193: How To Set Up Your Financials The Easy Way with Diane Gilson

To run a profitable roofing business, you have to understand the basics of accounting and the basics of setting up your financial system. Dave welcomes his go-to accounting expert, Diane Gilson, back to the show to discuss 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   Diane’s Resources: Diane’s Website: Build Your Numbers / Dave Building Your Chart of Accounts Class Remodeling Your QuickBooks Chart of Accounts Time Tracking and (Job-Costing) Payroll Class Dave’s Resources: Learn How Ruby Receptionists Will Leave A Great First Impression With Your Prospects!   www.callruby.com/roofershow Use the promo code “Roofer 50” for $50 off! Download My FREE 1-Page Business Plan Contact Me HERE to Get Started With A Free Business Evaluation And Learn How I Can Help! 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