Insights into Your Business

Insights into Your Business

There are lots of ways to stay on top of your business when it comes to reports and metrics. Personally, I have reports and tasks on my toolbar so they’re one click away and I’m frequently in the Company Snapshot because I can easily see so much in one screen. But I find there are charts and graphs and metrics not in the Snapshot and many are unaware they even exist! So today I’d like to share a few.

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Filter to Find What You Want

Filter to Find What You Want

QuickBooks makes it easy to find information with their Filters. A filter simply limits (filters out what you don’t want) so you see only what you want to see. Both the Find Feature and reports in QuickBooks use Filters. Once you know how to use Filters in one place, you can use them elsewhere.

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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.

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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!

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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

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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.

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Allocating Overhead by Job

Allocating Overhead by Job

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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