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Level 1

need some QB advice

Hi,

I am sure I am not the first one to ask this but I need some advice. We started a small tech company in 2016 and since I (engineer) was tasked with accounting, HR/Benefits and other tasks outside my comfort zone, I picked QB's online, signed us up for Trinet for HR/Benefits and hired an accounting firm to check monthly what I do is correct and never looked back. 

But now, with us (we sell consumer non subscription, small business subscription and enterprise subscriptions software having grown and having more investors, I am running into issues and I need some advice if people here feel QB apps can help or if it might be time to get a larger tool like netsuite or Intacct maybe.

Here are the problem.

 

1. I have excel sheets that get longer and longer to track vendor amortization and also corporate revenue recognition/deferred revenue. These sheets get more and more complicated since we have hundreds of large customers now who add to subscription, renew early, etc. 

 

2. So far we handled our few employees as one junk. No breaking out commissions and salary by department. Trinet reports can do this but qb's just gets one trinet receipt that shos salary (commission and  salaries), taxes we paid per payroll, benefits cost, trinet cost. Not granular

 

3. I don't break down all costs per department. since many people did many functions we put sales/marketing together, product together, etc.

 

So now the request is to have better and lighter reports, to show:

 

-Recurring revenue

-Non-recurring revenue

 

This would basically mean we change all the categories we have now from enterprise, small business yearly, small business monthly, consumer, etc to these two new categories.

 

-COGS (I started to do this but the reports look weird in QB’s and include way too many details, we want a light report to share with investors, etc.)

 

-compute gross profit and gross margin (not done today due to the whole recognized vs. not revenue which makes QB’s not the ideal tool

 

-Expenses by dept (includes salaries)

This will require me to create these 4 departments and to somehow get Trinet reports in there to break salaries, commissions, payroll tax, benefits down by employee/department (not done today but available via Trinet) and also categorize expenses better by departments.

 

Departments:

-Sales

-Marketing

-Product Development

-G&A

 

-compute net income

 

 

I started to turn on classes in QB's but I find it super annoying and PnL and Balance sheet still look too detailed and don't do what I want/need above. 

 

So here is my question. Are there apps that would allow me to do better and easier reports than the ones qb's comes with ? 

 

- Are there apps that can help to handle subscription software/deferred revenue better so I can dump excel sheets/journals, etc ? 

 

- same question for vendor amortizations ? 

 

All this manual work is beginning to get too much and it appears QB's was never really created to deal with deferred revenue

 

or should I maybe start looking into programs that are better equipped to deal with it ? 

 

We use Salesforce for quotes and all sales activity and QB's for all invoicing. But again, it is the simple reports that we had in the past with the 4-5 liners cogs, ebitda, net income, gross profit/margins, expenses by department.

 

thanks

 

 

2 Comments
Highlighted
Level 10

need some QB advice

"We use Salesforce for quotes and all sales activity and QB's for all invoicing"

what's the difference between sales activity and invoicing?

Highlighted
Level 1

need some QB advice

Not that important for my question but SF is used for leads, communication, Quotes, po’s, collection of all other data (status of trial, support issues, etc)

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