Sep 19, 2014
We Fix Bad QuickBooks For Contractors Setup Issues. Did someone setup QuickBooks by trying to follow the built in template inside QuickBooks and you figured out you cannot get any of the financial and job costing reports you need to operate and grow your construction company?
Let us handle your QuickBooks setup for your contracting company because accurate QuickBooks contractor reports are what profitable contractors use to help them steer their construction company through the ups and downs of the business cycle.
Click Here For QuickBooks Setup Templates For Contractors
· QuickBooks Pro 2000 And
Up
· QuickBooks Premier 2000 And
Up
· QuickBooks Premier Contractor 2000
And Up
· QuickBooks Premier Accountant 2000
And Up
· QuickBooks Contractors 2000 And
Up
· QuickBooks For Contractors 2000 And
Up
· QuickBooks Enterprise Contractors
2000 And Up
· QuickBooks Enterprise For
Contractors 2000 And Up
Contractors, house builders, residential and commercial remodeling company owners let us take care of QuickBooks setup for your contracting company because owning and operating your construction company means you need clear and concise Financial Reports, Job Costing and Job Profitability Reports to survive and thrive.
The size of your construction company is not as important as how much money you earn from it. Our internal research shows a properly run construction company with annual sales between $500,000 and $5,000,000 can generate as much or more cash, profit and equity than most construction companies with annual sales between $5,000,000 and $10,000,000.
It has to everything to do with strategic planning, understanding and using the right QuickBooks reports the right way. There are thousands of QuickBooks reports and hundreds of add-on software that can generate thousands more; however there are only five Key Performance Reports and a few Job Costing and Job Profitability Reports that will provide what you really need to achieve your goals.
The same QuickBooks contractor reports the profitable contractors use are available to every all four types of contractors from the one-person “Dog and Pickup Truck” to the "Enterprise" level contractor. For more on this go to www.FastEasyAccounting.com/4
· The Five Key Performance
Reports, (KPI) Reports. Cash Report, Receivables, Parables, Profit
and Loss and Balance Sheet. For more on KPI Reports click
here
· Job Cost Reports, Job Profitability Reports. For more on this go to www.fasteasyaccounting.com/reports
What Makes QuickBooks Contractor
Reports Valuable?
Understanding and using the
information they provide to make strategic and tactical decisions
to increase sales and profits in your construction
company.
What if I told you there is buried treasure in your backyard and all you need is a treasure map to find it and dig it up, would you be interested? Of course you are!
If your QuickBooks setup was done by a QuickBooks Expert in construction accounting and maintained correctly you are riding high and living well!
If not, we can fix just about any QuickBooks setup by performing a QuickBooks cleanup and importing all of the transactions.
The Chart of Accounts is the foundation and if your Chart of Accounts is not setup right you will not have anywhere to put the transactions.
The Short List Of Essentials In
Our QuickBooks Setup Which You Can Review In Detail
At www.FastEasyAccounting.com/setup or
www.FastEasyAccounting.com/QBS
· User
Permissions
· Company Information
Window
· Chart of Accounts Direct
Construction Costs
· Chart of Accounts Indirect
Construction Costs
· Chart of Accounts
Work-In-Progress For Land Developers
· Chart of Accounts
Work-In-Progress For Land Development Into Lots
· Chart of Accounts
Work-In-Progress For Spec Builders
· Chart of Accounts
Work-In-Progress For Spec Home Into Rentals
· Chart of Accounts Over
Billings For Earned Value Reports
· Chart of Accounts Under
Billings For Earned Value Reports
· Chart of Accounts Retention
From Your Customers
· Chart of Accounts Retention
For Your Subcontractors
· Chart of Accounts Job
Deposits From Your Customers
· Chart of Accounts Indirect
Construction Costs
· Chart of Accounts Prepaid
Expenses
· Chart of Accounts Job
Deposits
