more-arw search

Q&A Forum

Can QuickBooks automate contractor payment, client billing, and % of completion revenue recognition?

Here's the situation: a small high-end consulting firm (not my company) uses guru-level contractors to perform strategy projects. The typical project consists of several phases. Upon completion of a phase, a payment is due to the contractor, and the client needs to be billed. Tracking time at a detailed level is NOT necessary. The ideal situation would be to have the contractor go into QB, maybe via a job costing or time-and-billing module, and enter some unit (e.g., time, dollars, % of total project completed in that phase) representing the percentage of the project budget that the contractor now needs to be paid for and that the client needs to be billed. The end game would be to have the system compute the amounts and trigger the A/P and A/R transactions and related G/L entries. Does anyone know if something like this can be accomplished in QB, either using standard QB Pro software or by integrating a third-party module? I should also mention that the intent would be to host QB Pro in the cloud to facilitate remote access. If the needed functionality exists in QB Online, then the company would consider migrating to that. Thanks!

Answers

Topic Expert
Keith Perry
Title: Consulting CFO and Business Operations A..
Company: Growth Accelerator
(Consulting CFO and Business Operations Advisor, Growth Accelerator) |

Patrick,

Totally not worth trying to make QB do this, especially the aspect where people log in, etc.

Harvest and WorkflowMax are both designed to do this. Harvest works with more GLs, WorkflowMax has (imho) a deeper feature set. I'd start with which of these systems you like, then decide on the GL. The particular feature your asking for (triggering the AP) is more robust in WM, so I'd try that out first. If that works...then Quickbooks isn't the answer (but using Quickbooks is like driving a '60 DeSoto...love the fins, but very old tech, so why go there in the first place?).

KP

1135 views
Topics
Products and Companies

Get Free Membership

By signing up, you will receive emails from Proformative regarding Proformative programs, events, community news and activity. You can withdraw your consent at any time. Contact Us.

Business Exchange

Browse the Business Exchange to find information, resources and peer reviews to help you select the right solution for your business.

Learn more

Contribute to Community

If you’re interested in learning more about contributing to your Proformative community, we have many ways for you to get involved. Please email content@proformative.com to learn more about becoming a speaker or contributing to the blogs/Q&A Forum.