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constructionaccounting · 4 years ago

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0401: Hidden Costs When Choosing The Right Construction Accounting Software

This Podcast Is Episode Number 401, And It's About Hidden Costs When Choosing The Right Construction Accounting Software

Typically, in the first month of the year, many contractors with expensive high-end construction software are re-examining if QuickBooks for Contractors is all they need and if switching over to it makes sense.

I chat with Contractors every day. You tell me your stories - about your challenges in running a business, keeping up with the bookwork, estimating and bidding jobs, doing the work and collections from clients, and having or not having employees and paying their taxes.

The first thing we ask is which of The Four Types of Contractors best describes your company?

Salt of The Earth

Dog And Pickup Truck

Professional

Enterprise Level

Having used several high-end construction software programs costing over $60,000 and a few low-cost programs under $500 like QuickBooks and Peachtree, and some free online bookkeeping programs, I have concluded that for contractors with annual sales volume under $5,000,000, the only answer is QuickBooks For Contractors. For an in-depth comparison of QuickBooks versions, click here.

We started using QuickBooks when it was first released in the DOS version in the early 1990s and had been raving fans of it ever since. It's had problems and growing pains; however, Intuit, the parent company of QuickBooks, is right about finding and fixing the issues as evidenced by the number of contractors using it compared to their competitors.

What are the five things to consider?

1. Setup

This is the most critical and least understood part of the selection process. A correctly set up QuickBooks contractor file will do everything a contractor with less than $5,000,000 in sales will need, including generating reports for:

Monthly And Quarterly Tax Returns

Sales Tax Returns

Payroll Processing

Payroll Tax Returns, 941 and 940

Contractor Invoicing

Work In Progress (WIP) Reporting

Preparing Pay Application Invoicing For Remodel

Preparing Pay Applications For Tenant Improvement (TI)

Job Deposit Tracking

Retention Tracking

Insurance Audit Support Service

QuickBooks Financial Reports

Job Costing Reports

Five Key Performance Indicator Reports for monitoring your business

And more

Setup is the most expensive hidden cost of all. Anyone who suggests the average contractor can buy construction software and have it up and running in less than 200 hours in a span of several months is stretching the truth. There is a big difference between selling construction software and setting it up to use it.

QuickBooks Setup Has Three Main Phases: Chart of Accounts, Item List, Customers, Vendors, Employees, Payroll; Clean up the existing data; and input the behind transactions.

You can do it yourself = 200 hours x $10 an hour you could earn flipping burgers (opportunity cost) adds $2,000 to the value of the software.

Give it to your bookkeeper = 200 hours x $25.29 (Paid $15.00 per hour plus taxes and overhead) adds $5,058 to the software's cost.

In most cases, you can outsource the complicated and costly QuickBooks Setup and Job Costing Reports to us, get it done right in a fraction of the time and cost of any other option, and we can clean up QuickBooks existing data and input your back-work or as we call it QuickBooks Catch-Up.

From our extensive knowledge base of Construction Accountants and studying highly profitable contractor's QuickBooks setup files, we have developed a library of QuickBooks for contractor modules to build your custom QuickBooks Contractor files in a fraction of the time and at a lower cost. It has made us the leader in setup QuickBooks for Contractors.

2. Bloat

The more the software costs, the more bells and whistles it has or, as I like to say, "bloat." Software bloat in construction is deceiving because it looks like something you've got to have or you are missing out; the good news is you're not. It merely adds fluff and filler to jack up the price, just like college and university textbooks sold by the pound.

3. Construction Bookkeepers Talent Pool

The more expensive the construction software, the more dependent you will be on the developer for tech support and training.

When you pay $1,000 for two days of training for your bookkeeper and their time 16 hours x $25.29 = $404.64 plus lunch $10 x 2 = $20 and parking $10 x 2 = $20 for a total of $1,444.64, they have increased skill sets, and they will ask for a raise or seek employment elsewhere!

Worse yet, what if you don't pay for training and they learn by trial and error on your payroll? Do you know What Ten Minutes A Day Costs Your Company?

4. Contractors Bookkeeping Services System

Everything in your construction company that makes money follows a process that is called "CONTROL." For example, building a new house is: Foundation | Framing | Mechanical | Roofing | Finish | Clean up. Everything in your construction company that costs money and does not follow a logical process is called "CHAOS."

Construction bookkeeping services is a system with a logical process, and when it is followed, you make money; when it is not, it costs you money.

5. Cloud-Based Construction Software

Cloud-Based Construction Software Is no longer a luxury reserved for enterprise-level contractors. Any contractor using QuickBooks Contractors desktop version can have it too.

We offer a way for you to access the full desktop version of QuickBooks Contractor with all of the built-in reports and the ability to print on your local desktop printer, email, or have documents linked to individual transactions.

