To run any profitable business (including roofing), you have to understand the basics of accounting, how to organize your Chart of Accounts, and the basics to set up your business financials. Find out how understanding your accounting system and making a few proactive updates can lead to increased profitability.
Here’s the podcast:
- Organize your Chart of Accounts (or 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.”
Ready to create clearer, more useful financial reports? Explore the Chart of Accounts Training:
Building a Rock-solid Chart of Accounts in QuickBooks
Approximately 102 minutes:
- The Chart of Accounts: Your foundation
- Activities that empower you to manage your Chart of Accounts:
- Adding accounts
- Placing accounts
- Subtotaling account balances on reports
- Moving accounts
- Merging accounts
- Deleting accounts
- Inactivating and viewing accounts
- Re-sorting accounts
- Customizing your view
- Printing your Chart of Accounts
- Walk-through of a Sample Chart of Accounts (including insights on individual accounts)
- Exhibit: Sample Chart of Accounts
- Bonus: Chapters 6-9 from Accounting with QuickBooks for Builders & Remodelers (46 pp.)