What Your Profit and Loss Is Really Telling You

What Your Profit and Loss Is Really Telling You

Who doesn’t like to look at profit?! But I find many have misconceptions about what the Profit & Loss report (or Income Statement) can/should do for them. This is usually due to a lack of knowledge when it comes to accounting. But whether you are the business owner or the bookkeeper you should understand at least a little bit about accounting and your financial reports. So here are some basics that will help you both review your jobs or projects as well as your business.

Read more

Reports to Monitor Job Costs

Reports to Monitor Job Costs

You may be in the middle of your mad rush or just extremely busy right now. Either way, you have jobs in progress or already completed so it’s worth knowing just what job costing data you can pull from QuickBooks. Here are a few job cost reports to help you monitor your progress and profitability – perhaps some you didn’t know existed!

Read more

Margin vs. Markup

Margin vs. Markup

When reviewing the job cost reports in QuickBooks and turning on the %, it’s important to know just what percentage you see in the report. Where this really jumps out is comparing the P & L for a particular job to the Job Profitability Detail report. You’ve probably noticed these percentages are not the same

Read more

Save Time and Monitor Cash Flow Better with Accounts Payable

Save Time and Monitor Cash Flow Better with Accounts Payable

If you are already using the Accounts Payable feature in QuickBooks, good for you! However, I find many don’t use this feature thinking it will take too much time. So instead, the bills are either entered in a spreadsheet or in some sort of tickler file. For those of you in that second group, please keep reading. I’ll show you how using the Accounts Payable feature will help you not only make it much easier to keep up with who you owe how much (definitely important for cash flow – perhaps even more so during the pandemic crisis) but also make bill paying much simpler and faster.

Read more

Tracking Special COVID-19 Funding and Expenses in QuickBooks

Tracking Special COVID-19 Funding and Expenses in QuickBooks

You probably thought you had your QuickBooks setup for the season but then the pandemic hit. The federal government has rolled out funding options to help businesses through this unprecedented time. It will be extremely important for you to track not only that you received the funding but that you used the funding appropriately. And if you run payroll in QuickBooks, many of you will need to track the new types of medical leave. Below are some ideas to help you setup your QuickBooks so you can track as required by the different programs.

Read more

Tracking Vehicle and Equipment Costs

Tracking Vehicle and Equipment Costs

If you’re a landscaper or some other type of contractor, one of the important factors in estimating costs is recouping equipment & vehicle costs. There are 2 parts to equipment costs for jobs – what you need to cover for the cost of ownership for this piece of equipment (or vehicle or trailer) and how much it cost to use it on the job. Today let’s look at a way that might be useful in tracking the actual costs of you have a better idea in the future how to estimate.

Read more