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Using old-school methods for construction accounting is not only burdensome but also a financial drain. Among the challenges posed by manual entry is the limitation of data accessibility, as information is often stored locally on an Excel sheet or physically on a scrap of paper.
These antiquated techniques result in countless hours spent communicating with subcontractors and sifting through documents. There is a better way - a software that automatically handles communication and calculations, eradicating human errors.
QuickBooks Online (Contractor or Construction Edition) has been demonstrated to enhance accuracy and cut down the time spent on manual procedures. It allows you to classify transactions, generate comprehensive reports, and snap photos of receipts for uploading.
The construction industry is known for being sluggish in adopting new technologies. Nonetheless, in terms of managing finances, lagging behind is not an option. It's essential to have an accounting system that makes everything seamless and efficient.
QuickBooks Online is an accounting software that enables you to operate from any location on any device, provided you’re logged into your account. It is especially advantageous for businesses that function across multiple sites and need mobility.
It facilitates real-time financial collaboration from various devices and locations simultaneously.
QuickBooks is the ultimate tool for all construction accounting requirements. It offers a plethora of features including invoicing, income tracking, payment acceptance, payroll processing, and time tracking while on the move.
Consider QuickBooks as the ultimate tool that keeps your business punctual, within budget, and aligned with your long-term objectives. Keep tabs on your cash flow by viewing expenses, invoices, and payroll in a single interface.
Construction can be chaotic due to the myriad of contractors and subcontractors involved in a project. QuickBooks serves as your central command center, organizing all tasks and expenses.
Here are the exceptional benefits of employing QuickBooks in your construction business:
1. Enhance Accounting Efficiency
Automatically synchronize your accounting information across devices, eliminating paper clutter. This includes payroll processing, cash flow monitoring, and profit and loss analysis.
2. Streamline Payments
QuickBooks is exceptional for managing finances. Easily dispatch invoices with relevant documents and pictures, and accept payments through your mobile device. Plus, receive notifications when invoices are settled.
3. Job Cost Control
Input time and expenses for every project, and generate comprehensive job cost reports. Effortlessly track the profitability of your projects and take necessary actions.
4. Subcontractor Management
Directly send requests to subcontractors via QuickBooks, allowing them to upload their tax information. This speeds up 1099 preparations. Additionally, time tracking options consolidate billable hours and expenses.
5. Tax Season Preparedness
QuickBooks makes tax season a breeze by easily retrieving necessary documents and sharing your financial data with your accountant. It also digitizes and organizes receipts.
6. Safeguard Against Data Loss or Errors
QuickBooks protects all your financial data. Unlike unreliable spreadsheets, QuickBooks ensures data safety.
7. Remote Management of Construction Finances
Liberate yourself from the desktop and manage files and figures on-the-go, keeping track of real-time changes across projects.
QuickBooks and LiveFlow for construction offers various solutions to cater to varying company sizes and needs. This two cloud-based programs support you both in the field and office, integrating effortlessly with your existing construction apps.
Work more intelligently using the QuickBooks integration and LiveFlow's ready-made construction templates. Customize these templates and save them for recurring projects. These templates compile all essentials, including assignments, due dates, invoices, sales receipts, estimates, statements, purchase orders, and bill payment stubs. Customizing a template is a one-time effort, which can be duplicated and automated for future jobs.
QuickBooks Online can be set up in few minutes by average small business owners. In case of hiccups, unlimited access to QuickBooks and LiveFlow support is available. What about migrating existing data? You can secure an automatic and seamless data transfer within minutes.
QuickBooks Online offers four plans, each providing online access and customer support. Note that payroll is an add-on service.
1. Simple Start: $30/month
2. Essentials: $55/month
3. Plus: $85/month
4. Advanced: $200/month
Also, check out LiveFlow pricing for your contractor/construction business.
Yes, contractors can use QuickBooks Online. It is a versatile accounting software that caters to various industries, including construction. It offers features like job costing, scheduling, and invoicing that are particularly useful for contractors.
QuickBooks Online and QuickBooks Contractor Edition are both excellent choices for contractors. QuickBooks Online offers the flexibility of cloud-based access, while QuickBooks Contractor Edition offers features specifically tailored for the construction industry.
QuickBooks offers a user-friendly interface that makes it easy to use. As a contractor, you can use QuickBooks to track job costs, schedule jobs, create invoices, and manage your financial data. It also offers features like job costing, which allows you to keep track of labor costs, time, and expenses.
Yes, independent contractors can use QuickBooks. It offers features like expense tracking, income data access, payroll support, job costing, invoicing, and payments that are particularly useful for independent contractors.
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