You now have the ability to add itemized services to invoices and contracts. This has been highly requested in our feature request board and we are excited to introduce it.
In short, Services are the list of services/products you offer in your firm. You can now utilize them as itemized line items in an invoice or contract. Previously, you only had a ‘description’ field. Now, you can give your clients full understanding of the services they will receive, their individualized price, and the total sum.
Services can be added manually to contracts or invoices when creating one-offs or added to your templates to be used in automations.
How Services work in Invoices
You can create as many service items as you need in the new Services tab within Settings. Each service has a corresponding rate and you can also add categories (this will help you with QBO sync, more on this below). Prices in invoices are calculated by summing the quantity of each service. That gives you full flexibility on pricing model of your choice. Let’s consider a couple of examples:
- You provide financial consulting with a monthly fee of $300, so you create a service with a $300 rate. When you invoice clients on a monthly basis, put 1 into the QTY field. If you want to bill them ahead of time for 12 months, put 12 into the QTY field.
- You charge $500 per tax return and $200 per tax planning call. You create two services at those respective rates. When you itemize the invoice, specify the quantities — 1 tax return & 1 tax review.
How Services work with Contracts
Just like you may want to itemize invoices, you may want a contract to contain the specific service items you want the client to agree to. You can now add services to individual contracts or add them to templates to be used repeatedly.
Sync with QuickBooks
When you create new services, they automatically appear in your QBO account, along with the correct Category (if one is created). Once a client pays an invoice with attached services, it syncs to QBO with all items as well.
How Services work with automations
If you add services to contract templates or invoice templates, they will be incorporated into the resulting contract/invoice the client receives automatically.
When you add services to contract templates, clients see the scope of work without the final price.
When you add services to the invoice template, the total will be calculated automatically from the services’ rates, their quantities, and sales tax (if any).
This is the first iteration of new TaxDome Services. If you have feedback & ideas on what we can to improve your experience, please share in our Feature Request Board.