QuickBooks is a multi-faceted tool that can help propel any construction business forward. With this being said, it’s important to ensure that you’re utilizing this tool correctly and can integrate it other construction management softwares that help you increase efficiency.

Reach Out to QuickBooks For Assistance

First and foremost, if you need to figure out whether or not your construction software can integrate with QuickBooks, a quick Google search will yield your answer. If you find out that yes, your software does integrate with QuickBooks, reaching out to QuickBooks or visiting their website and looking for information is a good place to start.

QuickBooks has tons of great Help Articles, and there is a decent chance that someone else out there has the same question you do. Contacting QuickBooks directly is also a good idea. They have a Learn and Support page where you can reach out to them, and they’ll be sure to help you find the answer to your integration questions.

Visit the Software Program’s Website

Because QuickBooks is such a popular tool, there is a solid chance that the construction software you use may have some resources on integrations on their website.

If you check their site and can’t find any content or information on QuickBooks integrations, try emailing or calling them directly. There is a good chance they will be able to help you out in some capacity, or at least point in the right direction for how to integrate your software.

Find Construction Industry Specific Groups To Ask Your Questions

Misery loves company. Just kidding! Finding a group of peers in the construction industry to bounce your ideas off of and ask for their experiences with different software. This can be a good place to start for valuable feedback. Don’t wait to struggle on your own when the internet has a wealth of connections available for you to find your answer. There are few different places across the web to find a strong construction community. Community groups on LinkedIn, Facebook, and even Reddit have a lot of people you can bounce ideas off of.

If you’re looking for a group to get connected with, but you’re not sure where to start, check out our Facebook Group Construction Cash Flow Round Table! It’s free to join and is full of people just like you looking for the answers to their construction accounting and business cash flow questions.

Understand Construction Industry & Software Terminology

There’s nothing more frustrating than trying to find the answer to a problem, but not knowing where to start. When you’re working with a construction software, it’s important to understand the different terms associated with the software itself as well as the key terms that many construction accountants use to describe different processes. Understanding the pieces that go into to calculating your labor burden and using purchase orders can lead to more specific software searches as you research the different problems you hope to solve within your business while utilizing construction softwares.

Utilize Video Tutorials & Reviews on Construction Software

Sometimes reading about your problem isn’t enough to solve the specific issue you are encountering. Watching tutorial videos developed by the company itself or created by experienced users can be a good place to gather information about whether or not a software integration will be a good fit with the current QuickBooks accounting system you are utilizing. There are many independent reviewers that can help you get a good understanding of what software is out there and what pros and cons come with each them.

Within these videos and reviews, you can commonly find the answer to some of the issues or potential problems you may experience with a specific software. It is not uncommon for other construction business owners to note their frustration with a specific feature or design flaw that you also may be seeing or tell you the biggest pain points that the software was able to alleviate within their company. It is also a good way to find answers to how those individuals worked around their difficulties or were able to get connected with a professional who resolved their problem.

Know The Best Size and Fit of The Construction Software

This is an area that many construction business owners commonly skip while researching a software. Knowing the cost benefit analysis of a software and its practical application to your business needs is actually one of the most valuable things you can do before committing to a software. Really good construction software is designed to help construction companies meet specific industry needs. It’s always good to ask a salesperson what their typical customers look like for that specific software. Ask them the approximate employee size, industry focus, and average number of projects running to see what type of companies have found their software the most valuable. Sometimes a one-size-fits-all construction software will not be flexible enough to meet the volume of project you have running, but could be a really good fit for a very diversified construction business. No software is perfect, but evaluating which ones have worked successfully for businesses similar to yours can help you make a good investment decision.

Have A Construction Software Implementation Plan Before Purchasing

Just because you purchase a software or start paying a monthly fee doesn’t mean it will solve your process problems. The same way a tool in your tool box cannot help you if you never take it out to the box. Software must be tuned to use in your specific business and your team must be trained to use it properly. In many construction companies we have encountered, a large investment in software was made to solve a problem, but no person in the business ever utilized the software to complete all of the tasks it was supposed to be used for. This is a very common problem that we would hate to see you get stuck with.

Sometimes a software can solve all of your problems, but it isn’t within your business’ budget to implement. Researching similar products to that software to see if there is a lower cost option to complete the biggest time savings issues within your company can be a good place to start. Before making a software commitment, it’s important to make sure you are committed to rolling it out within your business. If you don’t have time to implement the software and make all the connections to QuickBooks yourself, you could find the next section valuable!

Work With an Experienced Integration Team Like 24hr Bookkeeper

Here at 24hr Bookkeeper, we support all 3rd party construction software that integrates with QuickBooks. Examples include BuilderTrend, CoConstruct, RedTeam Software, simPRO, and Knowify.

We understand the importance of integrating QuickBooks, which is why we made it one of our services. And, if you’re nervous about how integrations may interfere with your day-to-day, don’t worry, we’ve got you covered! We’ll create a reasonable timeline for implementing new software and processes throughout the entire company, all while avoiding interference with daily operations and allows for a smooth transition.

