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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 Accounts so it provides more meaningful and useful information.
- Construction businesses can fail when owners don’t charge enough money because they don’t understand their costs.
- The Chart of Accounts is your accounting system foundation.
- Understanding Direct Costs.
- “Above-” and “below-the-line,” and why it’s important to get this right.
- Consistency is necessary when comparing Estimates vs. Actuals.
- How to keep your Chart of Accounts simple.
- Having a consistent cash flow allows you to take a regular salary.
- Net profit is NOT part of your salary. It is money that you’ll be reinvesting into the business.
- Diane has created a Building Your Chart of Accounts class!
- Why you shouldn’t ignore your balance sheet.
Diane’s Podcast with Dave Sullivan of The Roofer Show (the Podcast for Roofers)– “Learn how to grow your business, make more money, and have more free time.”