The Best Version Of QuickBooks Online For Contractors: QuickBooks Online Advanced And Why You Need It

Contractors face unique challenges in accounting, from job costing to managing subcontractor payments and handling complex billing cycles. Whether you’re new to QuickBooks or considering a switch from QuickBooks Desktop, QuickBooks Online Advanced offers a suite of features designed to meet the specific needs of contractors. Let’s dive into how this platform can streamline your accounting processes, providing real-world examples and highlighting its top features.

Addressing Contractor-Specific Needs with QuickBooks Online Advanced

Contractors require an accounting solution that can handle the detailed tracking of project costs, manage invoices with varying payment terms, and offer flexibility in financial reporting. QuickBooks Online Advanced addresses these needs with robust functionalities tailored for the contracting business.

Top 5 Advantages for Contractors

1. Project Profitability Tracking: QuickBooks Online Advanced allows contractors to track the profitability of each project in real-time. You can allocate expenses, labor costs, and materials to specific projects, ensuring accurate costing and billing.

Example: A general contractor managing multiple home renovation projects can use QuickBooks Online Advanced to monitor the budget and actual spending on each project, identifying areas where costs are overrun and adjusting future quotes accordingly.

Learn more about project profitability tracking in QuickBooks Online.

2. Custom Billing and Invoicing: With customizable billing options, contractors can create progress billing invoices, milestone-based billing, and manage retainage for each project. This flexibility ensures you can bill your clients according to the agreed-upon payment schedule.

Example: For a large construction project, you can set up milestone-based billing to automatically invoice clients at key project phases, such as completion of the foundation, framing, and final walkthrough.

3. Advanced Reporting: Access to customizable reports allows contractors to analyze job costs, compare estimated costs vs. actuals, and track project progress. These insights are crucial for making informed decisions and maintaining profitability. Whether you need standard financial or management reports, QuickBooks Online Advanced provides the tools you need.

Example: Before bidding on a new project, you can generate reports from past projects to assess the accuracy of your cost estimates and adjust your pricing strategy to improve margins.

4. Subcontractor Management: Easily track subcontractor payments, 1099 forms, and ensure compliance. QuickBooks Online Advanced simplifies the process of managing subcontractor agreements and payments.

Example: You can manage and track all subcontractor payments within the platform, ensuring that all payments are accounted for and that necessary tax documents are prepared at year-end.

5. Integrated Time Tracking: For contractors who bill based on labor hours, the integrated time tracking feature enables you to capture employee and subcontractor hours directly in QuickBooks Online Advanced. This ensures accurate billing and payroll processing.

Example: Your team members can log their hours spent on different projects directly in the app, making it easy to bill clients for labor and calculate payroll accurately.

Other Top Features of QuickBooks Online Advanced

• Custom User Permissions: Tailor access based on employee roles, enhancing data security and integrity.
• Batch Invoicing and Expenses: Process multiple invoices and expenses at once, saving time and reducing manual errors.
• Automated Workflows: Set up automated billing, payment reminders, and workflow approvals to streamline operations.
• Enhanced Customization and Control: Customize the platform to fit your specific business processes and needs.
• Online Backup and Restore: Secure your financial data with automated backups.
• Priority Circle Membership: Get premium customer support and a dedicated account manager.
• App Integrations: Connect with a wide range of apps to extend functionality.
• Cash Flow Management: Get insights into your cash flow with customizable dashboards and forecasting tools.
• Role-based Dashboards: Provide relevant financial insights to team members based on their roles.
• Advanced Security Features: Protect your financial data with state-of-the-art security measures.

Learn how to master project management with QuickBooks Online Advanced.

Discover the Full Potential of QuickBooks Online Advanced

While the features and advantages of QuickBooks Online Advanced are compelling, the best way to understand how it can transform your contracting business is through hands-on experience. We encourage you to take advantage of a free demo and consultation. This is particularly valuable if you’re transitioning from QuickBooks Desktop or another accounting platform, as it allows you to see the differences and ensure that QuickBooks Online Advanced meets your specific needs.

With the free 30-day trial, unlimited consultation, and access to over 100 training videos, you have everything you need to explore QuickBooks Online Advanced. And if you decide to make the switch, enjoy discounted pricing, free data conversion, and unlimited support for the life of your subscription.

To start your journey with QuickBooks Online Advanced, call our experts at 866-949-7267 or click on the free trial link below.