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How QuickBooks Can Help Contractors
The great thing about QuickBooks Online is that it keeps bookkeeping data and accounting reports up to date and has nice features for contractors and businesses. Here are four ways QuickBooks can help you with your construction or contract work.
Job Costing / Estimating
QuickBooks makes it seamless for calculating both income and expenses on the projects you are working on. All you have to do is input some information into a couple of places on the program and that’s it. You can import or manually enter your estimates into the program, you can then run job costing reports that quickly tells you if you are under or over budget. QuickBooks even breaks it down further by showing you each phase of work and the costs allotted to them.
Cash Flow Reporting
Cash flow is imperative for contractors, and QuickBooks has the ability it is track both incoming and outgoing funds. QuickBooks provides several built-in reports to make this information easily accessible.
You can also utilize QuickBooks for payroll. You need to set up several items, such as deductions and benefits, and then you can easily enter time and print out paychecks or send direct deposits. Also, don’t forget to use the add-on TSheets, which includes a time clock app for your crew to utilize.
Year End & Taxes
When it is time to print year-end tax forms, such as W-2s and 1099s, you can easily achieve this with QuickBooks. With QuickBooks automatically performing calculations, it eliminates the need for separate tracking of information.
Our bookkeeping professionals at BrightBooks, LLC can help you manage and track your growing business. Please contact us for more information to help you manage job costs, save time, and stay organized. We are happy to get you started on the path to progression.