In addition to our integration services, we can also help your construction business in the following ways:

Monthly Bookkeeping

We manage your financials in both QuickBooks and your construction software. We’ll handle accounts payable and receivable, payroll, reconciliations, and review for real-time financials and job costing.

Construction Software Integration with QuickBooks

We integrate QuickBooks and construction software together for a streamlined workflow, from estimating to project management to bookkeeping.

Catch Up Bookkeeping

We bring your financials up-to-date, reflecting accurate, and verified financial data. You’ll be able to produce all financial reports confidently.

Workflow Advisory Services

We produce customized step-by-step financial manuals that identify financial management and workflows, including staff responsibilities and utilization of QuickBooks and construction management software.

Quickbooks Training

Learn to use, understand, and confidently navigate QuickBooks Online with one-on-one or group training.

To get started, reach out to us today!

The post QuickBooks Integration: How to Research Your Specific Construction Software appeared first on 24hr Bookkeeper.

While a larger business may be able to overcome the occasional operational or accounting mistake that may lead to lost business or resources, each customer or client for a smaller business is very important to their overall success. 

For example, we work with construction businesses and assist with their accounting efforts with the goal of ensuring that they are confident in their numbers. 

If you’re in the construction industry and need help managing your accounting, then give us a call at 218-885-3100! We’ll provide construction software integration with QuickBooks, update your financials, advise you on your workflow, and train you in QuickBooks. 

We’ll also handle your accounts payable and receivable, payroll, reconciliations, and review for real-time financials and job costing. 

Get started today! 

In the meantime, here are five tips to help improve your accounting. 

Track Every Expense

It’s crucial for your business that you keep track of every expense — whether it’s a big one like the cost for materials or a small one like gas from driving to and from a job site. Not only does doing this help you maintain an extremely accurate accounting book, but you’ll also be able to handle any audits that may come your way during tax season. 

For more information on how to best keep track of your receipts to maintain a good record of your expenses, take a look at this past blog. We break down the best ways to organize your receipts to make your life easier. 

Be Conscious About Spending

Every now and then it’s a good thing to remind yourself to be mindful of your expenses and how much you’re spending on a day-to-day basis. While this tip is more concerned with the financial side of your business as opposed to the record-keeping side of things, there is obviously a direct link between finances and accounting.

Every month you should be going through your monthly expenses to see where you’re spending the most. And, if you notice that those expenses are a bit too high for your liking or are cutting into profits too much, see if you can find any that are expendable. 

For example, if a small business saw that they had a lot of expenses for travel, they may look to cut down on those until sales increase. 

Avoid Mingling Your Personal Finances With Your Business Finances

This is a mistake that many small business owners tend to make. While it may not sound like the worst thing in the world, you may be making yourself more liable to issues that may come up later down the road (read more about the importance of becoming an LLC or corporation here). 

The benefits of keeping these two types of finances separate are expansive and include: 

• Make it easier to accurately track your cash flow
• The ability to maintain accurate records when tax season comes around
• Simplify forecasting long-term financial performance
• Provide sufficient evidence of your business’s success to an investor or lender

Ensure the Accuracy of Your Records

When it comes to maintaining accurate records, you should use a journal, ledger, or some sort of online electronic record-keeping system. The IRS recommends that you record your transactions with one of those three options. Once again, this will help you make better decisions financially, as well as help you out when it’s time to file taxes. 

The IRS also suggests that when it comes to keeping up with your small business’s accounting, you should maintain the following: 

• daily and monthly summary of cash receipts
• depreciation worksheet
• business checkbook
• check disbursements journal
• employee compensation records

Regularly Review Your Records

Auditing your own books every now and then isn’t a bad idea. You can also bring in an outside accountant to look over your accounting information to ensure that everything checks out. 

Many times, accounting errors for small businesses are accidental. But, that doesn’t mean you won’t get penalized for them. So, it’s worth checking and double-checking your books to ensure that they are correct, accurate, and up-to-date. 

Use Software to Automate and Make Your Life Easier

Here at 24hr Bookkeeper, we are huge proponents of using QuickBooks as your software of choice to help you tackle your accounting needs — particularly QuickBooks Online (QBO). 

By choosing QuickBooks Online, you can take advantage of the following features: 

• Bank and credit card transactions downloading nightly
• No need to backup your data, as everything is secure on Intuit servers
• No software or local data to manage
• Better shared access with your information for employees and accountants
• Have multiple windows open at the same time (which seems like a small benefit but can really help with your accounting productivity and efficiency) 

Start Implementing These Accounting Best Practices Today

By taking the time to implement these tips into your small business’s accounting (if you haven’t already) you can better set your company up for success down the road. Again, make sure not to forget about the little things if you want to see continued success. 

And, if you need some help organizing your accounting, don’t hesitate to reach out! 

The post Accounting Best Practices: Accounting Procedures Your Small Business Needs To Have Down Or It Will Cost You appeared first on 24hr Bookkeeper.

However, because there are so many different capabilities, it can be a bit overwhelming. To be fair, it’s a good problem to have as many businesses — including many construction businesses —  use some form of QuickBooks to assist in their accounting. 

Unless you’ve been properly trained in on QuickBooks (which just so happens to be one of our service offerings), you may have said something along the lines of, “Well, I know QuickBooks can do this, but I don’t know how to get there.” 

