Every business has its unique accounting needs, but accounting for the construction business has some different challenges. Are you running a construction business? QuickBooks Enterprise Hosting is an efficient software to improve accounting efficiency.
QuickBooks is one most popular accounting software for businesses to track the finances of a company. Contractors can benefit from extensive job costing, specialized billing, complex payroll, and many more things. It is a great place for an organized accounting system.
Are you a contractor? It is important that you stay connected and keep pace on all details of your project while on the job site, as it is when you are in the office. The QuickBooks accounting software is the best option for collecting all the accounting information like profit, job cost reports, invoicing, and payments.
Can the QuickBooks software be efficiently used by construction companies? The accounting platform is a top recommendation for construction firms to maintain their balance sheet and data. There are specific work processes that need attention in the construction industry and QuickBooks offer the assistance to track it all.
Top Features of QuickBooks Enterprise for Construction Businesses
Every business has its own accounting needs and construction companies have their own set of challenges to deal with. The project revolves around the contractor’s billing, production, and labor. Each of the projects has its unique inputs & requirements, and those projects are continuously starting & ending throughout the year.
Also, the contractor’s work takes place across different sites rather than a fixed location. The contractor must move its equipment and labor across each job site, making it hard to tie labor & equipment costs together. The contractors are also working on projects that last several months or even years. It needs to manage the multiple payments together during that time.
QuickBooks Enterprise is well-equipped to assist contractors to face the challenges in a more confined manner. It has all the necessary tools required for the business to handle construction accounting problems.
Let us look at the top features of QuickBooks Enterprise –
Estimation and Job Costing Tools
One of the massive challenges for contractors is the correct accounting for job costs! It becomes very hard to determine the actual profit on completed tasks or bid for the new contracts when job costs are managed improperly.
The job costing feature of QuickBooks Enterprise helps to move the projects from initial estimate through completion of the project and keep the bottom line for each task.
The software also includes proposal templates that can be customized to create accurate bids for winning the business. The estimates can be easily converted into invoices, where the accounting team can bill the client by service with the software.
Change of Order Functionality
The change order is providing the opportunity to earn more revenue on the projects, as it involves additional work. But, the performance of out-of-scope work before customer approval can lead to conflict or loss of money.
It is easy to create change orders and get paid for extra work with QuickBooks Enterprise. The original estimates can be edited and save changes. A Change Order window is allowing the creation of a change order with just the click of a button.
The text can be edited before adding the change order if the contractor doesn’t like the way the change order appears. Turn the extra work into extra dollars using the QuickBooks Enterprise for Contractors.
With the Advanced Report (QBAR) feature of QuickBooks Enterprise, it is easy to customize the reports most beneficial for businesses. It includes 140 starter reports and the users of Contractor Edition don’t need to waste time sorting through all reports to find the relevant one.
The contracting businesses make full use of the accounting software, that includes –
- Cost to Complete by Job
- Job Profitability Summary
- Job Estimate vs. Actual
- Unbilled Hours by Person and Project
- Job Cost Detail Report
- Job Progress Invoices vs. Estimates
- Expenses Not Assigned to Jobs
All the reports generated from the QuickBooks Enterprise software can be customized to fit the contracting business’s need to track costs and projects.
Improved Electronic Invoicing
QuickBooks has always emphasized the use of progress billing and QuickBooks Enterprise for Contractors makes it even easier to pay the invoices with the use of electronic invoicing.
Use QuickBooks Enterprise for Contractors to email the invoices to customers with a convenient Pay Now link. After the successful payment by clients, it gets automatically applied to the proper invoice. The contractor can also create customized electronic invoice templates for each client by adding specific fields.
The accounting team of a construction business need not worry about reconciling payments to invoices.
Flexible Billing Rates
You need to assign a standard service rate when addicting an employee or subcontractor in QuickBooks Enterprise. The software is allowing contractors to set up custom rates for vendors, customers, & employees.
Once billing rate levels are created for each employee, a new invoice is developed that includes billable time. QuickBooks Enterprise is providing more flexibility and the ability to control pricing without the maintenance of different rates for customers.
Top Benefits of QuickBooks Enterprise Hosting for Construction Business
QuickBooks Enterprise is an advanced business solution that is offering industry-specific features for construction businesses. It is easy to juggle between the job estimates, contractors, and sub-contractors for a prominent industry like construction.
Take care of all the business accounting needs using the QuickBooks software. It assists the generation of customized reports, automation of processes, and more.
Here are the top benefits of QuickBooks Enterprise hosting for the construction industry –
It helps the running of the construction business remotely.
By hosting QuickBooks Enterprise on the cloud, teams can manage work remotely in real-time using smart devices. The contractors can now work on-field and from the office to track projects & never miss any business update.
It ensures enhanced collaboration.
The access of QuickBooks Enterprise from the local desktop helps you collaborate with the project members working on site. QuickBooks Enterprise hosting is helping contractors to share files with the authorized personnel.
There is no fear of data loss.
Security threats are one of the major concerns in running a large-scale construction business. The hosting of QuickBooks Enterprise on the cloud ensures the security of all your data from internal or external threats.
It helps to keep your budget on track.
Running a construction business greatly depends on capital and operational expenses. Host the QuickBooks software on the cloud and take the help of the hosting provider for quick assistance.
It helps running the paperless business.
Migrating entirely to the QuickBooks Enterprise cloud hosting means that all the data is stored on a digital platform and thus, it reduces the paperwork immensely. Businesses no longer need to create separate documents to track projects and all the work is managed in the cloud easily.
QuickBooks Enterprise Hosting can ease the construction of businesses and provide numerous benefits. Try hosting it on the cloud if you are using QuickBooks for the business. It is the accounting software for contractors to streamline operations and control costs.
QuickBooks Enterprise for Contractors has everything from a simple and intuitive user interface to advanced features like payroll management and customer relationship integrated solutions. Reach out to the right hosting provider like Sagenext to attain the benefits of QuickBooks Enterprise for Contractors.