Are you taking advantage of all the tools QBO has to offer? I hope so! QBO is chock full of great features that can help your company run more efficiently and today we talk about two of them – tracking billable expenses and using the the new tags feature. Check out the website for more content www.bcbousa.com
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Full Recap:
Dan starts out the podcast by once again talking about how excited he is for his work day of the week – Thursday. In addition to all the normal weekly tasks he normally tackles on Thursday, this being the first Thursday of the month means it is time to review all the job costing from the work completed in May. As a company we break down each individual job, break them out into categories, and have a ton of great information to use as we move forward. We can not stress enough how important it is to spend time each week reviewing your company finances. It makes a huge difference in the overall success of your business.
In keeping with the theme of time, today we talked about a couple of features inside QuickBooks Online that can help make you more productive and efficient. The first feature being the ability to track expenses by customer per transaction and mark those transactions as billable. It eliminates having to manually keep track of what you need to mark as pass-through expenses that you need reimbursement for. Using this simple tool allows the system to categorize and keep track of all billable expenses and then with a few simple clicks of the mouse you can create an invoice for your customer that incorporates all of them. It is a time save and helps eliminate the chance of a billable expense slipping through the cracks and you missing out on income.
The second feature is a fairly new feature in QuickBooks Online called Tags. It is a very flexible and easy to use tool that allows you to track transactions (income or expense) with any “tag” you want. The best example of this that Dan could think of would be keeping track of all expenses related to an office renovation. This type of work isn’t a job, there is no invoice going out to a customer at the end of the project. Good business practices state that you should have budgeted this renovation before starting, and using tags as the process goes along allows you to easily see all the transactions associated with the project when completed to compare them to your budget.
QuickBooks Online has many great features built into the system that allows you to be more efficient as a company. Make sure you are taking advantage of them.