· Chart of Accounts Fixed
Assets
· Chart of Accounts
Depreciation
· Chart of Accounts
Intercompany Transfers
· Chart of Accounts
Payroll
· Chart of Accounts Payroll
Taxes
· Chart of Accounts Payroll Tax
Liabilities
· Chart of Accounts Customer
Discounts
· Chart of Accounts Bad
Debts
· Chart of Accounts Customer
Checks Returned From Bank
· Chart of Accounts Employee
Loans And Repayments
· Chart of Accounts Jobsite
Costs
· Chart of Accounts Warranty
Work
· Chart of Accounts Sales Tax
Errors
· Chart of Accounts
Mobilization
· Chart of Accounts
De-Mobilization
· Chart of Accounts
Leases
· Chart of Accounts
Purchases
· Chart of Accounts
Marketing
· Chart of Accounts
Advertising
· Chart of Accounts Owner Loans
And Repayments
· Chart of Accounts Special
Accounts For Sole Proprietors
· Chart of Accounts Special
Accounts For LLC Corporations
· Chart of Accounts Special
Accounts For Sub-S Corporations
· Chart of Accounts Special
Accounts For Partnerships
· Chart of Accounts Special
Accounts For LLP Limited Partnerships
· Chart of Accounts Special
Accounts Flipper Houses
· Chart of Accounts Credit
Cards
· Chart of Accounts Lines Of
Credit
· Chart of Accounts Short Term
Loans
· Chart of Accounts Long Term
Loans
· Chart of Accounts Spec House
Construction Loans
· Chart of Accounts Land
Development Construction Loans
· Chart of Accounts General And
Administrative
· Chart of Accounts Occupancy
Costs
· Chart of Accounts Triple Net
Leasing Costs
· Chart of Accounts
Technology
· Chart of Accounts
Professional Fees
· Chart of Accounts
Taxes
· Chart of Accounts
Licenses
· Chart of Accounts Insurance
Builders Risk.
· Chart of Accounts Insurance
Vehicles
· Chart of Accounts Insurance
Liability
· Chart of Accounts Insurance
Health And Dental
· Chart of Accounts Financing
Costs
· Chart of Accounts Interest
Earned
· Chart of Accounts Gain And
Loss On Fixed Assets
· Chart of Accounts
Estimates
· Chart of Accounts Sales
Orders
· Chart of Accounts Purchase
Orders
· Item List Direct Construction
Costs
· Item List Indirect
Construction Costs
· Item List Construction Job
Deposit
· Item List Construction Labor
Costs
· Item List Construction
Material Costs
· Item List Construction Other
Costs
· Item List Construction
Subcontractors Costs
· Item List CSI Codes For
Commercial Construction
· Item List Bid Bond
Deposits
· Item List Sales Tax For
Cities (Updated When It Changes)
· Item List Sales Tax For
Counties (Updated When It Changes)
· Item List Sales Tax For State
(Updated When It Changes)
· Item List Land Developers
Direct Costs
· Item List Land Developers
Indirect Costs
· Item List Spec Home Builders
Direct Costs
· Item List Spec Home Builders
Indirect Costs
· Item List Retention Held By
Customers
· Item List Retention Holding
For Subcontractors
· Item List Work-In-Progress
Costs For Land Developers
· Item List Work-In-Progress
Transfer Costs For Land Developers
· Item List HUD-1 Statement
Transfer Costs For Land Developers
· Item List Work-In-Progress
Costs For Spec Home Builders
· Item List Work-In-Progress
Transfer Costs For Spec Home Builders
· Item List HUD-1 Statement
Transfer Costs For Spec Home Builders
· Item List Work-In-Process
Transfer Costs For Spec Home Builders
· Retention Tracking For Your
Customers And Trade / Subcontractors
· Payroll For Your
Employees
· Payroll Sick Days
· Payroll Vacation
Days
· Payroll Loans Setup And
Tracking
· Payroll Loan Repayment Setup
And Tracking
· Payroll Reimbursement Setup
And Tracking
· Payroll Garnishment Setup And
Tracking
· Payroll Child Support Setup
And Tracking
· Payroll Tax Table
· Owners Time To Job For Job
Costing Without Affecting Financial Report
· Preferences In 23 Categories
Each One With Multiple Decision Points
· Price Level List
· Billing Rate List
· Sales Tax Code
List
· Other Names List
· Customer Profile
List
· Vendor Profile
List
· Templates List
· Memorized Transaction
List
· Memorized Reports
List
There was quite a lot of information I just covered and you can review it in detail at www.FastEasyAccounting.com/setup or www.FastEasyAccounting.com/QBS
We offer the most comprehensive contractors bookkeeping services system in the world. Your Letter of Engagement includes some or all of the options discussed.