Today we are going to go over some of the most common FAQ questions revolved around QuickBooks. 

To start off, here is the surprisingly simple solution to voiding checks in QuickBooks Online. 

How to Void a Check in QuickBooks Online

If you find that you need to void a check in QuickBooks Online, just follow these steps. 

If the check hasn’t been cashed (and also wasn’t included in your previous reconciliation), go through these steps: 

1. Select the ‘Accounting’ tab from the left menu
2. Select ‘Chart of Accounts’ at the top
3. Select the bank account the check you need to void was recorded
4. Select ‘View register’ 
5. Locate the desired check and click to highlight.
6. Click Edit.
7. On the bottom center click ‘More’ and select ‘Void.’
8. Confirm ‘Are you sure you want to void this check?’ by selecting ‘Yes.’

But if the check was included in your past reconciliations, then you should not consider voiding the check. Contact us to help you identify the issue if you want to void a reconciled check.

Can a Customer Pay the Total Balance Due on Multiple Outstanding Invoices? 

Owning a successful business means dealing with a lot of customers and clients. Unfortunately, this means you’ll probably run into your fair share of customers who don’t pay on time. 

Many business owners want to send them a link through which they can simply pay their total balance. However, QuickBooks does not yet have a feature in which you can do that. 

Instead, you’ll have to manually create a new invoice that totals up their outstanding debt and then void the previous invoices. 

How to Split Payments For An Invoice

This may seem like a very specific problem, but many QuickBooks users are searching for answers with issues similar to this one: They have had a couple of customers pay them through a different online payment system and then transferred that payment into their back account. But, that different site lumps the sum of all the payments into the account. 

Now, they need to receive payment on QuickBooks and link the existing invoices to their payment in their bank account. But, how can you do that if you have three invoices but only one payment? 

Follow these instructions to do just that: 

1. Click the ‘Create menu (+)’ and select ‘Receive Payment’
2. Select the customer name and enter the Payment date
3. Enter ‘Undeposited Funds’ in the Deposit to field
4. Select the invoice you want to pay, and click ‘Save’ and close
5. Do this to the other invoices you want to include to the deposit

After paying the invoices, you can create a lump sum deposit:

1.  At the top, click the ‘Create menu (+)’ and select ‘Bank Deposit’
2.  Select the bank account in the Account field.
3. Enter the deposit date.
4. Under the Select the payments included in this deposit section, select the invoice payments.
5. Make sure the total deposit amount and the amount you received matched.
6. Click Save and close.

Can I Recategorize Several Transactions at Once? 

If the transactions were added from the bank feeds, follow these steps to change them: 

1. On the left panel, click on ‘Banking’
2. Then click the ‘Reviewed’ tab
3. Next to the transactions you want to undo, put a check mark
4. Click ‘Undo’
5. Go back to the ‘For Review’ tab and select any transactions you want to change
6. Click the ‘Batch Actions’ drop-down
7. Choose ‘Modify Selected’
8. Change the Payee, Category, Class, and Location
9. Click ‘Apply’

To re-categorize multiple expenses at the same time, you can follow these steps:

1. Click ‘Expenses’ from the left navigation bar
2. Click the boxes of the expenses you’d like to categorize, and click the ‘Batch Actions’ drop-down list
3. Select ‘Categorize’
4. Choose the category you want and then hit ‘Apply’

For more commonly asked questions (as well as some answers), make sure to check out the QuickBooks Community!

The post How to Void a Check in QuickBooks Online (+ Other Common Problems Answered) appeared first on 24hr Bookkeeper.

Worse yet, some people will start their own company, but because they missed a step along the way, their business falters shortly after it starts up. 

If you have aspirations of owning a construction company — and want to ensure it thrives long-term — then follow these 6 essential steps for starting your own business. 

Don’t Be the Man/Woman Without a Plan

Without a thorough, developed, and well-thought-out business plan you will have a hard time finding success with your new company. 

Without a business plan, you may find outlining the next steps quite difficult. Your business plan will guide you during the early days of your business and make sure that you’re on track for your goals. It will also help you define what your business is.

Here are the following sections you should include in your business plan: 

• Executive Summary 
  • Should be short and to the point — identify the name of your business, products and services offered, and any mission and vision statements
• Company Description 
  • A high-level view of your business — the legal structure of the business, summary of short and long-term goals, brief history of the company and nature of the business
• Products and Services 
  • A detailed description of what you’re selling and how it benefits the consumers — include any advantages you have over competitors
• Market Analysis 
  • A section dedicated to sketching out your target customer segments, including size and demographics, as well as an industry outlook and evaluation of competitors (strengths and weaknesses) 
• Strategy and Implementation
  • An explanation for how you plan on promoting your business, details about costs, pricing, and logistics of your operations, as well as information on sources of labor and number of employees 
• Organization and Management Team
  • A description of your organizational chart and information about the owners and the management team
• Financial Plan
  • Include projection for sales and expenses and other estimations for the first five years of your business

Keep in mind, you may have to fill in some of the information as the process of starting your business goes forward. For example, you may not know how many employees you have and therefore can’t fill in that part of the strategy and implementation section. 

