Sage 50, formerly known as Peachtree, is a powerful yet easy-to-use cloud accounting solution designed for small and growing businesses. With robust tools for key tasks like managing invoices and payables, inventory, payroll, financial reporting, and more, Sage 50 helps streamline operations and gain insights into your finances.
Benefits of Sage 50 Accounting:
- Cloud-based access from anywhere
- Mobile app allows remote invoice approvals and payments
- Scales to grow with your expanding business needs
- Integrates with other systems like CRM, ecommerce, and HR platforms
- Affordable pricing starts at $12/month
Sage offers different editions to suit business size and needs: Sage 50 Pro Accounting, Sage 50 Premium Accounting, and Sage 50 Quantum Accounting. Read on for what you need to know about Sage 50 setup, top features, add-ons, support, and whether it’s the right fit for your organization.
Getting Started with Sage 50 Accounting
Setting up the software properly from the start ensures you capitalize on its full potential. Follow these steps when onboarding:
Download and Install
Purchasing Sage 50 grants you access to download and install the desktop app on one local computer, while also allowing web and mobile access. Ensure your system meets Sage’s minimum hardware and software specifications first.
Create Your Company File
The company file stores all your business and transactional data. Set it up by:
- Entering company details like name, address, tax ID number
- Select start date – typically the beginning of a calendar or fiscal year
- Choosing basis of accounting – cash or accrual
- Import any lists and starting balances
Take time to enter accurate begining balances and customize general ledger setup to avoid issues later.
Configure User Access
Manage employee permissions by role to control what actions different users can perform in Sage 50. Common preset roles include:
- Administrator – Full system access and control
- User – Limited access appropriate for most employees
- Guest – Very restricted read-only reports access
Key Features and Functions of Sage 50
General Ledger, Reporting and Budgeting
The general ledger forms the central financial information hub for Sage 50. Capabilities include:
Financial Reporting:
- Income statements and balance sheets
- Cash flow statements
- Retained earnings, equity, working capital
- Tax reports, journals, ledgers
Dashboards and Analytics
Well-designed dashboards, charts, and graphs provide financial insights:
- Executive summary analytics
- Cash flow, payables and receivables snapshots
- Comparison reporting between periods
- Drill-down from summary to detail transactions
[Table] Top 5 Recommended Sage 50 Reports
| Report | Use Cases |
|---|---|
| Sales by Product | Identify top selling items |
| Accounts Receivable Aging | Manage collections and cash flow |
| Inventory Stock Status | Track inventory levels |
| Payroll Liability | Ensure accurate payroll remittances |
| Financial Trend Graphs | Visually track KPIs over time |
Budgeting and Forecasting
Built-in budgeting tools allow you to plan top-down budgets and forecast expected outcomes based on assumptions. Compare against actuals once the period closes to improve future budget accuracy.
Invoicing and Accounts Receivable
Robust AR capabilities help you get paid faster and eliminate inefficiencies:
- Flexibly create sales orders, quotes, invoices
- Apply payments and credits to invoices
- Automate recurring billing for subscriptions
- Customizable invoice templates
- View account status like collections risk or credit limits
- AR aging reports identify slow payments
Bill Payments and Accounts Payable
Key features for paying vendor bills and tracking payables:
- Pay bills by check, credit card or electronically
- Set up automated payments by date or threshold
- Maintain 1099 tax tracking for contractors
- Review AP aging to improve cash management
- Upload and attach electronic documents
Inventory, Purchasing and Order Management
For product-based businesses, Sage 50 supports:
- Physical inventory counts to verify stock
- Inventory part numbers, prices, quantities
- Purchase order workflow automation
- Receive stock and update item costs
- Reports like inventory valuation and stock status
Payroll Management
Sage 50 makes payroll processing a breeze including:
- Employee Setup – store info like salary, federal and state taxes, deductions, etc.
- Process Payroll – automated based on time tracking data or manual entry
- Payroll Reporting – summaries, liability, payroll journals
- Payroll Filing – prepare tax forms including W2s and 941s
- Direct Deposit – directly pay employees securely into bank accounts
Fixed Assets and Depreciation
If your business uses long-term assets, Sage 50 tracks:
- Asset details like hardware, buildings, machinery
- Depreciation schedules and expense calculations
- Customized reports on capital assets
Project and Job Costing
For project-based work, track:
- Specific jobs and related tasks
- Income and expenses by project phase
- Time billing and invoicing by project
- Compare budget vs. actual job costs
- Mark projects complete upon billing
Integrations and Add-Ons
Extend Sage 50’s capabilities using add-ons like:
- eCommerce – sync between web stores with Sage 50 orders, inventory, shipping etc.
- CRM – share customer details between Sage 50 and sales/marketing systems
- Business Intelligence – advanced custom reporting and analytics
- Mobile Payments – allow invoices to be paid on mobile devices
Getting Help and Support
Sage University provides free online training videos and guides. The in-app chat also provides quick assistance. For more help, reach out to the renowned Sage customer support community forums or contact support via email, chat or phone.
If currently using Sage 50 Pro or Premium, contact Sage to understand the migration process before upgrading to the full online Sage 50 cloud accounting.
The Bottom Line – Is Sage 50 Right for My Small Business?
Sage 50 accounting provides an affordable yet powerful solution perfect for small businesses looking to:
- Streamline financial processes
- Gain insights with reporting
- Manage payroll smoothly
- Automate purchasing workflows
- Track payables/receivables cycles
- Grow without quickbooks limitations
The rich feature set, ease of use, mobile access, and stellar support community makes Sage 50 an excellent choice for small and expanding businesses seeking a scalable solution that cost-effectively adapts over time.