If there are options, you would be interested in knowing more about please contact Sharie at 206-361-3950 or email sharie@fasteasyaccounting.com and she will be happy to review them with you.
· QuickBooks Automatic
Backup On Remote Server
· All Expenses And Costs
Recorded In Chart of Accounts, Not Items
· All Work In Process Recorded
in Chart of Accounts, Not Items
· Retention Hold By Your
Customers
· Retention Hold For
Subcontractors
· Job Deposits From
Customers
· Employee Type Tracking -
Field
· Employee Type Tracking -
Admin
· Employee Type Tracking -
Sales
· Employee Type Tracking -
Operations
· Employee Type Tracking -
Officers
· Employee Loans -
Field
· Employee Loans -
Admin
· Employee Loans -
Sales
· Employee Loans -
Operations
· Employee Reimbursements -
Field
· Employee Reimbursements -
Admin
· Employee Reimbursements -
Operations
· Employee Reimbursements -
Sales
· Employee Reimbursements -
Officers
· Payroll Preparation -
Field
· Payroll Preparation -
Admin
· Payroll Preparation -
Sales
· Payroll Preparation -
Operations
· Payroll Preparation -
Officers
· Payroll Tax Reporting –
941
· Payroll Tax Reporting -
940
· Payroll Tax Reporting -
940
· Payroll Tax Reporting -
W-2
· Payroll Tax Reporting -
W-3
· Insurance Audit
Reporting
· Insurance Audit Support
(Business Consulting And Accounting Office)
· Bank
Reconciliations
· Credit Card
Reconciliations
· Business And Occupation Tax
Reporting - Monthly
· Business And Occupation Tax
Reporting - Quarterly
· Business And Occupation Tax
Reporting - Annually
· Sales Tax Reporting -
Monthly
· Sales Tax Reporting -
Quarterly
· Sales Tax Reporting -
Annually
· Petty Cash
Register
· Fixed Asset
Tracking
· Monthly Depreciation
Transactions
· Intercompany
Transfers
· Security Deposits
Tracking
· Loan To Shareholders / LLC
Members / Partners
· Cost of Goods Sold - Direct
Costs
· Cost of Goods Sold - Indirect
Costs
· Your company Schedule of
Values
· Prevailing Wage
Reports
· Work-In-Process
Reporting
· Tool Lease
Tracking
· Vehicle Lease
Tracking
· Equipment Lease
Tracking
· Schedule of Values For Job
Costing
· QuickBooks Default Schedule
of Values
· Fixed List Of Your company
Schedule of Values
· Your company Schedule of
Values For Each Project
· Construction Specification
Institute 16 Basic Cost Codes
· Heavy Equipment
Allocation
· Occupancy Expense -
Office
· Occupancy Expense -
Shop
· Marketing Cost Tracking By
Chart of Accounts
· Vehicle Costs – Admin / Sales
/ Operations / Officer
· Other Income
Tracking
· Other Expense
Tracking
· Investment Property
Tracking
· Upload Documents To
Inbox
· Read, Print And E-Mail
Documents
· 24/7 Access To Web Based
Online Financial Reports
· Paperless Server Vault
Options
· Web Based Reports
· Excel Based Payment
Applications
Again I covered quite a lot of
information which you can review it in detail at www.FastEasyAccounting.com/setup or www.FastEasyAccounting.com/QBS
Our process for QuickBooks setup of a
new client is a whole lot longer than what I am showing here and
for some of you this was TMI (Too Much Information).
