Is There An Easy Way to Improve My Business? Here Take the Quiz to Find Out.
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.