As a new tool on the market from the company behind QuickBooks Desktop and Online, Intuit Enterprise Suite should raise curiosity for all business owners. It’s important to investigate new options to see what potential advantages they may offer, and if it may be a good fit for your company.
In this article, we’ll take a look at Intuit Enterprise Suite through the lens of commercial real estate to understand the key elements of this new technology for the specialized needs of commercial property owners, managers, and investors.
What is Intuit Enterprise Suite?
Intuit Enterprise Suite is a new platform from Intuit, the company behind QuickBooks, that aims to provide financial and operational tools for large or fast-growing businesses. It is designed specifically for businesses that have complex entity structures, which QuickBooks is not intended to handle. Essentially, Intuit Enterprise Suite is the next step for businesses that want to continue using Intuit, but have grown to the point where QuickBooks does not easily support their operational needs.
How Does It Compare to QuickBooks Desktop and Online?
QuickBooks Desktop and Online are well-known and well-respected accounting tools, used largely by small- to mid-sized businesses of all types. How does Intuit’s enterprise-level platform compare? Let’s take a look at several of the key factors for commercial real estate businesses:
Property Management
While neither QuickBooks nor Intuit Enterprise Suite is designed specifically for commercial real estate, Intuit Enterprise Suite offers additional flexibility and customization that may make it easier to use for property owners and managers. For example, Intuit Enterprise Suite allows for the creation of custom classes, such as tenants, which QuickBooks does not allow. Similarly, customization when it comes to invoicing and finance tracking can potentially make unique commercial property management processes simpler.
Accounting
Both QuickBooks and Intuit Enterprise Suite are excellent tools for basic accounting, including bookkeeping, cash flow management, tax needs, and reporting. The main difference is scope: Intuit Enterprise Suite handles these tasks for complex, multi-entity structures, with more customization and high-level reporting.
Data and Reports
QuickBooks and Intuit Enterprise Suite both offer real-time reporting on financial details and basic analysis functions. Again, Intuit Enterprise Suite is equipped to perform these tasks across multiple entities, reporting on high volumes of data from many sources in a single location.
Automation
QuickBooks offers automation for basic and repetitive tasks, helping save time and avoiding manual errors. Similarly, AI tools support basic searches such as requests for a specific piece of data. Intuit Enterprise Suite allows for more in-depth use of both tools, letting users customize automations of more complex workflows and use AI for deeper searching, analysis, and data forecasting.
Scalability
Intuit Enterprise Suite is a tool for scalability. While QuickBooks Desktop and Online can handle some degree of complexity in corporation design, they may have difficulty with multi-entity organizations or require additional subscriptions. Intuit Enterprise Suite keeps everything in one location, even for large and complex businesses.
How to Tell if Intuit Enterprise Suite is the Right Tool for Your Business
Intuit Enterprise Suite is not necessarily a direct competitor of QuickBooks Desktop and Online. Instead, it may be a next step for business growth. QuickBooks is a robust tool for most mid-size businesses, and provides familiar functionality at an affordable level. While Intuit Enterprise Suite offers an even more in-depth toolset, these tools may not be necessary for smaller businesses that can track, share, and analyze data more easily, making the enterprise-level platform an unnecessary expense.
On the other hand, as businesses grow, operational demands increase. While you may be reluctant to take the step of switching to new software, continuing to use tools that don’t support the scope of your business can lead to stagnation and frustration, as your team and technology struggle to keep up with the basics. At this point, the proper tools for large-scale work far outweigh the expense and inconvenience of switching software.
Top Tips for Taking on a New Software
If you’re considering making the jump to a new software that better fits your needs, there are a few key steps to take to ensure a smooth transition:
- Research first: be thorough when considering potential new software and look for an option that most closely fits your needs. If possible, arrange a demo or meeting with developers to ask questions and better understand how the platform can work for you.
- Ask questions: be sure to take advantage of support from the software’s team before and during onboarding, and know how to contact them for help down the road.
- Keep your team updated and involved: ask for assistance from your team in choosing new software to find the option that works best for everyone. Then, communicate important rollout dates well ahead of time so that each employee can prepare, and let everyone know quickly in the case of any issues. If the change will impact any tenant-facing technology, make sure to keep them in the loop too.
- Roll out slowly: you may want to swap over in bits and pieces. Prioritize key functions and ensure they work before making additional changes.
Learn More with STRATAFOLIO
If you’re considering a technology upgrade, STRATAFOLIO is here to help. We have a series of informative blog posts that go into detail on everything you need to know about QuickBooks Desktop and Online, commercial property management software, transitioning to digital tools, and more.
Plus, if your business already uses QuickBooks and is looking for additional property management functionality specifically designed for commercial real estate, STRATAFOLIO may be the solution for you. Our two-way integration with QuickBooks Desktop and Online lets you keep all your accounting processes in place while giving you all the benefits of powerful property management software, without having to worry about outdated information or double data entry.
To learn more about how STRATAFOLIO pairs with QuickBooks, schedule a demo today.
