You may have heard me say it before, but QuickBooks Online (QBO) is a must for small businesses. Besides delivering powerful solutions to your everyday needs and transforming the way you do business, Intuit is constantly looking to improve the product to provide new features just about every month.
The latest addition provides next-level insight into which projects are worth pursuing, setting the stage for long-term growth and success in your business. Here’s the latest new feature, and, of course, Sound Business Services (SBS) is here to help you every step of the way.
Having Trouble Projecting a Project’s Merit? Project Profitability is Your Lifeline
As a small business owner, time is everything and acquiring new business is almost always a goal. In this pursuit, we often take on clients and projects that turn out to be a bad fit, hurting our bottom line and wasting our time.
Imagine a tool that could provide a solution to this conundrum. There is one – Project Profitability!
With Project Profitability, you can discover which projects are worth your time and which are best left off your plate. That’s right … no more spending lots of time, energy and hard work on projects, only to become a complete waste and halt your growth.
How it Works
Now, within QuickBooks Online Plus or Advanced, you get a comprehensive picture of just how much profit each project is churning. Important criteria, such as project expenses, income and labor costs, are all tracked to determine if the project is worth your time and effort. In turn, this helps SBS get you deeper data and better decision-making, as we look to take your business to the next level.
Here are some examples of how project profitability works.
Below shows a list of projects, along with a profit margin:
Visit All Projects Profitability, as pictured below, to get a more in-depth view of job costs compared to other projects.
Check out a specific project’s transaction details and reports, as seen below.
Now, know exactly how many billable hours each staff member logged during a project.
Ready to Implement Project Profitability or Have Any Questions? We’re Here to Help
While Intuit continues to do a great job bringing new and exciting features to transform your experience, our help and expertise is crucial to getting you the best solutions you need to grow and prosper. If you have yet to make the leap from QuickBooks Desktop to QBO, or have questions about this new feature, contact us today. You’ll be on your way to bigger profits, better time management and a stronger business sense.
(Images courtesy of Intuit QuickBooks)