Location, Location, Location

Selecting your home base is extremely exciting for some business owners. For others, it can be a bit stressful. 

Just remember, wherever you choose to make your home base for your start-up, you don’t have to stay there forever. 

Perhaps you have aspirations of being located in a major city, but you know you won’t be able to afford the rent for a few years. So, start off in a neighboring suburb and work your way up! (Make sure to include your goal of moving to a bigger, better office in your business plan). 

Depending on the size of your operation, your initial home base needs to be big enough to encompass all the equipment and vehicles for your operations. 

Understand the Laws (So You Don’t Break Them)

You may need to hire a lawyer for this step — depending on your experience and knowledge of industry laws. Even if you are well-versed in construction, it’s wise to hire a lawyer who can double and triple check to make sure you have all your ducks in a row. 

There are legal certification, permits, licenses, and registrations that you NEED to have in order to start a construction business. 

These requirements will also vary from state to state and city to city. So, you’ll have to do some research to ensure you’re good to go no matter where your business resides. 

Choose the Right Accounting Software/Team

From the very first days of your business, you should have a strong grasp on your accounting. It’s a smart decision to hire an accountant to assist you with this step. That way you can focus on other areas of the business without having to worry about managing the money. 

At 24hr Bookkeeper, we have the knowledge and expertise to help your construction business find success. When it comes to finding the right accounting software, we are huge proponents of QuickBooks Online and one of our services is actually QuickBooks Training. 

We also offer monthly bookkeeping, construction software integration, update financials, and workflow advisory services. 

If you’re interested in working with a professional, friendly, and experienced accounting team, then contact us today! 

Secure Your Financing

Apply for proper financing early to ensure that you have the proper funds before you bid on your first contract. You’re going to need to decide if you want to purchase, rent, or lease all your equipment, tools, and vehicles to get your business off the ground. 

Assemble Your Construction Team & Network of Suppliers

You have to decide whether to keep full-time staff or hire contractors  — and there are pros and cons for each. 

For example, having your own staff will allow you to build a strong team and build a good rapport and working relationship with them. However, hiring contractors on the spot allows you to not have to pay salaries when business is slow (like in the winter). 

You’ll also need to start building relationships with suppliers, associates, and other contractors. It’s important to be involved in the construction community in case you ever need help finishing a job or need a specialist for a specific part of the build. 

It’s also wise to get involved in any local construction or business groups and associations. This will help you build relationships and get noticed early on in your business endeavors. 

The post Starting Your Own Construction Business: 6 Essential Steps appeared first on 24hr Bookkeeper.

However, there are a few different versions of QuickBooks accounting software, and while there are a lot of features that overlap between them, there are some capabilities that are unique to each version.

Today, we’ll break down QuickBooks Online vs. QuickBooks Desktop and 8 differences in their features that you may not know about.

But first, let’s go over some good-to-know information regarding the installation of these two platforms.

It should be noted that Online actually requires no installation whats-so-ever. However, Desktop does. Many business-owners really like this aspect of Online because it makes it extremely easy to get started.

Another important detail to note is that for service-based businesses, QuickBooks Online’s features work better.

However, for product-based companies, Desktop’s feature is more compatible.

At 24hr Bookkeeper, we work with a lot of construction companies to train them on using QuickBooks Online. We find that it is the best software for companies within this industry.

If you’re in need of training on QuickBooks Online, then contact us today!

Four Things QuickBooks Online Can Do That Desktop Can’t

Automatically Schedule and Send Transactions

QuickBooks Online can schedule and send out transactions automatically. This is a huge plus for anyone who loves software that can automate.

Overall, anytime you can work with a program or software that allows you to avoid doing tasks manually, the better chance you’ll have of avoiding costly mistakes with your accounting.

This function is just one of the many reasons why we’re big proponents of QuickBooks Online here at 24hr Bookkeeper.

Attach Documents, Images, Signatures and More to Transactions Using a Mobile Device

It’s no secret that the present and future is extremely mobile-oriented. QuickBooks Online is a very mobile-friendly software, which makes conducting business on-the-go easy.

The ability to attach documents, images, signatures and more to transactions via a mobile device adds an additional level of convenience to the platform that many small and medium-sized business owners can appreciate.

Use Management Reports to Build a Presentation Ready Package of Reports From Cover Page to Endnote

For reporting needs, QuickBooks Online is extremely helpful with their management reports feature. It’s a pretty nifty feature that, depending on which industry you’re in, may or may not be super necessary for your accounting needs.

That being said, if you are a report-heavy business, the Management Reports feature should be enough to sway you into choosing QuickBooks online.

Relabel Customers – 7 Options to Choose From – For Easier Categorizing

If you have a lot of different types of clients or customers, this relabeling option is a great way to categorize your clients into specific groups.

For example, if you’re a construction and remodeling company, you can label clients based on the type of job you’re completing for them (i.e. kitchen remodel, basement remodel, custom home construction).

While definitely not a necessity, it’s another feature that makes things just a little easier on you.

Four Things QuickBooks Desktop Can Do That Online Can’t

Batch Enter Transactions

Designed for accounting professionals who want to work more efficiently when it comes to write-up services for clients, the batch entering feature of QuickBooks Desktop can help you get more done in a shorter amount of time.

