Hierarchical View in QuickBooks Do you have QuickBooks lists structured to show in a Hierarchical View? (Think “outline” with headers and sub-elements.) For instance: In your Customer:Job list, do you have a “header” as a Customer and sub-elements as Jobs? (If not, you may want to do so…) Open your Item List. Do you have …
Yes, your initial QuickBooks payroll setup can take some time and requires attention to detail. BUT manual payroll processing requires even more work – and you have to do it over – and over – and over… Which sounds like the better choice? QuickBooks Payroll Ask any 10 small and mid-sized business (SMB) bookkeepers and …
… Here’s the podcast: To run a profitable roofing business, you have to understand the basics of accounting and the basics of setting up your financial system. Find out how understanding your accounting system and making a few proactive updates can lead to increased profitability. What you’ll hear in this episode: Reorganize your Chart of …
… Increase Your Profits On Every Job (Part 4) Here’s how to add 10% (or more) of your gross sales to your bottom line! The biggest mistake so many roofers make is to think that they’ll make more money if they sell more. BUT if you don’t have a stable and substantial gross profit on …
… Increase Your Profits On Every Job (Part 3) Job costing helps you spot (and eliminate) your low-profit and loser jobs! Every low-profit and “loser” job is wiping out the profit you’re making on other jobs! When you replace projects that lose money (or only yield minimal profits) with jobs that achieve your gross profit …
… Increase Your Profits On Every Job (Part 2) How do you locate and charge for lost or invisible costs? Use these tips to be sure you find (and charge for!) lost or invisible costs. If you DON’T do job costing, it’s easy to miss various Time and Materials (T&M) costs that accumulate on a job. …
Increase Your Profits On Every Job (Part 1) Why Use “Estimate vs. Actual” Reports? Many company owners wonder why they should bother with job costing. They think they can simply watch their checkbook and wait until tax time to see how they did LAST YEAR. Unfortunately, by then, it’s too late to fix the problems …
Labor Profit Tip #1: For More Accurate Job Estimates, Include Fully Burdened Labor Costs for Each Employee What Will The Labor on That Job REALLY Cost? When You Don’t Include Fully Burdened Labor Cost Info, You May Be In For A Surprise… If you’re not using fully burdened labor costs for every employee’s work included …
Manufacturing Overhead Costs To calculate Manufacturing Overhead by Job, be sure to include both manufacturing direct labor costs and manufacturing overhead labor costs. How To Calculate Labor Cost One key in calculating the labor cost portion of your manufacturing overhead is understanding the difference between manufacturing direct labor costs and manufacturing overhead labor. Which of …
Labor Burden Information Tip #3: To See Accurate Job-Cost Reports, Assign Labor Burden Costs to Each Job. If you’re looking for ways to make your company more profitable, getting a handle on your fully burdened labor costs is a critical place to start because it can show you how to: Estimate labor costs more accurately, Price jobs to …
Labor Burden: If you’re struggling to understand and measure your Labor Burden and its effect on profit, these articles by Diane Gilson will teach you how to do it. We’ll start with some quick definitions of labor burden and how to calculate it, followed by a real-life example so you can see how it’s done. …
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Targeting Gross Profits: How Estimators and Project Managers Focus on Goals & Job Costs at Paul’s Perfect Projects If you haven’t already read them, you’ll probably want to visit Part I, Part II, and Part III of this “Tale of 4 Companies: A Job Cost & Gross Profit Drama” before beginning the following “Part IV”. As we …
Jake Reeves (Cloud Productivity Expert – Summit Hosting) joins Diane Gilson to illustrate innovative ways to use “anytime/anywhere” cloud access services. Why this matters to you: You’ll see how “elastic scalability” and “resources-on-demand” can help you collaborate between team members, securely share data and company information, and grow your business. Watch this seminar to see …
3 Innovative Options to Conquer Construction Chaos Whether you’re a trade contractor in the electrical, plumbing, or HVAC specialties, a remodeler or custom builder, or in charge of dispatching technicians, this session is designed with your needs in mind. Discover how to Conquer Construction Chaos using three cutting-edge software solutions (ECI BuildTools, Bolt, and Thermogrid.) …
This webinar reveals proven strategies and practical tips about pre-construction contracts and agreements – so you can jump-start the success of your construction projects before you commit to taking on a job. Watch this “Pre-Construction Contracts and Agreements” video with Michael (Discover why these contracts and agreements give you a jump-start on upcoming jobs!) …
Bulletproof Accounting for Long Term Business Survival Diane and host of The Best Business Podcast, Daryl Urbanski, reveal proven “success habits” that small and medium-sized business owners can use to leapfrog the competition and thrive. Why this matters to you: In this podcast, Diane delivers some simple (and high-value) startup and accounting system tips that …
Your QuickBooks Chart of Accounts is the foundation for your critical company reports. What unfortunate events can occur when it isn’t set up in the best possible way? Your QuickBooks Chart Of Accounts How you set up your Chart of Accounts in QuickBooks is one of the most important decisions you can make. It determines whether …
