Six Benefits of Using QuickBooks Software for Construction Businesses
Running a construction business brings unique challenges and barriers. You will face difficulties in managing accounting, especially for long-term projects. That’s where you need custom software to resolve accounting issues and maintain accurate cost allocation. In response to challenges, QuickBooks software comes to help leverage by most project managers. It is the most widely used accounting software among construction firms in the US. Let us discuss how it benefits this industry.
Game-changing Features of QuickBooks for Construction
Here is a look at the six key features contractors will find valuable in QuickBooks’ enterprise version for contractors:
1. Estimating and Job Costing Tools
Accurate cost management is essential when working on a construction project, and contractors are well aware of this challenge. It becomes difficult to determine the actual profit of finished projects and to make accurate bids for new endeavors when job costing is out of control. The job costing feature in QuickBooks is built to assist you in moving projects from initial estimate to project completion while monitoring each job’s bottom line.
2. Adjust Order Functions
In the construction industry, changing orders is a double-edged sword that has the ability to increase a business’s earnings because it requires more work. However, disputes and financial losses may result if the contractor completes work that is outside the scope of the project before the customer authorizes a change order. Its solution is provided by QuickBooks software. Using this, you can create and handle change orders, guaranteeing that you are paid for the additional work without the hassle.
3. Industry-Specific Reporting
For construction companies, data is more than only numbers; it is the foundation of any significant business decision. Advanced reporting is a built-in feature in every edition of QuickBooks Enterprise, making it simple for customers to create the most effective reports for their project.
The Contractor Edition makes sure you don’t waste valuable time sorting through reports that don’t apply to your business sector. These reports include a job cost detail report, job estimates vs. actual, job profitability summary and more.
4. Electronic Billing
Cash flow is essential to keep a construction project’s vitality. Progress billing is a common method used by contractors to ensure sufficient cash flow throughout ongoing projects. A Houston professional offering quickbooks bookkeeping service makes it even simpler for clients to pay those invoices with its progressive billing and electronic invoicing features.
You can send invoices to customers via email by just clicking the “Pay Now” link while using QuickBooks software. It shows magic when your client pays, then instantly payment gets recorded to the relevant invoice.
5. Scheduling Tasks and Appointments
It is difficult and frustrating to keep track of and manage a plethora of activities like scheduling appointments, reminders, and project milestones. With its built-in calendar feature, QuickBooks Enterprise assists construction companies in keeping track of significant dates.
When QuickBooks Enterprise’s calendar is opened, any tasks or transactions that are due within the next seven days, as well as those that may have passed the deadline, are immediately displayed. Also, you can prioritise the addition of new tasks and appointments, with the option of adding notes about any item.
6. Linked Sales and Purchase Orders
By directly linking sales orders with their matching purchase orders in QuickBooks Enterprise, you can enhance your order fulfillment process. You may more accurately predict product delivery schedules and inform consumers due to this potent feature, as it offers a clear, unified view of inbound inventory.
You can quickly determine which things are on order, when they should arrive, and how they relate to open sales obligations using centralized tracking. This enhanced customer satisfaction, quicker fulfillment, and better inventory planning; all from a single software platform.
Bottom Line
QuickBooks Enterprise is a strategic investment for construction businesses. These powerful features make it versatile to integrate into your financial operations for any business size.
If you’re looking to wrap up your books this year? Impactful Commerce is here to help. We offer a year-end bookkeeping guide to get your finances audit-ready in minutes. Book your consultation today!
