What is QuickBooks Professional Service Edition and who can use it?

​QuickBooks Professional Service is an industry-specific software for service-based businesses that assist in job costing, project management, billing, and time tracking.

​It uses its reporting features to monitor cash flow and improve business profitability. 

About QuickBooks Enterprise

​QuickBooks Enterprise is a cloud-based software that allows businesses to oversee accounting and financial activities. The software allows bookkeepers and accountants to make quotes, create and custom invoices, and manage sales tax. Users can regulate profit margins with up to date financial data, improve inventory operations, track the stock value, and manage customer orders.
The software improves visibility into sales performance, analyses profit and loss, and track payments using the invoicing status. Its features allow for time and money-saving as well as better decision making.
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Intuit Software Company founded in 2002 established QuickBooks 

QuickBooks Professional Service Edition

​The QuickBooks Professional Service Edition is a professional service software that uses reports to provide insights into the operations of businesses. It provides information on the costs of operations and clients' history. It also assists in creating proposals and oversees projects, gauging their completion time while handling costing like job costs, estimation, billing, project costs, expense tracking, and invoice generation.
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Users can track actual results, improve profitability, and measure the time spent on projects using the TSheets Elite function. The software can be used to handle tax payments and identify productive team members and profitable clients

Features of the QuickBooks Professional Service Edition

• Custom billing rates
• Quick invoice
• Data level Permission
• Project Costing
• Customized Chart of Accounts
• Proposals
• Professional Service Edition reports
• Payroll functions
• Customized receipts

Functions of the software features

• Custom Billing Rates

​This feature allows users to allocate multiple billing rates to various employees in different departments

• Quick Invoice

​The software utilizes electronic invoicing to generate and send invoices to clients. It allows for a unified display of product items, estimation, and expenses which in turn eases the process of billing

• Data Level Permissions

​The software allows users to grant staff, access to only the relevant details needed for their tasks

• Project Costing

​This feature helps users calculate the estimated cost and the actual cost of projects. It provides insights into the various activities to stir quick reaction to arising issues.

• Professional Service Chart of Accounts

​This helps to gauge customer profitability and customize information like salaries, utilities, properties, investments, and accounts.

• Proposals

This feature allows users to add rates, proposals, estimation, and items when creating proposals

• Professional Service Edition Reports

Asides from the 140+ reports assigned, the Professional Service Edition has an additional 6 project costing reports, and 17 Professional Service reports with available options to customize reporting features.

• Payroll Functions

This handles payroll tax payments and the creation of multiple checks

• Customized Receipts

​Users can customize logos receipts to create a uniform appearance and improve communication with customers.

Other capabilities are of the software are

• The software allows for the grouping of customers according to business, location, status, and type to aid easy identification
• It has a built-in calendar system that reminds users of deadlines and keeps the project on track
• It also tracks unbilled time
• There are also customized templates from where users can  make estimates and proposals

Users of the QuickBooks Professional Service Edition

Those who can find the software useful are; legal firms, medical organizations, engineers, architects, graphic designers, marketing agencies, consultants, interior designers, IT professionals, and advertising agencies.

Pros

• QuickBooks has an accurate project costing system
• Users can also access unassigned expenses through reports
• It helps to regulate the health of businesses
• It enables the tracking of expenses and profit per customer
• The software can be tailored to suits the needs of users in the service-based industries
• It is not as expensive as other similar systems

Cons

• Some users need improvements in the customization of features
• The maximum size of users could be increased
• Users complain of the company file is easily corrupted

Conclusion

​QuickBooks Professional Service Edition is a service management software for service-based industries such as marketing agencies, legal firms, and graphic designers that provides accurate billing and estimation for projects and proposals. The software with over 150 reporting capabilities helps to increase the profitability of servicing industries, improves workflow, and manages other accounting functions. It also allows users to track expenses, employee activities, and project status.