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Accounting is more complicated when running a construction company than it is in other sectors. Contractors encounter many accounting issues that require customized solutions, ranging from the unstable nature of project locations to the intricacies of overseeing extended projects.
When running a business your hurdles can lead you to exhaustion. With all the work, it also needs you to manage various job sites, and even keep an accurate cost count. Not just this, but also keeping a check on Revenue along with keeping a flow of the cash.
For these industry specific challenges, QuickBooks made a specified edition for contractors which called QuickBooks Enterprise. With all its essential features, it keeps the business running smoothly.
What are the main features of QuickBooks Enterprise for Construction?
Here let us talk about the main features of QuickBooks for construction and how the Enterprise version is valuable for construction business:
Average cost of Tools
A building project requires precise cost control, a challenge that contractors are well familiar with. Interpreting the true profit of finished projects and submitting accurate bids for new ventures become difficult without control over job costs.
The job costing capabilities in QuickBooks Enterprise are made to assist you in managing projects from the first estimate through project completion while monitoring the project’s overall profitability.
With QuickBooks Enterprises, contractors can get a set of customizable options for their business which can help you in creating accurate and competitive options for your business. It helps you easily allocate the cost that is easy to pay. Whether it is a service based charge or a percentage based, the bills are managed efficiently.
As you manage to land the contract, you are enabled to enter invoices, payments, or other important information. The dashboard also summarizes all of this information and does a comparison between the previous and the current information. It gives you real time estimates, which tell you your progress and what all needs to be improved.
Change in Order Functionality
In the realm of construction, changing orders is a double-edged blade that, since it requires more effort, can boost a company’s profit. However, disagreements and monetary losses may result if the contractor completes work outside of the terms of the contract before the customer approves a modification order.
Almost all contractors have gone through the traumatic experience of finishing up their paperwork only to find out they spent more time and money on the job than they had anticipated. Due to poor communication regarding scope adjustments, clients may now refuse to pay the overages.
By simplifying how to change orders QuickBooks Enterprises can ensure that you get compensated for all the additional work without any hassle. It is a simple two way process which can make your work easy.
- The process begins with editing the original estimate and savings then saving the changes you made.
- In the following step, a change order window will pop up, allowing you to create a change order by just clicking on the button.
Just in case you don’t like the way how the change order appears, you can edit the text and change its orders.
QuickBooks Enterprise for Contractors assists you in getting back on track, regaining control, and turning that extra effort into more cash for your company when change orders have previously been handled informally.
Industry Specific Features
Data is more than simply statistics for construction companies; it is the foundation of every significant business choice. Advanced Reporting (QBAR) is included with every edition of QuickBooks Enterprise and enables users to quickly customize the reports that are most beneficial to their company. Although QBAR comes with more than 140 introductory reports, the Contractor Edition makes sure you don’t waste time reading reports that don’t apply to your field.
All the reports that can be curated for Contractors with the help of QuickBooks Enterprises are:
- Job Cost Detail Report
- Job Estimates vs. Actual
- Cost to Complete by Job
- Unbilled Hours by Person and Project
- Job Profitability Summary
- Job Progress Invoices vs. Estimates
- Expenses Not Assigned to Jobs
- Open Purchase Orders by Vendor
However none of these reports are similar to one another. Their customization sets them apart and each report accurately designed to fit with your precise business needs. You can easily track costs and monitor your progress.
Improved Electronic Invoicing
QuickBooks Enterprise for contractors will allow you to share invoices with customers via email with a convenient link. Once the payment is successful, the software runs smoothly.
Moreover, you can create specific invoice templates and filter them according to their specific fields or unique phrases.
If the client fails to pay within the given due date, no worries about reconciling the payment. With QuickBooks enterprise it brings a feature of ‘automatic reminder’ which drops a reminder for the payment.
Scheduling Tasks and Appointments
When it comes to Construction businesses, there is a lot to do on the to-do lists like appointments, reminders, different projects, etc. It can feel like doing a lot of work altogether.
QuickBooks enterprise will help you in managing the work in an efficient manner. It brings consistency between work and sets it within the same time frame. You can keep a track of important dates and events.
Just by opening the calendars, you can have QuickBooks Enterprise display all the to-dos, transactions, or appointments coming up. You will have clear data of the next seven days right in front of you.
In case you are busy and cannot attend any of the following event coming up in your schedule, you can shift it on to another day.
Whenever you access the company file, QuickBooks Enterprise will show you the reminders that you set as priority. This way you can ensure you never miss any appointments.
Manageable Billing Rates
There are high chances that the user or the subcontractor may not be okay with the fixed price that you’ve set. However, in QuickBooks you required to assign a standard service price. But with a fixed rate, it just gets more and more complicated.
QuickBooks Enterprise, allows contractors to set up their own customized price for employees, vendors, and even customers. It allows you to control pricing, without maintaining any long lists of information.
Disallow Negative Inventory Quantities
Anyone who handles inventory has dealt with massive troubles related to it. Whenever there is a negative inventory, the usual way is to sit and look for the cause that started it.
In such situations, QuickBooks enterprise is your savior. It can prevent negative inventory, preventing users from facing any trouble further. However if you still face inventory trouble in your QuickBooks, you can look for the ‘Negative Item Listing Report’ which will show you all the negative inventory lists.