Monthly Accounting Oversight & Training
Like having a CPA on staff at a fraction of the cost!
Best-in-class contractors know the risks of running things by the seat of their pants with no or late financial management information.
They know monthly accounting oversight and training is a must have for: accurate Company Financial Statements, control of Job Billing and Job Cost integrity, and accurate Job Cost Reports.
We’re going to show you the right way to do it this time. A fresh perspective to improve things dramatically.
We work with bookkeepers at contractor offices every day and know the drill. We enjoy teaching and helping them take it to the next level. They will never say “I don’t know how to do this,” or “QuickBooks can’t do that” again.
We are not selling magic and want to be totally upfront with you. Excellent accounting takes qualified people and time devoted to this task. We all too often find contractor offices understaffed with bookkeepers that are always buried. Where another person is truly needed. This where all that commitment stuff we talk about comes into play. We do not view our role as a substitute for this extra person.
This is the start of our collaborative journey with you. Our mobilization. We plan and schedule every step of the way.
Deliverables include:
- Minimum of 2 touches per month with your bookkeeper to train and improve processes
- Getting your QuickBooks Company file set up in the Cloud
- Complete oversight of your QuickBooks Company file
- QuickBooks Scrub of: Preferences, Chart of Accounts, and Lists customized to fit your unique situation. QuickBooks must be customized to fit each contractor’s unique situation.
- We also help with General Ledger work, review Job Costs and Expenses for proper data entry, and establish and oversee the month-end closing process (Accrual Cutoffs, Financial Reports to run, Setting Closing Date, etc.).
Why are we experts in QuickBooks for Contractors? Because we know:
The Best “Set-Up” Practices.
- How 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.
- 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.
- 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 a Workers Comp Codes List, default rates for Employees, and to Track Expenses by Job.
- How a GC can track Subcontractor committed costs by using PO’s. And WC & GL insurance expiration dates.
The Best “Billing & Cost” Practices.
- 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 costs should be entered: “Items Tab” for Job Costs; “Expenses Tab” for G&A.
The Best “Reporting” Practices.
- You should run the “Expenses Not Assigned to Jobs” report before running any job reports to identify missing Customer:Jobs.
- How to control the integrity of job reports: P&L Standard = P&L by Job = Job Profitability Summary, through Gross Profit.
- You should enter a Budget and run P&L Budget vs. Actual reports to see if your Strategic Plan is being achieved.
- How to create Custom Reports to track Retainage Receivable and Retainage Payable.
- Monthly and quarterly procedures. Periodic tasks. The importance of Setting Closing Dates and Passwords.