How to use QuickBooks most effectively can be a challenge. But, to help you, here are a series of QuickBooks “how-to” tips from BuildYourNumbers.com! How To Use QuickBooks Do you use QuickBooks to manage your accounting? For years, mid-sized and small-business owners have found QuickBooks Desktop, QuickBooks Online, and Enterprise Solutions to be the most …
Want your company to be more profitable? Almost all business owners are constantly working to make their company more profitable. And that’s a good thing, right? It probably is, as long as you achieve it morally and ethically. But is it worth it? Here Are 12 Benefits of Running a More Profitable Company These benefits …
How to change a date on a QuickBooks transaction Changing a date on a QuickBooks transaction is an easy task. Simply click the date field in the transaction, then choose the correct date from the calendar that pops up. But wait, before you change the date on a transaction, you need to consider a much …
How Much Are You Losing by NOT Performing Underbilling Calculations for Employee Time? This Free Calculator Helps You Estimate! Underbilling for Employee Labor? Here’s what that’s costing you! Free Calculator that illustrates underbilling calculations… Here’s a free calculator to help you do the math. If you are underbilling for employee labor, use it to discover …
One of your early tasks as a payroll administrator or when you convert to QuickBooks Payroll will be to establish payroll schedules in QuickBooks for your employees. Here’s how. Setting Up Payroll Schedules in QuickBooks Payroll administration can be complex and time-consuming. It requires precision and tremendous attention to detail. Because your employees are counting …
This post about QuickBooks’ Items is excerpted from our more extensive training video that’s included in our Construction Accounting & Management Program (CAMP). QuickBooks Items: Automating Job Costing for Construction Companies QuickBooks Items enable construction companies to automatically track and report on the financial detail underlying what’s REALLY going on within the financial side of …
QuickBooks Desktop Cloud Hosting Jake Reeves (Director of Sales at Summit) joins Diane as she does a live (and “real-life”) demonstration of how cloud hosting REALLY works for QuickBooks desktop! Why this matters to you: See how you can set up your own cloud hosting “desktop.” Get answers about how cloud hosting can work for YOUR …
How Percentage of Completion Entries Fix Revenue Fluctuations for ‘In-Process’ Contracts The Problem with ‘In-Process Contracts’ Custom builders and project-based firms often invoice per contract stages over extended periods, from several months to over a year. As a result, income is nearly always booked either: Before costs are entered into your accounting system and/or After …
This Ultimate Showdown (part 1) video gives you insights into the types of financial services available to you as a company owner. When you hear the term “ultimate showdown“, it might not (at first) conjure images of the types of financial services needed by construction companies and their owners. That’s why Diane and Mita have …
Watch this “Financial Services Cost Comparisons” video (to easily discover what an in-house bookkeeper truly costs…) Diane and Mita continue their Ultimate Showdown discussion in part 2 of this “Financial Services Cost Comparisons” webinar. Note: For the best view of the webinar, select “Full screen” mode (the “X” in the player bar). You can also …
Calculating overhead can be tricky, but QuickBooks can help you calculate and monitor your business overhead expenses more efficiently and effectively. Business Overhead Expenses: What They Are and How To Calculate Them Have you ever wondered exactly WHAT business overhead expenses really ARE? Do you know what YOUR business overhead expenses are? Or how to …
Paying your QuickBooks Bills can be easier (even pain-free!) – when you use your software to its fullest capacity. QuickBooks Pay Bills with a Credit Card Company owners and bookkeepers often use credit cards to pay QuickBooks bills. Those who appreciate the convenience of purchasing items or paying bills using credit cards often ask how …
Job Costing In QuickBooks QuickBooks is designed to help you plan, measure, and monitor company and job results. You can even use QuickBooks Job Costing Features to Achieve Your Gross Profit Goals! Use its management reporting tools to immediately SEE operating and financial results. Proactively correct problems – before they spin out of control – …
Why You Need A QuickBooks ProAdvisor Based on 20+ years of being a QuickBooks ProAdvisor, here are the top 7 reasons businesses contact me for assistance. See if any of these scenarios sound like what you may be facing in your company… As a business owner, you learn through trial and error what makes your …
Labor Costs Are a Risky Part of Your Business. Make an Immediate Impact on Your Bottom Line by Heading off Costly Labor Over-runs Before They Get Out of Hand. 7 Ways to Reduce Labor Costs Know and use your true, fully burdened labor costs when estimating. Increase estimating accuracy by using costs based on specific employees (or averages …
Example calculations illustrate that, even when employees are paid the same amount, different fully-burdened labor rates combined with different gross profit targets can make a large difference in hourly billing rates and annual profits.
