These tips will help you understand QuickBooks for interior designers and how the small business accounting software can help you manage your finance in one place.
If you have been looking for a business software that doesn’t not only help you manage your interior design business properly but also makes the interior accounting records easy to interpret, here is a brief review of how QuickBooks has helped top interior design companies scale to the next level;
- Tracking Fees: Because interior decoration takes time, and a whole lot of creativity, some companies charge per hour spent on a specific job; QuickBooks has a time tracking feature called Time Sheet; used to record hours spent by employees on-site and billable fee per hour. Billable, in this case, means, you can charge your client a specific agreeable fee per time spent. In addition to other fees stated on the invoice, the client will also receive a quote on what the man-hour is worth.
For professionals that have a fixed charge, you don’t have to utilize the Time Sheet feature, just create ‘Interior Design Service’ as an item and add the fee to it.
- Design Project: Sometimes, you have a big project to handle or several interior designs and wish you could easily monitor the reports of each job separately and see how profitable they are independent, QuickBooks has a ‘Customers’ Job’ which is a built-in feature that traces all the income earned, cash received and expenses incurred on a particular project; that’s like a project-specific report which is different from the overall company report.
For instance, you have an interior design for annual events and a prestigious wedding here in Toronto. On QuickBooks, you can generate the financial report (showing all the income and expenses) for annual events and weddings separately.
- Inventory Tracking: For all materials bought and used up during decoration, QuickBooks has a flexible inventory feature built to track all procurements, actual items utilized, and cost of sales with balances of unused inventory at the end of the job.
- Customers: While the project tracks all transactions tied to a particular project, you can also view customers’ statements; a summary of all payments received, and outstanding balances.
- Banks and Report; Every business is expected to have a bank account where money received is lodged; in QuickBooks, you can set up different bank accounts to monitor your banking transactions; deposit and cheque payments for a specified period. There is a feature that handles reconciliations and at the end reports your overall business performance; profit or loss, statement of cash position, and cash flow.
While these are some of the key features of QuickBooks designed for an Interior designer, you can connect with us for more customizations; info@accountingsoftware.com.ng