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A contractor is a business that provides services for hire. The services are generally related to construction, manufacturing, engineering and other occupations in the service sector. In order to provide these labor-intensive jobs or own them outright as an independent contractor you will have to establish your company legally with proper documentation of workers’ hours and pay rate.
The “quickbooks for contractors 2022” is a software that allows users to track and manage their business expenses, payroll, and taxes. The software also has features such as invoicing, time tracking, project management, and more.
QuickBooks Contractor is a construction-specific version of QuickBooks Premier desktop software. It has particular tools and reports to assist you in budgeting and accounting for major projects. All of these extra features are included in the QuickBooks Premier subscription pricing. The annual cost begins at $549.99.
QuickBooks Desktop may be found here.
For What Reasons Do We Recommend QuickBooks Contractor?
QuickBooks Premier Contractor Edition is one of the finest construction accounting software solutions since it’s designed for general contractors and subcontractors that have trouble monitoring the prices of particular contracts or spend too much time doing so. The Contractor Version, like the standard edition of QuickBooks Premier, may only be accessed from PCs where the application has been installed.
QuickBooks Contractor Is Particularly Beneficial For
- Contractors that keep track of project expenses apart from their accounting: By merging the processes of job costing and basic accounting in QuickBooks Premier Contractor Edition, you may save time and effort. You could, like many small contractors, attempt to keep track of project expenses in an Excel spreadsheet. The Contractor Edition will not only save you time by merging duties, but it will also prevent expenditures from being overlooked since job prices are related to overall business spending.
- Contractors with several crews: Even if specific task pricing isn’t done, experienced proprietors are fairly adept at forecasting profit on projects they’re strongly engaged with. However, when your firm expands and you establish various teams, you will no longer be involved in each task on a daily basis, making it far more difficult to predict job profitability. It’s critical to have precise task prices to review and aid your project managers in cost management when you have many crews.
- Contractors that wish to keep track of their material utilization should: QuickBooks Contractor has the same inventory tools as QuickBooks Premier’s basic version, in addition to the fantastic job costing features. Supplies returned from a work site may be inventoried so that your project managers can plan to utilize them on the next task rather than buying superfluous materials.
It Isn’t a Good Fit For QuickBooks Contractor Edition
- Cloud accounting: Your company may need certain accounting operations to be performed on the go. For example, a construction company may need a repair expert who can issue bills while on the job. If this is a top priority, QuickBooks Online is a better option.
- Off-site certified public accountants (CPAs) or bookkeepers: Unlike online software, your off-site CPA or bookkeeper won’t be able to access your QuickBooks Contractor books from their office computer. You must create an Accountant’s Copy in QuickBooks Contractor and email it to your CPA. It’s not an awful system, but you don’t want to deal with it on a daily or monthly basis.
- Contractors in need of construction management features: QuickBooks Contractor lacks a number of construction management capabilities, such as daily logs, warranty claims, plan markups, and staff communication. If you need construction management software with rudimentary accounting features, we propose Buildertrend. Buildertrend may also be integrated with QuickBooks Online for a complete construction and accounting solution.
Read our guide to the best small company accounting software if QuickBooks Premier Contractor Edition isn’t right for you.
QuickBooks Contractor Pros & Cons
QuickBooks Desktop may be found here.
Contractor Pricing in QuickBooks
The contractor version of QuickBooks Premier costs the same as the standard edition. The yearly subscription for QuickBooks Premier Contractor Edition is now available.
For a thorough comparison of the desktop and online versions, check our article on QuickBooks Online versus Desktop, or look at our QuickBooks Desktop comparison guide for a detailed review of the features and price across all QuickBooks desktop solutions.
QuickBooks Payroll Pricing by Intuit
The Contractor Version, like the standard edition of QuickBooks Premier, provides integrated payroll functions for an extra charge. The monthly fee for Intuit QuickBooks Payroll is $50 + $2 per employee. To discover more about the cost for the Intuit QuickBooks Payroll connection, see our evaluation of QuickBooks Premier.
Competitors vs. QuickBooks Contractor
We compared QuickBooks Premier Contractor Edition to Sage 100 Contractor and Buildertrend with QuickBooks Online Plus, two direct rivals. QuickBooks Contractor is a QuickBooks Premier industry-specific version.
When comparing QuickBooks Premier Contractor Edition to Sage 100 Contractor and Buildertrend,
With QuickBooks Online Plus, QuickBooks Contractor offers a more inexpensive option to Buildertrend. Buildertrend with QuickBooks Online Plus costs $429 per month, while QuickBooks Premier Contractor Edition costs $549.99 per year for one user. Buildertrend provides the best construction accounting and ERP functionality with QuickBooks Online, while QuickBooks Contractor focuses more on the accounting side. When it comes to price and feature compromises, Sage 100 Contractor sits in the center.
New Features in QuickBooks Contractor 2022
Beginning in 2022, QuickBooks Premier Contractor Edition will be available on a subscription basis. Unlike its predecessors, customers must purchase yearly licenses rather than three-year subscriptions:
- QuickBooks Premier’s new subscription-based plan includes unlimited security patches and feature upgrades for the duration of your subscription.
