If you are a doctor, lawyer, architect, engineer or consultant, working in these professional services industries can have unique challenges.
Often it involves multiple clients, perhaps different ways of billing. It can be hard to keep track of income and expenses.
Managing your accounts can be quite a headache because of the complex nature of each professional services business.
What many people in this area are looking for is ways to reduce their accounting workload to let them concentrate on their expert area.
What does your business need?
Depending which sector you work in, professional services businesses will have different requirements. From an accounting perspective you may need to:
- Bill based on time, a particular project, work completed or a different method.
- Run cash flow reports, to keep your business running healthily.
- Integrate with online payment systems such as paypal for quick and easy payment.
- Have the ability to scale up the operation as you grow.
- Track the value of each piece of work, and keep an eye on profitability
- Make growth forecasts to give insight into your business.
Xero for professional services is the solution for all these requirements and gives peace of mind that your law firm or engineering business is on track.
Xero professional services add-ons
Xero can be integrated with specialised apps to help your professional services or consulting business thrive.
This app by Xero offers all-in-one workflow, allowing you to run your invoicing, your jobs and time-tracking.
You can also do quotes, timesheets, reporting and financial project management.
WorkflowMAX is a way to gain critical insight into how your business is performing.
It’s an end-to-end business solution which has seamless integration with Xero.
This is a solution for receipt tracking, expense reporting, mileage tracking and company card reconciliation.
Go paperless with Expensify and Xero for all your receipt and expense management needs.
You can review expenses, reimburse employees and close your books each month.
This app which links with Xero provides excellent appointment booking software.
Create the perfect client experience with online bookings, deposits, payments, targeted campaigns and more.
With Xero and Timely you can manage your business appointments, stock, client and sales, and the invoices will be automatically synced to Xero.
There are many more useful apps which link with Xero for engineering firms, xero for law firms or xero for doctors and dentists. You can find out more here: apps.xero.com.