Our construction company clients offer a lot of feedback regarding what they would like their QuickBooks contractor to do and we listen to each and every request and look for ways to add those enhancements and more.
On average the QuickBooks setup template will have 50 enhancements a year. We test them on our server and when they are proven to work we manually update each and every client that has their QuickBooks contractor file on our server. And then we test each update on every client QuickBooks contractor file to make certain it will work.
Most of the time our clients do not even know when a template update happened, they just know it works a little bit better and something that was a problem no longer is a problem.
The one BIG PROBLEM we caution you about is be careful when you tell another contractor about all the reports and how Fast And Easy your QuickBooks contractor works because in most cases they will not believe you. It is the difference between QuickBooks setup the easy way andQuickBooks setup the hard way!
QuickBooks Setup - By a QuickBooks expert in construction accounting to work specifically for contractors on whatever year and version of QuickBooks you own because we have worked with QuickBooks since it first arrived in the early 1990's in DOS.
Which QuickBooks Edition - Is right for you? It depends on your annual sales volume and what QuickBooks Reports you want to have.
QuickBooks Pro - Works well for all contractors with less than $250,000 annual volume because your QuickBooks Reporting needs are not great.
QuickBooks Premier Contractor - Is what we recommend for contractors with more than $250,000 annual volume currently or projected in the next 12 months. The difference in cost is very small compared to the potential value.
The Most Important - Part of QuickBooks Setup for contractors is having a QuickBooks expert with a deep background in construction accounting who understands what your particular construction company needs. Among other things you need a fast and easy way to monitor the financial health of your construction company.
QuickBooks Premier Contractors Edition - Provides a running scorecard of Key Performance Reports and when used with Business Process Management Tools like what 10 minutes of waste costs their company.
New Construction Speculative - Land developers, home builders and light commercial builders. These are the contractors who build something in hopes a buyer will emerge during or shortly after the building is built and they need QuickBooks setup so that it will:
1. Your QuickBooks setup is put
together so you can track all your construction and overhead costs
and generate Bank Draws and Work-In-Progress (WIP) reports against
budgeted estimates to monitor progress.
2. Your QuickBooks setup for your Chart of Accounts needs to be focused WIP Assets with a few Cost of Goods Sold Accounts (COGS) to allocate the sale of the building
3. Your QuickBooks expert can setup the Five Key Performance Indicators (KPI) to monitor the financial health of the business
4. You need between 200 and 6,000 Items setup to track all the costs of the construction process from the ground up through the roof and final cleanup
5. This is the most difficult QuickBooks Premier Contractor Edition to setup because there is a mix of Direct, Indirect, WIP and COGS accounts
6. The day to day input is also the most difficult and needs to be handled by accounting staff with specialized training in construction accounting
7. You will need a simple yet effective way to keep track of retention and your QuickBooks expert in construction accounting can set it up to meet your needs
8. Your income can be sporadic and extremely sensitive to the ups and downs of the new construction market which is why you need a strategy with an external focus on the global housing market.
