Podcast 312: 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

Resources:

Connect with John DeLaurier:  www.calldrr.com, Instagram, Facebook, and Email

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

​​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

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