QuickBooks for Construction Contractors: All You Need to Know

With so much to track financially for a business, the right software makes all the difference. Not only are clients getting thebest software with QuickBooks, but they are getting it at an affordable price. The best question to ask is not about the industry but more about your specific business needs.

In addition, it’s clear by how they advertise their product that QuickBooks Online is the platforms that most small businesses are moving to . Construction contractors are turning to CRM to manage customers and how they interact with their business. From unexpected expenditures that need invoices to needing to hire a technician for a last-minute job, there are some operations and accounting tasks you need to carry out on-site. This is the best QuickBooks for small construction for small construction business as it’s easy to manage your entire business from one place. Unbilled time and expenses – A report detailing the time and expenses that you’ve assigned to a given project, but have not yet billed for. Assign the project time to your employee in their weekly time sheet.

Submit Reports Timely and Accurately

To modify or add to these lists, select Lists, then Chart of Accounts from the menu. There should be general categories such as labor and materials. A Chart of Accounts is what your client uses to track their company’s Assets, Liability, Income, and Expenses. QuickBooks allows you to take the guesswork out of this project and estimate the cost for each step of the process. See how Buildertrend’s construction estimating software with takeoff connection and other convenient updates will improve the way you manage your business finances. Keeping track of all your dollars and cents by Excel leaves room for error and is sure to give your accountant countless headaches.

Using small business accounting software is no reason not to track your costs to the job. While it’s not specifically designed for these purposes, QuickBooks Online provides a number of feature sets that can be useful for organizing and reporting some of your crucial job data. Also note that, even when you select a specific job, QuickBooks doesn’t include that job or customer name on the report itself. If you’re generating a dozen job costing reports on specific projects, add the job name in the Notes section of each report to make comparison easy.

Construction Project Delivery Methods Compared

Knowing there are resources to lean on can make a difference when it comes to choosing one software program over another. A second issue is that as a construction company you can’t easily onboard your site or project teams to construction bookkeeping QBD as the license costs are very high. In addition to that, it doesn’t really make sense that your team members who are focused on construction now have to learn how to use this feature-rich tool to get their work done.

Purchase orders can be generated immediately from the estimate screen. This keeps your project managers from forgetting to order essential materials, which results in costly add-ons and lost time. Your project managers can also use purchase orders to identify required supplies but not included in the estimate. QuickBooks Contractor Edition has a maximum concurrent user limit of five. However, suppose your construction company has a more extensive accounting department that requires constant access. Be sure to build your job budgets using the estimate feature instead of the budget module of QuickBooks.