Sage 50 Accounting Review: Detailed Analysis and Features

Sage 50 Accounting has garnered a strong reputation throughout its 40-year history, positioning itself as a highly esteemed accounting software solution within the industry. Its extensive tenure and proven track record have solidified its standing as a preferred option for numerous businesses in need of dependable financial management tools. According to Softwarenewsdaily, Sage 50 Accounting is distinguished by its diverse range of features tailored to meet a variety of business needs. These features include robust functions for accounts payable and receivable, advanced capabilities for inventory management, comprehensive tools for financial reporting, and seamless features for processing payroll. With its wide array of functionalities, Sage 50 Accounting is widely acknowledged for its reliability and efficiency, making it a popular choice for businesses seeking a comprehensive financial management software solution.

While it remains a powerful tool for small to midsize businesses, many smaller businesses might find it more than they need. Instead, they might prefer alternatives like QuickBooks Online and FreshBooks, which are both cloud-based and provide a great mix of features, ease of use, and customization.

How Much Does Sage 50 Accounting Cost?

Sage 50 Accounting formerly known as Peachtree offers three main plans with different pricing based on the number of users and features. The Pro Accounting plan is $58.92 per month for a single user. The Premium Accounting plan ranges from $96.58 to $222.25 per month, depending on if there is one to five users. Quantum Accounting starts at $152.42 per month for one user and goes up to $301.08 per month for five users.

Those choosing to pay annually receive a discount. Adding integration with Microsoft 365 Business costs an extra $180 per year for each plan. Each subscription requires a one-year contract.

Compared to other small business accounting software, these prices are on the higher side. For example, QuickBooks Online costs between $30 and $200 per month, and FreshBooks ranges from $17 to $55 per month, with additional user fees. Patriot Software Accounting charges between $20 and $30 per month for unlimited users.

Starting Off: Great Assistance Yet an Uneven Appearance

Assistance with Setup

Sage 50 Accounting, known for its extensive features, offers robust assistance during the setup process. The software begins by guiding users through creating a new company file with a step-by-step wizard. This setup wizard asks various questions to tailor the file to the user’s specific needs. While this helps simplify the process, some of the more technical questions might be challenging for those unfamiliar with accounting terms. However, Sage supports users with excellent online help resources.

Similar Software

After completing the setup, users can customize their dashboard. Sage 50’s dashboard is highly adaptable, allowing users to choose which fields appear and where they are positioned. This flexibility can make starting the workday more efficient.

For those accustomed to traditional Windows programs with horizontal menus, navigating Sage 50 will feel familiar. The software includes an alternative toolbar that organizes tasks into modules. For example, selecting the Customers & Sales module opens a map with links to common actions, along with related charts and lists. Another section of this module shows each customer’s transactions. Every module in Sage 50 follows this structure.

Sage 50 has retained its basic interface and navigation style for many years, originating from its Peachtree Accounting for Windows days. Despite some updates to various pages, the overall appearance is somewhat inconsistent and may seem outdated. However, the navigation remains straightforward.

A noteworthy feature is Sage 50’s integration with Sage HR. This multi-module human resources application can be beneficial for rapidly growing small businesses considering the incorporation of HR software.

How Does Sage 50 Accounting Handle Sales?

Sage 50 Accounting provides an extensive array of features for managing sales. By accessing customer records, you’ll find detailed information, including custom fields that provide insights into the company’s contacts and financial activities.

Invoices in Sage 50 are highly customizable. Users can choose from various templates for different sales forms such as:

• Sales Orders
• Quotes
• Proposals
• Statements
• Returns
• Credits

Additionally, Sage 50 allows for the creation and tracking of jobs, which can be managed as projects. This feature, however, is more streamlined in alternatives like FreshBooks and QuickBooks Online, which offer specialized tools for project management.

Vendors and Purchase Transactions

Sage 50’s vendor module matches the depth and detail found in its customer module, making it suitable for growing businesses. Users can create and track various transactions such as purchase orders, bills, checks, returns, and credits. For additional fees, electronic bill payment is also an option.

Sage 50 stands out by allowing users to create records and IRS forms for 1099 vendors. It supports 1099-INT, 1099-NEC, and 1099-MISC forms, showcasing its flexibility. Each purchase transaction has its own landing page, similar to sales transactions.

Tools and capabilities:

• Purchase Orders: Create and track orders with vendors.
• Bills and Checks: Manage bills and print checks.
• Returns and Credits: Handle returns and credit transactions.
• 1099 Forms: Generate 1099-INT, 1099-NEC, and 1099-MISC forms.
• Reports: Access detailed reports like Vendor Transaction History.

