Contractors can use QuickBooks as a very helpful and relatively cheap tool to manage their construction businesses. With QuickBooks you have a complete control over the job expenses and the different types of costs. QuickBooks helps the contractors in way that it manages all of their finances and keeps them in proper order. Contractors that have tried and used QuickBooks have been very satisfied with the outcome as there is a big difference in running and conducting business with or without this powerful program.
QuickBooks is accounting software which is very easy and simple to use. Besides being simple to use, it can manage all of the business that is being conducted. You do not need a whole group of accountants to figure out what the trends are, sales, taxes, costs, payments, expenses as QuickBooks can easily do that for you and more. Everything you need to do is just to insert the expenses and sales and list it in the program. QuickBooks will take care and keep track of just about anything you want regarding your construction business.
Probably the biggest problem that contractors face is keeping track of employee payroll and paying employee payroll taxes. Just one small mistake can have severe negative consequences, so in order to avoid these types of issues, QuickBooks is for the most part, a “must have” program. QuickBooks will precisely calculate all the taxes, and incorporate any new changed laws or regulations automatically when you update, eliminating concerns of accidentally using old or out of date figures. QuickBooks is simple to set up and use and a much cheaper option in both the short and long term than a paid accounting service. All you need to do is input the right information and keep it up to date and current. If you do your part, it will take care of the rest allowing you to just print a copy of all your QuickBooks files at the end of the year and hand them over to your accountant. It’s really as simple as that.
To use QuickBooks to the fullest potential as a contractor, you should always enter an estimate with the detail level that you are trying to keep track of. You can choose to send this to your customers, or keep it to yourself – that’s up to you. This is one of the best time saving features in QuickBooks, because as soon as you put an estimate, you can immediately turn it into an invoice or purchase/sales order by just one click. This will save you tons of time when it comes to future entries and your reporting will be much more concise and detailed.
If you need best bookkeeping and accounting solution for your construction business, then QuickBooks is definitely the right choice. The program has many secret goodies which contractors will find very useful. It might take you some time before you become a master at everything that it can do, but just using the basic features will give you a huge leg up when it comes to managing, controlling and growing the different facets of your business.
Have more questions or would you like help with QuickBooks? Just give us a call at 866-949-7267 or click here to send us a message. We understand how to make QuickBooks work for contractors and are more then happy to help guide you through ways to make your business run more efficiently.