Managing finances in the construction industry is no small feat. From tracking costs across multiple projects to managing payroll and invoices, staying organized is crucial to ensure profitability. QuickBooks Online for contractors provides an intuitive solution tailored to construction accounting needs, offering tools for job costing, automated payments, and real-time tracking.
If you're still relying on manual methods or outdated spreadsheets, it's time to embrace technology. Let’s explore why QuickBooks Online is the go-to software for contractors.
What is QuickBooks Online?
QuickBooks Online is a cloud-based accounting solution designed for businesses that need flexibility and accessibility. Whether you’re working on-site or in the office, QuickBooks Online allows you to manage your finances, collaborate with your team, and keep track of expenses, invoices, and payroll — all from any device with internet access.
Why QuickBooks Online Works for Contractors
The construction industry has unique financial needs. From managing change orders to tracking multiple job sites, traditional accounting software often falls short. QuickBooks Online meets these challenges head-on with features like job costing, subcontractor management, and seamless integrations with construction tools.
Top Benefits of QuickBooks Online for Contractors
1. Streamline Accounting Processes
QuickBooks Online syncs data across all devices, eliminating the hassle of managing paper records. Use it to process payroll, track cash flow, and analyze profit and loss with ease.
2. Automate Payments
Send invoices, accept payments, and even get notified when an invoice is paid. Automating this process saves time and keeps your cash flow in check.
3. Simplify Job Costing
Track time, materials, and expenses for each project. With detailed job costing reports, you’ll know which projects are profitable and which need attention.
4. Manage Subcontractors
Request and manage subcontractor tax documents directly in QuickBooks. This streamlines the preparation of 1099s and tracks billable hours for seamless project billing.
5. Prepare for Tax Season
QuickBooks categorizes expenses, digitizes receipts, and allows easy sharing with your accountant. Come tax season, all your documentation will be in one place.
6. Avoid Data Loss
Unlike spreadsheets, which are prone to errors and accidental deletion, QuickBooks Online securely stores all financial data in the cloud, safeguarding your records.
7. Work Remotely
Access financial data, review costs, and edit files from anywhere. QuickBooks Online empowers you to manage your construction finances on the go.
Features Tailored for Construction
Access Anywhere, Anytime
As a cloud-based solution, QuickBooks Online provides flexibility. Review job costs, send invoices, and track expenses from your phone or laptop, whether on-site or in the office.
Customizable Templates
Create and reuse templates for recurring projects. From invoices to purchase orders, QuickBooks saves time by allowing you to customize forms for your business needs.
User-Friendly Interface
The dashboard offers an at-a-glance view of profits, expenses, and invoices. The intuitive layout ensures you spend less time navigating and more time managing your projects.
Integration with Construction Tools
QuickBooks Online integrates with popular construction software like Buildertrend, allowing seamless syncing of job-specific expenses, invoices, and budgets.
Which QuickBooks Plan is Best for Contractors?
QuickBooks Online offers multiple pricing tiers to suit businesses of all sizes:
Simple Start ($30/month)
Track income and expenses
Send invoices and estimates
Manage 1099s
Track mileage
Essentials ($55/month)
Includes all Simple Start features
Manage bills
Track time and billable hours
Plus ($85/month)
Includes all Essentials features
Track inventory and project profitability
Create detailed budgeting reports
Advanced ($200/month)
Includes all Plus features
Advanced analytics
Customized access levels
Dedicated account team
How QuickBooks Online and Buildertrend Work Together
QuickBooks Online takes construction accounting to the next level by integrating seamlessly with Buildertrend, a construction management tool. Together, they simplify processes like job costing and project tracking:
Step 1: Enter estimates, budgets, and invoices in Buildertrend.
Step 2: Sync financial data with QuickBooks Online for real-time accounting updates.
Step 3: Use integrated tools to manage payroll, payments, and reporting for complete financial transparency.
Conclusion: Upgrade to QuickBooks Online for Contractors
Construction accounting doesn’t have to be a headache. With QuickBooks Online, you’ll streamline your processes, eliminate manual errors, and manage your business finances from anywhere. Whether you're a small contractor or managing large-scale projects, QuickBooks Online has the features and flexibility you need to succeed.
Take control of your construction finances today with QuickBooks Online.
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