If I received two phone calls at the same time from prospective clients, one a manufacturing company with detailed inventory and the other a service-providing company, which one would I answer first?
The good news is that I have a nearby associate who specializes in manufacturing companies with extremely elaborate inventory. So I could answer that one first, and then send them on their way to the specialist. That leaves the service industry client for me. Perfect!
Over the years, my experience at Brilliant Numbers has shown me that service providers need me more than others. If someone starts a business with retail or online sales and massive inventory, then they know right away they need to track all of their data. But when it comes to law firms, accounting firms, and medical practices, as well as architecture and construction firms, an owner’s “inventory” is the intelligence inside their head. That makes it seem less important to them to manage their financial data.
The Intuit ecosystem is uniquely designed to work as a holistic solution for all of your clients, and in my firm’s case, mid-size clients who work in professional services. Here’s how it works.
QuickBooks Online Advanced
In the past few months, I’ve taken on three new clients that were doing everything in Excel. Here’s an example. One mid-size client is a high-level business coach with dozens of clients who rely on her for multiple things. To create her invoices, she was using spreadsheets. One group of clients are on monthly subscriptions, another group is on a per meeting basis, and a third group also pays her travel expenses. It was tedious and difficult to be certain everything was getting invoiced as it should.
Immediately, I put her on QuickBooks Online Advanced because of the following three reasons:
- Her administrative assistant needs only partial access to QuickBooks. Advanced gives you customizable roles.
- Multiple invoices are the same every month. Advanced has batch invoicing.
- Some of her clients pay for multiple months at once. The revenue recognition feature takes care of deferring the revenue and recognizing it at the appropriate time.
Another great QuickBooks benefit for her is billable expenses. Now, when she spends the night in another city, she writes the client’s name on the hotel bill, takes a photo, and uploads it to QuickBooks. Then when I review it, I mark it as billable to that client; when it’s time to create the invoice, there it is! No sorting through scraps of paper to see what needs to go where. No emailing the client later to say, “Oops! We forgot to bill you for the hotel!”