Do This, Not That: Track Projects Separately. Don’t Lump Costs Together
Do This:
Use QBO Projects to track income and expenses for each job separately. Assign invoices, bills, time, and expenses to projects to see true margins and make informed pricing decisions. If you are not using QuickBooks Payroll, you can still include labor costs by applying a burden rate, not just what you pay in wages, so project profitability reflects the real cost of labor.
Not That:
Don’t lump all project revenue and costs into one general account. Without project tracking or properly accounting for labor burden, you can’t see which work is profitable or where you’re losing money.
Know your margins with confidence. Need help setting up QBO Projects or applying labor burden? One 8 Solutions is here for that. Let’s connect!
