No CRM? What You Need To
Know Any Way.
May 12, 2020
The Biggest Missing Part of Ci
... the Business System.
May 5, 2020
Is There A Good Way To Be
Social In Times Like This?
April 28, 2020
Does Your Business Test Positive?
April 21, 2020
Recommendations For Using Your PPP Money.
April 14, 2020
How Do I Model A Downturn In My Business?
April 7, 2020
WHO CARES? Right Now ....
You Should ...
March 31, 2020
Managing in this Crisis
March 23, 2020
Managing the Trinity. What 3
Things Are Absolutely
March 17, 2020
Is Revenue Forecasting That
March 10, 2020
Business Intelligence Is It Beyond Me?
September 29, 2016
July 25, 2017
By VITAL MGMT
Lots of CI companies use QuickBooks. But are you QB Ready for great performance? Here are 10 questions to test your progress:
Do you have separate accounts for Equipment, Labor and Parts for income and materials costs too?
Which of the following describes your revenue recognition method? A. When cash is received B. When job are complete C.When goods and services are delivered to the job site D. None of the above
Do you carry inventory as an asset on your balance sheet?
Do you carry client deposits as a liability on your balance sheet?
Do you use estimates in QB to track projects and related costs?
Do you update labor and shipments at least weekly against projects in QB?
Do you use request for payments in QuickBooks and bill separately from work being done?
Do you track monthly labor billings total against the payroll expenses & hours for your billable employees?
Do you check your mix of revenue (Equipment, Labor, Parts) and the respective margins for each monthly?
Do you keep direct labor, owner compensation, sales comp and other compensation in their own accounts for analysis?
Please give yourself 1 point for every YES and 1 point if #2 answer was “C”.
If you scored 7 or more, you are almost there. 5 to 7 you could use VITAL help.
Below 5 you can vastly improve by implementing QB better. This could mean $10’s of thousands of dollars a month to your bottom line.
I'm busy working on my blog posts. Watch this space!
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