How to Use the Profit & Loss by Job Report in QuickBooks®

In this episode of BDR’s Prime Resources Podcast, Lead Accounting Coach Lauren Woodward discusses the Profit & Loss by Job report in QuickBooks®. She explains its significance in job costing, performance indicators, and real-time insights for contractors.
Follow along as the conversation covers accessing the report, the differences between QuickBooks® Desktop and Online, and best practices for reviewing the report.
Listen as Lauren emphasizes the importance of having an accounting coach to help implement and utilize this powerful tool effectively.

Listen here:

Podcast: Play in new window | Download (Duration: 22:03 — 10.1MB)

Key Takeaways

• The Profit & Loss by Job report allows tagging jobs to expenses.
• Job costing helps compare bids versus actual performance.
• Filters can help manage overwhelming data in reports.
• The report is helpful for month-end and project-end reviews.
• Different roles in a company review the report for various reasons.
• Maintaining accuracy in job tagging is crucial for data integrity.
• Implementation of the report can lead to significant ROI.

Time Stamps

• 00:00 Introduction
• 02:06 Overview of the Profit & Loss by Job Report
• 03:24 Benefits of Using The Report
• 05:32 Reporting and Prime Performance Indicators
• 10:05 Accessing the Report in QuickBooks®
• 13:26 Incorporating into the Month-End Process
• 15:50 Who Should Be Involved in Reviewing Reports
• 17:08 Common Pitfalls and Best Practices
• 19:57 Final Thoughts and Implementation Tips

If you or your team would like more information about QuickBooks® or other accounting-related courses, be sure to check out these BDR training classes:

• QuickBooks® for Contractors
• How to Read Your Profit & Loss (P&L)
• Accounting & Office Management
• How to Read Your Balance Sheet

About Lauren Woodward

With nearly 20 years of experience in bookkeeping, accounting, and operational management, Lauren Woodward specializes in QuickBooks®, full-cycle accounting, payroll, tax compliance, and financial reporting. As a lead accounting coach, she leverages her expertise in small business financial management and leadership to guide her team in delivering accuracy, efficiency, and client growth.

About the Prime Resources Podcast

BDR’s Prime Resources Podcast host, Matt MacArthur, is senior vice president of training & marketing. Having worked in the industry for over two decades, he continually works with BDR’s trainers to improve training materials and class delivery. He leads the marketing department in developing marketing tools for BDR’s 50+ business training classes and coaching services, including the Profit Coach program.

Each episode of Prime Resources Podcast is dedicated to providing you with the knowledge you need to help your business achieve Prime results, with ‘Prime’ being the most flourishing stage or state.