It’s a 6-step process, but overall it can help you speed things up when you have a lot do.

Business Planner, Forecasting, Balance Sheet by Class

Just like how Online lets you categorize your customers, you can categorize by class for business planners, forecasting and balance sheets.

So, if it makes sense for you to have different labels for those resources, then Desktop is certainly worth looking into.

Better Report Header and Footer Customization

This is by no means a make-or-break feature when it comes to choosing between QuickBooks Desktop or Online, but it is a nice little feature that the perfectionist in you will enjoy.

These are just a few of the many differences between Online and Desktop, but what it really comes down to in deciding which is right for you is the type of industry your business is in.

For service-based companies, go with Online.

For product-based businesses, Desktop is the top choice.

For more industry trends and QuickBooks insight, make sure to check back often for new content on our blog!

The post Quickbooks Online vs Desktop: The 8 Surprising Differences appeared first on 24hr Bookkeeper.

Today, cloud-based software and applications can be seen everywhere — from consumer-based apps to business-oriented technology.

Cloud software has proven to be especially helpful for accounting purposes and both Xero and QuickBooks Online are a couple of the premier cloud-based accounting software available on the market today.

But which is right for you?

To help you decide, we’ll be breaking down each software into four different sections (Invoicing, Billing, Reporting, and Features) and then offer suggestions for which is best for you.

First up, invoicing.

Invoicing

When it comes to invoicing, there isn’t much that separates QuickBooks and Xero. In fact, they’re almost identical in terms of their invoicing capabilities.

Xero and QuickBooks both can:

• Send recurring invoices
• Send payment reminders
• Integrate well with inventory
• Bill for hours worked
• Create customized invoices

Xero and QuickBooks both cannot:

• Automatically add late fees (QuickBooks Online has rolled out beta testing for an automatic late fee feature, but it has yet to be accessible for all accounts. As of January 2019, plans have been made to expand this option to more customers)

So, if invoicing is a high priority on your list, then it really doesn’t matter which software you go with. Both offer a lot of great invoicing functionality to help you stay on top of your accounting. But, if automatic late fees are a high priority, then pay attention to QuickBooks Online this year for that functionality.

Billing

Once again, both QuickBooks and Xero have capable Billing functions. However, Xero is preferred because of its user-friendly interface.

For those who have worked with both software before, they’ll mention that while you can accomplish your billing needs with both, Xero makes it easier to automate your payments. A lot of users tend to prefer their dashboard over QuickBooks as well.

That being said, if you’re keen on finding software that makes billing easy — both will get the job done for you. Xero is just a little more simple to navigate in this area of accounting.

Reporting

What do we want with our reporting features?!

Customization!

When do we want it?!

Now!

Luckily for you, Xero’s and QuickBooks’ reporting functionality both make it easy to customize. Not every business is the same, so it’s important that your accounting software reflects this.

The distinction between the two lies in QuickBooks’ expansive variety and usefulness of the reports it provides. This includes a comparison of estimates for a customer versus sales to that customer, as well as reports detailing profit and loss by customer.

So, for smaller businesses, Xero may be the answer. But for growing businesses, QuickBooks provides more scalability because of their diverse functionality for reporting.

Our Recommendation

Based off of this information, we can conclude that both software applications are reliable options. However, if you’re a smaller business that is growing slower, then Xero might be a better choice for you. Because of the extremely straight-forward and user-friendly interface, you’ll hop in and get your accounting in order right away.

However, if your business is small to medium-sized and growing, then QuickBooks is the better long-term solution.

As noted in the ‘reporting section,’ QuickBooks offers a more comprehensive and diverse range of reporting options which you may not necessarily need now, but will almost certainly come in handy down the road as your business grows.

How We Can Help With Your QuickBooks Needs

At 24hr Bookkeeper, we fully believe in the power of QuickBooks to facilitate growth within an organization. We work with a lot of fantastic small to medium sized construction companies who need assistance with construction software integration.

Our services include:

• Integrating QuickBooks and construction software together to help streamline your workflow — from estimating to bookkeeping and everything in between
• QuickBooks training to help you learn the ins-and-outs of the software so you can feel comfortable using it within your organization.
• Monthly bookkeeping — we manage your financials in both QuickBooks and your construction software. We’ll take care of everything from accounts payable to receivable, reconciliations, payroll, and real-time financials and job costing.

If you’re ready to get your accounting in order and prepare your company for long-term growth, then contact us today to get started!

The post Xero vs. Quickbooks Online: Which is Right for You In 2019? appeared first on 24hr Bookkeeper.

Let’s first assume that you’re not going for the Simple Start. Let’s also assume that you plan on using software that will allow you to scale your business for growth in the future, so we’ll also eliminate the Essentials version.

That leaves us with QuickBooks Online Plus and QuickBooks Online Advanced, the two top of the online options.

For those in the construction industry, both of these versions integrate with some construction management software. 1099 processing, progress invoicing, billable expenses, and ‘project’ features are all functions that are included in both Plus and Advanced. This makes them ideal accounting software for construction companies.

