QuickBooks Enterprise, being the top tier product in the QuickBooks lineup, has the standard “general” edition that will work for any business, as well as custom solutions for the most popular industries such as Contractors, Manufacturing, Wholesale, Retail, Non-Profit, Professional Services, and Accountants. To help differentiate the Enterprise Industry versions, we’re breaking down the unique features in a blog series. In this post, we’ll cover the Professional Services edition, so if you work in that area, this will give you a good overview of the additional features found in this version and how they can help you achieve your goals.
Features In QuickBooks Enterprise 2021
QuickBooks Enterprise has four different versions that you can choose from and each gives you a different level of features. Silver includes the basic level of Enterprise, the Gold version adds free, unlimited payroll, Platinum Enterprise takes everything in Gold and adds Advanced Inventory (barcode scanning, lot, bin and serial tracking, multiple sites) and Advanced Pricing (custom pricing levels and groups). The new Diamond version keeps the inventory features of Platinum but swaps out the “do-it-yourself” Enhanced payroll for “full service” Assisted payroll with addon’s for time tracking with TSheets. Some of the new, key features rolled out across all of the Enterprise versions for 2021 are:
- New Data Level Permissions – Allow specific users to view, edit, or delete only the specific customers, vendors, or data that they’re responsible for.
- New Receipt Management – Assign every expense to a project as it is incurred using only your mobile device, and even record multiple transactions at once.
- New Ability to Automatically Send Statements – Automate regularly sent statement emails and get paid faster by easily reminding customers what they owe.
- New Ability to Customize Payment Receipts – Create a more professional look with receipt formatting and the ability to include logos and other custom elements.
- New Salesforce CRM Connector – Have one source of information between sales and support so that you can answer customer questions quickly or resolve issues before they escalate.
Enterprise Professional Services Features
QuickBooks Enterprise for Professional Services is designed with powerful tools that provide one place for handling job costing, managing cash flow, and tracking clients. Service businesses need a simple way to manage billing, payments, and accounting functions and QuickBooks has created some unique features to make those processes easier. In addition to all the features that make QuickBooks a smart choice for any business, professional service companies can take advantage of:
- The ability to create accurate job-costing estimates – Create job cost estimates and run reports to see how projections compare to actual results for current projects and then use that information to generate invoices.
- Detailed billing frameworks – Assign different billing rates by client, project, or service and consolidate invoices by hours worked, flat fees, or a combination.
- Job progress tracking – It’s important to understand the progress and profitability levels of any given project, and this report lets managers understand timelines and real-time budgeting.
- Cash flow monitoring – Gauge the amount of revenue flowing in and out of the business in any particular time frame and create various projections and revenue forecasts.
- Advanced user roles and permissions – Delegate tasks and customize user access to view, edit or delete only the specific customers, vendors, and data they are responsible for using data level permissions.
- Alternate vendor reports – Simplify reordering and improve visibility by listing vendors in key inventory reports like inventory stock status by item.
- Customer group creation – Improve customer management, insights, and communication by creating rule-based customer groups that automatically update to match your specified criteria, including customer type, status, location, and business.
- Customized payment receipts – Customize payment receipt formatting, including logos, for a professional and consistent look across your customer communications.
Preofessional Services Industry Reports
Service companies need reliable insights to make data-driven decisions, as well as more tools to help them track profitability and stay organized. Success often comes down to properly tracking billable time and using the time you have in the smartest way possible. Special reports in the QuickBooks Enterprise 2021 Professional Services Edition help service organizations to manage business functions effectively. Leverage service industry reporting such as:
- Project costs detail – Use several key tools previously reserved for accountants for easier, more accurate cost accounting
- Expenses not assigned to projects – Get visibility to all of your expenses that are not currently assigned to a job.
- Open balances by customer or project – Quickly get a handle on the bills that have not been paid by job.
- Project status – Keep track of all your jobs with one report.
- Billed or unbilled hours by person or project – See how much time each person has spent on each job.
- Job costs by job or vendor summary – View a summary of job-related expenses of each job.
- Costs to complete by job summary – For each open job, see the percentage complete and cost to complete.
Data is one of the most critical assets a professional service business has. This version of QuickBooks helps companies to keep a better eye on the data that matters. From smarter invoicing solutions to leveraging interactive dashboards to understand profitability, the latest tools on the Professional Services edition are tailor-made for this industry. To learn more about the Professional Services edition and how it can help your organization, call our experts directly at 866.949.7267 to request a free consultation or click here to register for a 30-day test drive of the software.