Can You Use QuickBooks for Construction Companies?

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Can You Use QuickBooks for Construction Companies?

QuickBooks is the high-rated tool used by all types of businesses to track their finances! Enterprises use different kinds of tools to manage their business operations & the right tool makes the world of difference. Are you running a construction industry and looking for solutions to manage accounts smartly? QuickBooks is the software available at affordable prices & it can be hosted in the cloud to avail of all the benefits. 

For contractors, it is important to stay connected & up-to-speed on all the project details on the job site. Get instant access to the QuickBooks tool remotely on your smart devices by hosting it on the cloud. You need active internet connectivity to get access to your QuickBooks account. It assists in the management of accounting information like profit & loss costing reporting, invoicing, payments, and more. Contractors can use different versions of the software to manage the operations flawlessly. This guest post is highlighting the benefits & features of QuickBooks hosting for the construction industry. 

Table of Contents~

1. Distinguished Feature of QuickBooks Useful for Construction Firms 

  • Job Costing Tool & Estimates 
  • Flexible Billing 
  • Scheduling of Task & Appointments 
  • Enhanced Electronic Invoicing 

2. Top Benefits of QuickBooks in the Construction Industry 

3. Final Thoughts!

Distinguished Features of QuickBooks Useful for Construction Firms–

Every industry has its unique accounting needs & challenges! It is the same with construction businesses as the firms need to come up with the best solutions to assist smoother operations. The billing and production revolve around each construction project & it has its unique requirements. 

Intuit has identified the challenges faced by construction firms in the completion of projects & has come up with the best features to suit the industry needs. The industry-specific edition comes with essential tools required for a construction firm, plus the specialized tools to handle the needs of construction accounting. 

Top features of QuickBooks for construction firms–

 

Job Costing Tool & Estimates 

One of the top challenges of contractors is correct accounting. It is hard to determine the actual profit on accurate bids when job costs aren’t managed properly. The job costing feature is designed to help move projects from initial estimate to completion of the project while tracking the entire bottom line of projects. 

The accounting tool includes templates customized for the creation of accurate bids & win businesses. Estimates with the QuickBooks tool can be quickly converted into invoices where the project managers can bill the clients by service. Businesses will be able to view what they are doing on the job currently with help of the QuickBooks tool. 

Flexible Billing 

The contractors assign a standard service rate when adding an employee or subcontractor vendor in QuickBooks. It is the feature allowing the contractors to set up custom scales for the vendors & employees. Contractors can also create billing rate levels whenever new invoices are generated. It includes the billable time & fills in with the applicable rate for each service. The construction firm is getting the kind of flexibility they desire to control the pricing without maintaining the complicated list. 

Scheduling of Task & Appointments 

Success in construction firms requires careful tracking & management of a seeming list of to-dos, tasks, reminders, & appointments. Handle all the tasks easily and the schedules help ensure the completion of projects on time. QuickBooks Enterprise is the version of the software that is helping the business to track all the important dates related to project completion. 

You will get automatic displays of to-dos or transactions coming up within the next seven days with help of QuickBooks Calendar. The construction firm can also add new tasks, appointments, meetings, & emails related to their work. Notes can also be added in the detailed box of the calendars. 

Enhanced Electronic Invoicing 

Invoicing is one of the top features desired by all kinds of businesses. The contractors are using progress billing for maintenance of cash flow at the time of project completion. QuickBooks for contractors is meant to ease the task for clients to pay invoices with enhanced invoicing features. The contractors are getting improved electronic invoicing features with QuickBooks for construction companies. 

It is also easy to set the automatic reminders in the QuickBooks tool for clients who don’t pay on the due date. Get over the task of sending manual reminders to clients with help of QuickBooks hosting. 

Top Benefits of QuickBooks in the Construction Industry–

QuickBooks is an advanced-level tool that is addressing all the financing concerns of construction firms. The tasks of contractors are daunting & they need to get the right financial reports to make the right decisions. Automate some of the accounting tasks in the industry with help of the right kind of tool meant for operational efficiency. QuickBooks cloud hosting will assist the contractors hugely through automation of tasks and generation of customized reports. 

Let us look at some of the top benefits of using QuickBooks in the construction industry–

 

It ensures simple management of data.

Resources play a big role in the construction industry and thus it is vital to keep track of it. With QuickBooks cloud computing, it becomes easier to manage the resources as per the demand of the firm. The use of an effective QuickBooks tool is helping the management and transfer of data between two points. The contractors will be able to access data at any time using an active internet connection.

 

Up-skill the business operations with modern accounting tools.

The construction firm needs to take care of its workforce for long-term success. It is the opportunity for contractors to up-skill their manpower as per the adoption of cloud technology. Migrate to the QuickBooks cloud to free up some valuable time that would be otherwise spent on manual processes. Train the business team to access or manage the cloud tools effectively for business prosperity.

 

The efficiency of construction projects goes up to a new high with QuickBooks.

The efficiency of the construction powerhouses increases with the right kind of cloud computing tools. The firms can ensure consistency and greater efficiency with the management of proper records, easy access to data, and careful handling of business data. Implement the accounting regulations rightly & in a cost-effective manner with help of QuickBooks hosting. Keep your focus on completing the core contractor project tasks & let the accounting tool handle the financial operations. 

 

The cost of construction financing goes down significantly with the use of the QuickBooks tool.

The entire cost across accounting and financial operations gets reduced with the implementation of QuickBooks cloud computing solutions. The cost associated with the maintenance of IT hardware or software is eliminated with the adoption of the right kind of cloud tools. QuickBooks cloud computing is ensuring the gradual decrease of spending by keeping track of finances.

FINAL THOUGHTS!

QuickBooks is highly effective in the construction firm & it provides you all the desired results out from an accounting tool. A tool like QuickBooks Enterprise is one version of the software popular among contractors to do the job for them rightly. Select the QuickBooks tool that is offering everything from an intuitive user interface to advanced level custom relationship management integrations. Select the right kind of QuickBooks hosting provider that can prove beneficial for businesses & also addresses all the financial discrepancies within the business. 

As your construction firm scales up in stature, it is important to adapt to new tools to keep the flow of operations. Make sure you have the right kind of accounting tool to provide the right details related to business profits. It is the kind of tool designed to streamline the operations & also control the costs.