You can do just about anything you are doing now with QuickBooks Contractor on your desktop except losing your data due to computer failure, weather, earthquake, flood, fire, or other disasters because it is on a secured cloud server with multiple redundant backups and power supplies.

You can even access your QuickBooks Contractor financial reports in the cloud without having to open QuickBooks.

Final thoughts

Consider these five hidden costs when choosing the right construction accounting software for your company. Have a recovery plan if the entire software crashes during updates/upgrades - this will even cost you more money.

The best finish carpentry tools in a golf professional's hands without proper carpentry training will not produce anything near to what a skilled finish carpenter can. The same can be said about the best construction business consulting and accounting tools in an experienced finish carpenter's hands. And I say that with respect and admiration for everyone in construction.

About The Author:

Sharie DeHart, QPA is the co-founder of Business Consulting And Accounting in Lynnwood, Washington. She is the leading expert in managing outsourced construction bookkeeping and accounting services companies and cash management accounting for small construction companies across the USA. She encourages Contractors and Construction Company Owners to stay current on their tax obligations and offers insights on how to manage the remaining cash flow to operate and grow their construction company sales and profits so they can put more money in the bank. Call 1-800-361-1770 or [email protected]

Check out this episode about Contractors Marketing - Accounting - Production (M.A.P.)!

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sally-bowlees-blog · 7 years ago

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Converting Manual Bookkeeping into some Computerized System

If switching a accounting and bookkeeping service system into a computerized system, the conversion is going to take a little more time than simply starting fresh since it has to be certain the new system begins with info that matches with the recent novels. The procedure for entering the first data changes based on the software selected. To make sure that correctly convert accounting system, utilize the info which is included with the applications; browse through the guide, examine the startup tips made to prepare the system, and decide on the methods which best fit the manner of operating.

This way, do not need to do a great deal of additional work including transactions that occurred during a time. It is simply easier to wait till April 1 to begin even when the software is purchased on March 15. While switching into a computerized accounting program in the close of a month, the ideal time to do it's at the end of a calendar or financial year. We must input information for all of the weeks of this year which have passed.

From the automatic system, input the accounts for all those balances at the trial balance.

Obviously, when beginning a new company, it will not have a preceding trial balance. Then simply enter any accounts which may have from the money accounts, any assets of this company may own since it starts up, and some obligations that the company might already owe about startup expenses. Also, add any gifts from owners which were made to find the company started with the bank accounts.

It is a whole lot simpler to change formatting once the system is not chock-full of information.

Need to make confident that entered the ideal amounts, so confirm that the new accounting system's fiscal reports fit what has been created manually. If the amounts are different, now is the time to determine why. Otherwise, the reports performed at the close of the accounting period will likely be incorrect. If the amounts do not fit, do not presume the sole place a mistake could be is at the information entered. It may find the mistake is in the accounts created manually. Obviously, assess the entries initially, but in the event, the earnings statement and balance sheet nevertheless do not seem right, double-check the trial accounts too.

Speed - Bookkeeping applications can run reports much quicker than manual Accounting Systems. Your accounts will also be updated automatically.

Truth - By utilizing business applications, we can guarantee a more precise and effective accounting cycle. Where formerly, mistakes can be produced by manual procedures, accounting applications reduces those mathematical mistakes. It does not allow for input of erroneous data like credit-debit errors, and it simplifies postings to several ledgers and journals, virtually making information shooting mistakes obsolete.

Fluid, meticulous outcomes - Want to know where every penny goes without needing to dig through the fiscal books?

Run a selection of reports. Post amounts to different accounts and upgrades balances.

Automation of measures in the accounting practice - After assessing the source files and journalized the trades, a generally laborious manual bookkeeping system could be substituted by an automated accounting program.

Listed below are a few measures in the guide accounting cycle Which Will be automated with a Trusted accounting software application such as QuickBooks:

Every company should sustenance great documents to make sure bills are paid, duties are satisfied and checkbook accounts match up. When it is a home-based company, a Fortune 500 firm or even the work of conducting a home, well-kept books really can aid record a"company" from the getting leadership in regards to maintaining finances in order. A growing number of relatives are turning into computerized programs for maintaining fund in check. The explanations for that are many.

Computerized financial applications are getting to be the manner indeed ball sport has done for lots of factors. Perhaps not the anterior of that, needless to say, is the simplicity of use, simplicity respect taking into consideration the vessel lineup and capacity to monitor actions since they follow. Combining online banking companies secrete online accounting has made handling the publications much simpler.

