Episode Details

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:

Time is running out! Are you eligible for the Employee Retention Credit (ERC)? Visit www.rpcfinancial.com to find out!

Do you need help with your books? We have a certified Quickbooks pro who is waiting to help you! Email John or Dave or contact us on Instagram for more information!

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

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: dave@theroofershow.com 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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