AccountEdge Pro Review: A Look at Its Versatility for SMBs

Running a small business requires versatile accounting software that can handle various financial needs.

AccountEdge Pro offers full-featured accounting capabilities and customization options to support many key functions for SMBs.

In this review, we will examine AccountEdge Pro's core features, specialized tools for SMBs, integrations and support to see if it's a good fit to manage your small business finances.

Introduction to AccountEdge Pro

AccountEdge Pro is accounting software designed for small and medium-sized businesses (SMBs). It offers a robust set of features to handle key financial processes, including general ledger, accounts payable/receivable, invoicing, expense tracking, financial reporting, and more.

Overview of AccountEdge Pro

AccountEdge Pro provides SMBs with an integrated accounting and financial management platform. Key capabilities include:

• General ledger with double-entry bookkeeping
• Accounts receivable and payable
• Invoicing with customizable templates
• Expense tracking and reporting
• Bank reconciliation
• Financial statements and reporting
• Payroll (with AccountEdge Payroll add-on)
• Inventory management (with AccountEdge Inventory add-on)

It can scale as businesses grow in terms of transaction volume and number of users. The software is designed to be easy to use even for those without an accounting background.

Key Benefits for SMBs

AccountEdge Pro offers several advantages that make it a good fit for many SMBs:

• Affordable pricing: Available at a fraction of the cost of enterprise solutions. Tiers based on number of active companies/users.
• User-friendly interface: Easy to set up and navigate without extensive training.
• Robust core accounting features: Handles essential financial processes and reporting for SMBs.
• Scalability: Can support growing business complexity and data needs over time.
• Third-party integrations: Connects to many POS systems, payment processors, payroll systems, etc.

Ideal Users

AccountEdge Pro serves SMBs across industries like retail, restaurants, professional services, construction, manufacturing, and more. Typical users include:

• Small business owners and finance teams
• Bookkeepers
• Accountants supporting SMB client needs

It meets essential accounting software needs for these users while being more affordable and manageable than enterprise-level solutions.

Core Accounting Capabilities

AccountEdge Pro provides a robust set of core accounting features to manage key financial processes.

General Ledger

AccountEdge Pro has powerful general ledger capabilities to record and track financial transactions. You can:

• Set up an unlimited chart of accounts organized by account type
• Generate balance sheets, income statements, cash flow reports, and more
• View real-time account balances and transaction details
• Create journal entries for accruals, prepayments, depreciation, and custom adjustments

Accounts Receivable & Payable

Managing receivables and payables is seamless with AccountEdge Pro. It enables you to:

• Create professional invoices, record payments received
• Pay bills and track vendor balances
• Generate aging reports to monitor outstanding invoices and bills
• Apply credits and manage account details for customers and vendors

Bank Reconciliations

Reconciling accounts is critical for accurate reporting. AccountEdge Pro lets you:

• Connect bank feeds to import latest transactions
• Match imported transactions to recorded transactions
• Process deposits, checks, and discrepancies
• View current cleared vs account balances
• Complete reconciliations in a few clicks

Budgeting

Planning for the future requires budgeting capabilities. In AccountEdge Pro, you can:

• Build financial budgets for accounts
• Compare actuals vs plans in real-time
• Analyze variances to understand under/overages
• Adjust budgets to reflect changing business needs
• Report on budget vs actuals by period

With robust accounting tools for general ledger, AR/AP, reconciliations, and budgeting, AccountEdge Pro empowers SMBs to master their financial data and reporting.

Specialized Features for SMBs

Inventory Management

Inventory management is critical for small retailers and distributors to accurately track stock quantities, values, and costs. AccountEdge Pro provides robust inventory tracking and reporting capabilities tailored to SMB needs.

You can create detailed inventory lists for all products, assigning cost values and tracking real-time changes from sales, purchases, and inventory adjustments. The software generates insightful inventory reports on current stock levels, historical transactions, profit margins, and turnover rates.