Although Sage 50 offers these robust features, it lacks some advanced tools found in competitors like Xero. For example, Sage 50’s document management is limited to attaching saved documents to transactions, while Xero allows scanning and email forwarding for documents like bills.

Can You Track Time and Expenses?

In Sage 50 Accounting, tracking time and expenses is made easy with the use of time tickets. Users can either complete a form for each work session or fill out a time sheet. These can be used for both payroll purposes and for billing customers for services provided.

Time Tracking

For time tracking:

• Individual forms for specific work sessions can be completed.
• Time sheets can be used to track multiple sessions.

Expense Tracking

Handling expenses involves creating expense tickets. These allow businesses to bill customers, but with some limitations. For example, if you purchase an item that isn’t part of your inventory, you need to create an inventory item to process it.

Key Points of Expense Tracking:

• Expense tickets need to be linked to inventory items.
• Not suitable for:
  • Salespeople’s meal expenses.
  • Immediate equipment purchases by IT staff.

Additional Features

Though Sage 50 does not support snapping a receipt photo directly within the form, users can attach previously taken receipt images. Both time and expenses can automatically be added to invoices, streamlining the billing process.

This provides a comprehensive solution for businesses looking to manage their time and expenses efficiently, albeit with certain limitations compared to other tools like QuickBooks Online.

Exceptional Inventory Management

Sage 50 stands out with its impressive inventory management tools, setting it apart from other small business accounting software. Users can add detailed item records, which may include various price levels, item types, locations, and serialized inventory items. It also supports assemblies and multiple costing methods, providing flexibility in managing inventory.

While Xero, QuickBooks Online, and Zoho Books offer inventory features, Sage 50’s tools are more versatile. QuickBooks Online includes options for tracking non-inventory parts and multi-item assemblies; however, Zoho Books and Xero lack assembly tracking capabilities.

Thorough Reports

Sage 50 offers numerous links to reports across various sections of its software, allowing users to view both specific and comprehensive reports effortlessly. Each module, covering receivables, payables, payroll, inventory, and jobs, has supporting reports. Users can refine these reports by adding filters, adjusting columns, and changing fonts and page setups.

Customization:

• Modify columns
• Adjust fonts
• Change page setup

While Sage 50 provides more report templates than many other small-business accounting apps, customizing them is recommended for a more appealing look, especially when sharing. Clicking on certain line items reveals the associated transactions, adding depth to the data. Additionally, reports can be easily shared via email or exported to Excel for further use.

This integration ensures that every financial aspect is well-documented and accessible for analysis or presentation.

Is Sage 50 Accounting Safe to Use?

Sage 50 Accounting ensures data safety using advanced security measures. Sage has decades of experience in cloud technology and employs the best cybersecurity practices. Data is encrypted with the latest Transport Layer Security (TLS) protocol. Sage constantly watches for software vulnerabilities that cyber attackers might exploit. Their Cyber Defense Operations team continuously monitors all production environments for any signs of malicious activity. This diligent approach helps keep user data secure and protected from potential threats.

No Mobile Apps

Sage 50 Accounting lacks a mobile app that includes all the platform’s features. The company has even stopped support for its old receipt capture app. For users looking for strong mobile accounting solutions, QuickBooks and FreshBooks offer highly regarded alternatives.

Should You Buy Sage 50 Accounting?

Sage 50 Accounting offers a comprehensive set of financial tools ideal for businesses with complex needs, particularly in inventory management. The software shines with its great dashboard, detailed records, transaction forms, and advanced inventory tracking. Additionally, it provides comprehensive reports that can meet the requirements of most advanced users. Sage 50 integrates with Microsoft 365, allowing for some remote work capabilities, though this requires an additional annual fee of $180 and can be hard to set up.

When considering alternatives, QuickBooks Online and FreshBooks stand out as popular choices among small businesses. These platforms are known for their flexibility, wide-ranging features, and user-friendly interfaces, making them accessible and effective for many businesses. They are also generally more affordable and offer mobile apps, which Sage 50 lacks.

Cost Comparison:

Sage 50 is robust and full-featured, but it’s important to note that it is available only for Windows and requires considerable system resources. Additionally, some elements of its user interface may seem outdated compared to other modern accounting tools. The absence of mobile applications can be a significant drawback for businesses that need on-the-go accessibility.