What is Job Costing in QuickBooks ?
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Job costing in QuickBooks is a very valuable feature that helps businesses track costs and revenue by job/project! Service-based businesses, such as construction, consulting, and design firms, need to know whether they make money and how much money they make on any given job. QuickBooks creates better methods for the user to allocate labor, materials, and overhead, assisting all firms in staying close to budgets and more effectively managing expenses. QuickBooks provides inter-connectivity between estimated costs and actual costs, revealing areas of differences, to better manage costs, regardless of outside influences, as they intelligently plan or budget for the next job. QuickBooks job costing reports allow firms to appropriately assess total costs and profit for projects with total unencumbered visibility with no restrictions, in order to assess their most profitable jobs or what prompted them to make adjustments in jobs that are less than profitable - Meaning the user does the work to gather and record time, estimates costs, & gather invoices from vendors upfront; however, job costing, once established, will create an ongoing, smooth, and uninterrupted flow of project accounting and management, while providing better financial visibility for managers. Overall, QuickBooks Job costing helps firms provide better visibility from the start on their estimates of what they think it'll cost for a project, all the way to how that firm contributes to streamlining operations to improve profitability and reduce the expenses for projects.
