QuickBooks Online Advanced is a good fit for different industry types, including contractors. From estimate creation to team collaboration and job costing reports, Advanced helps you manage the different aspects of a construction business.
In this post, we’ll go over the key features and benefits of QuickBooks Advanced that are particularly useful for contractors.
Ability to Manage Multiple Contractors
QuickBooks Online Advanced allows you to manage different contractors and subcontractors by automating the process for obtaining Form W-9 and tax ID information. You simply send an email invitation to your contractor, have them complete their information, and in a few minutes, you’ll have everything you need for tax time—making 1099 reporting easy. One of the best parts is that you can add up to 25 users with customized roles and permissions so that only the right person can view and work on the right document.
Track Project Profitability
Many contract-based businesses find themselves lost when tracking whether their projects are making money or not. Advanced solves this problem by allowing you to track time and expenses for each project as well as generate profit and job costing reports from anywhere. This helps you determine which of your projects are the most profitable and which ones have cost overruns. With QuickBooks Advanced, you can separate your hourly labor from your other project costs, helping you better understand your profits from each project.
Collaborate from Anywhere
Another benefit of QuickBooks Online Advanced is that you can conveniently collaborate with your team members from any location. As a cloud-based program, you can access QuickBooks and your data anytime, anywhere, and from any device. This means project managers, supervisors, or other team members can create and assign it to someone, create and send invoices, collect payments, and clock in and out from their mobile devices.
As a contractor, it is important to issue invoices within the shortest time possible once the project is completed. QuickBooks Online Advanced helps you speed up the invoicing process by 37% with its batch invoicing feature. This tool lets you create and send a batch of multiple invoices all at once so that you don’t have to send each invoice individually to each customer. You can easily duplicate an invoice for a single customer or assign them to a group of customers.
Construction App Integration
While QuickBooks Online Advanced is a strong accounting solution for contractors, it’s not a full-fledged enterprise resource planning (ERP) system and has no contractor-specific management features. Good thing it integrates with solid construction apps, such as AutoEntry, Corecon, and Buildertrend. These integrated apps can convert Advanced into a powerful accounting and construction management solution. For instance, while you can manage the accounting side of your business with QuickBooks Advanced itself, you can integrate it with Buildertrend so that you can process single-entry estimating, building proposals, and bidding requests.