To help you decide which is the version you should go with, here is a complete list of all the features you can expect from each of them, as well as which functions you only get with Advanced.

What Both Are Capable of

Both Plus and Advanced are head and shoulders above the other two QuickBooks options.

In fact, here is a complete list of all the features that both of these software versions possess:

• Track income and expenses to see how much money you’re making
• Send and track invoices
• Download and automatically organize bank and credit card transactions
• Print checks and record transactions
• Import data from Excel or QuickBooks desktop
• Strong security measures so only you can access your info
• Access your data from a tablet or smartphone
• Snap photos of receipts so you’re ready for tax time
• Invite up to two accountants to access your data
• Integrate with available applications
• Set up invoices to automatically bill on a recurring schedule
• Manage and pay bills from vendors
• Enter bills and schedule payments for later
• Compare your sales and profitability with industry trends
• Control what your users can access
• Track billable hours by customer
• Handle multiple currencies
• Create and send purchase orders
• Track inventory
• Manage 1099 contractors
• Give employees and subcontractors limited access to enter time worked
• Create budgets to estimate future income and expenses
• Categorize your income and expenses using class tracking
• Track sales and profitability for each of your locations
• Track project profitability

You may be looking over that list and find multiple features that you know you’ll need. You also may see some that you’re not so sure you’ll put to use right away, but might in the future as your business grows.

If you’re serious about your business, then you can’t go wrong with either the Plus or Advanced software. However, if you want to take it up a notch further, then Advanced may be the route to go.

Here is everything that QuickBooks Online Advanced can do that Plus cannot.

What Advanced Can Do That Plus Can’t

• Get Deeper insights at a glance – powered by Fathom
• Create dynamic, presentation-ready reports
• Import or send hundreds of invoices at once
• Control who can and can’t see your sensitive data
• Get help from a dedicated customer success manager
• Get 5 online class credits to train your whole team
• Number of people who can access QuickBooks Online – 25 (5 for Plus)

Some of the key features in there include the number of people who can access QuickBooks Online within your construction company. Outside of your own ability to access QuickBooks, having an additional 24 spots makes it much easier to scale your company.

With Plus, you only get 5 spots, which is quite a difference but is still very manageable with a smaller construction company.

Getting help from a dedicated customer service manager is another great feature that you won’t find in any of the other software options. If you ever run into trouble, you can count on your personal customer service manager to help you out.

Our Recommendation

If you’re still not sure which version to go with, keep in mind the monthly price for each. Plus costs $60 per month, while Advanced is $150 per month.

In terms of what we’d recommend, it’s definitely all about the size of your construction company. If you’re medium-sized or are smaller and growing rapidly, Advanced might be a smart choice.

If you’re just getting things started or are early on in your construction business, then Plus is recommended. Remember, you can always upgrade when you need to, so saving that money early on when you don’t need those additional features is the smart move to make.

How 24hr Bookkeeper Can Help

Once you choose your QuickBooks Online version, make 24hr Bookkeeper your next call.

We offer QuickBooks Online training in both one-on-one or group settings. We’ll help you learn to use and navigate QuickBooks confidently so that you’re ready to take your accounting to the next level.

Contact us today to get started!

FAQ’s

Who is QuickBooks Online Plus & Advanced for?

QuickBooks Online Plus and Advanced are for business with more complex needs and plan on scaling the business for growth. For those in the construction industry, both of these versions integrate with some construction management software. 1099 processing, progress invoicing, billable expenses, and ‘project’ features are all functions that are included in both Plus and Advanced. This makes them ideal accounting software for construction companies.

What is the difference between QuickBooks Online Advanced & Online Plus?

Both QuickBooks Online Plus & Advanced are great options and the best that QuickBooks offers. QuickBooks online advanced has more features than Plus including dynamic presentation-ready reports, import or send hundreds of invoices at once, deeper insights at a glance, dedicated customer success manager, 5 online class credits to train your whole team, and more. 

Which is best for my company?

If you’re still not sure which version to go with, keep in mind the monthly price for each. Plus costs $60 per month, while Advanced is $150 per month. In terms of what we’d recommend, it’s definitely all about the size of your company. If you’re medium-sized or are smaller and growing rapidly, Advanced might be a smart choice. If you’re just getting things started or are early on in your construction business, then Plus is recommended. Remember, you can always upgrade when you need to, so saving that money early on when you don’t need those additional features is the smart move to make. Once you choose your QuickBooks Online version, make 24hr Bookkeeper your next call. We offer QuickBooks Online training in both one-on-one or group settings. We’ll help you learn to use and navigate QuickBooks confidently so that you’re ready to take your accounting to the next level.

The post QuickBooks Online Advanced vs. Online Plus: What’s the Right Version for your Construction Company? appeared first on 24hr Bookkeeper.

For many small and medium-sized businesses, particularly those within the construction industry, QuickBooks is their Excalibur. Quickbooks, an accounting software, allows construction company owners and contractors to thrive within their field. It’s the missing ingredient that allows them to level-up.

QuickBooks is often lauded for its ease of use. However, there are still some important things all contractors should note before they dive in. To help you decide if this software is right for your business, we compiled a helpful list of five things to know before using QuickBooks.