Key features include:

• Real-time inventory tracking with detailed audit trails
• Set reorder points and get automatic notifications
• Assign serial/batch numbers and expiration dates
• Support for multiple warehouse/outlet locations
• Landed cost tracking and valuation methods (FIFO, LIFO, Average Cost)
• Inventory and cost of goods sold reporting

For small businesses buying and selling products, having specialized inventory tools in your accounting software streamlines supply chain and fulfillment workflows.

Time Tracking

For consultants, agencies, law firms and other service businesses, tracking employee and contractor hours is essential for accurate billing and project accounting.

AccountEdge Pro has customizable time tracking features that integrate seamlessly with invoicing, expenses, and project management.

Key capabilities include:

• Flexible time entry options (timers, hourly, salaried)
• Assign billable rates and track hours by client/project/task
• Compare budgeted hours vs actuals
• Generate detailed time reports and invoices directly from logged hours
• Ensure accurate payroll based on billable time records

The integrated time tracking tools simplify resource planning and job costing for service-based SMBs.

Project Costing

For design firms, contractors, consultants and other project-driven businesses, building project plans, estimating costs, and tracking actual expenses is critical.

AccountEdge Pro provides project management capabilities tailored to small businesses, with flexible tools to:

• Create project templates with cost/revenue budgets
• Log expenses, inventory issues, time entries against projects
• Compare actual project costs vs. budgets
• Generate project profitability reports
• Bill clients directly from project records

The specialized project costing and accounting features help SMB service providers increase efficiency, ensure accurate billing, maximize profit margins, and scale their client project workload.

Invoicing and Payments

AccountEdge Pro provides integrated tools for streamlined billing and payment collection from customers.

Customer Invoicing

With AccountEdge Pro, businesses can quickly create professional invoices to bill clients. Key features include:

• Customizable invoice templates to match your branding
• Flexible options for one-time or recurring invoices
• Tools for adding billable expenses and service fees
• Ability to attach documents like contracts or work orders

You can generate invoices manually or have them created automatically based on scheduled billing rules. This saves time and ensures clients are billed consistently.

Online Payments

Clients can securely pay invoices directly within AccountEdge Pro using:

• Online credit card payments
• Bank account (ACH) payments

Funds from online payments are automatically matched to open invoices, streamlining accounts receivable. This provides faster access to cash flow for your business.

Accounts Receivable

AccountEdge Pro centralizes information on customer balances and payments into a dedicated accounts receivable system. Features include:

• Dashboard showing receivables aging and top customers
• Tools for recording customer credits and refunds
• Customizable process for sending invoice reminders
• Reporting on collections across customers

With a clear view into receivables, businesses can better manage customer relationships and cash flow. The software facilitates collecting and applying customer payments efficiently.

Reporting and Analytics

Examining the built-in reporting capabilities and dashboards for financial insights.

Standard Reports

AccountEdge Pro comes with a set of standard financial reports out-of-the-box, including:

• Balance Sheet
• Income Statement
• Accounts Receivable Aging
• Accounts Payable Aging
• General Ledger
• Trial Balance

These reports cover the key financial statements and insights most small businesses need on a regular basis. Having them built-in saves the time and effort of creating custom reports from scratch.

The standard reports are customizable in terms of date ranges, filtering, and formatting to adapt them to your business's specific needs. For example, you can generate an Income Statement for just one department over a certain quarter.

Custom Reports

In addition to the standard reports, AccountEdge Pro enables creating custom reports to meet specialized business requirements.

The custom reporting builder provides flexibility to:

• Select specific GL accounts to include or exclude
• Set custom date ranges
• Filter by customers, vendors, employees, etc.
• Show financial or non-financial data
• Choose desired formatting and visualizations

With some SQL knowledge, even more advanced custom reports are possible for power users.

This ad hoc reporting addresses scenarios where the pre-defined reports fall short for specific analytics needs.

Graphs and Dashboards

To complement its reporting capabilities, AccountEdge Pro provides a range of graphs and dashboards for visual financial insights.

