Quickbooks for Contractors- Why You Need to Use Products & Services
In this episode, Nick Baldo explores the significance of QuickBooks' products and services feature for real estate investors. He elaborates on setting up cost codes, managing multiple transactions, and tracking rehab costs. The episode also discusses linking cost codes to builder trends, separating expenses, and exporting data for external reporting.
Key Points
- Utilizing the Products and Services feature in QuickBooks Online is essential for builders, renovators, and flippers to achieve detailed job costing and maintain a clear Profit and Loss statement.
- By mapping products and services to expense accounts and using cost codes, QuickBooks users can generate detailed reports without cluttering their chart of accounts, leading to more accurate estimations and invoicing for future projects.
- Leveraging cost codes and the Products and Services feature can facilitate integration with external software like BuilderTrend, enabling advanced data analytics and streamlined project management.
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One of the most underutilized features of Quickbooks Online is Products/ Services. In this video, I demonstrate why you MUST be using Products/ Services for your construction business.
Chapters
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| 7:40 | |
| 10:52 | |
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| 17:20 |
Transcript
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