Daniel HonanFounder, Profitable Painter CPA PLLC · I help painting contractors increase profits & cash flow while reducing taxes♦ Bookkeeping ♦ Tax

Painting Contractors: Let's talk about knowing how profitable your projects are.

Name: Painting Contractors: Let's talk about knowing how profitable your projects are.
Uploaded: 2023-07-03T14:59:50+00:00
Duration: 44 s
Channel: Daniel Honan
Description: In this instructional video, the speaker guides painting contractors on how to leverage QuickBooks Online Projects to accurately assess the profitability…

3 Jul 2023 · 1 min

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In this instructional video, the speaker guides painting contractors on how to leverage QuickBooks Online Projects to accurately assess the profitability of each painting job. The tutorial outlines a five‑step workflow: (1) create a new project in QuickBooks Online Plus immediately after a customer signs a proposal; (2) track employee labor time by project using QuickBooks Time or an integrated time‑tracking app such as ClockShark; (3) tag all material expenses with the same project name to ensure costs are correctly allocated; (4) invoice the client through QuickBooks Online using the project name so billing aligns with cost tracking; and (5) run the QuickBooks Online project report to view a clear profit‑and‑loss picture for each project. By following these steps, contractors can master job costing, monitor project margins, and take tighter control of their business finances.

Chapters

Want to know how profitable your painting projects are? QuickBooks Online Projects can help you with job costing. So let's get started. Step number 1: once a customer signs your proposal, create a new project in QuickBooks Online. Remember, you'll need QuickBooks Online Plus for this. Step number 2: track your employees' time by project. You can use QuickBooks Time or a time tracker that integrates with QuickBooks Online, like ClockShark. Step number 3: tag all materials in QuickBooks Online with the same project name. This ensures all costs are associated correctly. Step number 4, when it's time to invoice, make sure you're doing so in QuickBooks Online and using the same project name. This keeps your billing aligned with your project. Finally, step number 5, run your QuickBooks Online project report. This gives you a clear picture of your profitability per project. Master your project profitability and take control of your business finances with QuickBooks Online Projects.