QuickBooks Enterprise is great for companies that bill customers by the number of hours their employees spend working on a job. It’s ideal for companies, like legal firms, digital marketing companies, engineering firms, and medical firms. While the standard business edition of QuickBooks Enterprise has extremely customizable features, many professional service companies install the industry-specific edition, QuickBooks Enterprise Professional Services.
In this blog, we’ll explain the key features of QuickBooks Enterprise Professional Services.
Detailed Billing Frameworks
Professional service companies like legal firms often need to set up various billing rates for different kinds of employees or clients. For instance, legal firms need to create different billing rates for their law associates, partners, paralegals, and external accountants. In QuickBooks Enterprise Professional Services, you can create two types of billing rates. You can choose Fixed Hourly Rate (if you charge on an hourly basis), or Custom Hourly Rate Per Service Ite (if you charge based on the service rendered).
QuickBooks Enterprise lets you create a per-hour price level and then assign it to a service. For instance, you can set up a service item for web design and create a price level of $60 per hour, regardless of which employees render the service. Conversely, you can also create customized price levels for different customers. As an example, you can set a special discounted price level for family and friends or high-volume customers. If you want increased control over your pricing, then you should consider QuickBooks Enterprise.
Electronic Invoicing with a Pay Now Link
QuickBooks Enterprise allows you to email invoices to your customers with a Pay Now Link. The link leads your customer to a secure payment page where they can instantly pay their bills. Your customer will then get an emailed receipt and the payment records are automatically captured within QuickBooks for easy reconciliation.
Accurate Job Tracking
Professional service companies need to carefully track jobs in order to understand how their business is performing. With Enterprise, you can easily track the progress and profitability levels of each individual project your manage. You can instantly determine if a project is scheduled to be completed on time. Also, you can create a report on estimated vs actual project costs so you can determine if a certain project is profitable or not.
If you handle many clients, then QuickBooks Enterprise’ bach invoicing comes in handy. It allows you to create and send out multiple invoices for unbilled time and expenses in one go. Batch invoicing is ideal for companies that offer a set list of services. You can easily input the necessary line items to your invoices so that you don’t have to reinput all the data every time you create and send an invoice.
QuickBooks has a weekly timesheet module that allows you to track the time your employees spend on a project. You can record time and assign it to a particular customer job or service code. The weekly timesheet entry will be used not only for billing but also for calculating your employees’ paycheck.
In addition to the standard accounting reports you can create in QuickBooks, the Professional Services Edition lets you create industry-specific reports, such as Expenses not Assigned to Projects, Billed Vs. Proposal by Project, Actual Project Costs Detail, and
Billed and Unbilled Hours by Employee and Project. These industry-specific reports can provide you with more meaningful insights to help you make smarter financial decisions.
Learn more about Advanced Reporting in QuickBooks Enterprise and how it benefits your business.