Spade Technology: Blog
QuickBooks vs. Dynamics 365 Business Central
QuickBooks vs. Dynamics 365 Business Central
Key Points:
- QuickBooks and Dynamics 365 Business Central are two software platforms businesses can use for their accounting needs.
- There are vital factors to consider when deciding which software to use for your business, such as data unification, reporting capabilities, security protocols, and pricing models.
- QuickBooks is an excellent choice for businesses that need essential accounting software, while Dynamics 365 Business Central is a good choice for businesses that require more comprehensive accounting features.
For many small and medium-sized businesses, technology is a key player in the success of their company. They’re constantly on guard for new ways to provide them with financial services and customer insight reporting options so they can make informed decisions about future growth.
Both QuickBooks and Dynamics 365 Business Central provide accounting, financial analysis and forecasting, inventory management, and other essential features for businesses. When considering which software to use for your business, you must consider the different factors involved. Knowing how each one operates independently will help assure a decision based on what best suits your needs.
You not only want to look for flexibility and scalability but also compatibility, automation, and user-friendliness. While small businesses with minimal staff and needs may use QuickBooks, small and mid-size businesses with more staff and complex needs may benefit from Dynamics 365 Business Central because of its customization, automation, and collaboration capabilities.
What Is QuickBooks?
Owned by Intuit, QuickBooks is accounting software small businesses use to manage their finances. The software is designed to be user-friendly, so it’s a popular choice among business owners who don’t have an accounting background.
QuickBooks tracks sales and expenses and provides users with reports so they can monitor their business finances. The software also offers features for invoicing customers, tracking inventory, and managing payroll. QuickBooks comes in several different versions, so businesses can choose the one that best meets their needs.
Some key features of QuickBooks include:
- Tracking inventory and selling products online
- Generating invoices and reports
- Managing bills and expenses
- Tracking time and labor
- Analyzing business performance
What Is Dynamics 365 Business Central?
Dynamics 365 Business Central is a cloud-based business management software created by Microsoft. The software includes features for accounting, invoicing, inventory management, and other business needs. Dynamics 365 Business Central is designed for small and medium-sized businesses.
The software includes features for automation and collaboration, which can help businesses be more efficient. Since it is an all-in-one business management solution, Dynamics 365 Business Central can be used to manage multiple aspects of your business. This can help save time and money, as you won’t need to purchase and use multiple software programs to run your business.
With its marketing analytics tools, Dynamics 365 Business Central can automate and measure your marketing campaigns, so you can easily see which campaigns are working and which ones need to be improved. The software also includes features for customer relationship management (CRM), so you can manage your customer data in one place. With its ability to integrate with other Microsoft services like Azure Active Directory, you can better understand your customers and their needs.
Some key features of Dynamics 365 Business Central include:
- Inventory management
- Sales and marketing automation
- Accounts receivable and payable
- Financial management
- Human resources management
- Project management
- Service management
- Customer relationship management (CRM)
How Do QuickBooks and Dynamics 365 Business Central Compare?
When choosing accounting software, there are many factors to consider. Here’s a comparison of QuickBooks vs. Dynamics 365 Business Central, based on key features:
Accounting
QuickBooks is a double-entry accounting system that supports everyday business transactions, such as invoicing, tracking inventory and expenses, and preparing financial statements.
Dynamics 365 Business Central is a comprehensive enterprise resource planning (ERP) solution that offers advanced accounting capabilities, including automatically generating financial statements and supporting multicurrency transactions.
Inventory Management
QuickBooks offers basic inventory management features, such as tracking inventory levels and generating reports on inventory value.
Dynamics 365 Business Central offers advanced inventory management features, including tracking inventory at multiple locations, setting up reorder points, and generating comprehensive reports on inventory levels and value.
Microsoft Office 365 Integration
QuickBooks does not integrate natively with Microsoft Office 365. While QuickBooks users can export reports to Excel for further analysis, this is not proper integration because there are data limitations.
Dynamics 365 Business Central operates within the Azure cloud and offers seamless integration with Microsoft Office 365 applications like Teams and Outlook. This allows users to easily access data in real-time and collaborate on projects.
Purchasing and Sales
QuickBooks offers essential purchasing and sales features, such as tracking vendor and customer invoices and payments.
Dynamics 365 Business Central offers advanced features for managing purchases and sales, including tracking sales and purchase orders, receipts, invoice payments, and deliveries.
Real-Time Data
Software like QuickBooks is only as good as the data you put into it. QuickBooks provides a snapshot of your business finances at a given time. This snapshot gives you a little insight into your business and the current trends surrounding your finances, giving you the assistance you need to manage sales leads, invoicing, and more.
Dynamics 365 Business Central takes things further by giving you real-time data. This live data allows you to make more informed decisions about your business. Not only that, but Business Central also offers predictive analytics. This helps you see trends as they’re happening and plan for the future of your business.
With insights into what’s pushing the profitability of your business, you can make better strategic decisions about where to focus your attention. With Microsoft’s ability to employ AI and machine learning, these predictions will become more and more accurate over time, giving you a competitive edge.
Reporting
Both platforms offer a variety of reports to help you track your business performance. QuickBooks allows customizing reports and the ability to share reports.
Dynamics 365 Business Central offers built-in intelligence that allows you to create and customize reports quickly. Deeper analytical insights are available with the help of Microsoft Power BI.
Security
QuickBooks’ security features include data encryption, user roles and permissions, and bank-level security. However, its security protocols may not serve the needs of businesses with more users who need access to the system. Given its basic security features, some businesses will limit some users’ access and give more access to others, which can lead to inefficiencies.
With Dynamics 365 Business Central, you can limit functions by accounts, groups, or users. The system also uses role-based security, so you can control what each user can see and do. Since it’s built on Azure, Business Central benefits from the same world-class security that Azure offers.
Conclusion
There are vital factors to consider when determining whether QuickBooks or Dynamics 365 Business Central is the right software for your business. These include:
- Data unification
- Reporting capabilities
- Security Protocols
- Pricing models
- Reporting capabilities
QuickBooks is an excellent choice for businesses that need essential accounting software. It’s easy to use and doesn’t require significant training. However, QuickBooks doesn’t offer the same depth of features as Dynamics 365 Business Central. Dynamics 365 Business Central is a good choice for businesses that need more comprehensive accounting software. It offers real-time data, predictive analytics, and role-based security.
Consider your needs and budget when deciding which software to choose for your business. If you need a simple accounting solution, QuickBooks is a good choice. Dynamics 365 Business Central is a good choice if you need more comprehensive accounting software.
At Spade Technology, our IT team is committed to helping our clients strengthen their businesses. We can guide your business in setting up the best solutions for your business needs. Whether you are migrating from QuickBooks to Dynamics 365 Business Central or evaluating which software is right for you, our team can help.
Call us at (508) 339-5163 or email info@spadetechnology.com to schedule a consultation.
