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If you’re in a desktop version of QuickBooks (Pro/Premier/Enterprise) you may be wondering if it’s time to move to QuickBooks Online (QBO) so you have remote access and because some 3rd party products are saying Desktop QuickBooks (QBDT) is going away or work only with QBO. With the new products rolling out soon, I thought this would be good to discuss pros/cons – and my opinion ;-)
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It’s time to plan for your new year and profitability. Many of you may have already worked on a business budget for 2020. If you haven’t, I encourage you to do so – no matter what size your business is. If it helps, think of your sales, gross profit and net profit as goals you want to achieve. And I think you’ll agree that it’s much easier to hit a target you can see ;-). Once your budget is in QuickBooks, it’s easy to monitor how you’re doing during the year, so you don’t have to do updating in spreadsheet or just wonder.
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You’re ready to use create your budget in QuickBooks – great! Start by clicking on Company > Planning & Budgeting> Set Up Budgets.
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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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