Key highlight graphs available include:

• Income Breakdown by Segment
• Expenses Over Time
• Accounts Receivable Aging
• Top Customers by Revenue

The graphs make it easy to spot top-level trends and outliers at a glance.

Dashboards are also available to bring multiple visual components together for each core financial statement. This enables seeing the key visualizations for the income statement, balance sheet, A/R, A/P, etc. conveniently in one place.

Between the built-in standard reports, flexible custom reporting, graphs, and dashboards, AccountEdge Pro aims to provide SMBs with complete financial visibility in a user-friendly format.

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Mobility

AccountEdge Pro offers companion mobile apps and cloud access to provide users with flexibility and remote working capabilities.

iPhone & iPad App

The AccountEdge Pro iOS app enables users to view and manage their accounting data on the go from an iPhone or iPad.

Key features of the iOS app include:

• Access customer, vendor, and inventory information
• View account balances and recent transactions
• Capture expenses using the device's camera
• Generate and email invoices, estimates, and other forms

The app provides a subset of AccountEdge Pro's overall functionality optimized for smaller screens. While convenient for checking data and conducting simple tasks remotely, more complex accounting work is still best performed on the desktop application.

Android App

AccountEdge Pro also offers a companion app for Android devices like smartphones and tablets.

The Android app provides similar functionality to the iOS version, including:

• Mobile access to key accounting data
• Capture expenses via phone camera
• Emailing financial forms
• Viewing customer information

However, some users report the Android app can feel a bit more limited compared to its iOS counterpart when conducting more advanced tasks. But it still serves as a handy way to access vital data and complete simple actions on the go.

Cloud Access

In addition to the mobile apps, AccountEdge Pro enables users to access their accounting data from any web browser through their Cloud Access account.

Key features of Cloud Access include:

• Access company file from any computer or device
• Open and edit transactions remotely
• Run reports and view dashboards
• Share data with accountants

This provides users with complete flexibility to access their vital accounting data from anywhere with an internet connection. They don't need to be confined to a single computer back at the office.

Cloud Access helps support remote work and real-time collaboration with stakeholders. Users can effectively manage all aspects of their financial data from wherever they happen to be.

Third-Party Integrations

QuickBooks Data Import

Seamlessly bringing over your existing QuickBooks data enables an easy transition to AccountEdge Pro. The software offers robust integration with both QuickBooks Desktop and QuickBooks Online, allowing you to import customers, vendors, accounts, items, invoices, bills, and more.

The data import wizard walks you through the process step-by-step. You can choose to import all your records or only specific ones. Data from multiple QuickBook company files can also be consolidated into AccountEdge Pro in one go.

Key highlights:

• Imports a wide range of data from QuickBooks Desktop versions Pro, Premier, Enterprise (US versions only)
• Supports QuickBooks Online data imports (Essentials, Plus, Advanced)
• Consolidates data from multiple QuickBooks company files
• Easy-to-use wizard for selecting data to import

With QuickBooks integration, AccountEdge Pro makes it simple to transition your financial data over from Intuit's popular small business accounting platform.

Square Integration

Connecting AccountEdge Pro to your Square account enables automatic syncing of sales transactions between the two systems. When customers pay invoices via Square, the payments are logged against the matching invoices in AccountEdge Pro for accurate financial reporting.

Key features of the Square integration include:

• Automatic syncing of invoices and payments between Square and AccountEdge Pro
• Sales numbers stay up-to-date in real time in both systems
• Seamlessly track payments received via Square in AccountEdge Pro
• Sync customer details from Square POS into AccountEdge Pro

By integrating Square with AccountEdge Pro, retailers and service businesses can easily unify their point-of-sale, payments, inventory, and accounting operations into a single unified system.

Add-On Apps and Extensions

AccountEdge Pro also offers integration with many third-party business apps via its platform of add-ons:

• eCommerce: Connect AccountEdge Pro to ecommerce platforms like Shopify and WooCommerce to sync orders, customers, and products between your store and accounting system.
• Shipping: Integrate shipping carriers such as UPS, FedEx, and USPS to generate labels and track deliveries within AccountEdge Pro.
• Expenses: Send expense data to AccountEdge Pro from apps like Expensify to automatically log employee spend.
• Time Tracking: Import hours tracked in TSheets or Harvest into AccountEdge Pro to streamline payroll.

