A detailed guide for Review and Comparing Accounting Softwares: Intuit Quickbooks and Profitbooks.

1. Accounting Software
Intuit QuickBooks vs
ProfitBooks Accounting Software

2. Intuit Quickbooks vs ProfitBooks Accounting
Software
• Accounting software is an inevitable resource for modern businesses. It is
used for performing different accounting operations, such as, tracking
financial transactions, creating a ledger, invoices, purchase records, etc.
Reporting and analysis are other important features of any accounting
software.
• While the market is brimming with options for accounting software, be it
cloud-based or on-premise, there are a few which live up to the
expectations of SMBs and enterprises alike.
• Among the trusted ones, ProfitBooks and Intuit Quickbooks are the
popular names. If you have already shortlisted these two names, here we
have made the final selection easier for you. A detailed comparison of
these two accounting software in terms of invoice, inventory and payroll
features will help you make an informed selection.

3. 1. Compare Quickbooks vs ProfitBooks Invoicing
Intuit Quickbooks ProfitBooks
Creates invoice easily Helps in creating time-based invoices based on
tasks
Monitors & tracks all receivables Cash invoices can be created easily
Shares invoices with customers via email Helps in tracking receivables and overdue
invoices
Sends payment reminders You can easily follow up with customers whose
payment is due
Recurring invoices made easier For recurring invoices, you can set a frequency
for future billing
Payment receipts can be sent online You can create delivery challans, and convert an
estimate to invoice

4. Creating Invoice in Quickbooks

5. How to Create Invoices in Quickbooks?
• To create an invoice in Quickbooks, you need to go to ‘customers’ in the left
bar menu, click on ‘customer name’, and then on ‘Create Invoice’.
• You can also switch on the online payment option, if required.
• You have to select the term for invoice and invoice data. The due date will
be automatically populated.
• Then, select between ‘product’ and ‘service’. If it’s product, then give the
product description, mention price, and keep the income account as ‘sales’.
• For services, mention the service name, give description and the rate.
• You can also decide the message to be displayed on invoice.
• Save the invoice, attach documents if required, and share it on a particular
customer email ID.

6. Benefits of Creating Invoices in Quickbooks
• Easy-to-use and simple interface for creating invoices.
• You can create invoices for products/services by just selecting between these two in the
dropdown menu.
• Once the customer name is selected from the dropdown menu, the address is auto-filled.
• You can select the term for every invoice – 15 days, 30 days or 60 days. As soon as you select the
terms, the due date is filled automatically.
• Add the product/service name and a short description.
• Then, you need to fill the price/rate column, which would be tax exclusive.
• Description on invoice (for products) and description on the sales form (in case of services) have
to be filled in the box.
• The invoice can be shared via email with customers. The invoice preview is available.
• Go on accounts & settings menu, click on sales and then the ‘customize look & feel’ button.
• You can customize the invoice in terms of style, appearance, header, footer, and activity table. You
can also add your company logo.

7. Creating Invoice in ProfitBooks

8. How to Create Invoices in ProfitBooks?
• In order to create invoices in ProfitBooks, you can filter for different invoice options –Paid, Unpaid and Draft.
If you select the paid option, a list of all paid invoices till date will come.
• You can also select an invoice on the basis of the customer name, project, due data and amount.
• Then you have to select between cash invoice, credit invoice and time-based invoice.
• For credit invoice, you can select the existing name from the dropdown menu or add a new customer.
• Then, you can select the product, give description, mention quantity, number of units, cost, discount, and
tax (if specified).
• You can add as many rows for products as you want, and can also add extra charges like discounts.
• You can also schedule your invoice by selecting between options given in the ‘How Frequently’ dropdown
menu.
• For cash invoice, you need to mention the account name. Customer name, mobile and email need to be
filled every time, as they are not saved.
• For task-based invoice, you have to create task details for charging customers, and mention hours and rate
for every task.
• Then, you have to click on ‘Billable’ and mention the income amount.

9. Benefits of Creating Invoices in ProfitBooks
• Customization of invoices is possible. You can add logo, select from different
invoice number settings and template options, and customize invoice labels.
• Different types of invoices can be created – Credit Invoice, Cash Invoice, and
Time-Based Invoice.
• Along with discount and cost, you can add other charges like shipping charge.
• Recurrent invoices can be created with just a click on the ‘Yes/No’ button.
• Customer Notes and Terms & Conditions are auto-filled.
• If the payment is made by customers, you can add payment details.
• You can print invoice details and delivery challan.
• Time-based invoice option helps in creating tasks for creating service invoices.
• Email can be sent to customers, along with the attached invoice.