1. There Are Different Versions Of The Software

One of the reasons QuickBooks is so popular is because they offer multiple versions of their software. While other accounting software may take more of a, “one size fits all” approach, QuickBooks understands that every contractor and business is different.

First, you can choose between an online and desktop version. Which one you choose will be highly dependent on which features you need, as well as your budget. For up-to-date information on which is right for you, check out this helpful article from Fundera, which dives into the advantages of each type.

At 24hr Bookkeeper, we offer QuickBooks Training for QuickBooks Online for one-on-one or group training. We’ll help make sure that you are confident in your ability to understand and use QuickBooks going forward.

Here is a brief breakdown of the four types of QuickBooks software you can choose from, including QuickBooks Self-Employed and QuickBooks Mac.

QuickBooks Online (QBO)

QuickBooks Online is the cloud-based version and requires zero software installations. You’ll be able to choose between four different subscriptions: Simple Start, Essentials, Plus, and Advanced. You can access QuickBooks from any computer with an internet connection as long as you have a secure login. In addition, you can have multiple users working simultaneously, never have to backup your file, and have seamless integration with construction management software.

QuickBooks Desktop

With the desktop version, you’ll have to install software onto your computer. Once again, you’ll have three options to choose from: Pro, Premier, Enterprise. Unless you are a large company, then you will likely not be using the Enterprise level. Keep in mind you have to pay per user and you will need to backup the file as well.

QuickBooks Self-Employed

For freelancers, QuickBooks Self-Employed is the route to go. Just like QBO, Self-Employed is cloud-based so as long as you have a computer with an internet connection, you can access the information you need. One of the best features that this version of QuickBooks possesses is the ability to separate business expenses from personal ones. This is a great option for 1099 contractors. So if you’re a sole labor provider, it may be a good fit for you.

QuickBooks Mac

QuickBooks Mac is extremely close to QBO but is a desktop version. So, if you have a Mac but want to avoid a cloud-based software, then QuickBooks Mac is worth checking out. Check out this article for more in-depth information on QuickBooks for Mac. 

2. QuickBooks Allows Access To Multiple People

If you have a team who needs access to your accounting information, QuickBooks allows for access to multiple members. So, while your team or business grows, anyone who needs to enter numbers or check up on accounting information (such as an accountant), can do so.

When it comes to keeping tabs on company accounting, it is essential that everyone can collaborate on financial tasks. Also, you’d be hardpressed to find an accountant or accounting firm who isn’t familiar with QuickBooks. 

3. QuickBooks Allows You To Create Invoices & Quotes

One of the biggest pain in the necks of running a small business is trying to make sure that you get paid on time. Every small business has a horror story about being paid for a job two months after completing the job. While all might be forgiven once that money finally comes, wouldn’t it be nice to ensure that any similar issues like that don’t happen again?

QuickBooks accounting software has a feature that allows you to create invoices and quotes. The invoices look extremely professional to help your business look good. Most importantly, you’ll be able to craft invoices efficiently and email, as well as mail them to your clients and customers.

4. Training is Required

While yes, QuickBooks is easier than other accounting software on the market today, you’ll still need some training. Your business’s accounting is paramount to your success. Whereas with a mistake in marketing may cost you a lead or a sale, an accounting mistake could be much more detrimental to your company going forward. Inaccurate record keeping can result in huge fines.

So, make sure that you take the time to be properly trained-in on how to use QuickBooks. When it comes to accounting, winging it is not an option.

5. QuickBooks Allows You To See Almost All Of Your Business Financials

Using QuickBooks, you can access the following information through the customized reports they supply:

• Banking – You can keep tabs on all your banking transactions, deposits, and withdrawals and search your banking history with ease.
• Budgets & Forecasts – Ensure that your business is staying within the parameters of the project budget.
• Taxes – Taxes can be a real headache. With QuickBooks, your tax information is much easier to understand, and anyone assisting with filing your taxes can have access to the information they need.
• Receivables – Keep track of who still owes you money and how much with ease.
• Employees & Payroll – As your company expands you can better understand how your payroll is looking and where you have room for expansion
• Jobs & Timesheets – Find out who is working where and when and for how long.

If You’re Interested in Learning More About QuickBooks, Contact 24hr Bookkeeper Today

As previously mentioned, we provide QuickBooks Training so that you can confidently navigate your way through the software. We also offer Construction Software Integration and Workflow Advisory Services, and more.

At 24hr Bookkeeper, we are passionate about helping small and medium-sized businesses succeed. If you need assistance with your accounting, then reach out to us today by calling (218) 885-3100 or send us a message and fill out this brief form on our website. We look forward to hearing from you soon!

The post QuickBooks For Contractors: 5 Things You Should Know Before Using appeared first on 24hr Bookkeeper.

Another item is to make sure you are set up as a merchant service provider, or MSP. An MSP allows you to accept both credit and debit cards as payments, as well as help you meet security standards put forth to protect those who give you their card information. This is essential for your business.

Similar to an MSP is a PSP (payment service provider). One of the top PSPs for smaller businesses is WePay.

Today, we’re going to break down Inuit Merchant Services vs. WePay, as well as give you some tips and tricks for finding the best MSP for you.

