An important costing technique that can make your bookkeeping easier is job costing. But what, you may ask, is job costing?
It is a costing technique where revenue and expenses are tracked by the specific job they relate to, instead of being grouped by function (e.g. supply purchase, travel expenses, etc.). If your business undertakes a lot of contracts where each new project comes with relatively unique specifications, then job costing just may be the costing technique for you.
Here are some ways that job costing could improve your bookkeeping and benefit your business:
Ultimately, using job costing takes a lot of the uncertainty out of your business: you can use the past experience of your own company to help make management decisions that arise in the future.
There are a number of ways that QuickBooks has of making job costing an easy and manageable part of your business’s bookkeeping. If you’re interested in pursuing this further, talk to us and we can get you started!