289: This Is The #1 Problem Holding Contractors Back From Success

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   Diane’s Resources: Diane’s Website: Build Your Numbers ​​Download Diane’s FREE ebook here  Building Your Chart of Accounts Class Remodeling Your QuickBooks Chart of Accounts Time Tracking and (Job-Costing) Payroll Class   Resources: Check Out My NEW Website: The Roofer Coach Download My FREE 1-Page Business Plan Text Me @ (510) 612-1450 – Say Hi! I would love to hear your feedback, pros & cons! **Please leave me a review on iTunes!** ~Please Share My Podcast With Other Contractors~   Vetted Sponsors of the Roofer Show Check out the programs that will help you gain confidence in your sales process, become a better leader, and build a winning sales team at Salestransformationgroup.com/roofershow   Tee up the sale and make a great first impression by having a friendly, professional receptionist answer your phone with  https://www.callruby.com/roofer    Be the modern-day contractor! We help you leverage technology to generate, organize and maximize commercial roofing leads. Find out more about Peak Leads -  Peakleads.io.       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