04/09/2021 | By Carla Sarabia
Sloppy bookkeeping and billing practices is one of the most basic drivers of underperforming contracting companies. Maintaining good bookkeeping is essential to profitability for companies and peace of mind for owners.
Intuit’s QuickBooks software has served as the industry standard for bookkeeping across nearly all industries for decades. Construction is no exception to this rule.
Proper utilization of QuickBooks can be one of the primary drivers of successful habits that support the growth of contracting companies. The tool is an easy solution for managing invoicing, expenses and job costing. Here are some of the top questions and answers for contractors in using QuickBooks.
How can QuickBooks help with Job Costing?
Basic use of QuickBooks will help to see see exactly how much money you spend and make for each job. There are tools that help to capture pictures and receipts for expenses, and allow you to tag hours and other expenses to each job to keep track of every dollar. It is a built in feature to view profitability and cost reports to better understand performance of both the company and individual projects. Additionally, QuickBooks Projects is a feature available to QuickBooks Online Plus and QuickBooks Online Advanced customers that has solutions for job costing built specifically for construction.
Can QuickBooks help with invoicing and billing?
QuickBooks can help eliminate messy or inconsistent billings for contractors by centralizing all billing and collection data. QuickBooks invoicing for construction gives the flexibility to get paid in whichever method is most preferable to both the contractor and the customer. It accepts all major card types, bank transfers, checks, or cash. Invoices have a “Pay now” button so customers can pay instantly online, and you can even integrate mobile card readers so that people can swipe a card on site. QuickBooks automatically processes the payment, assigns it to a job for tracking, and transfers the money directly to the bank.
Can other people access my QuickBooks so I don’t have to?
QuickBooks is built with multiple administrative access levels, so that contractors can customize who in their organization can access or input information. Also importantly, the accountant permissions provide CPA’s with a free version of QuickBooks designed specifically for them. QuickBooks Online Accountant provides a messaging exchange and document transfer portal directly inside so that they can stay on-top of issues that might impact your business or tax reporting in real time.
Want to learn more about how to turn these insights into actionable best practices for your business through the experts at the Certified Contractors Network? Add the tools you need to make your business thrive by becoming a member and getting full access to thought leadership from the industry’s leading professionals.
Share
About CCN
Read More Blogs Like This
Related Posts
UncategorizedTop Roofing Materials for Severe Weather Conditions
Roofs are constructed to repel against heavy rain, thunderstorms, hurricanes, winds, snow, hail, and other major weather conditions. Although most roofs provide protection from these conditions, certain roofing materials have an advantage over others during severe weather conditions. Below, the home improvement professionals at Certified Contractors Network detail the benefits of some of the most…
Business PlanningWorker Safety in the Construction Industry
Construction sites are a naturally dangerous setting even when safety is a top priority. As an owner or manager in the contracting industry, it is essential that you take action to protect your company’s employees. Below, the experienced professionals at Certified Contractors Network discuss the importance of worker safety and what to do as an…
Business PlanningLead Generation for Contractors: Top Seven Technologies to Consider
Trust plays an essential role in gaining customers and obtaining contracts, and a key driver in lead generation. Traditional lead generation strategies such as television commercials, billboard ads, and radio ads have been less successful with the advancement of technology. Lead generation companies allow contractors to generate exceptional leads. Below, the experienced contractors at Certified…
Personnel ManagementOperations of a Human Resources Manager in the Construction Industry
Human resources is a fundamental department in the construction industry. Without human resources, a construction project cannot be completed successfully. Below the experienced professionals at Certified Contractors Network discuss the functions and importance of human resources in the construction industry. Roles and Responsibilities of an HR Manager In Contracting Human resources management encompasses everything from…
RoofingFive Tips to Avoid Water Damage Insurance Claims for Roofers
Water damage to a homeowner’s property as a result of a leak or unanticipated thunderstorm is the leading cause of insurance claims in the roofing industry. Unfortunately, even if you and the homeowners do everything right, water damage can still occur and lead to expensive insurance claims. If these claims are not handled quickly and…
Business PlanningRising Material Costs to Continue in 2021
The Producer Price Index for construction goods rose 5% over the three-year period ending in November 2020, per the Association of General Contractors. There are many factors causing the rising cost of materials. Tariffs and trade issues drive costs up, as do environmental regulation and changing demand. Many projects require lumber, steel, fuel and…
ContractorsTechnology Tips for Contractors: Frequently Asked Questions on QuickBooks for Contractors
Sloppy bookkeeping and billing practices is one of the most basic drivers of underperforming contracting companies. Maintaining good bookkeeping is essential to profitability for companies and peace of mind for owners. Intuit’s QuickBooks software has served as the industry standard for bookkeeping across nearly all industries for decades. Construction is no exception to this rule. …
ContractorsHR Tips for Contractors: Employee Retention for Contractors Paramount Amidst Labor Shortage
The labor shortage for builders is well documented, with some research suggesting as much as 80% of construction companies reporting not being able to find enough skilled workers. While statistics like that tend to grab the headlines, the more important part of the story for contractors is how significant that makes employee retention and development…
Business PlanningContractor Trends for 2021: Top 5 Difference Makers for Business Owners
After a turbulent year of adjusting forecasts and changing expectations, 2021 will be a year of reemergence and growth in the construction industry. Rising construction costs and labor shortages persist, challenging the industry to innovate competitive new ideas, while stricter regulations contribute to a reduced margin for error and waste. This year, the COVID-19 pandemic…
ContractorsTalent Scouting
If you were at the Fall Conference in Philadelphia in September, or at the Technology for Contractors conference in Park Slope, UT, last June, you probably heard presentations by Michael Matalone. Michael Matalone, who had a feature article in last month’s Toolbox about finding and keeping talent, is an expert on exactly that subject: talent….
