Are you looking to find the right project management software or application for quickbooks online (QBO) ? In this post, we’ll talk about the key features and questions you’ll need to consider when researching applications.

First, setting the criteria. 

In many technology hunts, especially ones around project management, it’s important to define what you hope to accomplish.  For example, in accounting, tax, and bookkeeping firms, project management software would need to be able to handle a large client list, or many recurring due dates, projects, or job.

During this stage, think more in terms of what you want to accomplish, not just of features. For example, if you find that managing profits is difficult because it’s hard to track team capacity, then you’ll want to look for tools that have team tracking or capacity modules inside… however, two similar tools might solve the problem in two different ways. In which case, be sure to focus on the end goal and what you want to accomplish. Ask the vendor how they would solve that problem with the tool.

Next, finding a way to test Project management software that has the Quickbooks Online (QBO) Integration 

Next it’s important to find a way to test drive the project management application with your quickbooks account. In this stage, you can approach a similar question of “what are we trying to accomplish”. For many quickbooks online or QBO integrations, client, contact, or customer sync is a must have. This allows for a central database of all customers or clients within the system. This is crucial in terms of integration because it allows you and your team to work without having to spend non-billable, admin timing importing or updating separate client databases.

The other critical functionality to review is around the time and timer function inside of your project management software. If you’re currently using a timer, whether it’s for payroll, invoicing, or to measure productivity and profitability, the project management and QBO integration would either need the functionality internally (ie a timer in the app), or have a tight integration with another timer application. 

While it’s not ideal to have multiple applications (and therefore multiple databases, client lists, payment information), if you decide to go that route, you must have a process in place to check the data across multiple applications on an ongoing basis.

However, if you find a tool with a timer functionality built-in, then the QBO integration would need to integration both time and billing back into quickbooks online. Simply put, when a team member enters time (manually or through the timer), this time will have to sync with your quickbooks online account.

Next steps, brining in your team 

The final part of the decision-making process, once you’ve found the tool that is a good fit for your firm, practice, or business, is to circle in your team. After all, they will likely be using it every day! Make sure your team feel comfortable with the application, and to the extend that you have a few team members that are less tech savvy that others, be sure to connect with the vendor and ask if they have specific training programs for onboarding new teams (and of course, if they’re complimentary or an additional charge).

Want to test drive Jetpack Workflow, which comes with a full QBO integration (both a client/customer sync and time sync)? Click here to get started on your 14 Day Free Trial 

 

See Jetpack Worflow In Action

Get under the hood of Jetpack Workflow’s accounting workflow and project management platform. See some of the top features and how it helps your firm standardize, automate, and track client work more efficiently.

Today’s guest is Edi Osborne, Founder of MentorPlus, who is responsible for helping Firms across North America bill and drive $100M in non-traditional revenue & services.

In this episode, we cover:

+ Each level of the Level 5 Service Model (and how you can move through each stage)
+ Common mistakes firms make when becoming a “trusted business advisor”
+ Specific strategies and tactics to improve client relationship (and retention), find additional services to offer, and much more!
+ How to drive $100M in non-traditional revenue & services with your current firm

Listen on iTunes

Additional Links: 

We, at Jetpack, are giving away Edi Osborne’s Book called: Firm Forward: A Journey From the Land of Compliance to a World of Reliance.

Key Summary:

A big revelation for accounting firms is that they are missing the big picture when only focusing on the financial aspects of business.  So much more business opportunity is achievable when advising on a wider range of business decisions for your clients.

Come join Edi Osborne in learning how you can be part of the many firms who together have billed more than $100million in additional services and offerings to their clients.
Edi Osborne is the Founder and CEO of Mentor Plus that has been working on a cure for random acts of consulting for over 20 years.  Her work has help hundreds of firms across North America transition from compliance to reliance by adopting a repeatable structure approach to delivering high value advisory services.  CPA Practice Magazine has recognized Edi has one of the top 25 thought leaders and most powerful women in the accounting profession.

Edi is the author of the book Firm Forward that outlines:

  1. How to differentiate and grow your firm in a post-recession, new normal business environment.
  2. How to attract and retain ideal clients.
  3. How to attract, retain, and accelerate the professional development of your team members.
  4. How to drive $100M in non-traditional revenue & services.

And, according to Edi, a business is worth more as it evolves through the Level 5 Service model.

