Using QuickBooks For Project Management

QuickBooks is a financial management software that is commonly used by small and medium-sized businesses to track income, expenses, and financial transactions. It can also be used for project management, as it allows you to track the progress and profitability of individual projects.

Using QuickBooks for project management involves setting up a separate project in the software for each project you are working on, and tracking the income, expenses, and profitability of the project within QuickBooks. You can create invoices for the project, track time and materials, and generate reports to get a clear view of the project's financial performance.

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How do you use QuickBooks for project management?

QuickBooks can be used for project management by setting up and tracking projects as customers in QuickBooks. Here are the steps to do this:

Set up a customer for each project:

Go to the Customers menu and select Customer Center.
Click the New Customer button and enter the name of the project as the customer name.
Enter any other relevant information, such as the customer's contact information and billing address.

Set up a job for each task within the project:

Go to the Customers menu and select Enter Single Job.
Select the customer (i.e., project) for which you want to create a job.
Enter the name of the task as the job name.
Enter any other relevant information, such as the start and end dates for the task.

Track time and expenses for each task:

Go to the Customers menu and select Time/Enter Single Time Activity.
Select the customer (i.e., project) and job (i.e., task) for which you want to track time.
Enter the details of the time activity, including the date, duration, and description.
Repeat this process for any expenses associated with the task.

Generate reports to track project progress:

Go to the Reports menu and select Jobs, Time & Miles.
Select the project or task for which you want to generate a report.
Choose the report type and any other relevant options.
Click the Run Report button to generate the report.

By tracking projects and tasks as customers and jobs in QuickBooks, you can use the built-in time and expense tracking features to manage your projects and monitor their progress. You can also use the report options in QuickBooks to get a better understanding of your project costs and profitability.

A much better and easier alternative is to use LiveFlow's Project profitability template.

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Top QuickBooks Project Management Software

QuickBooks seamlessly collaborates with a variety of external applications, enabling the unification of accounting with other crucial business management elements, including project management.

Based on the insights gathered from various sources, here are some of the top project management software that integrates with QuickBooks:

1. ActiveCollab

ActiveCollab is a project management tool that allows users to organize their entire work, including tasks, communication, team members, and files, with a single app. It integrates with QuickBooks and Xero, enabling users to use ActiveCollab time records to generate invoices.

2. Paymo

Paymo is a project management software that helps your team manage the entirety of a project right through, from conception through to the very conclusion. It offers features like real-time task management, a bird’s eye view of projects, and resource scheduling. Paymo also integrates with QuickBooks for efficient financial management.

3. Teamwork

Teamwork is an online platform where you can manage your projects without any hassle. It offers features like accounting, marketing, time tracking, cloud storage, scheduling Gantt charts, milestones, and progress reports. It also integrates with QuickBooks for seamless financial management.

4. Celoxis

Celoxis is an all-in-one project management software that helps your team plan and track their portfolios, projects, tasks, resources, timesheets, issues, and risks from one place. It offers a 360-degree view of your projects with its customizable dashboards.

5. Intervals

Intervals is an efficient time tracking and project management software that helps companies manage their time better and get work done seamlessly. It offers features like an elegant dashboard, detailed summaries, and real-time collaboration between teams.

6. OneDesk

OneDesk is a project management and collaboration solution designed for teams. It provides both a traditional project management view and dashboard, as well as agile status boards. OneDesk allows you to better assign tasks through the use of Gantt charts.

7. ProofHub

ProofHub is a versatile project management tool that seamlessly integrates with QuickBooks. It's designed to help you plan, coordinate, and execute projects efficiently. With its comprehensive suite of tools, managing projects of any scale becomes a breeze.

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FAQ

Can you do project management in QuickBooks?

While QuickBooks is an excellent tool for managing your business's financials, it's not designed to handle all aspects of project management. However, QuickBooks Online does offer some project management features, such as tracking project profitability and organizing project-related transactions.

Can you do project accounting in QuickBooks?

Yes, QuickBooks allows you to do project accounting. You can track income, costs, and profitability by project, and organize all project-related transactions in one place.

Which QuickBooks Online has projects?

QuickBooks Online Plus and Advanced have the Projects feature. This feature allows you to organize all project-related transactions, time activity, and expenses in one place.

Does QuickBooks have a CRM tool?

QuickBooks itself does not have a CRM tool. However, it can be integrated with various CRM tools available in the market to manage customer relationships effectively.

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