To run a profitable roofing business, you have to understand the basics of accounting and the basics of setting up your financial system.
In this episode, I discuss with my go-to accounting expert, Diane Gilson, the easiest way to do just that!
Diane Gilson created Info Plus(+) Accounting® In 1994 to help business owners establish job-cost accounting systems so they can access critical day-to-day operations data using QuickBooks as their primary management accounting tool.
Diane’s passion is designing, customizing, and upgrading accounting systems and financial controls for small to mid-sized construction and manufacturing companies.
What you’ll hear in this episode:
- Re-organize the Chart of Accounts so that it provides more meaningful and useful information
- Construction businesses 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 to do comparisons of 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
Resources:
Time is running out! Are you eligible for the Employee Retention Credit (ERC)? Visit www.rpcfinancial.com to find out!
Do you need help with your books? We have a certified Quickbooks pro who is waiting to help you! Email John or Dave or contact us on Instagram for more information!
Connect with John DeLaurier: www.calldrr.com, Instagram, and Facebook
Connect with Dave via text message: 510-612-1450
Let me know if you’d like to join one of our new Mastermind groups for contractors. Email me: [email protected] or visit The Roofer Mastermind to sign up.
Download my FREE 1-Page Business Plan template at www.theroofershow.com.
Contact me about one-on-one coaching at www.theroofercoach.com.
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Diane’s Resources:
Diane’s Website: Build Your Numbers
Building Your Chart of Accounts Class
Remodeling Your QuickBooks Chart of Accounts
Time Tracking and (Job-Costing) Payroll Class
Enjoy These Other Podcast Episodes Featuring Diane Gilson:
77: The Cost of Chaos: What’s It Costing Your Company with Diane Gilson
112: How To Calculate Your True Labor Burden And Why It Matters With Diane Gilson
105: Increase Your Profit With Effective Job Costing Reports With Diane Gilson