Welcome to the QuickBooks® for Contractors blog!
Welcome to the QuickBooks® for Contractors blog, where we focus on short, simple articles and productivity tips to help you get the most out of QuickBooks in your construction business!The construction industry still requires an enormous amount of “paper”work to keep track of everything, as a result, many contractors and/or their bookkeepers end up creating Excel spreadsheets – because Excel is quick and flexible; or they don’t know how to make a task happen in QuickBooks. As the business grows and changes, this results in an overwhelming amount of data that must be kept updated – located in different programs or locations – making it impossible to see the overall picture in one place.
- Your QuickBooks® Profit & Loss by Job reports only show a single dollar amount in Cost of Goods Sold and Payroll Expenses and you need/want more detail
- You want to track a lot of detail in your QuickBooks® Estimate for job costing purposes; but have customers who want so see only a summary invoice when you bill them
- Your bookkeepers says “I don’t know how to make QuickBooks® show you more detail on job costing reports” or “QuickBooks® can’t do that”
- You are so frustrated and uncertain that you are spending hours updating complex Excel spreadsheets trying to get the job costing numbers you need – or worse yet, you are trying to keep it all in your head!
Wondering where all the cash is going and if all the job costs are being captured correctly is enough to baffle just about any construction business owner and some bookkeepers.
When the bottom-line profit from your construction business appears to be shrinking – it’s a given that you need to assess the situation and turn it around. Proper QuickBooks® setup is the key for evaluating the financial health of your company – you’ve got to know that the numbers you are looking at are accurate.
Quality, Efficiency and Experience you can trust.
We’ve worked with contractors, such as yourself, for many years. We’ve provided short, simple articles and productivity tips that will allow you to achieve the MAXIMUM possible results from QuickBooks® in your construction business, here on our blog. For more in-depth training materials, visit our companion site Learn to use QuickBooks® in your construction business.
Remember, QuickBooks® is a generic bookkeeping and accounting program, designed to be used by every type of business that you can imagine. If it was construction industry specific, well it would have the same big price tag as high-end construction specific software. Sure, Intuit makes a “Contractor” version of QuickBooks®, but even that is designed to meet the needs of every type of contractor – from the handyman to the bridge builder.
Below are some of the important topics that we cover in our blog:
Be a Better Bookkeeper
Excel often initially becomes our friend only later to become our enemy as a business grows.
Stop wasting time manually creating Excel spreadsheets to track job costing, get rid of the clutter on your desk, and learn to make QuickBooks® work for you!
Once inside this section, you’ll find we’ve broken the posts into categories for specific areas and/or tasks in QuickBooks®; such as working with Vendors and Accounts Payable, Customers and Accounts Receivable, Job Costing Tips, Reports and more.
QuickBooks® & Certified Payroll
Generating accurate certified payroll prevailing wage reports IS a time-consuming and error-prone task that MUST be completed in order for your business to be paid on time. Creating certified payroll reports using QuickBooks® payroll data requires careful setup and consistent data entry.
Whether you are new to prevailing wage or have been filling out certified payroll reports for years, there is always something unusual that must be accounted for – whether it’s how to deal with employees who work under multiple classifications during the week or handling a wage restitution.
QuickBooks® Payroll Tips
Payroll is one of the MOST critical pieces of your business.You need to:
QuickBooks® Setup & Cleanup
Setting up a new QuickBooks® file – OR – cleaning up an existing file, so that you can view your numbers in a meaningful way in reports, can be a daunting task!
QuickBooks® provides a very basic Chart of Accounts and Item List, for both General Contractors and Specialty Trades, and it’s up to you to customize them to suit your needs.
QuickBooks® Job Costing Tips
Money doesn’t grow on trees and neither does your profit on a construction project!
QuickBooks® can provide you with some good job costing reports, the Estimate vs. Actual is one of my personal favorites, BUT QuickBooks needs to be setup correctly and job costing information needs to be entered consistently.
Remember … Garbage in (to QuickBooks®) — equals garbage out (of QuickBooks® reports).
This section provides you with helpful tips to make the job costing capabilities in QuickBooks® work for you.
Questions from our readers
Working with QuickBooks® can sometimes be SO FRUSTRATING that you just want to tear your hair out! Especially when you are trying to do a specific task and can’t find any information on how to do it – or the information you find is totally worthless.
This section contains questions that have been submitted by our readers (and you are welcome to submit a question too). Just remember, some questions are easy to answer and others aren’t – ESPECIALLY if you don’t provide enough information!
NOTE: I’m happy to answer most QuickBooks® related questions, however, some questions will end up requiring that you purchase training/consulting time.
- The Great Debate – QuickBooks Desktop vs. QuickBooks Online
- Using Account Numbers in Your QuickBooks Chart of Accounts
- QuickBooks Creating a More Meaningful Payroll Expenses Section
- Calculating & Displaying Fringe Benefits on a Certified Payroll Report
- QuickBooks Tip - Child Support Garnishments
- How To Turn On and Use Manual Payroll in QuickBooks
- Create a QuickBooks Job Cost Report With Hours & Payroll Costs
- QuickBooks Payroll Tip - Tracking Employee Advances or Loans
- QuickBooks Tip - Job Costing Starts With A Simple Item
- QuickBooks for Contractors Tip – Basics of Progress Invoicing
- QuickBooks Tip-Creating a Functional Payroll Liabilities Section
- Welcome to the QuickBooks for contractors blog
- QuickBooks Tip: Important Facts About Items Left as Billable
- QuickBooks Tip-Handling Employee Reimbursements for Expenses
- QuickBooks Tip - Determing Cost of Goods Sold
- QuickBooks 2015 Announced - Important System Requirements
- Straight from the IRS - Social Security Tax Reduced to 4.2%
- QuickBooks Tip - Handling Retainage
- QuickBooks 2013 Upgrade Do's, Don'ts & Frequent Questions
- How to Calculate & Display Retainage on an AIA G-702/G-703