In an effort to meet the diverse needs of its customer base, QuickBooks has developed several versions of its business management solution. Apart from the basic Desktop version, there are also Pro, Premier, and Enterprise.
The Enterprise version is the most powerful and extensive version in terms of functionality. It’s designed specifically for fast-growing and larger businesses that have widespread operations, more employees, and higher revenues. Apart from the standard Enterprise version, Intuit—the company behind QuickBooks—has also developed six comprehensive industry-specific solutions, including one for professional service firms.
Who can benefit from the Professional Service Edition?
The Professional Services edition is designed for a variety of businesses, including medical practices, legal firms, engineering companies, marketing agencies, graphic design companies, and architecture firms.
Service-oriented businesses that don’t deal with intangible products often run into trouble with billing and keeping track of their expenses. The Professional Services Edition comes with a wide array of productivity tools that simplify payments, billing, project estimates, and accounting functions to ensure higher efficiency and profitability.
Features of the Professional Service Edition
Let’s take a closer look at the different features of QuickBooks Enterprise for professional service firms:
1. Accurate Job-Costing
Accurate job costing is a concern for many firms, especially during periods of fluctuating demand. QuickBooks Enterprise allows users to run reports and create accurate job estimates that can be quickly transformed into invoices for seamless, error-free billing.
2. Build Customized Proposals
Apart from the 140+ reports included in the Standard Enterprise version, users also get access to 18 other customized reports. These include reports specific to professional services such as the Billed vs. Proposal by Project report and more options in job costing.
3. Project Progress and Costs Detail
There are several key tools that are reserved specifically for accountants to ensure that job costing is easier. Users can also learn about the percentage of progress completed for every ongoing project and the cost to complete the project in QuickBooks. This tool makes project management infinitely easier.
4. Detailed Billing Frameworks
Users can assign different billing rates depending on the project, client, or service type. Furthermore, these invoices can be consolidated to reflect flat-fee arrangements, billable amounts using hours worked, or a combination of different techniques. For instance, legal offices can set different hourly rates for paralegals, law associates, external consultants, and partners.
5. Track Unassigned Expense
Get visibility into all expenses that haven’t been assigned to any particular project and manage costs better.
6. Custom Chart of Accounts
Information about your profitability can be displayed in custom charts to help you get a clearer understanding of profitability metrics. This edition comes with a chart of accounts designed specifically for medical, legal, and engineering-type firms.
7. Minimize Unbilled Hours
Lower overheads and ensure accurate assignment of time and expenses based on the project, person, service type, or client. These enhanced tracking features can help you maximize profitability and ensure fair billing.
8. Generate Invoices & E-invoices
Users can now enjoy easier billing with the smart solution for recording payments and selling invoices. All email invoices come with the option for customers to pay quickly with a Pay Now link. If customers choose to use the link, the completed payment will be added to the invoice record automatically.
9. Open Balances Reports
Keep track of unpaid bills and invoices and prevent missing any deadlines that might have negative consequences for the business.
10. Profitability by Customer / Project
Users can view profitability for each sale based on the customer. For a more consolidated overview, these fields can be modified to show profits based on customer parameters, geography, and more.
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