail, distribution, and manufacturing.
Several internal and external processes, like purchasing management and payroll management, can be capably handled by the solution while it retains all the accounting capabilities of Sage 50 and extends it greatly with superior reporting.
While offering some scaling, Sage 50 can become severely limited for expanding businesses quickly. The native performance and a visible end-to-end value chain inherent to Sage 50 cannot measure up to full ERP suites like Sage 100.
Sage 50 is meant to work with a limited number of users and the pricing of the product is also calculated for a certain number of users. If you need visibility and access for an increasing number of users, Sage 50 is likely to hit a wall sooner rather than later.
After a certain level of growth and expansion, your business can outgrow the scalability and functionality offered by Sage 50.
Sage 100, being an ERP solution, brings native support to be visible, accessible, and operable by multiple users simultaneously right out of the box. The flexibility on offer can enable you to apply Sage 100 to your current state of business and keep modifying and evolving it as your business scales up.
Customization and Integrations
Any software solution that you apply to an important business process needs to be capable of a degree of customization. In this regard, Sage 50 is quite basic. The core functionality can be extended in a few ways with dedicated Sage add-ons and there are limited integration options.
However, these are not designed to completely transform your Sage 50 installation to an enterprise-level solution.
Sage 100 natively supports a variety of business verticals with its many modules. This means that areas like inventory management, business intelligence management and payroll management can be natively handled by the solution without the need for third-party integrations.
Moreover, you can use a whole array of existing integrations and even pay for custom-built integrations created using the Sage source code. This means that Sage 100 can be deployed as a real enterprise solution for any kind and size of business.
Which Type of Company Should Use Sage 50 and Sage 100 ERP?
For a smaller company or a startup that is just looking for an intuitive accounting solution, Sage 50 can be a very capable purchase that justifies its cost ably. However, if you are looking for faster, smoother, feature-rich operation that allows you to customize the software according to your needs, Sage 100 ERP is definitely the way to go.
If you are looking to expand your business and work with bigger customers and partners, it can be said that an upgrade to Sage 100 ERP can definitely be an overall positive for your business, allowing you to create a more inclusive, robust, and efficient workflow.
What is the difference between sage 50 and sage 50cloud?
Sage 50Cloud is the same desktop program as the traditional Sage 50. The “cloud” in the name implies it has several cloud-based add-on features that are not available in the traditional Sage 50 accounting software.
What Special Industry Solutions are offered by Sage 50?
Apart from the regular solutions of Sage 50 Complete, Sage 50 Premium & Sage 50 Quantum Accounting software, Sage 50 product line also offers specific solutions for Construction, Distribution, Manufacturing, and Nonprofits.
As my business grows, can Sage 50 scale to meet my needs?
Sage offers solutions that will serve your needs throughout the life cycle of your company. Start with the Sage 50 solution that meets your needs and budget today, and as your requirements grow, upgrade to the next level of software when the time is right. Sage can truly support you through all phases of your business.
Why should I choose Sage 50 over QuickBooks?
Sage 50 accounting software offers superior quality and service, including robust functionality in inventory, job costing, time and billing, and fixed assets more than QuickBooks. Built-in accounting controls and detailed security provide the accuracy and control needed to run your business, giving you the peace of mind you deserve. Additionally when you choose Sage 50 you can get direct access to US-based technical support.
Can I convert from QuickBooks to Sage 50 accounting software?
Sage 50 Accounting software offers an easy conversion wizard only for QuickBooks* to walk you through the steps, allowing you to get up and running in no time. Sage 50 supports conversions from QuickBooks 2007 – 2011 Pro through Enterprise. This excludes conversion of QuickBooks individual payroll transactions. For additional information on conversion limitations, please visit www.Sage50Accounting.com/qb
What features are available in Sage 50 Accounting 2013 to get me started quickly?
All products come with a New Company Setup Wizard to walk you through the steps of setting up your accounting, as well as in-product tips and screen-level help, which tells you what info you should have on hand prior to setting up Sage 50.
Once I have Sage 50 Accounting 2013, how do I know what features are available and how to use them?
The “What’s New in Sage 50 accounting software” screens will walk you through all the new features in Sage 50 Accounting2013, plus tell you how to use them. This feature automatically displays when you first launch the product, and also has a link in the Help file so you can access it whenever you need it.
How many companies can I consolidate on Sage 50 accounting software?
