Are You A QuickBooks Casualty?
Over 98% of Custom Integrators use QuickBooks. We believe over 90% of them use it improperly.
A strong statement, but it is true.
Most CI users do not have a strategic intent for their bookkeeping methodology.
And, most settle for good enough or worse bad enough. Here is the easy test to see if your methods are aligned with best practices:
1. Does your chart of accounts classify income differently for Equipment, consumable Parts and Labor?
2. Do you recognize revenue when goods and services (labor) is delivered/performed?
3. Do your keep client deposits on your balance sheet as a liability?
4. Do your keep inventory on your balance sheet as an asset?
5. Do you progress bill daily or even every couple of days to individual projects that are shown in QB as estimates?
6. Do you run customer balances report to show what you owe to clients (WORK) and what they might owe you (ACCOUNTS RECEIVABLES)?
7. Do you use the system to proactively request next payments ahead of time?
8. Do you use QB reports to tell you what has been billed and what remains on each project?
9. Do you use QB reports to show after completion the positive or negative variance of Actual versus Bid?
10. Are you able to tell how your margins are performing and trending in the business by Equipment, Parts and Labor?
11. Do you have standard CI metrics for driving improvement in the business?
If you answered "NO" to any of the above questions, you should investigate Bi4Ci and the QuickBooks methodology that it supports. Its dashboard can help you drive the business better.