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… My friend and colleague, Bryan Kaplan of Construction Consulting, recently sent an email about his experience with Purchase Orders that was so insightful, I asked him if I could share it with you. This quick read will provide you with a handful of Quick Wins! It was 11 pm on a random Saturday, and …
Did you know that job costing can create an epic increase in your gross profits? Are you a business owner or financial manager who wonders if it’s worth your time to implement an internal job costing system? If so, you might be asking yourself… Why should I care about job costing? Why not just assign …
Do you have QuickBooks lists structured to show 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 multiple “layers” of Items arranged …
Income minus expenses equals gross profit. Your gross profit is the amount you use to run your company and create profits. Job-costing is how you can track the income and the costs you incur to perform each of your jobs. It’s how you get to see the gross profit you earn on each of your projects. Your perception of what you want to see from a job-costing system may be very different than another business owner’s concepts. Why? Because there is no single prescription that fits everyone’s needs.
Labor Burden Information Tip #5: Make Better Hiring Decisions by Thoroughly Understanding Potential Additional Costs Bad hiring decisions can have a devastating effect on your bottom line, so you want as much objective data at your fingertips as possible before you hire. You can use labor burden calculation information as a starting point when it’s …
Labor Burden Information Tip #4: Make an Immediate Impact on Your Bottom Line by Heading off Labor Over-runs Before They Get Out of Hand. HOW? Regularly review and compare actual burdened job costs to your estimated burdened job costs. Use the information to: Take immediate corrective action if needed, OR Use the results to refine …
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 …
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.
What Will The Labor on That Job REALLY Cost? Without Fully-Burdened Labor Cost Info, You May Be Surprised… If you’re not using fully-burdened labor costs on jobs, you may find that your estimates aren’t as accurate as they should be. But, when you know how much each employee actually costs per production hour, you can …
It’s That Time of Year Again – TAX TIME! And guess what? I’ve been working with clients who have been turning their numbers over to their tax accountants starting the middle of January! Do you dread January, February, March – and beyond – because those months seem to turn into “Franken-tax” time? Are you asking …
This post about QuickBooks Items is based on our more extensive training video of the same title that’s included in our Construction Accounting & Management Program (CAMP). Why are QuickBooks Items Especially Important for Construction Companies? QuickBooks Items let you track, and report on, the financial detail underlying what’s REALLY going on within the financial …
None of the builders or remodelers I’m acquainted with want to learn two or three months after a job is completed they lost money on the job, or only made a gross profit of 2%.
A Humorous & Insightful Email… A builder contacted me some months ago about which QuickBooks software program he should use – QuickBooks Online? Or one of the desktop versions – QuickBooks Pro, QuickBooks Premier, or Enterprise? After our conversation, I didn’t hear back from him so, being busy with other clients, I assumed he’d made …
When it’s time to set your QuickBooks Online User Permissions, here are the choices you’ll see in the Plus version. You’ll need to decide what access and permissions you’re willing to grant to which users… Company Administrators have all access rights within QuickBooks Online Plus. They also have all access rights for any other service your company subscribes …
How do QuickBooks Memorized Transactions relate to pizza? Join Sheila as she experiences an eye-opening and rewarding “Pizza-Lunch-n-Learn” with her friend, Gail… Sheila sat at her desk, staring at the pile of paperwork that she’d need to go through in order to prepare the invoices for the McLusky job. This project was their largest custom home …
“Why isn’t my company making more money? We’re busier than ever, I’m working harder than ever, but things just aren’t coming together like they should!” If this sounds or feels familiar, you may want to sit in on this meeting to pick up some ideas… It Just Doesn’t Make Sense!!! Matt was nearing the end …
Ever wondered if you could receive more useful and meaningful reports from QuickBooks? Good financial information is not just a matter of convenience! Nick is finding out that what he DOESN’T know about his financial system could pose a major setback to his business… Nick’s “Unique” Profit & Loss Statement “Wow, this is about the longest …
What unfortunate events can occur when your QuickBooks Chart of Accounts, the foundation for your critical company reports, isn’t set up in the best possible way? Marcia was in the middle of sorting the day’s incoming mail when David, her boss (the company owner), popped into her office. Before he even spoke, Marcia thought, “Now what?” As usual, …
New to QuickBooks? Feel like you’re all alone? Well, you’re not! You’ve started your new business from scratch and know you need to really get a handle on your numbers. Maybe you’ve been recruited by a family member – or hired by a business owner – to take over the bookkeeping. Perhaps you’ve decided to switch your …
QuickBooks is designed to help you to plan, measure, and monitor company and job results. When you use its management reporting tools you can immediately see operating and financial results. You can use this information to proactively take action to correct problems – before they spin out of control! Or, after you take a deeper look, you …