The Level 5 Service Model BluePrint:

“The Level 5 Service is a structured approach to delivering high-value advisory services. The practical logic embedded in the Level 5 Service makes it easy for any practitioner to immediately add value to their client relationships.”

It is a framework that addresses business metrics for your firm in a systematic way.  

This model is has generated over $100 million in new, non-traditional revenue for firms across North America.

Level 1 – Service Analysis:

Level 1 categorizes the core, commoditized services that every firm provides.  These services are the technical foundations when getting financial information correct.  They include:

  • bookkeeping,
  • accounting work
  • audit and taxes

“As long as it remains, commodity firms are going to have a hard time when competing at that level so I will see pricing such an issue for firms but also clients want more,” Edi says.
“Every single accounting firm I know does a Level 1 service and they do it well but you know what that is?  An assumed competency.

Plus, even if you do it better and most often even when you’re better than your colleagues down the road, the client doesn’t know that and perception is everything,”  
She continues by saying “if the client perceives that I can get the tax return done here or down the street and one is “x” dollars and the other is “x” times $2, you know if they don’t perceive the difference, they will go for the cheaper price every day of the week.”

Level 2 – Financial Outcomes:

Level 2 categorizes the steps necessary to achieve financial fluency and in identifying the potential opportunities.  It provides business owners with ways to connect the business drivers with financial outcomes.

Level 2 is divided into two sub-categories:  Level 2a and Level 2b.

Level 2a is about the understanding the financial information produced at Level 1 such as the connection between the balance sheet and the income statements and the cash flow and then conveying its meaningfulness to the client

Level 2b addresses the “what if” questions and lost opportunities by looking at the past results and identifying what do to more effectively going forward.

For example:  “What if” accounts payable shrunk to 60 days instead of 75 days or if inventory was turned faster?  How will these improvements enhance margins?   “What if” we raise our prices and we lost 20% of our customers?  What impact will that move have on business?  

We, at Jetpack, are giving away Edi Osborne’s Book called: Firm Forward: A Journey From the Land of Compliance to a World of Reliance.

Level 3 – Business Direction:

Level 3 categorizes planning steps in strategizing the business direction.  
Level 3 focuses on the big picture and poses the questions:  

  • Where do you want to be?  
  • How does the future look?  
  • How are you going to get there?

Level 3 is about conducting planning sessions with clients to help them understand what are their goals.  For some, the goal may be to build the company.  For others, the goal may be an exit strategy.  

Level 4 – Firm Execution:

Level 4 categorizes the execution steps within the organization that are necessary to achieve those big business goals.   

It involves putting in place measures, systems, and processes that engage the entire working team to improve their performance and steer the company in the direction of their overall business goal.  

Engaged employees will begin to develop an ownership of these processes and an understanding of the strategic insights of the firm.  

Next, implementing a way to measure whether or not the company’s goals is accomplished through building a Business Dashboard.

A Business Dashboard tracks development metrics related to these goals and systematizing the business.  The Business Dashboard can be customized based on the internal audience including the CEO and COO versus the VP of Finance versus Marketing and Customer Service versus Human Resources.  

We find when we open the door, when we bring in employees, when we engage them in this conversation, when we show to them what the big picture looks like, we raise their strategic intelligence.  They become a huge management asset to the organization,” Edi assures.

Level 5 – Continous Improvements:

Level 5 categorizes ways to implement continuous improvements or better known as the Japanese concept Kaizen, a continuous improvement cycle.

This highest level is about identifying possible dysfunctions that may happen and getting ahead of the curve to improve upon them.  

Edi challenges whether the business is measuring the right metrics that lead to desired improvements or the wrong measures that create undesirable outcomes.

Think about a business that operates on Level 1 [information] versus a company that operates at Level 5 quality of information.  A Level 5 company has worked through where they were going, they got the measures, they got the employees engaged they got policies and procedures that insures there’s consistency and quality throughout their organization that’s a better run organization what more at the time of sale.”

Help your clients help themselves and earn more revenue than you ever have.  

It will be a winning combination for you and your clients.   

We, at Jetpack, are giving away Edi Osborne’s Book called: Firm Forward: A Journey From the Land of Compliance to a World of Reliance.

See Jetpack Worflow In Action

Get under the hood of Jetpack Workflow’s accounting workflow and project management platform. See some of the top features and how it helps your firm standardize, automate, and track client work more efficiently.