QuickBooks Desktop is a powerful accounting software that has long been a favorite among contractors and construction companies. The 2024 version builds on the previous releases and offers some great new features specifically for tracking projects and jobs. In this article, we'll explore how contractors can leverage QuickBooks Desktop 2024 for robust project accounting and management.
Streamlined Job Costing
One of the biggest pain points for contractors is tracking costs on a job-by-job basis. QuickBooks 2024 makes this easy through its job costing center. You can set up jobs and sub-jobs and assign expenses directly to each one. This gives you real-time visibility into profitability by project.
The new progress invoicing feature is a game changer for getting paid on projects. You can invoice customers based on project milestones or percentage of completion. QuickBooks will automatically calculate the amount owed based on cumulative costs incurred to date. This saves you time creating invoices while keeping cash flow consistent.
Powerful Reporting
QuickBooks 2024 takes project reporting to the next level. The job cost reports provide every detail you need on a job's expenses, income, change orders, and more. You can filter reports by date range, project status, contractor, or other criteria to get custom views.
For high-level financials, the new project dashboard gives you at-a-glance metrics on budget vs. actuals, total project revenue and costs, and project profitability. Trend graphs make it easy to spot cost overruns or areas to improve. You can toggle between all jobs or individual projects.
Change Order Management
Change orders are a necessary evil in construction projects. QuickBooks 2024 gives you control over tracking and billing change orders with automatic CO numbering, dedicated reporting, and improved change order invoices.
You can itemize costs related to the change order and tie them back to the originating contract. This makes it easy to account for unplanned work and avoid project scope creep. The change order reports let you analyze approved changes and their impact on profitability.
Resource Management
Managing teams, equipment, and inventory across multiple construction projects can be challenging. QuickBooks 2024 introduces new tools to improve resource allocation and utilization.
You can assign specific employees, inventory items, and other resources to projects. QuickBooks will track capacity and usage across all active jobs. This helps you prevent over-allocation of resources and optimize planning.
The resource reports give you insight into utilization rates and which resources are generating the most billable time and expenses. This allows you to better analyze resource productivity.
Integrations & Mobility
QuickBooks 2024 maintains integrations with popular software tools for field teams, inventory, takeoffs, scheduling, and more. This allows you to sync data across apps for a unified view of project operations.
The QuickBooks mobile app lets you manage projects on the go. You can enter time and expenses, review project financials, approve change orders, and issue invoices anywhere. This keeps you connected to project work from the field or home office.
Key Takeaways
QuickBooks Desktop 2024 offers contractors and construction firms the specialized tools they need for project job costing, reporting, change orders, resources, and mobile access. Key improvements include:
- Progress and milestone invoicing
- Enhanced job costing and project reporting
- Change order tracking and management
- Resource utilization tracking
- Integrations with field workforce apps
- QuickBooks Mobile app for on-the-go access
Construction companies looking to take their project accounting to the next level should consider upgrading to QuickBooks Desktop 2024. The new features provide the visibility, control, and insights needed to improve construction project profitability.