- Webgility integration: QuickBooks Desktop Pro Plus, Premier Plus, and Enterprise may link with your ecommerce platform using Webgility. A Webgility membership is needed. Ecommerce integration has always been a missing feature in earlier versions of QuickBooks Desktop.
- Users of QuickBooks Desktop may download the QuickBooks Desktop Mobile App to help with uploading and scanning receipts, invoices, document attachments to transactions, and barcode scanning. You may use the mobile app to scan inventory barcodes if you have 2D Bluetooth barcode scanners.
- Enhanced computational power: QuickBooks Desktop now runs on 64-bit computers, making it quicker and more efficient. The new 64-bit system will address the sluggish performance of prior 32-bit versions.
Key Features of QuickBooks for Contractors
These features of QuickBooks Premier Contractor Edition will be valuable to contractors and subcontractors:
- Create and send job estimates to possible clients: You may create and send work estimates to potential customers. It’s critical to provide as much data in the estimate as feasible since this will serve as the foundation for subsequent change orders, invoicing, and budget analyses.
- Create change orders: Large projects seldom go according to plan. When a change is required, you may make changes to your original estimate, and QuickBooks will immediately generate a change order to deliver to your client.
- You may make purchase orders (POs) straight from the estimate page. This keeps your project managers from forgetting to order supplies, which might result in costly add-ons and missed time. The POs may also be used by your project managers to identify components that aren’t included in the estimate:
Developing Bills
- Produce an invoice: From the estimate, you may create an invoice. You may create an in-progress invoice by setting a percentage to charge for each item on the estimate, or you can invoice just specified things on the estimate. You may elect, for example, to charge just the materials stated on the invoice. When it’s time to invoice the remaining estimate, go back to the estimate, click Create Invoice, and QuickBooks will ask whether you want to invoice the balance.
- Assign time to each employee’s duty and service item: You may not only attach the cost of an employee’s salary to a specific work, but also to a service item that matches the service items on your estimate. When wages are allocated to a specific job and service item, QuickBooks will also automatically apply any payroll taxes to that job:
Timesheet input per task and service item in QuickBooks Contractor
- Submit receipts: QuickBooks Contractor allows you to upload receipts that may be linked to expenditure entries as documentation support in order to keep track of spending appropriately. You may also choose from a variety of classifications, vendors, jobs, and accounts:
Receipt Uploading in QuickBooks Contractor
- Reporting: There are a variety of reports available to assist you in managing and evaluating your construction projects:
- Profitability of the job: This reflects the real income and expenses of the job. Revenue and expenditures may be presented as a total for all chosen tasks or by service items for a specific job.
- Job estimates vs. actuals: This table compares real income and costs against estimates. The report may be split down by job or by service items for a specific task:
Actual Cost Report vs. Job Estimates
- Task progress invoices vs. estimates: This compares the total amount of progress invoices to the estimate for each job, allowing you to see any jobs that haven’t been completely invoiced.
- Item profitability: This chart illustrates total income and costs for all tasks, broken down by service item. This will assist you in determining which service items are the most lucrative and which are the least profitable.
- Estimated vs. Actual Income and Costs by Service Item for All Jobs: This gives a comparison of actual vs. estimated revenue and expenses by service item for all jobs. This allows you to see which service items are under-estimated.
- Unpaid bills by employment: This displays a list of unpaid bills broken down by job. This is crucial to keep track of in order to correctly wrap up tasks and prevent any mistakes that might result in your vendor threatening your client with a lien.
- Expenditures not allocated to jobs: This section contains a list of expenses that should be checked to ensure that they do not involve direct materials or other charges that might be attributed to a work.
- The job costing center displays the top and bottom three occupations in terms of profitability during the last three months. It also includes a summary of your previous performance as well as links to relevant job costing reports:
Job Costing Center in QuickBooks Contractor Edition
QuickBooks Contractor Edition alternatives
Conclusion
QuickBooks Premier Contractor Edition is one of the QuickBooks Desktop Premier product line’s six industry editions. The Contractor Edition includes industry-specific reporting and capabilities such as task estimation and report generation. Even though it’s an industry-specific edition, QuickBooks Premier Plus 2022 still offers the standard accounting functions.
While QuickBooks Contractor has outstanding accounting tools, it falls short of its rivals in terms of ERP and construction management. If you wish to concentrate on construction accounting and work profitability, we propose QuickBooks Contractor. QuickBooks Contractor isn’t a viable solution if you need construction management and ERP in addition to accounting functions. As a comprehensive accounting and construction management solution, we suggest Buildertrend with QuickBooks Online Plus.
QuickBooks Premier Contractor Edition is a software that helps contractors run their business. It provides features for payroll, invoicing, and more. There are two editions of this software: Standard and Premier. The Premier edition is $99.95/year or $299.95/lifetime license., which includes the following features: unlimited users, unlimited projects, unlimited work hours, unlimited clients, and more. Reference: download quickbooks premier contractor edition 2021.
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