9. In order for your Spec Builder Company to reach its full potential you will need an overall strategy including a Business Plan for Contractors
10. We believe a lot of speculative builders go bankrupt because they do not have accurate reports to base decisions on and that is as direct result of trying to save money with Cheap Bookkeeping
New Construction Custom - Builders of residential and light commercial buildings have special QuickBooks setup needs:
1. You use QuickBooks to track all the costs and generate Complex Payment Applications, Item Estimates vs. Actuals, Job Profitability Summary and Job Profitability Detail Reports to monitor progress
2. Your QuickBooks setup for the Chart of Accounts has a lot of Goods Sold Accounts (COGS) to allocate project costs
3. Your QuickBooks expert can setup the Five Key Performance Indicators (KPI) to monitor the financial health of the business
4. You will have between 500 to 2,500 Items setup to track all the costs of the construction process from the ground up through the roof and final cleanup
5. This is the second most difficult QuickBooks setup is Premier Contractor Edition because there is a mix of Direct, Indirect, COGS and only a few WIP accounts
6. The day to day accounting and bookkeeping input is the second most difficult and to be done properly requires accounting staff with specialized training in construction accounting
7. You will need a simple yet effective way to keep track of retention and your QuickBooks expert in construction accounting can set it up to meet your needs
8. Our experience has been your group generates a relatively unstable income and is somewhat sensitive to the ups and downs of the new construction custom built market
9. In order for your Custom Home Building Company to reach its full potential you need a Construction Business Strategy including a Business Plan for Contractors
10. We believe a lot of custom builders go bankrupt because they do not have accurate reports to base decisions on and that is as direct result of trying to save money with Cheap Bookkeeping
Remodel - Residential And Light Commercial Tenant Improvement Contractors QuickBooks Setup:
1. You use QuickBooks to track all the costs and generate Complex Payment Applications Item Estimates vs. Actuals, Job Profitability Summary and Job Profitability Detail Reports to monitor progress
2. Your Chart of Accounts is focused Goods Sold Accounts (COGS) to allocate project costs
3. You need the Five Key Performance Indicators (KPI) to monitor the financial health of the business
4. Your QuickBooks setup will need 1,000 to 5,000 Items setup to track all the costs of the construction process from beginning to end in order to get the reports you need
5. This is the third most difficult QuickBooks setup in Premier Contractor Edition because there is a mix of Direct, Indirect, COGS and only a few WIP accounts
6. The day to day input is also the second most difficult and to be done properly requires accounting staff with specialized training in construction accounting
7. You will need a simple yet effective way to keep track of retention and your QuickBooks expert in construction accounting can set it up to meet your needs
8. Our experience has been your group generates a stable income and is not as sensitive to the ups and downs of the new construction market
9. In order for you to reach their full potential of your business you will need an overall strategy including a Business Plan for Contractors
10. And of course Cheap Bookkeeping is the one area where short term savings is overwhelmed by making bad decisions based upon inaccurate QuickBooks reports
Trade contractors - QuickBooks Setup For Plumbers, Electricians, HVAC, Flooring, Sheetrock, Painters, Landscapers and others:
1. You use QuickBooks to track all the costs and generate Simple Invoices which can then be input into QuickBooks Premier Contractor Edition
2. Your QuickBooks setup for the Chart of Accounts is usually focused Goods Sold Accounts (COGS) to allocate project costs
3. You will need to pay close attention to the Five Key Performance Indicators (KPI) to monitor the financial health of the business because your sales cycle is so short
4. You will need 500 to 2,500 Items in your QuickBooks setup to track all the costs of the construction process from beginning to end
5. This is the fourth most difficult QuickBooks setup is the Premier Contractor Edition because there is a mix of Direct, Indirect, COGS accounts
6. You day to day input is also the third most difficult and to be done properly requires accounting staff with specialized training in construction accounting
7. You will need a simple yet effective way to keep track of retention and your QuickBooks expert in construction accounting can set it up to meet your needs
8. Our experience has been your group generates the most stable income and you are not as sensitive to the ups and downs of the new construction market
9. In order to reach their full potential of your Trade Construction Business you will need an overall strategy including a Business Plan for Contractors
10. And of course Cheap Bookkeeping is the one area where short term savings is overwhelmed by making bad decisions based upon inaccurate QuickBooks reports
Service and Repair - QuickBooks setup for companies like drain cleaners, emergency service electricians and others:
1. You use QuickBooks setup needs to be able to track all the costs and generate Simple Invoices which can then be input into QuickBooks Premier Contractor Edition
2. Your QuickBooks setup for the Chart of Accounts is usually focused Goods Sold Accounts (COGS) to allocate project costs
3. You will need to closely monitor the daily changes in the Five Key Performance Indicators (KPI) to understand the financial health of your business
4. Your QuickBooks setup will need between 500 to 2,500 Items setup to track all the costs of the construction process from beginning to end
5. This is the fourth most difficult QuickBooks setup for Premier Contractor Edition because there is a mix of Direct, Indirect, COGS accounts
6. The day to day input is also the third most difficult and to be done properly requires accounting staff with specialized training in construction accounting
7. You will need a simple yet effective way to keep track of retention and your QuickBooks expert in construction accounting can set it up to meet your needs
8. Our experience has been your generates a very stable income because you are not as sensitive to the ups and downs of the new construction market
9. In order to reach your full business potential you need an strategy including a Business Plan for Contractors
10. And of course Cheap Bookkeeping is the one area where short term savings is overwhelmed by making bad decisions based upon inaccurate QuickBooks reports
QuickBooks Setup - By a QuickBooks expert in construction accounting to work specifically for contractors on whatever year and version of QuickBooks you own because we have worked with QuickBooks since it first arrived in the early 1990's in DOS.