10. 2. Compare Quickbooks vs ProfitBooks Inventory
Management
Intuit Quickbooks ProfitBooks
You can view the quantity of different products on
hand
Helps to control stock, create sales orders, record
purchases, and maintain warehouses
Real-time inventory valuation made possible Managing vendor details and purchase records made
easier
You can keep track of purchase orders from every
vendor
Raw material consumption and stock produced for
sales can be easily recorded
Track what’s in stock and what’s on order Stock transfer between warehouses and stock wastage
can also be tracked
You can handle your inventory efficiently You can create sales order as soon as the quote is
accepted and the purchase order is sent by your
customer
Contact information of multiple vendors can be
organized in one place
You can maintain batches for products

11. Inventory Management in Quickbooks

12. How to Manage Inventory in Quickbooks?
• To manage inventory in Quickbooks, you need to click on company name, and then go in
company settings.
• Click sales in the left bar menu, go to products & services to enable ‘track quantity on
hand’, ‘show products/ service columns’, & ‘track quantity and price’.
• Create a new product by going to the company page, and then products & services. Click
on the ‘new button’ and define new products/services.
• Enable ‘track quantity on hand’ button and mention the initial quantity on hand. Also,
mention the date of entry count and fill in the sales and purchase information.
• Fill in the price and cost, which will help in the valuation of your entry.
• Now start making transactions by clicking on the ‘+’ button on the top. Then click on
‘customers’ to create sales receipt.
• Choose the customer name, add new product, and then fill in quantity, rate and tax (if
applicable).

13. • Now the quantity of a product has been updated, and it reflects the
total stock you defined earlier minus the amount in sales receipt just
saved.
• Now again click on the ‘+’ button on the top and go to suppliers. Fill in
the payee name, add the product, quantity, rate and tax. After this,
the updated stock in hand will start reflecting.
• Then go on the ‘Report’ in the left bar menu to update the current
quantity in hand, if required. You just need to click on the product tab
and update.
• In the report section, you can click on the balance sheet from the
dropdown menu to know the closing stock value of your inventory.
• You can also select the ‘inventory’ in the dropdown menu for
inventory valuation detail.

14. Benefits of Managing Inventory in Quickbooks
• It helps in keeping your inventory organized and provides custom images to glance your stock
quickly.
• With an organized products list, it allows you to find quickly what you are exactly looking for.
• After every stock purchase and sale, the inventory quantity is updated automatically. This way,
you can find out what is selling and what not.
• It provides real-time inventory evaluation to help you keep financial statements and records up to
date.
• It also provides tools to keep track of every purchase order, so that you know what’s being
ordered from which vendor.
• Vendor contact information is also updated regularly, and is managed at one place for easy
access.
• One of its biggest advantages is that it integrates with other software tools being used in your
company. This way, tracking of sales and expenses becomes even smoother and easier.
• However, it does not show the wholesale price, profit margin and the expected profit on
liquidation. You may need an excel sheet for all these calculations.

15. Managing Inventory in ProfitBooks

16. How to Manage Inventory in ProfitBooks?
• To manage inventory in ProfitBooks, you can begin by adding a new product.
• While adding a new product, you need to mention name of the product, and
enable ‘track inventory’ and ‘batch for this product’ if required.
• As soon as you click on the ‘opening stock’ tab, you are required to mention the
quantity, unit price, batch number, manufactured date, expiry date, and where to
put the stock.
• Then you can fill the tabs for the reorder level, sales price, and income account.
• If you are a trader, you can also put the purchase price and expense account.
• Once you have saved all these details, you can see what’s sold and purchased.
The list of invoices will also start showing up here as soon as the sales begin.
• Once a new product has been added, you can go back on the main page and click
on ‘manage stock’ button.

17. • You will get different options, such as, if you have to issue the stored
raw materials for production, you can click on the ‘Issues for
Production’ button, and mention the product, quantity to be issued,
and the warehouse from where they have to be moved for
production.
• Once the production of a product has been completed and you want
to create invoices, click on ‘Receive for Sales’ button, and mention the
product name and quantity.
• If moving a product from one warehouse to another, click on ‘Record
Transfer’, and select the current warehouse, transfer date, product,
transfer city, and the destination warehouse.
• If there was any wastage during production, click on ‘Record wastage’,
and mention the products being damaged, details of wastage, and the
warehouse.

18. Benefits of Managing Inventory in ProfitBooks
• The process is quite simple in ProfitBooks to handle all aspects of
inventory management.
• You can easily track inventory using this accounting software.
• Raw material stocks that have been issued for production can be
managed efficiently.
• The stock of final products can be updated with ease.
• If products move from one warehouse to another, the record can be
maintained in an error-free manner.
• The amount of wastage of raw materials and the damage of final
products, if any, can be tracked with perfection.

