Confused about whether QuickBooks is a good choice or not for you as a contractor? Don’t worry you can get your answer here. In this article, we will know all about QuickBooks for contractors. Why it is good and what benefits does it provide. Read the article and learn which top construction apps you can integrate with QuickBooks to improve your business performance. For expert help, contact our QuickBooks ProAdvisor by dialing our toll-free number +1-844-405-0904.
QuickBooks understand that every business is different and one software cannot fulfill the different business needs. So it provides various QuickBooks editions for different types of industries. So that you can focus on your important tasks instead of adjusting your accounting needs according to the software.
QuickBooks Contractor is one of the helpful editions. It is accounting software that is specially designed for the construction industry. With QuickBooks, it becomes easy to customize reports, manage cash flow, send estimates, and know where to focus more. You can choose between the QuickBooks Online or QuickBooks Desktop.
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Features of QuickBooks For Contractors
QuickBooks is ideal for general contractors and subcontractors who spend excessive time tracking the individual job cost. Now we will talk about why QuickBooks is a good choice for contractors and what benefits it gives to them.
- Manage job cost: You can easily track expenses and time for every project. It keeps you updated on where you stand by running valuable profit and full job cost reports.
- Automate accounting tasks: QuickBooks automatically handles accounting tasks for you. All work is paperless and the data is securely and quickly synced across all devices.
- Manage contractors: Send the request to subcontractors in QuickBooks to let them add their W-9 and tax ID information. It keeps you compliant and saves your time on all your 1099s. This feature is available on QuickBooks Online Plus and QuickBooks Online Advanced.
- Keep ready for tax time: Be ready for the tax time by organizing income and expenses into tax categories. You can export important documents and share your books with the accountant.
- Invoicing on-the-go: Plans, contracts, and photos can be attached to the invoice. Invoices and estimates are sent on-the-go. Customers can directly sign on the phone.
- Get paid anywhere: Customers can pay directly by adding pay now button on the invoice. Get paid 2X faster by accepting how they want to pay. It allows accepting debit cards, credit cards, and bank transfers. Use dip cards on site and mobile card reader to swipe.
- Get immediate updates: Get instant notification when the invoice is viewed or paid and update you when your money is deposited. QuickBooks let you send a reminder to the overdue customers which helps you to get paid faster.
- Batch invoicing: Make your workday simpler with batch invoicing. Send hundreds of invoices and import multiple invoices with a few clicks. You can duplicate similar invoices for multiple customers and create invoices 37% faster.
- Profitability insight: Keep an eye on the insight of every project to know which projects are profitable and which need your attention. Clear reports and dashboards help you to be on top of the projects.
- Control Cost: Analyze your project with a bird’s eye. Analyze your profit margin across all the projects and get real-time profitability insights on demand.
- Track labor cost per project: Know how much time and labor cost is spent per project. You can add cost rates by employee or sync effortlessly with QuickBooks payroll.
- Be ready for tax time: Spending can be automatically downloaded and categorized by connecting your bank with QuickBooks. Just snap and save photos of receipts so you always have documents.
- Time tracking: Track time from anywhere from any device. Match your billables to the job and the items will automatically be added to the invoices by QuickBooks.
Customize Your Accounting by Connecting Apps with QuickBooks
QuickBooks integrates with top construction apps to help your business to grow faster. We are discussing some apps you can integrate with QuickBooks. To find more apps, you can visit the QuickBooks app store.
Corecon is cloud-based construction software that offers organizations a solution for estimating, tracking clients, contracts, subcontracts, changes, and AIA invoices. It can be accessed via mobile app and browser It offers complete project visibility that allows you to make quick decisions.
Buildertrend helps to hold your crews accountable, keep your team on the same page with simple scheduling, daily logs and task lists, and leads and customer relationship management. Manage and share your important photos and information with employees, customers, trades, and associates.
RedTeam integrates with QuickBooks to provide a complete construction accounting platform for commercial construction contractors, create contracts, changes, and AIA-style billing. Receive paperless invoices from vendors and subcontractors, track time, expenses, revenue, and job costs. It allows your employees to capture job site photos, access team contacts, and add their expenses and time on the go.
Greenback automatically syncs transactions from the vendors like Amazon, eBay, Delta, Home Depot, Best Buy, and more to your QuickBooks account. It eliminates the need for email, photos, and scans by automatically capturing accurate and fully itemized receipts for your business. There is no need to do manual data entry, so it saves time and money.
ClockShark time tracking
ClockShark and QuickBooks integration allow you to quickly export timesheets to QuickBooks for easy invoicing, payroll, and job costing. You can get the top timesheet app with ClockShark. It provides time tracking with GPS enabled and lets your team clock in and out with a click. It records the data with accuracy so you know what task has been done, how long it took to complete, and who did it.
Knowify enables you to real-time job costing for materials, subcontractors, labor, and equipment. Knowify can help you t save time in your invoicing process whether you bill time and materials or fixed price. Just download the app and Knowify imports all the relevant QuickBooks data. It tracks the performance of every job compared to your estimated costs and budgets.
Frequently Asked Questions
Is QuickBooks good for a small construction company?
Yes, the QuickBooks contractor edition is the best accounting software for small to medium-sized construction industries. There are countless online training resources and forums to get support when needed.
How do I accept payment in QuickBooks?
The pay now button can be added to the invoice so that your clients can pay instantly from the invoice. It enables you to accept all major debit and credit cards, checks, cash, and bank transfers. You can also dip or swipe a card with the mobile card reader.
How can QuickBooks help me in job costing?
Job costing and QuickBooks projects integrated. Now you can exactly know how much money you spend on each job. Keep track of every dollar by capturing photos of receipts, tagging hours, and other expenses to every task.
Hopefully, you understand why QuickBooks is a better choice for contractors. We have discussed what features and apps integration you can enjoy with QuickBooks. Along with this, we have answered the most frequently asked questions by our QuickBooks users. If you also have any queries get expert assistance. Contact our QuickBooks ProAdvisor by dialing our toll-free number +1-844-405-0904.