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Category Archives: Reports
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. Continue reading
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. So once you know how to use in one place, you can use it elsewhere. Continue reading
Estimated vs Actual Hours
How did the actual time on the job compare to what you estimated? That’s one of the big things you want do know, right? If job costs run over, it’s usually in the area of labor, not materials. Here’s how you create it. Continue reading
Posted in Business Finance, Job Costing, QuickBooks, Reports
Tagged estimated vs actual, hours, job costs, labor, QuickBooks
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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 Continue reading
Posted in Business Finance, Job Costing, Reports
Tagged job cost report, job costing, job profitability, margin
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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! Continue reading
Posted in Business Finance, Job Costing, Reports
Tagged committed cost, estimate, job cost report, job costing, job profitability, unbilled, WIP, Work in Process, Work in Progress
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Year-End Review and Planning
While you still have 2 more months to generate income (and expenses), you probably have a somewhat 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 2017 so you can plan for 2018 Continue reading
Posted in Business Finance, QuickBooks, Reports, Year End
Tagged add-on, customer type, customers, Enterprise, job profitability, jobs, most profitable, Overhead, profitability, QuickBooks, reports, time, Time Tracking, year-end
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What’s In Your Top 20?
You’re probably familiar with the Pareto Principle, which states that 80% of your results come from 20% of your work. Have you ever stopped to look at the Top 20 in your business? You can identify the top 20% of your customers, types of customers, products/services, sales reps, expenses, etc. in QuickBooks. While it won’t always be an 80/20, you can still see what floats to the top and bottom. Take a look! Continue reading
Posted in Business Finance, Reports
Tagged customers, Expenses, Pareto, QuickBooks, Services
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Tracking Use Tax
If you have to collect sales tax, then chances are your report form asks you about use tax. Use tax is a sales tax on purchases taxable in your state but for which you were not charged. It’s easier to keep up with tracking as you go along, rather than waiting until the end of the report period, especially if you pay quarterly. So here are the steps to simplify your reporting. Continue reading
Posted in Business Finance, Cash Flow, QuickBooks, Reports
Tagged audit, QuickBooks, sales & use tax audits, sales tax, taxable, taxable purchases
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What Your Profit & Loss Is Really Telling You
It’s year-end and time to review how you did. Gross Profit Margin and Net Profit Margin are two numbers you want to look at – they help you with both reviewing your numbers and planning for the upcoming year. Here’s what they are and how you can easily view them. Continue reading
Posted in Business Finance, Job Costing, QuickBooks, Reports
Tagged accrual, Cash, cash flow, cost of goods, Gross Profit, margin, Net Profit Margin, Profit & Loss, profitability, QuickBooks
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Better Business Decisions by Customizing QuickBooks’ Reports
A key reason for tracking your accounting in QuickBooks is to help you make better business decisions. Sometimes, to get the information you need, you need to customize an existing QuickBooks report. Continue reading →