Why are we experts in QuickBooks for Contractors?

Because we know…

• The best P&L structure. There is a right way.  Revenue – Cost of Goods Sold (“all” direct & indirect construction costs) = Gross Profit – General & Administrative Expenses (company overhead that is “not” job-related) = Net Income.

• How to control the integrity of job reports: P&L Standard = P&L by Job = Job Profitability Summary, through Gross Profit.

• You should run the “Expenses Not Assigned to Jobs” report before running any job reports to identify missing Customer:Jobs.

• How costs should be entered: “Items Tab” for Job Costs; “Expenses Tab” for G&A.

• Enterprise Contractor has only two additional job reports than Premier Contractor. “Job Work in Progress (WIP) Summary” and “Committed Costs by Job.”

• QuickBooks Online is subpar when it comes to construction. It is not designed to track or deliver the detailed job cost reports you need. Premier and Enterprise are superior and can also be hosted in the Cloud.

• “Job Estimates to Actual Summary” is the correct report to extract data from to prepare the critically important Contracts in Progress (WIP) Schedule using Percentage-of Completion Accounting. We’ll teach you how to do this in Excel.

• Special “Jobs” should be established to “pool costs” for: Unapplied Labor & Burden; Equipment & Vehicle O&O costs; and Shop & Warehouse. And how to allocate these critical costs to jobs.

• How to setup Preferences and map Payroll Item Types to job cost employee time, payroll taxes, and benefits. How “Company Contribution” can be used to generate charges to jobs for company provided vehicles, GL Insurance, and to reclass Payroll Tax Expense to G&A.

• How to setup a Workers Comp Codes List, default rates for Employees, and to Track Expenses by Job.

• You must understand the Estimating system before setting up the critically important “Item List.” Every contractor has a unique set of job costs. Every situation and level of information desired (Summary vs. Detail) is different.

• How to create Estimates and Progress Bill. How Markups are entered. The best way to add Change Orders.

• The best way to record an AIA G-702, including Retainage Receivable.

• How to manage “Open Purchase Orders by Job” (Premier) or “Committed Costs by Job” (Enterprise).

• How a GC can track Subcontractor committed costs by using PO’s. And WC & GL insurance expiration dates.

• How to create Custom Reports to track Retainage Receivable and Retainage Payable.

• When and how to use Inventory costing. How to charge jobs for standard materials, and track and adjust quantities on hand.

• You should enter a Budget and run P&L Budget vs. Actual reports to see if your Strategic Plan is being achieved.

• Best practices to “scrub” your Company File. You get to live in your house while we remodel: Lists, Preferences, and clean up Company Financial Reports with unmanaged transactions, errors, and numbers that don’t make sense.

• Monthly and quarterly procedures. Periodic tasks. The importance of Setting Closing Dates and Passwords.