Provided that your companies have the same chart of account IDs, Sage 50 allows you to run up to 20 customized Financial Statements in consolidated format.
What is the maximum number of users supported by Sage 50?
For our Sage 50 Complete, Premium Accounting and Industry Solutions products, you have the option to support up to licensed, named users.* Sage 50 Quantum Accounting 2013 offers you the opportunity to support 5, 10, 15, 20, 30 or even 40 licensed, named users**.
*For multi-user access, you must purchase one single-user box per named user or one Multi-user Edition for up to five licensed, named users. **Multi User licenses available in of packs of 5, 10, 15, 20, 30 or 40. A maximum of 40 licensed, named users is allowed. Only the first 40 named users selected in the user maintenance screen are considered licensed, named users.
How many years will the Multi-Year* Reporting feature go back?
With an upgrade to Sage 50 Accounting 2013 or an earlier product, you will be able to see ‘real-time’ financial statement information from your current open 2 years plus 1 closed year, all within Sage 50. Once you upgrade to Sage 50 Accounting 2013, your historical information will begin to build year over year. Sage 50 Accounting 2013 and previous versions have no restrictions on how far back you can report for transactional data like sales order reporting, only for financial statements, account balances, and payroll reports.
*Upon upgrading to Sage 50 Accounting 2013, 3 years of converted Sage 50 Financial Statement data and account balance data on General Ledger reports will be readily accessible, as well as data for future closed years.
Within the Multi-Year* reporting feature, will the data being viewed in my closed year be altered?
No, one of the advantages of Sage 50 is that all closed year information is locked down. This feature will allow you to see the information without concern of changes occurring.
Does Sage 50 offer the ability to access my data remotely?
Yes, with Sage 50 Remote Access* powered by GoToMyPC®, you will be able to access your Sage 50 data from any other computer with Internet access any where in the world.
Do I have to pay any yearly maintenance fee after buying Sage 50 (Peachtree)?
No, you do not pay any yearly maintenance fee. You only need to pay for one-time Sage 50 accounting software license. You can get Sage 50 set-up, training and support, from any of the leading accounting software companies
Do I need to know accounting to use Sage 50 software?
No, you do not need to know accounting to do data entry in Sage 50 accounting software. We can set up Sage 50 (Peachtree) for you, then train you how to use it. Our accountants can review and adjust your accounts after your data entry.
For how long can I use Sage 50?
You can use Sage 50 (Peachtree) for several years. You may wish to upgrade to latest version of Sage 50 (Peachtree) when it offers new features which you need, or when your new operating system does not allow export from your older version of Sage 50 accounting software reports to xls file.
Can I use Sage 50 for more than 1 company?
Yes, you can create up to 20 companies in Sage 50 accounting software.
What modules does Sage 50 have?
Sage 50 has integrated modules including general ledger, sales and receivables, purchases and payables, inventory, financial management, Job/ project management, payroll, system security and fixed assets.
How many standard reports does Sage 50 have?
Sage 50 accounting software has more than 150 standard reports. You can use Financial Wizard to build your own financial reports. Sage 50 Premium includes Crystal Report Writer which provides enhanced and advance reporting.
Does Sage 50 provide audit trails?
Yes, Sage 50 accounting software, (except for Sage 50 (Peachtree) Pro), provide audit trails.
How long has Sage 50 (Peachtree) been in the market?
Sage 50 (Peachtree) has been established for more than 40 years.
Can I export Sage 50 reports to Excel xls file?
Yes, you can export Sage 50 reports to Excel xls file.
What are the benefits of using multi-user version of Sage 50?
Up to 5 users (Sage 50 Complete & Premium), and up to 40 users (Sage 50 Quantum) can enter data into Sage 50 (Peachtree) common database at the same time
Can Sage 50 read earlier versions of Peachtree files?
Yes, when you upgrade to Sage 50 software, data conversion from Peachtree software is automatic provided you are on the same or higher product range, and Peachtree is in Windows version. E.g., Sage 50 Complete can read files from Peachtree Complete, but Sage 50 Pro cannot read files from Peachtree Complete, since Pro is a lower version
Can Sage 50 take Billion digits in its Amount and Inventory fields?
Yes, Sage 50 software can take Trillions (14 digits) and not just Billions in its Amount and Inventory fields. Upgrading to Sage 50 will solve all your former Peachtree Millions (9 digits) Amount field and Inventory field limitations.