QuickBooks Clinic Series No. 4: Popular Add-ons
In this post I address some of the most popular add-ons to the QuickBooks accounting system. Costs that spiral out of control represent one of the most serious threats to the success of an emerging business. If you are running a fast growing small business these tools can help you maintain efficiency while controlling the threat of spiraling costs. I see these add-ons regularly in my practice and I think they represent some of the best productivity tools around.
- Bill.com – is a leading online business payments provider that offers excellent accounts payable and accounts receivable solutions. The manual nature of traditional payments processing is labor intensive and time consuming. This product brings together all parties that touch the payable/receivables process including executives, managers, clerks, vendors, customers, accountants and banks. The collaboration and communications tools offered by Bill.com create efficiency in payments processing that reduces costs. Thus Bill.com brings amazing efficiency to what has historically been a very labor intensive process.
- Concur – is an online expense report management and processing tool that also provides serious productivity advantages in small businesses. Expense reimbursement is always a troubling issue in a business for employees, managers and owners. This add-on can help you make the process less painful to your employees and less costly for the business.
- Time Tracker – is a great tool for managing client billings for time-based professional services businesses. Time-based billing businesses are in need of a way to properly document the services provided, value delivered and to document those activities fully for a variety of reasons including making it more efficient for those providing the services to record and report their time.
If your small business is growing rapidly and you need to control headcount while finding ways to maintain efficiency and productivity then these tools are well worth careful evaluation. Remember that any tool though is only as effective as a thorough understanding of it will provide and proper installation will permit.
Chris Reynolds is a member of the Financial Systems & Reporting practice group in CFOs2GO where he supports clients across a wide range of business accounting systems including QuickBooks. As the resident QuickBooks expert, Chris builds robust systems from scratch and is able to decipher and fix poorly built processes, bringing them back to working order.
If you would like to speak with Chris, please use the Comments section to make a request.