QuickBooks Professional Services Edition is a version of QuickBooks Premier that is tailored for lawyers or any other business that bills their customers by the hour. Hourly rates can be set by type of service, employee, or customer. Unbilled time and expenses can easily be added to invoices.
QuickBooks Professional Services Edition is the same price as the base version (or General Business edition) of QuickBook Premier. After purchasing QuickBook Premier, you will be able to select the Professional Services Edition prior to downloading the software.
Pros & Cons of Quickbooks Professional Services Edition
Fast navigation and input compared to cloud-based programs
Difficult to share company file compared to cloud-based programs
Create billable and non-billable service codes
Can only access from the computer(s) where it is installed
Batch create invoices for unbilled time and expenses
Does not automatically track realization percentage
QuickBooks Premier Professional Services Edition Pricing
The professional services edition is available for the same price as the base edition of QuickBooks Premier. QuickBooks Premier Professional Services Edition can be purchased for a one-time charge or as an annual subscription.
QuickBooks Premier Professional Services Edition
QuickBooks Premier Plus Professional Services Edition
Maximum Installations for No Additional Fee
Simultaneous Users Allowed With a Single License
Additional Fee per Simultaneous User
(maximum 5 users)
$499.95 per year
(maximum 5 users)
Required Edition Upgrades
Every 3 years
Free Maintenance Updates
Free Edition Upgrades
Unlimited Customer Support
Online Data Backups
Ready to get started with QuickBooks Professional Services Edition?
Who QuickBooks Professional Services Edition Is Right For
- Businesses billing customers by the hour: QuickBooks Professional Services allows employees to assign their hours to particular customers and jobs. Invoices can easily be created by selecting the hours and expenses to bill.
- Businesses that need to vary their hourly rate: Employees can set hourly rates, service being provided, or customer or job.
Who QuickBooks Professional Services Edition Is Not Right For
- Businesses that want to track billing adjustments by employee: You will need additional specialized billing software if one of the factors you use to evaluate employees is the percentage of their billable hours realized.
- Inexperienced bookkeepers: If you don’t have experience with bookkeeping, you’ll need to hire an outside accountant to ask questions and keep you on track. It’s harder to share your QuickBooks data with your accountant using the desktop product than with a cloud-based accounting solution.
Not sure whether to go with an on premise or cloud based accounting software? Read our guide to Quickbooks Online vs Desktop to understand the main differences.
Alternatives to QuickBooks Professional Services Edition
Consider Instead of QuickBooks Contractor
All-in-one solution with accounting and practice management tools for law firms
Easier for inexperienced bookkeepers that need frequent help from an external accountant
Allows up to 25 simultaneous users
More affordable while still including great functionality
QuickBooks Professional Services Edition Key Features
Service firms will find these useful features in QuickBooks Professional Services Edition:
- Set billing rates by employee: You can set any number of billing rate levels and apply them to whichever employees you choose. For example, you might specify that managers bill a specific rate.
- Set price levels for different services: You can set a per hour price level and assign it to particular types of work. For example, you can create a service item for lawn care and set a price level of $50 per hour, regardless of which employee performs the service.
- Set special price levels for certain customers: You can set special price levels to be applied to particular customers. For instance, you can set a friends and family special price level equal to 90% of the standard rate for all services. After assigning the friends and family rate to the desired customers, it would automatically be used when an invoice is calculated.
- Assign time and expenses to customer jobs: You can enter employee time in a weekly timesheet and assign it to a particular service and customer job. Non-billable time can be assigned to a non-billable service item. The timesheet entry not only is used to accumulate hours to bill but also to calculate an hourly employee’s paycheck. Hours entered for salaried employees will not affect their paycheck. Expenses can also be assigned to customer jobs as vendor invoices are input.
- Batch create invoices for unbilled time and expenses: You can batch create invoices for unbilled time and expenses. QuickBooks will provide a screen showing all unbilled time, expenses, and mileage by job. You can select the clients you want to bill, and invoices will be generated automatically. You also have the choice to select a single job and view the detail of unbilled time and expenses to bill only a portion.
- Reports: While QuickBooks Professional Services Edition includes all the traditional financial reports of QuickBooks Premier, professional service firms will also have these useful reports:
- Expenses not assigned to projects: You can refer to this list to find expenses that have not been assigned to customer jobs.
- Unbilled expenses by project: This report will provide a list of expenses that have been assigned to a customer job but not yet billed to the customer on an invoice.
- Billed and unbilled hours by employee and project: Here, you will find a list of hours that have been charged by employees to a customer job, but haven’t been billed to the customer.
- Billed vs proposal by project: This report compares the proposed fee for a customer job to the amount that has already been billed. You can refer to this report to determine if additional unbilled time and expenses should be billed.
- Actual project costs detail: You can analyze this report to determine the actual cost incurred on a customer job. This is different from the amounts billed for a job. For example, while you might bill a customer $100 per hour for a particular employee, the actual project cost report will only show the amount you paid the employee, perhaps $25 per hour.
QuickBooks Professional Services Edition is a great desktop software that helps independent lawyers, law firms, and any other businesses that bill clients by the hour to accumulate hours and manage billing rates to effectively invoice clients. However, it does not track billing adjustments by employee. Larger firms may want to use the software for their core accounting needs, while using specialized software to track employee’ billable-hour realization.
To purchase QuickBooks Professional Services Edition, first purchase QuickBooks Premier and then choose the Professional Services Edition before downloading the program. Visit QuickBooks today to get started.