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QuickBooks for Contractors summary
Brief summary
QuickBooks for Contractors is a comprehensive guide by Craig M Kershaw that provides practical tips and strategies for using QuickBooks to effectively manage finances, track job costs, and streamline accounting processes in the construction industry.
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Table of Contents
QuickBooks for Contractors
Summary of key ideas
Understanding QuickBooks for Contractors
In QuickBooks for Contractors by Craig M Kershaw, we delve into the world of QuickBooks tailored specifically for contractors. The book begins by explaining the importance of using QuickBooks in the construction industry, and how it can be used to manage various aspects of a contractor's business, such as payroll, job costing, and financial reporting.
As we move forward, Kershaw introduces the reader to the basic functionalities of QuickBooks, such as setting up the company file, creating a chart of accounts, and setting up items for job costing. He emphasizes the importance of setting up the software correctly right from the start, as it can greatly affect the accuracy of financial reports and job costing.
Job Costing and Payroll
The author then delves into the critical topic of job costing, explaining the different methods used to track the costs associated with each job. He discusses various job costing reports available in QuickBooks and how they can be used to monitor a project's profitability. Kershaw also provides tips on how to set up payroll in QuickBooks, ensuring that all payroll-related costs are accurately allocated to each job.
Furthermore, Kershaw highlights the importance of tracking and allocating overhead costs to jobs, and he explains how QuickBooks can be used to accomplish this. He also elaborates on the use of progress invoicing, retention billing, and change orders in QuickBooks, providing step-by-step instructions on how to set them up and use them effectively.
Inventory Management and Financial Reporting
The book then moves on to discuss inventory management for contractors. Kershaw explains how QuickBooks can be used to track inventory items, manage stock levels, and allocate inventory costs to jobs. He also provides insights into using QuickBooks for equipment tracking and job costing, a critical aspect for contractors who own and use machinery in their operations.
As we near the end of the book, Kershaw focuses on the financial reporting aspect of QuickBooks for contractors. He explains the various financial reports available in QuickBooks and how they can be used to analyze a contractor's business performance. He also discusses the importance of maintaining a clean and accurate set of books, especially when it comes to preparing for taxes and audits.
Advanced Topics and Additional Resources
In the latter part of QuickBooks for Contractors, Kershaw delves into some advanced topics, such as percentage completion accounting, multi-state payrolls, and tracking subcontractor insurance. He provides in-depth explanations and practical examples to help the reader understand and implement these advanced functionalities.
Finally, Kershaw concludes the book by providing additional resources for contractors using QuickBooks, such as recommended third-party apps and websites. He also emphasizes the importance of continuous learning and staying updated with the latest features and updates in QuickBooks.
The Essential Guide for Contractors Using QuickBooks
In conclusion, QuickBooks for Contractors by Craig M Kershaw serves as an essential guide for contractors looking to manage their business operations effectively using QuickBooks. The book covers a wide range of topics, from basic functionalities to advanced features, providing practical advice, tips, and step-by-step instructions throughout. It's a must-read for any contractor aiming to optimize their use of QuickBooks for business success.
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What is QuickBooks for Contractors about?
QuickBooks for Contractors by Craig M Kershaw offers a comprehensive guide to using QuickBooks specifically tailored for contractors. It covers everything from setting up your accounts to tracking job costs and creating customized reports. Whether you're new to QuickBooks or looking to improve your bookkeeping skills, this book provides practical tips and real-life examples to help you manage your finances more effectively.
QuickBooks for Contractors Review
QuickBooks for Contractors by Craig M. Kershaw (2019) is a practical guide for contractors looking to optimize their financial management with QuickBooks. Here's why this book stands out:
- Provides specific solutions tailored to the unique needs of contractors, offering practical strategies for financial success.
- Offers clear explanations and step-by-step instructions to simplify complex accounting processes, ensuring easy comprehension and implementation.
- With its real-world examples and hands-on approach, the book keeps readers engaged and motivated to master financial management effectively.
Who should read QuickBooks for Contractors?
Contractors looking to efficiently manage their finances and accounting using QuickBooks
Small construction business owners who want to improve their understanding and utilization of QuickBooks
Accounting professionals working with construction companies who want to expand their knowledge of QuickBooks for the industry
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QuickBooks for Contractors FAQs
What is the main message of QuickBooks for Contractors?
The main message of QuickBooks for Contractors is efficient financial management tailored for construction professionals.
How long does it take to read QuickBooks for Contractors?
The estimated reading time for QuickBooks for Contractors is moderate. The Blinkist summary can be read in a fraction of that time.
Is QuickBooks for Contractors a good book? Is it worth reading?
QuickBooks for Contractors is worth reading for its practical insights into financial organization in the construction industry.
Who is the author of QuickBooks for Contractors?
The author of QuickBooks for Contractors is Craig M. Kershaw.
What to read after QuickBooks for Contractors?
If you're wondering what to read next after QuickBooks for Contractors, here are some recommendations we suggest:
- Basic Economics by Thomas Sowell
- The Ascent of Money by Niall Ferguson
- Think and Grow Rich by Napoleon Hill
- The 4-Hour Workweek by Tim Ferriss
- Rich Dad, Poor Dad by Robert T. Kiyosaki
- Secrets of the Millionaire Mind by T. Harv Eker
- The Richest Man in Babylon by George S. Clason
- Business Adventures by John Brooks
- The Most Important Thing by Howard Marks
- More Money Than God by Sebastian Mallaby
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