Sync invoices with Quickbooks
Operational processes are a major overhead for companies, especially when the same department is responsible for turning tracked time into invoicing and reconciling them once paid. They’re also most exposed to risks as complexity increases in the business.
Let’s say you’re using a mix of flat fees and hourly rates to bill clients. Everyone in your team is likely to have a range of fees – higher for senior roles and special fees for emergency advisory services and support. Each time entry for each team member is then associated with a unique billable rate. Scale this for dozens of projects and clients, and you quickly find yourself in a position where you lose revenue due to incorrect or incomplete invoices.
In Timely, you can generate invoices for any time interval and any project. The information is carried to Quickbooks, removing the pressure of both project managers and accountants to reconcile the number of hours worked with the total amount billed.
Conversely, when invoices are paid in Quickbooks, they’re marked as billed in Timely to prevent you from double-billing clients if invoicing cycles overlap.
How do I sync Quickbooks invoices?
Click on the Quickbooks integration in your Timely workspace and connect it to your Quickbooks company account. You must have a company set up in Quickbooks before you start syncing invoices and billable hours with Timely.
This integration is a two-way sync integration that automatically marks as “Billed” all hours captured Timely that are part of a Quickbooks invoice. It also syncs all invoices created in Timely with your QuickBooks Online account in a click.
You need a Premium or Unlimited Timely subscription to enable invoices sync between Timely anf Quickbooks.
What are the benefits of syncing billable invoices with Quickbooks?
Stop losing revenue to underbilling
Underbilling is a frequent problem for businesses who bill by the hour. The invoices you send to clients should add up all individual hours submitted by your employees, but the reality is that – between human error and poor billing practices, you could be underbilling and losing revenue on an annual basis.
Under-billing can go unnoticed for months: $500 in a $20k project, or a few hundred dollars a day across concurrent projects when timesheets come in late and you’re under pressure. On paper, everything looks fine, but your accountant may report lower cash flow at the end of the year, compared to your project profitability projections.
To reduce the risk of under-billing, use the Timely integration for Quickbooks. The system carries over all time logged to your Quickbooks invoices, leaving no room for errors in the process. This, combined with Timely having the highest time tracking accuracy in the market, makes running projects must easier, so you can focus on growing your business.