How profitable is each project completed for your business?
Many business owners underestimate the amount of time and money a project will take. The QBO Projects feature goes beyond tracking profitability at the company level and allows you to track revenue, time, expenses, and profitability for each job. Additionally, it enables you to identify changes that might need to be made. Essentially, the Projects feature helps those business owners who work on a project-by-project basis (such as construction, landscaping, and freelancing) grow smarter and learn which jobs are profitable vs. which ones are not. It does this by:
- Keeping your information for a specific job in one place
- Connecting your invoices, transactions, and expenses for a specific job
- Tracking a job spanning multiple fiscal years to determine the overall profitability of that job
- Ensuring that you make confident decisions about your business based on financial facts
- Allowing you to view all open jobs to pinpoint which areas of your business are not performing as well as others by examining…
- Overhead costs
- Property taxes
- Employee expenses
- Cost of sales
- Transportation costs
- Repairs to the business
- Nonbillable time
- And more
With this information, you can compare the time and resources it takes to complete a job with what you charge for it and adjust your future fees accordingly. This will help you to take on fewer unprofitable jobs and focus on those that grow your business. Additionally, if the market cannot bear a price that allows you to be profitable, this information can help determine whether to take the service out of your offerings.
Many business owners know all too well that time is a resource. As your business expands, it will become more difficult to put in twice the resources for a job that is making less money overall. Thus, you’ll want to maximize your high-priority projects and “cut out the fat.”
Learn more with our QBO training and videos
There’s no need to go it alone. Our Business Services Team offers 1:1 training for QuickBooks Online, which also includes training on the Projects feature. (Click here to learn more about our business services.) We also offer other QBO training programs in both workshop and small class formats. (Click here to learn more about our training programs.)
Want to learn more? Watch as we sit down with Jack Adair, one of our tax accountants, to discuss what QBO Projects is, why it’s important, and who should use this feature. (Click here to watch this video.)
Want to learn more? Here’s another resource for you…
Introducing QuickBooks Projects: An Easy Way to Track Your Projects – Intuit QuickBooks
Blog by Erika Lewis – Business Services Director
Learn more about Erika and the rest of the Storen Financial team here.