Having Used - A number of
accounting programs over the years we believe when your
QuickBooks setup is done correctly is the best, hands down, no
contest!
for the construction trades the tiny amount of money difference between QuickBooks Pro and QuickBooks Premier Contractor Edition is worth the investment for the additional a Contractor Reports alone. Upgrading every year is a “no brainer” because of all the new features and if a contractor’s construction accounting staff only saves only 10 minutes a day the savings will more than pay for the program.
Our mission is to “Help Contractors Achieve Their Definition Of Success”. Which means we work with them and support them no matter what version of QuickBooks they use.
We have observed contractors who use QuickBooks Premier Contractor Edition simply make more money.
We Contract - With An Intuit Authorized Commercial Host company that allows us to access QuickBooks Desktop Version Online. The good news is they are great at providing 24/7 access to client QuickBooks files and nightly backup.
The other news is that we need staff that is skilled in construction bookkeeping and accounting and other staff that is very experienced with Microsoft Windows Explorer File Structure because we have to upload, setup, monitor and maintain the QuickBooks data, paperless documents and internal file folders for each client.
The great news is that from our client’s point of view everything just works fast and easy so they love it!
It Is Like - Having a red carpet lease for your car. The manufacturer (Intuit) makes and sells the product and the contractor buys it (QuickBooks) parks it in our garage (Hosting Service) where our mechanics keep it tuned up and running smoothly (Microsoft Windows Explorer Specialists) and the chauffeurs (construction bookkeepers and accountants) drive the transactions and paperwork into it so the contractor can enjoy the ride (passenger) and generate useful KPI Reports anytime day or night and we help them understand and use the KPI Reports
That is all I have for now and if you have listened this far please do me the honor of commenting and rating podcast www.FastEasyAccounting.com/podcast Tell me what you liked, did not like, tell it as you see it because your feedback is crucial and I thank you in advance.
I trust this will be of value to you and your feedback is always welcome at www.FastEasyAccounting.com/podcast
This is one more example of how Fast Easy Accounting is helping construction company owners 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 construction contractors like you so stop missing out and call Sharie 206-361-3950 or email sharie@fasteasyaccounting.com
Thinking About Outsourcing Your Contractors Bookkeeping Services?
Click On The Link Below:
Need Help Now?
Call Sharie 206-361-3950
In closing, I want to caution you that we may or may not be a good fit for your contracting company. This guide will help you learn what to look for in outsourced construction accounting.
Thank you very much and I hope you understand we really do care
about you and all contractors regardless of whether or not you ever
hire our services.
Bye for now until our next episode here on the Contractors Success
MAP Podcast.
Warm Regards,
Randal DeHart | Contractors Accountant
About The Author:
Randal DeHart, PMP, QPA 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 across the USA. Visit http://www.fasteasyaccounting.com/randal-dehart/
to learn more.
Our Co-Founder Randal DeHart - 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 and Follow Randal on Google+
#1 EZ Step Interview inside QuickBooks Setup
#2 Asked Their Tax Accountant To Setup QuickBooks
#3 They Attended A How To Setup QuickBooks Class Or Seminar
QuickBooks Set Up TemplatesSolopreneurQuickBooks Chart Of AccountsFree StuffQuickBooks Item Lists TemplatesConsulting
QuickBooks Set Up
Templates Solopreneur
QuickBooks Chart Of Accounts
Free
Stuff
QuickBooks Item Lists Templates
Consulting