For home use, automatic accounting is fantastic, particularly when coupled with internet banking farther bill payment choices. Programs abound that assist regular Individuals sustenance their novels as clean and neat as any fat firm's again they are used for a number of reasons, for example:

Some applications will also maintain separate extrinsic all charity gifts and other tax allowable items whereas potential free lunch on tax types.

Fast way to observe the main point. This is very good for people who combine their usage with internet banking and tally lending methods.

Better ability to observe where the fund goes. Unsoiled and transparent registers sustain users monitor their buys and bottom lines simpler. This is exceptional for people that live in a problem to help guide decisions about potential purchases farther where prices should exemplify trimming.

Computerized accounting systems are especially adored by companies such as the nearing they could facilitate even a chemical company' books. Computerized programs Provide the following (and much more ) benefits for companies:

Ability to monitor income and expenses because additional branches while melding positive all witty to a general budget

Speedball and simple to consider how financing has been invested and even why.

Ability to route trends control spending additional income.

Quick reports for a number of things including cost categories for example capital outlays, wages, and benefits again there out.

Easier earnings coverage. These programs have a tendency to perform all of the calculations presently a company; consequently managing reports, getting projections and so forth is general and simple. Uncut that needs to be done would be to tenacity the appurtenant application to fulfill a business' requirements and enter the appropriate data.

Many fiscal applications come to protect assess cutting implements that empower companies to travel their citizenship, banknote invoices etc smuggle ease clock that the wrinkle constantly upgrades the boat lineup.

Making incarnate fast and simple for people and companies to track their bottom lines, computerized accounting programs are great gargantuan to substitute. By advantage ease of extras and also a lot of alternatives, these applications could succor almost anyone institute a good accounting system.

From the business, huge quantity of trade found to keep in a daily undertaking. Currently, there is effective bookkeeping accounting program development in the manner in which accounting functioning as straightforward as possible to take care of the amount of action within this subject. Bookkeeping Accounting Software has empowered to perform these jobs in less powerful time and spare your valuable time and energy.

Today Bookkeeper utilizes many accounting software available on the marketplace at a very broad assortment of rates. The followings are many bookkeeping financial and accounting software features are clarified:

NetSuite

The NetSuite accounting software consists of many amenities such as productivity direction, e-commerce, fiscal management and announcement and employment tools. It's helpful for simple to use with real-time decision-making issue so we can learn more readily way to take care of the issue.

QuickBooks

Among the easiest approaches to control the accounting fiscal applications is QuickBooks Bookkeeping Software. The QuickBooks applications are segmented into a various component, same as to assist segment, customer segment, and seller section. Whenever any confusion in your mind of the consumer so he or she is able to locate FAQ or assist button at the header of their every page of QuickBooks Bookkeeping Software so speedy solution also supplied within this fiscal accounting program. Thought, a consumer may learn quite simple performance of the software and provides flexibility on a number of way of action about to bookkeeping services like banking job, accounts payable, accounts receivable, payroll and stock. There are a number of different features offered in it such as general ledger and job casting instruments.

Quicken

In the newest edition of Quicken supplies to progress benefits make it the most accounting software favored among accountants and artisans. A user may see more powerful workspaces and respective reports in precisely the exact same time in this latest edition of Quicken software. The Quicken allow users to get the tabs in various performance in precisely the exact same moment. And more readily way a user can observe monetary flow, cash flow center, investment stream and Quicken account pub, therefore it's the very best.

Peachtree

In Peachtree advanced alternative and accountable to maintain accurate records flawlessly. Bookkeeping Accounting Software can quickly produce reporting and present input and output information. An annotated may synchronize all information with an installation of this accounting software without difficulty. It's beneficial among bookkeepers.

So now Business Owner will allow to run and handle the full process defect of Bookkeeping required. The software gives you mistake reduction precise data to lessen the labor work of their bookkeeper from the organization.

Online Bookkeeping

The internet accounting system provides the client with the option of saving their company records, source files and information in an internet-based program. This can be done in order to allow the offshore supplier's bookkeepers to access these records and update the account as and when is required.

Benefits

Accessing your account is simple and can be performed anywhere and everywhere

Online accounting services Include high standards of safety

Accounts may be upgraded as frequently as needed

As much as 50 percent of cost saving compared to a current day

Tremendous savings time, resources and effort

Latest infrastructure and software is used in Internet accounting

Digital bookkeeper is somebody who executes all of your bookkeeping jobs from a distant site. They won't operate in a conventional office instead they'd execute all of your jobs online and supplies you upgrade online. Generally, they'll be a different contractor. Most likely they'll be working from house. Individuals who obtained hands-on experience in accounting field have the superb chance to be a certified digital bookkeeper. They ought to be adept of all of the conditions in accounting.

All of your jobs will be worked with a brand new software program. They're equipped with different applications to fulfill various accounting prerequisites. They completely count on the internet resources that are more precise and fast. You don't need to think about your sensitive info since the systems are exceptionally information encrypted and only available to the individual executes the jobs.

