Industry Trends 1 Professional Services Managing cash flow is essential for these types of businesses, because they often incur expenses up front, before they receive payment. Time-tracking and job-costing are essential to ensure the profitability of any business. This holds especially true for these clients, who must spread limited resources—including their time—across various jobs. Painpoints/needs How it can be solved Minimum subscription level Keeping track of time worked on each client/project Time tracking and unlimited timetracking only users Essentials Keeping track of expenses related to each client/project Projects, Billable Expenses Plus Billable rates by product/service Price Rules Plus Billable rates by clients Price Rules Plus Bill by appointment Google Calendar plug-in Simple Start Billing takes a long time Automatically create invoices from unbilled activity Essentials Determining work in progress Projects/Uninvoiced Time report/ Uninvoiced Charges report Essentials Flexible Customer Statements Three types of Statement Simple Start Determining client profitability Projects/Profit and Loss by Customer report Plus Scheduling TSheets apps.com 2 Contractor/Field services These clients are always out and about in the field, which means they don’t have a lot of time for bookkeeping. They need solutions that let them stay on top of their books, wherever their projects take them. Painpoints/needs How it can be solved Minimum subscription level Keeping track of time worked on each project Time tracking and unlimited timetracking only users Essentials Keeping track of labor costs per project Projects Plus Keeping track of expenses related to each project Projects, Billable Expenses Plus Billable rates by product/service Price Rules Plus Billable rates by customer Price Rules Plus Calculating labor costs for each project Projects Plus Billing takes a long time Automatically create invoices from unbilled activity Essentials Determining work in process Projects/Uninvoiced Time report/ Uninvoiced Charges report Plus Flexible Customer Statements Three types of Statements Simple Start Progress Invoicing Create Invoice from Estimate Selling Simple Start Work Orders Purchase Orders Plus Create estimates and invoices in the field QuickBooks Online mobile app Simple Start Scheduling TSheets apps.com Keeping track or payments subject to 1099-Miscellaneous reporting Contractors tab/1099 Wizard Simple Start 3 Retail and e-commerce Retail and e-commerce businesses are optimized to sell products and deliver exceptional customer experiences. Sales, payment, and staff-management systems must work closely together to better manage profit and loss. Understanding cash flow and balance sheets is necessary to run any business. It’s especially important to retailers and resellers, who must manage sales and inventory on top of being ready to do taxes when the time comes. Managing inventory and avoiding out-of-stock situations is critical to the success of retail and e-commerce customers. Painpoints/needs How it can be solved Minimum subscription level Keeping track of inventory quantities on hand Inventory feature Plus Keeping track of sales tax Automated Sales tax Simple Start Customizable sales forms Custom form styles Simple Start Import of sales from website/point of sale system Import invoices Batch enter transactions Advanced Import PayPal sales transactions Connect to PayPal Simple Start Purchasing Purchase orders, Preferred Vendor, Show items table on expense and purchase forms Plus Know best/worst selling products Sales by Product/Services report Simple Start Multiple store locations Locations feature Plus 4 B2B wholesale business Wholesale businesses rely on knowing their inventory at all times. They also need to be able to keep track of all the logistics that go with shipping orders of all sizes, from sales forms and invoices to store locations and agreements with shipping companies. Painpoints/needs How it can be solved Minimum subscription level Keeping track of inventory quantities on hand Inventory feature Plus Customizable sales forms Custom form styles Simple Start Import sales from third party apps Import invoices Advanced Purchasing Purchase orders, Preferred Vendor, Show items table on expense and purchase forms Plus Know best/worst selling products Sales by Product/Services report Simple Start Multiple store locations Locations feature Plus (up to 40) Advanced (unlimited) Track sales by rep Classes or custom fields Plus (up to 40) Advanced (unlimited) Flexible Customer Statements Three types of Statements Simple Start Sales orders Estimates Simple Start Keeping track of different types of customers Customer types Plus Assign different price levels to different groups of customers Price Rules Plus Integration with shipping companies Third party app apps.com 5 Not-for-profit Non-profit and charitable organizations are often tracking the expenses of various programs and funds. Donations often have to be tracked in as well as out when allocated to various branches of the charity. QuickBooks seeks to help make keeping track of donations, pledges, and other funds quick and simple. Painpoints/needs How it can be solved Minimum subscription level Keep track of different types of donors Customer types Plus Track various program revenue and expenses Projects Plus Not for profit specific nomenclature Change Customer label to Donors in Advanced Settings Simple Start Keep track of pledges Invoicing Simple Start Keep track of donations Sales Receipts Simple Start Keep track of different services/ funds Classes/Locations, Chart of Account structure Plus (up to 40) Advanced (unlimited) Import donations from third party apps Import invoices (Advanced) or a third party app like Connect to PayPal Varies Professional looking reports for board presentation Management reports Simple Start Not for profit specific reporting Profit and Loss and Balance Sheet titles changed to Statement of Activities and Statement of Financial Position when form 990 is selected as Company type is Advanced Settings Simple Start 6
