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Business Blog

Track the profitability of your Business Projects with Xero and Quickbooks

Updated: Sep 6, 2023

Are you running a business that provides services? Is your business project-based?

If you answered yes to both, then you may want to consider using project management software.

This software will help you create estimates or quotes for your clients accurately and easily. You can also convert these estimates into invoices, accept online payments, and track the costs of your projects. Additionally, you can monitor the income generated by your projects and get accurate reports on their profitability exclusively for each project and track staff time for each different project on their mobile phones. The process is hassle-free and efficient and will empower you to make important business decisions.

The features of these applications are designed to simplify record-keeping and reporting for businesses that work by project, including building, trades, engineering, architect firms, interior designers or any other business that operates in this manner.

Now, which project management software should you choose?

If you are already using Quickbooks or Xero for accounting, then you are on the right track.

With Quickbooks projects organise all your project information, including invoicing, expenses and time spent, in one location. By connecting with Quickbooks Time, you can track the time spent on each project from your mobile and include it in the project details.

If you already manage your projects with sub-customers, you can easily convert them into projects, and the reports for the project will be accessible from the project centre without customisation.

Quickbooks Projects is included in the Quickbooks Plus subscription, which offers a great value pricing plan. If you are not a Quickbooks customer yet, we can provide bookkeeping services and an all-inclusive subscription package at great value.

Xero Projects is also a helpful tool for tracking profitability that's built right into Xero. It lets you keep tabs on time and expenses for each of your projects. You can create estimates based on projected costs, log time spent on tasks, add actual expenses, compare your estimates to your actual costs, invoice clients directly from the project, accept online payments, and monitor profitability in real time. Plus, Xero offers an app for tracking time and expenses when you're on the move.

Although Xero Projects has an additional cost, it is still a good value-for-money option. Whether you are an existing Xero customer or a new Xero user and need assistance with bookkeeping or project management, we can help you get set up and advise you on the best options for your business.

There are also independent project management apps such as Tradify, ServiceM8 or WorkflowMax that integrate with both Xero and/or Quickbooks. These apps while they come with additional costs, they are incredibly useful and suited for businesses with complex projects and a large client base as they include CRM, leads, sales and chat features in addition to all the other benefits explained before.

In the end, the ideal project management software is the one that suits the requirements, scale, and current software platforms of your company. It should be easy to use and able to adjust to your company's workflow while also being cost-effective.

Stream Business Consulting specializes in providing bookkeeping services for businesses in the professional services industry. We are highly skilled in implementing various features that can benefit your business. Whether you are an existing user of Xero or Quickbooks and want to optimize the use of new features or a beginner in online bookkeeping for project-based industries and need efficient project tracking, we are here to assist you. Give us a call and we will guide you through the setup, training and management of your project and business bookkeeping needs.


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