They aren't restricted to execute just the accounting procedure. They'd work on the further tasks like monitoring the buy orders, processing the credit software and preparing the entire year-end reports.

Obviously, we could envision someone with an accounting book together with him to make certain that each and every trade is well-accounted for and may be considered accurate and fair.

But what we might not realize is that an internet bookkeeping service may really mean many things. They could only be known as one title, but we could essentially pick from these types of companies broad selection of certain services.

This internet accounting service identifies fundamental and regular bookkeeping functions, for example invoicing clients and preparing to get their bills, collecting debts and paying off invoices, and reconciling the bank account. The individual is also responsible to the citizenship of different members of their provider in addition to from the preparation of accounts which could be required from the company operator, particularly in regards to a formulation of critical decisions.

What happens when we neglect to pay our invoices even for a single time? You will find a lot. To begin with, we must put up with the penalties, which may range to tens of thousands of dollars. Employing an internet accounting service will surely save the hassle. He won't simply keep tabs on our fiscal duties, but he could also prepare the tests for us to register and have them sent to us. But for safety reasons, we must restrict their accessibility to our bank accounts as far as you can.

We at Perth Accounting Firm simply don't have a responsibility to our clients, but we also will need to cover our providers. If we do not or we've forgotten to do so, it can lead to the lack of trust and confidence in us. But keeping tabs on our payable isn't a simple effort. This is because different providers may call for unique strategies and conditions in payment. A number of them might require us to cover in 30 days other as brief as 15 days. We can refer to an online bookkeeping service which could help us out in deciding our accounts payable. By the time that we'll create an arrangement, each trade is subsequently listed by the accountant or portion of our preferred online accounting service to the application or applications. He can then change the preferences, so he'll always be our educated when the payment will probably be expected. As a matter of fact, before we get our bill from our providers, we have a notion of just how much we need to cover and when to cover. The internet accounting service may then permit us to create a more honest or accurate fiscal budget for our business.

#perth #accounting #firm #bookkeeping #virtual cfo perth

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sagerepair-blog · 8 years ago

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Conversion from Peachtree to QuickBooks

Peachtree by Sage is undoubtedly one of the more well-known accounting software. In comparison to QuickBooks, however, the latter is a further recognized and established accounting program that offers the largest selection of features and applications, some of which are listed below:

Accounts Payable

Accounts Receivables

Credit Card Management

Financial Reporting

Automatic Syncing with your Bank

Expense Tracking

Professional Invoicing

Payroll Functions

Bill Payment

Business Analysis Tools

Connect to other Apps

Mobile-Friendly Apps for Android and iOS

Automatic Back-ups

A Synopsis of QuickBooks

Keeps you ahead of the game

A flourishing business is one that stays on top of its finances. QuickBooks ensures you stay ahead of the game by managing your business’ finances efficiently by keeping a tab on payables and receivables, giving you a panoramic account of all incoming and outgoing transactions.

Tracks Expenses

Keeping a track of your staff’s expenses does not have to be an arduous task. This one of QuickBooks’ built in feature enables your employee to code expenses accurately and submit them in a timely and appropriate manner.

Invoicing

Tracking invoices sent to customers, email them or send them by batch. QuickBooks Sales Invoicing System takes the worry away from getting paid on time. This feature allows you to track real time payments, track the invoices that are almost due,as well as the ones that are overdue.

Easy to use

QuickBooks is easy to use, with a bonus of an orientation procedure that is included in the new user set up.

A Synopsis of Peachtree

In a nutshell, Peachtree is not far behind in comparison with QuickBooks. It does however, offer features such as the “Business Status” home page which QuickBooks does not incorporate. With the Business Status home page, users are able to gain quick access to account balances, profit and loss, accounts receivable, and accounts payable in one location, while also providing the option to scan in bills, receipts, invoices and other documents and create a paperless accounting system.

Peachtree believes in enhancing analytics and creating streamlined processes for businesses.

QuickBooks is easy to use, straight cut and is most suitable for small business owners who are simply looking to keep an account of money and expenses. Peachtree is known to be a little more complicated, on the other hand, with an objective of reaching out to businesses that handle several accounts.

While considering the option to switch from Peachtree to QuickBooks, it’s important to decide in which direction you would like your business to go.

Making the switch from Peachtree to QuickBooks is a good idea but requires patience as well as some level of technical experience.

Some key specifics to consider:

Remember to back up your data before you begin the process of conversion

Name your files with easy to remember names and that is typically limited to 41 characters

Remember to match the proper version of the Peachtree with QuickBooks

#Peachtree to QuickBooks #conversion quickbooks

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