Accounting Software for Small Consultancies
Hey all, are there any small consulting firms out there that can provide some recommendations for accounting software? I'm thinking of setting up shop and relying on something along the lines of Xero to handle the accounting side of the business. I'm hoping the software can accommodate project-level financials, costing / estimating, purchase orders, generate invoices, can integrate with better suited project management software (ex: Teamwork), many clients, many projects, staff billing time & expenses to projects, tracking expenses / vendor costs to projects or overhead etc. It looks like Xero has a bunch of different options Projects, Practice Manager and WorkFlowMax, so I'm having trouble differentiating between them and determining what would work best. Has anyone found something similar they like for this aspect of the business? Thanks!
submitted by bennymac111
Cloud based accounting software
I've been running QB Enterprise for the past 20 years and it's time to move to the cloud. The obvious choice would be QBO, but I'm not sure if we need something more powerful. We design / install enterprise phone systems and wireless networks to other small businesses. We also run a 15-person call center to support our customers who purchased a managed service agreement from us. Right now do about $15 mil in sales annually with half coming from projects and billable service tickets, and the other half being monthly recurring revenue from the MSAs. We also carry about $300k in inventory (Phones, servers, switches, APs).
We use Connectwise as our CRM and pay about $5k/mo for it - it's our customer database and contact center, customer monitoring platform, and we also use it for billing and inventory management as well. Right now all transactions are batched over to Quickbooks desktop, which is used for financial reporting, paying vendor invoices, and recording our daily deposits (which then get batched back to Connectwise to track our customer finances).
Please, we need a recommendation for a cloud-based accounting software. I'd be okay with QBO, but I heard it cannot handle weighted-average inventory. Does it matter though? I am using Connectwise for my product catalog and stock status reports, so I just need an accurate inventory valuation on my balance sheet. I also liked my demo with Xero, but it seems their target business is <$1 mil. Anything else I should be looking at?
submitted by Parsec1281