19. Quickbooks for Integrated Payroll

20. 3. Compare Quickbooks vs ProfitBooks Payroll
Generation
Intuit Quickbooks ProfitBooks
You can easily run payroll in Quickbooks You can process the payroll with just a few clicks
Unlimited payroll runs made easier and less time
consuming
Salary slips are generated and accounting entries are
recorded automatically
You can generate payroll even on the go with its
mobile app
You can define salary structure of each employee
Leaves, deductions and garnishments can be handled
efficiently
Employee leaves can be managed efficiently
You can pay taxes on time, without any delay Maintaining pay revision history and generating
payment advice for banks made easier
Employees can have access to online paystubs You can create payhead-wise records

21. How to Create Payroll in Quickbooks?
• Go to the ‘Employee’ tab in the navigation menu and click on ‘Turn on payroll’.
• You need to have the company administrator privilege to create payroll in
Quickbooks.
• Then, go to the ‘Payroll settings’ and in the ‘company profile’ tab, mention phone
number, website, email ID, type of business, etc.
• In the ‘Configure Rule’ tab, mention employee email and ID. Employee code can
also be generated automatically.
• In ‘Create Masters’ tab, mention the department and designation for which you
need to create the payroll.
• In ‘Locations’ tab, you can add multiple locations of your operations.
• In ‘Banks’ tab, provide account details for the one which will be used for
generating salary.
• In ‘Leaves’ tab, you can create all types of leaves and rules associated with them.
You need to enter the leave name, abbreviation, credit frequency, credit data,
number of days to be credited.

22. • Then, click on ‘Encashment’ to fill in ‘carry forward’ and ‘encashment’
specifications.
• In ‘Holidays’ tab, you can set up weekly day offs and general holidays, which
include all annual holidays.
• In ‘PF Rules’ tab, you can put additional salary components by entering the salary
name and abbreviation.
• Now, you can add in employees by clicking on ‘Add Employee’. You just have to
provide personal and professional details of every employee, PF eligibility, leave
details, and then enter the CTC amount, and click on ‘Calculate’.
• Once the employee record is set up, you can run payroll and make payment
adjustment for any employee.
• With double click on any employee tab, you can see the preview of the payroll.
• You can also download salary register on an excel worksheet.
• Click on preview payroll, and select a month to see the payroll.

23. Benefits of Creating Payroll in Quickbooks
• The payroll of employees are kept secure, as the user needs to have the company administrator
privilege to access and create payroll.
• Employee codes can be generated automatically.
• You can add employees from all locations of your business operations.
• All types of rules can be created along with their applicability and specific rules.
• Holidays and PF rules can also be added easily.
• Once all employee related details are entered, you just have to click on ‘calculate’ to generate
payroll.
• Payment adjustments for different employees, such as, bonus and incentives can be added easily.
• You can check payroll preview with the double click on employee name.
• Salary register can also be downloaded on an excel worksheet.
• If you wish to lock a particular month and specific variables, you just have to click on the arrow
next to ‘run payroll’ and select ‘Unlock.

24. Creating Payroll with ProfitBooks

25. How to Manage Payroll with ProfitBooks?
• To manage payroll in ProfitBooks, click on the employee tab in the navigation menu and click on
‘Manage Payroll’.
• You can begin managing payroll by setting up payheads, which are salary components.
• For defining salary components of every employee, you need to double click on the employee
name in the ‘employees’ section.
• Fill all ‘work details’ of an employee, which include joining data, payment type and other
professional details.
• If the payment type is bank transfer, then bank details have to be filled.
• Then, click on ‘salary details’ button to define the salary structure.
• Click on ‘Leave Details’ to specify leave types, total leaves, used leaves, and pending leaves. You
can also add new leave types, if any.
• Once leaves and salary structure have been defined, just click on ‘run payroll’ to save a payroll.
• To finally process the payroll, you have to add account details of the bank from which the payroll
will be processed. Then mention the payroll schedule date and click on ‘process payroll’.

26. Benefits of Creating Payroll with ProfitBooks
• Managing payroll with ProfitBooks is really simpler with few simple steps
involved.
• You can define salary structure for every employee without any chance of
error.
• Leaves requests by employees can be easily tracked, so that those can be
considered while processing the payroll.
• Leaves structure can be clearly defined for every employee using
ProfitBooks.
• Payment can be made to employees through cheque, cash and online.
• The date of payroll processing can be set, so that the salary can be
processed on the set date automatically, without any delay.