How to use QuickBooks for Project Management

Intelligent small business owners comprehending the technology can assist them to streamline processes and handle their teams very proficiently. However, […]

Intelligent small business owners comprehending the technology can assist them to streamline processes and handle their teams very proficiently. However, when it comes to project management tools, there are different apps along with software options present, and it can be quite hard to finalize which particular app is the right fit for your business.

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Before we move further, let us first understand what Project Management is.

What is Project Management in Businesses?

Project Management is the rule of applying processes, tools, techniques, and skills, along with certain deliverables in a particular organization, in a bid to acquire set outcomes or goals.

Small business project management utilizes such management features to monitor internal processes and enhance workflows along with team connection completely.

How can QuickBooks Help with Project Management?

Bigger organizations often have committed project managers and employees and their role is to supervise the day-to-day management of projects. But, for most small businesses, it is not just cost-effective or important to hire someone for this particular role.

QuickBooks provides the best alternative to such employment with its techniques and tools that can assist you with:

  • Scheduling
  • Allocating resources
  • Time management
  • Cohesion
  • Controlling risks
  • Planning
  • Tracking progress
  • Reporting
  • Productivity
  • Documentation

In simple terms, QuickBooks is a financial management software that is mostly used by small business enterprises to monitor expenses, income, and financial transactions. It can also be utilized for project management since it enables you to monitor the growth and profit of every project.

When QuickBooks is accessed for project management, it includes setting up a different project in the particular software for every project you are focusing on and monitoring the expenses, income, and profits earned in the project within QuickBooks. It is also possible to prepare invoices for a particular project, monitor time along with materials, and issue reports to have a vivid picture of the financial performance of the project.

How QuickBooks can be used for Project Management?

QuickBooks can be utilized for project management by setting up and monitoring projects like customers in QuickBooks with the help of the following steps:

Step 1: Create a Customer for Every Project

  • Navigate to the Customers menu. Now choose the tab for Customer Center.
  • Press the button for New Customer and add the name of the project as a customer name.
  • Type any related information like the contact details of the customer along with the billing address.

Step 2: Create a Job for Every Task in the Project

  • Navigate to the Customers menu. Now choose the tab Enter Single Job.
  • Choose the customer, which means the project for which you wish to create a job.
  • Add the name of the particular task. You can add it as the job name.
  • Add any other important information like the start date or the end date for the particular task.

Step 3: Monitor Expenses and Time for Every Task

  • Navigate to the Customers menu and choose Time/Enter Single Time activity.
  • Choose the customer, which is the project, and the job, which is the task for which you wish to monitor time.
  • Add the details of the time activity, comprising the duration, and date, along with the description.
  • Repeat this same process again for any kind of expenditure related to the task.

Step 4: Issue Reports to Monitor Project Growth

  • Navigate to the Reports menu. Now choose Jobs, Miles, and Time.
  • Choose the task or the project for which you wish to issue a report.
  • Select the report type and any other important options.
  • Press the Run Report button to issue the report.

By monitoring tasks and projects like jobs and customers in QuickBooks, you can utilize the expense and built-in-time monitoring features to handle your projects and track progress. It is also possible to use the Report option in QuickBooks to have a complete understanding of your project expenses and profits.

What is the top Project Management Software of QuickBooks?

QuickBooks, with ease, collaborates with several of external applications, allowing the union of accounting with other important business management elements like project management.

Depending on the insights accumulated from different sources, here is a list of some of the top project management software that integrates with QuickBooks:

1. Paymo

Paymo QuickBooks Integration

Paymo is a type of project management software that assists your team in handling the complete project, right from its conception to its very end. It provides features like real-time task management, a keen view of the projects plus resource scheduling. Not to mention, Paymo also unites with QuickBooks for successful financial management.

2. Celoxis

Celoxis QuickBooks Integration

Celoxis is a type of all-in-one project management software that assists your team in strategizing and monitoring their portfolios, tasks, projects, timesheets, resources, and issues, along with risks from one particular place. It provides a 360-degree overview of your particular projects with personalized dashboards.

3. Active Collab

Active Collab QuickBooks Integration

Active Collab is considered a project management tool that enables users to arrange their overall work, comprising communication, tasks, team members plus files with one single app. It integrates with Xero and QuickBooks, allowing users to access ActiveCollab time records to issue invoices.

4. Teamwork

Teamwork is a platform available online where you can handle your projects without any issues. It provides features like marketing, cloud storage, milestones, accounting, time tracking, scheduling Gantt charts, and progress reports. Not to mention, it also integrates with QuickBooks accounting software for easy financial management.

5. Intervals

Intervals QuickBooks Integration

Interval is an effective project management and time-tracking software that allows companies to handle their time efficiently and complete the work with ease. It includes features like detailed summaries, an elegant dashboard, plus real-time collaboration with the teams.

6. ProofHub

ProofHub QuickBooks Integration

ProofHub is a flexible project management tool that easily integrates with your QuickBooks accounting software. It is created to assist you in devising, coordinating, and then implementing the projects with ease. Together with its wide range of suite tools, handling projects of any scale is very seamless.

7. OneDesk

OneDesk QuickBooks Integration

OneDesk is a project management and association solution created for teams. It offers both a dashboard and traditional project management along with agile status boards. OneDesk enables you to better allocate tasks via the use of Gantt charts.

How a Project Management Software is Evaluated for QuickBooks Integration?

The evaluation of project management software that easily integrates with QuickBooks depends on the factors given below:

  • Project Management Features: The program should have nice project management features that allow users to complete their tasks, track progress, and determine overall performance.
  • Collaboration with QuickBooks: Integration with the QuickBooks accounting software is not adequate. The connection should offer adequate convenience to particular users like quick access to data and two-way syncs.
  • Cost: The monthly expense for subscription to the platform is often considered since users still do not need to pay for QuickBooks online. The considerations generally have reasonable features in annual billing and plan options for extra savings.
  • Easy and QuickBooks integration with QuickBooks: The best project management software must connect with QuickBooks minus the need to download any file, upload it in QuickBooks, and later on map it. Not to mention, the integration should also simplify a trouble-free connection that must automatically sync data.

We hope that after reading this article, you now understand how to use QuickBooks for Project Management. We have highlighted all the important points concerning the topic. We have also highlighted the advantages of using QuickBooks for project management.

Still, It is quite likely that you may get stuck anywhere or need professional guidance to guide you through. In such a scenario, we recommend that you hire the services of a QuickBooks professional like Dancing Numbers.

Accounting Professionals, CPA, Enterprises, Owners
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Looking for a professional expert to get the right assistance for your problems? Here, we have a team of professional and experienced team members to fix your technical, functional, data transfer, installation, update, upgrade, or data migrations errors. We are here at Dancing Numbers available to assist you with all your queries. To fix these queries you can get in touch with us via a toll-free number
+1-800-596-0806 or chat with experts.

Frequently Asked Questions

Is it Possible to do Project Accounting with QuickBooks?

Yes. QuickBooks enables you to complete project accounting. It is possible to monitor costs, income, and profitability and arrange all the project-concerning transactions under one roof.

Which QuickBooks Online has Project Features?

QuickBooks Advanced and QuickBooks Online Plus have project features. This particular feature enables you to arrange all-time activity, transactions, and expenditures in one place.

Do QuickBooks have a CRM tool?

QuickBooks lacks a CRM tool. However, It can be integrated with several CRM tools present in the market to handle customer relationships with ease.

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