Contractors Are Not Bankers
You are not a banker; we recommend not ever financing your client's project by providing substantial amounts of labor, material, subcontractors, and rental equipment hoping to get paid later on down the road.
Cash flow is crucial to the success or failure of any business, especially in the construction industry. Some contractors are gung-ho about doing the work and yet are embarrassed about asking for money. This class will teach you how fast and easy it is to set up Job Deposits in QuickBooks. Once your client signs the contract, you'll be empowered and confident to request for upfront payment.
Construction Accounting Vs. Regular Accounting
Learn the necessary principles particular to your industry and the importance of understanding the difference between other types of accounting.
Job Deposits For Contractors
Master the process of setting up, requesting, receiving, reporting, and applying Job Deposits in QuickBooks and take the stress out of generating a report to see who has deposits and balances.
Avoid Payment Problems
Get work orders, signed contracts, and check deposits before starting your construction project by offering financing solutions to your clients - whether it's through a bank/lender or accepting credit cards.
Discover insightful lessons with each module, gain actionable tips for your bookkeeping processes, and pick up strategies to overcome the challenges of keeping your accounts up to date.
After taking two college weekend classes to learn QuickBooks for our company's accounting needs and NOT getting my specific questions answered, I attended a QuickBooks seminar run by Randal and quickly learned that he had the help and answers I needed.As a wife doing the books part-time, I am very thankful for his help and insight for our company's precise needs.
What You'll Learn
Having access to the best available tools and information is a vital aspect of almost any operation, but especially crucial in the competitive construction and home service industry. Upon completing this course, you will be able to:
the difference between Construction Accounting and Regular Accounting.
the value of setting up Job Deposits and a properly built Chart of Accounts.
the difference between Activity-Based and High-Level Accounting.
Labor, Material, Other Costs, Subcontractors, and overhead allocation for a specific job.
Job Deposits to an invoice and keep track of your customers and receivables.
a job deposit system that can help you when you're working on multiple projects.
Fast Easy Accounting helped us better organized and make sense of our QuickBooks file.Sharie was always available to answer any questions that I had about payroll or business taxes, and shared her knowledge and experiences willingly. They helped keep us up-to-date with our bookkeeping and offered our company an efficient way to stay on track. Thank you!
We got you covered! As part of recognizing your time and effort in finishing the class, you will have access to some of our best sought-after services:
Installation of The Five Key Performance Indicators on your QuickBooks Desktop icon bar (QBD Software 2014 or later).
A comprehensive PDF report on the financial health of your company plus
Forms, Templates, and QuickBooks Desktop Keyboard Shortcuts to streamline your tasks and improve your productivity.
I found your Change Order How-To video on YouTube and really like how you have it set up and appreciate the pointers you had to offer.Because I am tired of these customers constantly changing stuff on us and creating delays or extra work. I need to start being compensated for my time, but want to make sure I am doing it the right way. Thank you for your assistance.
Who will benefit from this course
This class addresses accounting fundamentals for a construction business.
Who is this course for?
This course is for contractors, accountants, bookkeepers, administrators, and business professionals in the construction and home service industry, who are using QuickBooks Desktop as their primary accounting software. And whose business is within $0 and $5,00,000 in annual sales. No prerequisites or advanced lessons required.
We developed a comprehensive bookkeeping system and added useful content to QuickBooks to make it work for owners and employees in the construction industry.
Who is this course NOT for?
This course is NOT for construction industry professionals who are using accounting software other than QuickBooks Desktop or whose business earns more than $5,000,000 annually. There is a lot more detail and depth to be considered for larger contractors.
This course pays specific attention to the unique aspects of construction accounting that are not dealt with in other industries. If you are not a contractor, accountant, administrator, or business professional in the construction and home service industry, then this course is not for you.
Randal is the co-founder of Business Consulting And Accounting in Lynnwood, Washington.He is the leading expert in outsourced construction bookkeeping and accounting services for small construction companies across the USA. He is experienced as a Contractor, Project Management Professional, Construction Accountant, Intuit ProAdvisor, QuickBooks For Contractors Expert and Xero Accounting Specialist.
This combination of experience and skill sets provides a unique perspective which allows him to see the world through the eyes of a contractor, Project Manager, Accountant, and construction accountant.
This quadruple understanding is what sets him apart from other Intuit ProAdvisors and Xero accountants to the benefit of all of the construction contractors he serves. Visit our website for more information.
He Is A Certified PMP (Project Management Professional) with several years of construction project management experience. His expertise is construction accounting systems engineering and process development.
His exhaustive study of several leading experts including the work of Dr. W. Edward Deming, Michael Gerber, Walter A. Shewhart, James Lewis and dozens of others was the foundation upon which our Construction Bookkeeping System is based and continues to evolve and improve. Check out our Contractor Success Map Podcast on iTunes