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According to Datanyze, QuickBooks owns roughly around 50% market share of accounting software. The other packages’ market share doesn’t even make it to two digits, which shows the dominance of Intuit’s leading software. Previously, QuickBooks only dominated the small business segment, but now it’s also becoming a popular choice for large enterprises.
Over the past few years, Intuit has been actively rolling out QuickBooks updates. The recent QuickBooks Enterprise 2020 Edition is a great example. It introduced many advanced features for modern businesses. But that’s not it. The company has started developing industry-specific solutions to take their software to a whole new level.
The new and improved QuickBooks Enterprise Contractor Edition has received a very positive reception. Since its introduction, the Intuit package has been labeled as one of the best software packages for companies that operate on contract-based projects. The software comes with a bundle of advanced features tailored specifically to suit the requirements of contractors.
Check out some of the impressive features of QuickBooks for Contractors here:
QuickBooks Enterprise Contractor Edition Features
Managers have to deal with various teams daily. It can be overwhelming to memorize details and carry out different tasks without effective workflow management.
QuickBooks Enterprise Contractor Edition makes it convenient for managers to keep tabs on different teams, including technical staff, office workforce, dispatching crew, and more.
The Intuit Field Service Management tool allows contractors to run operations efficiently. Also, managers create work orders and track performance through invoicing and accounts.
Using cloud hosting solutions, businesses can give database access to up to 40 users at the same time, leading to better collaboration and improved productivity levels.
Every industry has its reporting requirements depending on geo-locations, size of operations, local regulations, and many other factors.
QuickBooks for Contractors come with a specialized industry-specific reporting tool that provides relevant report templates that most contractors find useful.
It eliminates the need for grinding through hundreds of reports to pick the right one for your business. Moreover, these reports can be customized to meet your specific business needs.
Integrate Third-Party Tools
QuickBooks Enterprise Contractor Edition allows businesses to integrate third-party tools like Salesforce CRM, Timesheet applications, inventory management software, and more.
For instance, you can integrate the Builder trend to share important information like blueprints, project specifications, and relevant details with clients and employees.
Job Costing Center
Job Costing Center is a single-screen area that summarizes crucial information on different jobs, like costing and profitability highlights.
It can help determine pricing for different projects and track cost implications due to changes in the scope of the project to ensure the ROI remains positive.
Job Costing Center in QuickBooks for Contractors also provides useful insights like actual costs, estimates, bank reports, variance in material prices, and other metrics.
As a result, managers have a complete picture of the financial viability of the project and how changing variables affect profitability, which facilitates better decision-making.
Advanced Payroll Tool
QuickBooks for Contractors come with an advanced payroll tool, which can significantly improve the salary depositing process for businesses.
Contractors can use this option to make direct bank deposits to their in-house employees and technical workers. Also, it allows the creation of unlimited cheques to make payments.
The efficient and smart payroll system generates W-2 forms and also takes care of workers’ taxes, so you don’t have to hire outsourcing services.
The new QuickBooks Enterprise Contractor Edition has rolled out an extensive range of new features and improvements. Here’s a highlight of some other features that most contractors will appreciate:
- Powerful accounting tools: There are many functionalities added in the Chart of Accounts, Fixed Assets, and Payroll. For instance, managers can find account discrepancies by using prior account balances. The ‘review list changes function’ allows better management of accounts and lists.
- Payments Screen Search: It’s a smart tool that can sort any column in the payment screen. For instance, transactions can be sorted via order quantity, amount, remaining balance, date, etc.). It eliminates the need for navigating different pages to find a specific transaction.
- Improved E-invoicing: A time-efficient solution for delivering invoices and recording completed payments, which facilitates invoice tracking and prevents errors.
Furthermore, Intuit has also added several minor features and tools to improve user efficiency, like:
- A single-page report for all open purchase orders by vendor
- Report for billed and unbilled hours by worker and job
- List of expenses that are not currently assigned to a job
- Summary of percentage of completion and cost to complete each job
- Payroll tool to assign different billing rates for workers based on the job
The QuickBooks Enterprise Contractor Edition is an excellent tool for contract businesses. It provides more than basic accounting software and serves as a comprehensive solution to carry out business processes more efficiently. It’s designed specifically to improve the operational efficiency of contracting businesses and help them maximize their profitability.
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