As a business, you track the profit and loss of your business as a whole but what about tracking profitability on each job or project? Construction and project based businesses are best suited to take advantage of QuickBooks Online Projects.
The Projects feature allows for the creation of separate projects or jobs so that you can track its profitability. Let’s say you’re an events planning company. Each “project or job” would be the event itself and you can track the profitability associated with each of the events. If you plan multiple events for one client, then each event would be a separate project.
With Projects, you can track income, expenses, profit margins, and labour costs. QBO takes care of all the rest. Understanding where a project’s money comes from and where the money is being spent can add value in helping to make business decisions.
Watch this quick video below to see how Projects work.
QBO Plus and Advanced clients already have Projects included with their monthly subscription.
Want to learn more about Projects? Reach out to us to learn about IFC and our services.