4 Tips to Get the Most Out of Your Projects in QuickBooks

Published November 29, 2022
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QuickBooks has revolutionized accounting for small and medium-scale businesses in a multitude of ways. What once took lots of human effort and time can now be done within a few clicks. The reports that were previously subject to errors can now be generated accurately online. Even accounting data can now be presented in a way that’s meaningful and can be analyzed easily.

However, you can only make the most out of your QuickBooks experience if you understand its key features and their benefits. Let’s help you through the process:

1. Group Multiple Projects Together

Grouping multiple projects allows you to assess them at the same time. One look at the reports, and you can get the desired results. This will also help you keep tabs on all the projects at once and check which ones are in progress and which ones have come to a close. This gives you a clearer and more comprehensive picture of what’s happening, in what order, and when.

After you’ve grouped the projects together, you can take a cumulative screenshot and use it as a checklist of what you have to work on.

2. Run Project-Specific Reports 

Each company project requires its own specific set of resources—financial, human, and tangible. This is the reason why they also should be analyzed separately when you’re analyzing the feasibility.

Luckily, QuickBooks allows you to generate customized reports. You can run separate reports for each project and event separately. These reports will help you analyze how well you did on that particular project and what’s the need for improvement.

Let’s understand how these reports work:

QuickBooks generates reports based on a report set that will determine which transaction lines will be used. The software will then extract data from this report set and other transaction lines. You can also see a graphical representation of these reports. Go to Company Menu > Home page > Insights.

The most common form of reports that are generated by QuickBooks is sales reports, ‘job, time, and mileage,’ receivables reports, purchase reports, inventory reports, banking reports, accountant and tax reports, manufacturing reports, etc.

You can combine data from two or more data files to create a single report as long as they’re relevant. Such accounts will only be combined if they are the same type and are at the same hierarchal level in each level.

3. Simplify Invoicing 

Although invoicing has become increasingly easy with QuickBooks, you can simplify it even further.

Most users complain that every time they create an invoice, it becomes due the same day. This often causes discrepancies since the customer won’t even receive the shipment the same day. You might end up underestimating the bottom line in this case. Most accountants end up making adjusting entries when the actual shipment is sent out.

A simple way to simplify invoices is to change the default date once and for all. Ideally, you should set it for 30 days after the main invoice date, although this could differ according to the nature of your business.

4. Customize Your Invoices

You can also customize your invoices in order to give them a personalized look so they won’t get lost in the noise of your inbox. You don’t have to make drastic changes. Even slight changes in the layout and the logo will add texture to your communication and will make your invoices look distinct.

You can also choose the right kind of information that you want to provide to your customers and add them to the invoices. This will help you convey the relevant message without paying too much. Customers don’t like generic sales forms. Anything that adds to the appeal of the invoice will indirectly affect your branding and positioning. For this, you can play around with the fonts, color schemes, and overall template layout.

The consultants at gotomyerp are always a call away when it comes to helping you make the most out of your QuickBooks experience. We are a renowned QuickBooks hosting service that provides a holistic suite of QuickBooks services, including a number of different versions. Take a look at our services here.