How Quickbooks Can Benefit Contractors

Quickbooks has over 2 million worldwide subscribers. This software makes it easy for businesses and contractors to easily manage their bookkeeping. If you’ve heard about Quickbooks but aren’t sure how it can benefit you as a contractor, this article will help you gain a better understanding of the program. We’ll tell you how you can best use this program to make your life as a contractor that much easier.

Cash Flow Reporting

It’s all about the cash flow when you’re a contractor. This program will quickly tell you where your money is going and where it’s coming from. There are several additional built-in features that come with Quickbooks that make assessing your cash flow a breeze.

Payroll

It’s easy to set up payroll with Quickbooks, too. All you need to do is set up your deductions, taxes, and employer-paid taxes and you’re good to go. Once those things are set up, you can process checks and either print them or send them directly to the bank for auto-deposit. The software even makes it easy to track payroll with add-on services.

Job Costing and Estimating

Job costing is important for every type of business, but it’s especially important if you’re a contractor. You can use Quickbooks’ software to set up both customers and jobs. You can easily find out if a job is over budget by simply entering or importing your project estimates into the software. It will even show you what parts of the project cost more than others. You can then use this information to make smarter decisions for your business.

Year End and Taxes

Dealing with year end and taxes can be a headache, but Quickbooks makes it easy – especially when you know how to use this software to its fullest potential. You can use it to print all of the year end tax forms you need such as:

• W-2s
• 1099s
• Final payroll reports, and more.

What’s great about the software is that it does all the calculations for these forms for you, so you don’t have to become a math whiz and can instead focus on the other important aspects of your business.

Get it Done Right With a Quickbooks Expert

If you don’t have the time to manage your contracting business’ finances and accounting on your own, hiring a Quickbooks consultant can save you a lot of time and effort. The CFO Source is here to help you with all of your accounting needs and help you manage the financial aspect of your business using Quickbooks for contractors. Call or contact us today to learn more.