It’s the start of a new year and for many, this is the time to make changes to your QuickBooks before your season gets busy. Here are 4 major areas I consider when working with contractor clients:
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There’s lots that needs to be done at the end of the year to get your QuickBooks ready for taxes. Here’s a checklist of to help you; those who have been diligent about bookkeeping will find this list will be shorter.
Read more →By now you probably have a good idea of your year-end numbers. As you look back over your year, take the time to list what worked – and what didn’t. Here are a few recommendations to help you review 2019 so you can plan for 2020.
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Your jobs have to generate enough revenue to not only cover the job, but your overhead AND still result in a profit. So, you need to keep those “extra” costs in mind when estimating jobs. Last time, we discussed allocating at the division level (which might get done monthly or quarterly). Today we’re focusing on the job level. You can allocate overhead costs one of two ways: (1) on an account level (you would view in a P & L for the job) and (2) at the Item level (which provides more detail) – you would view these in your Estimated vs Actual Details and Job Profit Profitability Detail reports
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Understanding all the costs that involved with a job is important for contractors. There are the obvious ones such as labor and materials. However, you not only need to cover direct job costs but also the overhead for the business, and still net a profit (or why else be in business?!) A few areas to consider could include office staff/expenses, equipment/vehicle costs (direct and indirect like wear & tear), indirect costs (e.g. fuel), shop staff, repairs & maintenance. There are a variety of ways you can allocate overhead. Today we’ll look at the simplest and fastest method – allocating by division. I’ve broken this up into 2 parts: (1) allocating ALL your overhead expenses and (2) allocating your Indirect Costs
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It’s time to review your sales to see where you were most profitable in 2019 and see what changes, if any, you’ll make for 2020. When looking at profitability, there are a few different factors you can review using QuickBooks. So here are 5 areas to consider.
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With LMN, you’ve created your estimate, tracked time and perhaps even invoiced. Take advantage of LMN’s integration with QuickBooks and save time by syncing your data over to QuickBooks. With your job costs and payroll in QuickBooks, it becomes easier to monitor job costs along the way, evaluate profitability once the job is done, and streamline your invoicing/billing. Join us to see why QuickBooks and LMN are better together, from job costing to reporting and more.
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It’s generally a good idea to keep overhead costs low so that your business profits will be higher. But there are times when increasing expenses yields great payoffs
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Many focus on saving time out in the field – watching hours spent on jobs, looking for ways to improve productivity. But how often do you look at saving time in the office? The profit from your jobs needs to cover your overhead and still leave you with a profit. So it’s a good idea to review what gets done and see if there is a more efficient way to get the work done. Here are 5 ways that can help lower your overhead costs.
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This year, a few of the new features in QuickBooks 2020 are meant to help you get paid faster and save time. Should you upgrade? Check out what’s new and improved! The features mentioned in this article apply to QuickBooks Pro, Premier and Enterprise.
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