QuickBooks is a great accounting system for many businesses. In this episode of MissionBusinessPodcast.com, Bernard Roesch explains how you can use QuickBooks as the accounting system for your consulting or coaching business.
If you have any questions about this podcast episode, please feel free to contact us.
Bookkeeping Needs for Consulting Business
In a consulting business or coaching business, your bookkeeping needs are fairly simple. You are selling time or sometimes selling a project, also certain services might be recurring if a client engages you for monthly services. You can invoice for this information directly within QuickBooks and send the invoice to the client.
Tracking Time in QuickBooks
Because you are selling your time in the form of consulting or coaching, it’s important that you track that as a cost in your business.
- You can use QuickBooks to record time and apply it to a client’s specific project.
- QuickBooks can then compare the client revenue versus expenses for each project so you can track for profitability over time.
- Although your own personal time does not have a hard cost that you pay for it, it’s important that you assign a value to that time so you can accurately track your profitability in QuickBooks.
Recurring Coaching and Consulting Services
If you provide recurring services to clients, for example, a monthly coaching package, you can configure QuickBooks to streamline the process.
- You can set up memorized transactions or recurring invoices to automate the billing process with your clients.
- If you have a fixed project that’s paid in installments over time, the memorized transaction feature is also helpful to trigger invoices at specific times in the project.
We Can Help You
If you need help configuring QuickBooks for your consulting or coaching business, contact Bernard today. You can also visit MissionBusinessPodcast.com for more insights that Bernard has been sharing with us in the previous episodes.