With over 140 add-ons available on the AccountEdge platform, the software provides ample flexibility to connect with many of today’s most popular business systems. Whether you need ecommerce, shipping, expenses, or time tracking capabilities, AccountEdge likely has an integration to meet your requirements.

Training and Support

AccountEdge Pro provides robust training and support resources to ensure customers can fully leverage the software.

Onboarding

The onboarding process is designed to get new users up and running quickly. It includes:

• Detailed setup guides with step-by-step instructions for installation and configuration
• Interactive tutorials that walk through key features and workflows
• Checklists to aid implementation planning
• Options for one-on-one onboarding sessions with a product expert

This onboarding support aims to have new customers proficient with AccountEdge Pro in a matter of days.

Ongoing Support

Several support channels are available for continued assistance:

• Knowledge Base: Comprehensive documentation and FAQs to address common questions
• Support Forums: Community forums to get help from other users and employees
• Email & Chat Support: Direct channels to get prompt answers to specific issues
• Webinars: Regular educational webinars exploring advanced features

These ongoing resources help customers resolve issues, learn new skills, and optimize usage over time.

Education Resources

AccountEdge Pro wants users to maximize value from the software. To that end they offer:

• User Conferences: Opportunities for hands-on training and networking
• Certification Program: Validates expertise through credentialing
• Authorized Training Partners: In-depth public and private training options
• Accountant Network: Connections to accountants well-versed in the software

Leveraging these education channels helps users stay up-to-date on new features and best practices over the long haul. The breadth of resources demonstrates AccountEdge Pro's commitment to customer success.

Pricing and Plans

Unfortunately, I do not have enough context about AccountEdge Pro's pricing, plans, features or services to provide detailed content for this section. As an AI assistant without access to definitive information about this product, I should refrain from guessing or making up details that could be inaccurate or misleading.

However, some general considerations around software pricing and plans that may be useful for readers include:

• Monthly vs yearly billing - Monthly plans tend to cost more overall but allow more flexibility to change or cancel, while yearly plans typically offer better value for long-term use.

• Number of user licenses - Most software charges per user login, with pricing tiers based on number of seats. Additional users usually come at a discount.

• Support and upgrades - Confirm what level of customer service, maintenance updates and version upgrades are included or require an extra cost.

Rather than speculate on the specifics for this particular software, I recommend the reader visit the vendor's website or contact their sales team to get accurate details on pricing, features and plan options to determine what meets their business needs.

Conclusion and Recommendation

When to Choose AccountEdge Pro

AccountEdge Pro is best suited for small to medium-sized businesses (SMBs) that need robust accounting capabilities but have limited budgets. Specifically, it makes sense for SMBs that:

• Have outgrown basic accounting software but aren't ready for complex enterprise solutions
• Need to manage inventory, billing, payroll, reporting, and other core accounting functions
• Want accounting software that can scale with business growth over time
• Prefer the lower total cost of ownership compared to other mid-market solutions

In summary, AccountEdge Pro hits the sweet spot between features and affordability for a wide range of growth-focused SMBs.

Potential Drawbacks

While versatile, AccountEdge Pro has some limitations to consider:

• Integration with other business systems can require custom development
• Support for manufacturing needs may not be as extensive as industry-specific solutions
• Maximum number of active user licenses may be inadequate for larger businesses
• Lacks some advanced features like revenue recognition tools

So businesses with highly complex needs or expecting hypergrowth may outgrow what AccountEdge Pro can handle.

Final Take

For most small and medium-sized businesses needing full-function accounting software, AccountEdge Pro deserves strong consideration. What it may lack in enterprise-scale capabilities, it makes up for with an affordable price tag and breadth of features well-suited for many SMBs. And with a modernized interface plus regular updates from MYOB, it should continue meeting the needs of budget-conscious growing businesses for years to come.

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