How to Super-Power your Building Business with QB Online
In this episode, Nick Baldo discusses using QuickBooks for business growth in real estate. He explains concepts like markup, margin, and gross profit, and the importance of cost codes. Nick also covers tracking project properties and building processes with virtual assistants and bookkeepers. The episode concludes with a Q&A on technology in real estate investing.
Key Points
- Understanding the difference between markup and margin is crucial for real estate investors and bookkeepers to accurately assess financial health and make proactive business decisions.
- Leveraging QuickBooks Online's products and services feature as cost codes can add an additional dimension to reporting, enabling more accurate tracking and categorization of project expenses.
- Utilizing the projects portal in QuickBooks Online, along with class tracking if possible, allows for detailed and organized financial data on a per-project basis, facilitating better project management and profitability analysis.
QBO Training for Building/ Renovating Businesses: https://www.incomedigs.com/bba code (YOUTUBE50) for $50 off
QBO is not just for Taxes! Use it to super-power your business! This video will demonstrate:
- The difference between Markup and Margin (and why most get it wrong)
- The power of cost Codes
- Projects, Classes or Both?
Check out our end-to-end QB courses: Real Estate Accounting Bootcamp http://bit.ly/reabcourse and Builder Books Academy http://bit.ly/builder-books use Code YOUTUBE50 for $50 off!
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Transcript
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