This is a question we get asked often – I thought I would provide a detailed answer below.
WORK[etc] will take care of all of your customer-related finances. What this means is you can generate your invoice. Once a payment has been received by the client you actually get to record the transaction date, # and amount, and WORK[etc] will record it into your Accounts Receivable and adjust the invoice balance etc.
Any invoice which a balance of $0 is automatically marked off as paid. You might also look into offering PayPal, GoogleCheckout or Credit Card payments through your WORK[etc] system. As with manually recorded payments, these online payments automatically get tracked under your Finances area.
The benefit here is that it gives you an instant, real-time view of the progress of your business without having to refer to an outsourced book keeper or accountant.
With our isbursements/Expenses tools you can select a supplier, and choose whether or not that expense ends up on your customer’s invoice or not. For basic accounting in a simple, small business, service-type business, you might almost get away without even needing to use a separate package unless you have an accountant that demands a certain format or if you need to manage payroll.
For most businesses though, we recommend you work with your accountant and book-keeper – remember that WORK[etc] exports to Quicken and a number of file formats to allow easy integration.