Projects In QuickBooks Online? The 411
One of the great things about QuickBooks Online is they are continually looking for ways to make their product better and rolling out new features and goodies for their users.
Depending on how long you’ve been using QBO, you may have observed the dramatic evolution of how user-friendly it has become and how much QBO has to offer. You may also have embraced the always increasing number of apps that can be used to make QBO even more valuable to your client and your business.
Recently QBO released it's Projects functionality to its QBO Plus and Accountant users. I know I've been jumping for joy ever since! Projects is one crucial step closer to the job costing and tracking functionality that bookkeepers and business owners want. Plus, QuickBooks has made it delightfully easy to use.
Projects allows you to keep everything related to a specific project in one place. Invoices, expenses, and other transactions are now directly connected to the client and their particular job(s). You can also view all your open jobs and see where you’re at with expenses and time spent to make sure you’re on track across the board.
You're able to track all your time, expenses, view any outstanding payments and keep track of any unbilled work in a seamless and refreshing new process.
Understanding profitability in real-time is a great way to guarantee that your rates are appropriate and your profit is where you want it to be. No one likes to discover after the fact that they lost money on a job because they didn't charge enough... which can also set an unfortunate pricing precedent with a client.
Using the custom reports can help you visualize and track this, as well as any outstanding invoices, your sales transactions and any non-billable time that you’ve spent.
If tracking jobs in spreadsheets or having notebooks filled with undecipherable scribbling isn’t your preferred way of managing your business, you will love Projects.
Make sure to turn this new option on in your Accounts and Settings and play around a bit. You may find out you love it (like I did)!