Contractor CFO’s Struggle To Achieve Good QuickBooks Reports
Contractor CFO’s are in a constant struggle between having all of the documents needed for data entry and providing the tools for the Office Manager | Bookkeeper need to do the job.
Owners want answers to the following questions
Am I making any money?
Where am I making any money?
Why isn’t there a report that at the push of the button gives me all the answers?
When Your Company Was New, The Answers Were Not As Important As They Are Now
The CFO wants to provide the answers; goes to the Office Manager | Bookkeeper and asks why don’t we know the answers to these questions. Depending on the answers received whether the CFO goes away happy or just goes away.
If the CFO is happy then goes back to the Owner and gives the explanation as to why the reports are accurate (based on information in QuickBooks)
If the CFO may realize there is a problem and discusses with the Office Manager | Bookkeeper on changes needed to improve the reports presented to the owner.
If the CFO realizes that the bottleneck in good reports is with the incoming documents; then the answer is going back to the Project Manager or other Field Staff to make changes. “Garbage In = Garbage Out.”
The Office Manager | Bookkeeper cannot provide reports when the incoming receipts are not coded to a specific job or time cards are sloppy and excess time is spent trying to figure out when and where the field staff spent their time. Very frustrating to try and read scribbled time cards or guessing. Newer phones have a schedule feature, so most employees always know to the minute how many hours have been worked in any given time period. It is only the Office Manager | Bookkeeper who is in the dark.
A Good CFO Has To Make The Business Case That Better Equipment Will Save Time And Money
Good equipment for the Office Manager | Bookkeeper will help make their job easier and more productive. An example is a newer computer, with large dual or triple monitors, dedicated scanner and a printer with built-in memory. Most Televisions can act as computer monitors. Larger screen saves on eye strain and headaches.
Software should include the current version of QuickBooks, Adobe Software, Microsoft Office, Cloud-based CRM and Cloud based timecards. Payroll is a project that needs to be done accurately and can take hours to complete. We recommend T-Sheets for time cards; because when used properly it will produce historical data on jobs. T-Sheets can eliminate the chaos to employee timecards. Employees enter from any phone.
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Across The U.S.A!
When The Contractor Owner Is Part Of The Problem Instead The Solution
It’s too easy for an Owner to think that office tools as “Just An Expense” and are not needed to be upgraded. The computer is not broken, there not need to upgrade QuickBooks (it never changes). Let’s not forget that squeaky chair that won’t turn and the 19” computer still works (ignore the green tint)
Why Do You Have A Smart Phone Instead Of The Old Flip Phone?
Field tools are a given. The truck has a rack for ladders and lumber. Vans have shelves and bins; is tall enough to stand up in which will save wear and tear on employee's knees. Less strain on knees can save or postpone possible Worker’s Compensation claims. Worker Comp claims lead to increased premiums.
Once the Tools and Equipment are updated, then it is much easier to see which employees are productive.
In the Field – Who is bringing their jobs in on time, under budget is good. Jobs without any warranty work and having signed billable change orders adds to the bottom line.
A Good CFO Can Determine Which Employees Are
Worth Investing In Additional Training
Office Managers | Bookkeepers, fall into several categories:
Productive Employees:
1. Appreciate the company is willing to update, upgrade tools, equipment, and software to make their job easier and invest in training to help the Office Manager | Bookkeeper is able to be more efficient.
2. Willing to invest their own time and effort to keep up with technology and improve their skills.
Overloaded Employees:
1. Works efficiently but still have more work to do and is falling behind. The company has grown, and workload has increased. The employee needs additional help (tools, technology, an assistant) to be able to keep up. One tiny change at a time could make a huge difference.
Resistant To Change Employees:
1. Fear, learning new things is a challenge because afraid they are unable to learn new technology
2. They want to keep everything the same. Avoid change and therefore over time become a “Bad Bookkeeper” where the most important thing is “Control” over everything and everyone.
The People Who Got You Where You Are Can Take You Where You Are Going
Only If They Continue Learning And Growing Themselves. - Randalism
Simple Efficiency is a “Win-Win” for everyone.
The Contractor Owner receives the reports needed to make good, proactive decisions.
The CFO has a smooth running operation and is able to focus on the “Money Management” duties necessary to run the business.
The Office Manager | Bookkeeper is able to efficiently enter the day to day paperwork into the QuickBooks file, Answer the phones and complete other daily tasks without frustration
The Field Staff know they have turned in all their paperwork (paper and digital) in a timely fashion with limited stress and are greeted warmly by the Office Manager | Bookkeeper.
Everyone is ending their day on a “Happy Friendly Note” and looking forward to tomorrow.
Everyone Wins When:
1. The Contractor Owner knows the accounting records are accurate and can make decisions
2. The CFO is able to be confident customers are billed, and no one is being paid twice
3. The Office Manger | Bookkeeper, is able to easily track Job Costing and Timecards
4. The Field Staff stays on top of the job and gets signed Changes Orders
5. The Customer is happy with a nice job without any warranty work.
And Everyone Goes Home e happy – isn’t this what we all want?
We Remove Contractor's Unique Paperwork Frustrations
For Construction Company Owners who do not need the full power of a QuickBooks for contractors and want 24/7 online access we offer Xero Accounting Online and we have custom setup for construction companies. Click Here For More.
This Is One More Example of how Fast Easy Accounting is helping construction company owners all across the USA including Alaska and Hawaii put more money in the bank to operate and grow your construction company. Construction accounting is not rocket science; it is a lot harder than that and a lot more valuable to people like you so stop missing out! Call Sharie 206-361-3950 or sharie@fasteasyaccounting.com and schedule your no charge one-hour consultation.
Profitable Contractors and Construction Company owners have known about the value of outsourced bookkeeping services and contractor coaching services like ours for a long time and now you know about it too!
Thank You For Reading This Far And I Hope You Understand we really do care about you and all contractors regardless of whether or not you ever hire our services.
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sharie@fasteasyaccounting.com
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About The Author:
Sharie DeHart, QPA is the co-founder of Business Consulting And Accounting in Lynnwood Washington. She is the leading expert in managing outsourced construction bookkeeping and accounting services companies and cash management accounting for small construction companies across the USA. She encourages Contractors and Construction Company Owners to stay current on their tax obligations and offers insights on how to manage the remaining cash flow to operate and grow their construction company sales and profits so they can put more money in the bank. http://www.fasteasyaccounting.com/sharie-dehart/ 206-361-3950 or sharie@fasteasyaccounting.com