Job Costing – The Difference Between Profitable Construction Companies and Those Who Struggle Unfortunately, in my 25+ years of experience working with construction business owners, one thing has become painfully clear to me. There are two types of construction business owners: Those who are using job costing reports and using them well and Those who …
In this article, I’ll explain gross profit percentage and markup, AND I’ll give you 2 free “Quick Conversion Charts” to print and carry with you to quickly calculate markup and gross profit percentage. To succeed in business, it’s important to understand two key concepts: gross profit (margin) and markup. Let’s start with some definitions. What …
Knowing how to calculate and interpret your Gross Profit percentage (margin) helps keep your profits high and your costs low. Learn how today… What is Gross Profit Percentage? Gross Profit percentage is a measure of profitability that shows your percentage of earnings AFTER you subtract the cost of “producing” those products or services. However, that …
Most small and medium-sized businesses don’t know their exact employee labor cost – or how much they should charge for their employees’ time. Cost of Labor: Why Do You Need Accurate Employee Labor Cost Calculations? I’m going to be bold and state that if you don’t have accurate labor cost calculations for every employee in …
What is Job Costing? Job costing, also known by some as job order costing, is an accounting method used to track the costs associated with a specific job or project. This method is typically used in industries where goods or services are produced based on a specific customer order, and each order or job has …
Fixing Data Damage in QuickBooks Company Files to Prevent QuickBooks Crashing How to Locate and correct damaged data and transactions in your QuickBooks data file. From time to time, QuickBooks data files become damaged or corrupted, which could cause QuickBooks to crash when opening or working in the company file. We know from experience how …
The QuickBooks Data File Verification Feature Re-sorting Your QuickBooks List The first step in repairing QuickBooks data links in your QuickBooks Desktop or Enterprise files is to re-sort your QuickBooks list. Learn how here. Once you have re-sorted your QuickBooks list, if you are still suffering from broken database links in your QuickBooks data file, you’ll …
5 Ways to Tailor, Tag, & Track Specialized Information QuickBooks Custom Fields Have you explored the many ways to use Custom Fields in QuickBooks? If not, you’ll likely be surprised at how this feature can vastly expand the “trackability” of specific data that’s unique (and, often, vitally important) to your company. Would it be helpful …
Company owners sometimes ask me: “Should balance adjustments arising from account reconciliation problems cause me any concern?” Do QuickBooks Account Reconciliation Discrepancies Matter? Account reconciliation is crucial; here’s why… You want to be certain that you and your bank, credit card companies, and lenders agree on the amounts shown in your books. (If not, you …
Every business owner needs to know how to calculate their gross profit margin (%) and net profit margin (%). After all, it’s what shows you how much profit you’re making! As a business owner or bookkeeper, the most important numbers you’ll ever need to know may very well be your profit margins. There are two …
No one wants to find out that they lost money on the job (or only made a gross profit of 1.5%!) – two or three months after a job is completed.
Key Points QuickBooks Online Payroll provides three plans with different features to suit various business requirements. Payroll setup is easy with automatic tax calculations and simple employee data entry. Users can run payroll as often as desired and enjoy features like same-day direct deposit and tax filing. Complying with federal and state laws is made …
In this video, you will learn the power of cloud hosting for QuickBooks Desktop and see a demonstration of how easy and effective it is to manage QuickBooks using a cloud hosting service. Why this matters to you: If you are a QuickBooks Desktop user, cloud hosting is a powerful service that enables essential functions …
Will the QuickBooks Sunset Impact My Accounting or QuickBooks Desktop Services? QuickBooks “Sunset” only applies to 2021 (and earlier) versions. Until May 31, 2024, you can get QuickBooks desktop customer support and add-on services for Pro, Premier, and Enterprise Solutions 2021, 2022, 2023, and 2024. However, if you are still using a 2021 version of …
How Bookkeeping Supports Job-Cost & Gross Profit Measurement at Paul’s Perfect Projects, LLC If you haven’t already read them, you’ll probably want to visit Part I and Part II of this “Tale of 4 Companies: A Job-Cost & Gross Profit Drama” before starting the following “Part III.” In Part III, Paul & Dave have just …
In this video, Diane Gilson is asked a series of questions about job costing, its importance for construction companies, and how to implement it. Why this is important: Job costing is the foundation of effective construction projects and company management. Without effective job costing systems that provide accurate and detailed job costing information, companies will …