Overview of Intuit Merchant Services

Intuit Merchant Services, which is also often referred to as QuickBooks Payments, is an MSP that is an internal division of the software company Intuit. Intuit has been around for a while now. They first came into existence in 1983 and are credited as being one of Silicon Valley’s first startups. With a solid reputation, Intuit is a trusted software supplier of small and large businesses alike.

Realizing a need for more MSPs, they started providing their credit card processing services in 2003. Because they already had their accounting software (QuickBooks), it was easy for them to create an MSP that would easily integrate with QuickBooks. Since then Intuit Merchant Services has helped many new businesses thrive.

Overview of WePay

WePay is a newer company, founded in 2008 in Boston and is now headquartered in Redwood City, California.

WePay is an online payment service provider which offers small business, crowdfunding sites, and marketplaces integrated and customizable payment solutions. In addition, they also provide their partners with fraud and risk protection, which Inuit Merchant Services does as well.

WePay is also commonly recognized for their customer support, which features three different levels. Silver is the base level and Gold is a higher up and features faster response times to questions and concerns. Platinum is at the top and promises 24/7 all-week service through all mediums, as well as a dedicated technical account representative.

Inuit Merchant Services Vs. WePay

An important feature to mention for both of these products is that Inuit Merchant Services is only available if you use QuickBooks. Keep this in mind if you are using QuickBooks, as Inuit Merchant Services is a good fit then. On the other hand, WePay can be used in conjunction with a variety of other construction software.

Intuit Merchant Services can be difficult to use when it comes to larger purchases, which is why it is ideal for small businesses and contractors.

Meanwhile, WePay integrates with Buildertrend and also has a client portal that makes things very simple. So, if you’re on Buildertrend, it makes perfect sense to go with WePay.

How to Find the Right Merchant Service Provider

So, what happens if you don’t have QuickBooks as your accounting software? Then which MSP should you go with? As with any decision you make that involves your business, you should be thoughtful and strategic in your choice. To help make sure that you choose the best Merchant Service Provider, follow these helpful tips.

• Make sure you do your research and read reviews. This is the best way to gain insight into how an MSP will work for your business. The previously mentioned Merchant Maverick is an excellent place to start. They promise unbiased reviews, company backgrounds, pros and cons lists, and in-depth analysis.
• Identify the big needs for your business and find out which MSPs include these features in their services. Sometimes the best-reviewed MSPs aren’t going to be the best fit for you if their offerings are limited.
• As this Software Advice article puts it, with some MSPs, “the more you make, the more you pay.” Many MSPs incorporate extra fees and costs, especially when it comes to reaching a certain amount in sales. Sometimes there is no avoiding this, so be aware of this if pricing is a factor.
• Pay attention to customer service reviews, as well as any outlines of customer support provided on the MSP’s website or when you speak to a salesperson. Are there any additional costs that come with training or support? Which issues can you troubleshoot on your own, and which would you need to reach out for assistance. No one wants to be wasting valuable time waiting on hold.

Reach out to 24hr Bookkeeper Today for Your Bookkeeping Needs

Whether you’re just getting started or have been operating your own business for a while, we can help. Our straight forward, knowledgable, and non-judgemental team is ready to help take your business to the next level.

We’re problem solvers. Let us help solve yours.

Contact us today to get started!

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HIBBING, MINNESOTA, OCTOBER 4, 2016 – The team at 24hr Bookkeeper is excited to announce that they have been selected as a finalist in Intuit’s Top Four Global Firms of the Future contest. Now, the Minnesota-based bookkeeping service will compete against three other finalists from around the world for a top prize.

24hr Bookkeeper harnesses the power of Intuit QuickBooks and other compatible third party applications to streamline its clients payroll and bookkeeping. In addition, the company offers QuickBooks training to help professionals create more efficient processes.

As a finalist for Intuit’s Top Four Global Firms of the Future contest, 24hr Bookkeeper demonstrated their ability to leverage online technology to grow and tailor their practice to meet the needs of small businesses. The contest scouted out 4 top accounting firms from around the world, choosing 24hr Bookkeeper, Hemingway Bailey (UK), Moore Details Bookkeeping (Canada), and New Wave Business Solutions (Australia).

During the previous part of the contest, 24hr Bookkeeper and the other finalists individually created video submissions. Intuit provided a videographer and producer to professionally create high-quality video entries for each finalist. The public can now vote for their favorite submission by visiting the Firm of the Future website from October 3 – 15, 2016. The finalist with the most votes will be the grand prize winner.

Each finalist received a $5,000 prize and two tickets to QuickBooks Connect on October 24-26, 2016,  where the grand prize winner will be revealed and receive an additional $10,000.

“I’m excited to show the world that where you live doesn’t limit your potential for success,” said Karine Woodman, Founder of 24hr Bookkeeper about the contest. Regarding their ethos, the company said, “We’re all about working smarter, not harder, and want to simplify the process for our clients.”

The team at 24hr Bookkeeper is thrilled to enter the next phase of the Intuit Top Four Global Firms of the Future Finalist contest and invites clients to vote for the accounting company at http://firmofthefuture.com/contest.

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