One of our clients in New York City provides advanced analytics for media and entertainment companies and had struggled for many years to keep their accounting records up to date.
They were using Wave accounting to do invoicing.
They were also downloading transactions into wave, but no one on their team was posting any of the transactions correctly.
The data in their Wave accounting file could not be used by their accountant at the end of the year, so the accountant duplicated the bookkeeping efforts in order to get accurate information that he could use in order to file the necessary tax returns.
The company did not have an accurate pulse if they were making or losing money.
The only way they monitored how they were doing was by reviewing their bank balance.
After talking to Precise almost a year ago, our client finally decided to give us a try.
The first thing we did was convert their accounting system from Wave to QuickBooks Online.
They also used JustWorks, a third party application for their payroll and contractors.
We integrated JustWorks with their Quickbooks file.
Also they did not want to turn over the invoicing function to our team. We agreed, as we felt that we would be the bottleneck, so we trained them on how to do the billing using Quickbooks.
They struggled with classifying their bank and credit card activity.
We needed to make sure that we could create a win-win.
They were looking for an outsourced solution that would decrease the amount of time the client’s team would need to work on the books.
The client trusted us and gave us read-only access to their bank and credit cards used by the business. This allowed us to do the monthly bookkeeping without bothering the business owner. From time to time we just request the client to clarify transactions that we are not able to identify.
Using Precise has provided me with the numbers to monitor my business and my team to do invoicing more timely and accurate. I should have gotten started with Precise a long time ago.
Precise gave me better options
Since finding Precise, the team has been able to use their smartphones to do billing and not have to worry about any other area of their bookkeeping, thanks to Precise. According to the business owner, “using Precise has provided me with the numbers to monitor my business and my team to do invoicing more timely and accurate.”
The Benefits of Using Precise with QuickBooks
For this client, the integration with QuickBooks Online has been the business owner’s dream.
We pointed out clearly to this client that if their business ever outgrew our services it would be easier to find a bookkeeper in house that would know QuickBooks. This is usually a big mistake that most companies make when selecting any bookkeeping service. They use software that only the existing bookkeeping will be able to use, which makes it that much more challenging when you need to switch.
Using Precise they are now able to easily import all their activity from JustWorks.
They get timely reports to monitor the business by the 15th of every month.
The best part of all is that at the end of the year they will give their tax accountant access to the Quickbooks file and he will finish the tax returns without having to recreate any data.
“It makes my life better than before and it even helps my accountant during the busy season.”