QuickBooks Tip of the Month: Manage Projects for Profitability
Ever wonder which jobs actually make money? The Projects feature in QuickBooks Online helps you track income, expenses, and labor costs by job so you can see true profitability and not just guesses.
How to Set It Up:
- Go to Gear Icon → Account & Settings → Advanced → Projects and turn it on.
- Go to the Projects tab, click New Project, name it, and assign a customer.
- Add transactions, expenses, and time to the project.
- Run the Project Profitability Report for insights.
Best Practice:
Accurate job costing depends on capturing all project-related time and costs because accuracy drives better pricing decisions. If you’re not using QuickBooks Payroll, you can still include labor by adding costs based on your burden rate, not just hourly pay, so project margins reflect reality.
Discover where your projects really earn! One 8 Solutions is here for that. Schedule a conversation today!
