What’s the old adage about March? In like a lion, out like a lamb.
Pshhh. Whoever said that had never dealt with tax season.
For help taming this busy time, check out our latest QuickBooks® Online update. We only have one new feature this month, but it’s a biggie. Our new Project Profitability tool helps small business owners plan their time and resources wisely, so you can make the most of your energy during tax season and beyond.
New! Project Profitability shows exactly how much your projects earn
In a nutshell: If you’re a project-based business, you can only take on so many jobs. Knowing which ones are worth the effort, and which aren’t, can mean the difference between turning a profit—or turning to a new career.
Enter Project Profitability. For those using QuickBooks Online Plus or Advanced, you can use this new feature to track each project’s expenses, income, and labor costs, all in one place. Quickly gauge how much you’re really earning and make informed decisions about how to use time and resources in the future.
How it works: To access Project Profitability, select Projects from the left navigation. You’ll need to turn on Projects, if it isn’t already on.
You’ll see a consolidated list of your projects, as well as their profit margin.
For a more detailed overview, select All projects profitability. This will show an itemized list of job costs you can compare across projects.
Dive into a single project for more specific transaction details and reports.
You can even see exactly how many billable hours each employee logged during a project.
Best of all, we pull in labor costs for you using integrations with TSheets by QuickBooks and QuickBooks Payroll, meaning you don’t have to waste a second crunching the numbers.
Learn more about how to use the Projects tab and how job-costing gives you a clearer path to profitability.
That’s all for now, folks.
Until next time, as always, keep your feet on the ground…and your books in the cloud.