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How Jira and Quickbooks Work Together To Streamline Financial Procceses

Jul 15, 2020 12:49:41 PM

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Before I joined Praecipio Consulting, my background was in financial services, so I had never heard of the Atlassian suite of software before. My work-life consisted of strictly Excel, email, and a Bloomberg terminal. Needless to say, I was a bit confused during my first week as to how Atlassian’s software (in particular, Jira) would work with my new role in accounting. The more I learned about Atlassian’s software, the more I asked myself, “How does process management software geared towards developers apply to a financial controller?”

It’s safe to say that my early assumptions about Jira couldn’t have been more incorrect. I can seamlessly link every transaction to ongoing projects, open accounting issues, and everything under the sun that exists in Quickbooks (our system of record). I can’t tell you how much easier it is to simply reference a Jira ticket in a Quickbooks transaction instead of having to go through the arduous process of saving everything to Quickbooks. As a result, I am now as dependent on Jira as I am on Quickbooks!

How it works

Here at Praecipio Consulting, we created an Accounting project in Jira Service Desk, which is where we prioritize all invoicing and client correspondence. Once we create the ticket, it is assigned to the appropriate resource, and then all correspondence with the client or internal employees is attached to that issue, either through comments or cc'ing the ticket when sending an email. We use issue types like Accounting Submission, Generate Invoice, Billing Question, or Task. Each of these issues has unique fields and unique workflows that ensure it ties directly to an entry in Quickbooks and follows the necessary steps for entry.

In addition to using Jira Service Desk for invoicing and client correspondence, we integrated Salesforce and Jira to automatically create leads for licensing and projects alike. The workflows are specific to the opportunity type and auto-create the appropriate subtasks for accounting and sales. These issues are automatically assigned to the appropriate resource as you move each lead through its workflow. We reference each issue in Jira to the appropriate bill or invoice in Quickbooks, creating traceability for each opportunity. This integration ensures that we don't overlook any step in the process, from the closing of a sale to sending the final invoice.

Lastly, we use Tempo Budgets to perform billing closures on all of our projects. Budgets provides a perfect snapshot of the management of our planned vs. actual profit margin, revenue, and costs. This allows us to see which projects were over or under budget and ensures everything was billed accurately per each statement of work. 

 

To say the least, I do not know how I would do my job without Jira, Jira Service Desk, the Tempo suite of products. These tools aren't just solutions for developers; team members within any business unit can use them to improve their processes.

As we start the second half of the year, there is no better time than now to evaluate how you can automate tasks and streamline your accounting processes. Connecting Quickbooks to Jira could just be the solution that you never knew you needed!

Written by Ashley Halleck

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