5 Quick Ways Contractors Can Use QuickBooks Online for Profit & Loss Reports and Job Costing

Written By Joe Tarqueno

How to run a P&L in QuickBooks Online

Job costing for contractors in QuickBooks Online

Running a remodeling business in Edmonds, WA or anywhere in the greater Seattle area means juggling multiple projects, crews, and vendors. While you’re focused on client deadlines and jobsite coordination, you’re bookkeeping often takes a backseat. But here’s the truth: knowing your numbers is just as important as knowing your blueprints.

At Plumb Financial, we specialize in helping service-based businesses, like remodeling contractors, keep their books clean and clear. One of the biggest tools at your disposal is QuickBooks Online (QBO). With a few smart strategies, you can turn QBO into your best business partner, especially when it comes to Profit & Loss (P&L) reporting and job costing.

Here are five quick ways to do it:

1. Generate a Standard Profit & Loss Report

A P&L is the go-to financial snapshot for any business. In QuickBooks Online, you can pull this in seconds:

  • Go to Reports → Profit and Loss

  • Select your date range (month, quarter, or year)

  • Review total income, expenses, and net profit

2. Customize P&L by Job or Project

For remodeling contractors, not all jobs are equal. QuickBooks lets you filter P&L reports by customer or project:

  • Assign income and expenses to a specific job

  • Run a P&L filtered to that client or project

  • Quickly see which projects are making money—and which aren’t

This helps Edmonds-area contractors understand true project profitability.

3. Use Classes or Locations for Better Tracking

QuickBooks Online allows you to set up classes (e.g., kitchen remodels vs. bathroom remodels) or locations (e.g., Edmonds vs. Lynnwood). This lets you:

  • Compare performance between service types

  • Track profitability across job categories

  • Spot trends in your Edmonds market

4. Implement Job Costing for Accuracy

One of the biggest pain points for contractors is job costing - knowing exactly how much a project costs vs. what you billed. In QBO, you can:

  • Link bills, expenses, and time entries to a specific project

  • Track costs in real time

  • Run profitability reports per job

5. Automate and Review Regularly

Set reminders to review your P&L monthly. Automate recurring transactions, categorize expenses consistently, and let your bookkeeper keep things clean. For Edmonds remodelers, this ensures you always know if a project is on budget before it’s too late.

Why This Matters for Edmonds Contractors

Local contractors here in Edmonds, WA, know how competitive the remodeling space is. Homeowners expect quality and you can’t deliver that if your numbers are a mess. By keeping your bookkeeping organized in QuickBooks Online, you:

  • Protect your profit margins

  • Budget more accurately for labor and materials

  • Build trust with clients by running a well-structured business

At Plumb Financial, we partner with service-based businesses like remodeling contractors to provide bookkeeping services in Edmonds, WA that go beyond the basics. From QuickBooks setup to ongoing financial clarity, we help you focus on what you do best - building.

Final Thoughts

If you’re a contractor in Edmonds or the surrounding areas, it’s time to take control of your numbers. QuickBooks Online isn’t just accounting software—it’s a business tool that helps you understand where your money is really going.

Want help setting up your Profit & Loss reports or job costing? Plumb Financial in Edmonds, WA is here to help.

Joe Tarqueno