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QuickBooks for Contractors is a fabulous and inexpensive tool for managing your construction business and gaining control over your job costs, but in order to use it to its fullest potential you need to setup and use QuickBooks a little differently than you would for most other businesses.

First, and most importantly, you need to setup your Items correctly because they are the heart of QuickBooks for Contractors. You should setup an Item for each level of detail you want on your job costing reports. It can be as simple as Labor and Materials or as detailed as having hundreds of sub-categories for the services you provide. A good example of a middle-ground (enough detail to manage your job costs without become overwhelming) can be found in the sample contractor-based business file that comes with QuickBooks:

1 Plans & Permits

01.1 Plans

01.2 Building Permits

01.3 City & Co. Lic’s & Fees

02 Site Work

02.10 Demo

03 Excavation

04 Concrete

05 Masonry

06 Floor Framing

07 Wall Framing

08 Roof Framing

09 Roof Flashing

10 Exterior Trim & Decks

11 Siding

12 Doors & Trim

13 Windows & Trim

14 Plumbing

15 HVAC

16 Electrical & Lighting

17 Insulation

18 Interior Walls

19 Ceilings & Cover

20 Millwork & Trim

21 Cabinets & Vanities

22 Specialty

23 Floor Coverings

24 Paint

25 Cleanup

26 Landscape & Paving

27 Contingent

Many contractors add sub-items for Labor and Materials to their Items which is useful if you want to track those costs separately. This also makes it easier to report only the Labor portion of a subcontractor’s invoice on their 1099.

After you determine which job costs you want to track, you’re ready to add your Items. Go to Lists – Item List, right-click on Item and select New. Job costs should always be setup as Service Items which, fortunately, it defaults to. If you are a contractor with short-term jobs make sure to set up all your Service Items as two-sided, with both an expense and an income account. This doesn’t occur automatically and unfortunately it isn’t very intuitive. You need to put a check next to “This service is used in assemblies or is performed by a subcontractor or partner” for the expense box to be added to the setup screen. Contractors often use a cost of goods sold account called something like “job related costs” for job-related expenses.

Builders, on the other hand, who have projects that span several months or more generally use a work in progress (WIP) or construction in progress (CIP) asset account because job related costs aren’t usually expensed until the project is completed. For this reason, their Service Items do not need to be double-sided. You should check with your tax advisor or CPA before deciding which one is right for your business.

Once your Items are setup, you need to start using them. Many of the job costing reports, such as Estimates vs. Actuals, require the use of Items on all your transactions including bills, checks, and credit card charges. Again, this is not very intuitive especially since all these transactions types default to an Expense tab, but look carefully and you’ll see an Item tab just to the right of the Expense tab. In order to get the most out of QuickBooks for Contractors, you must always use this tab. Forget that the Expense tab even exists. It’s also important to assign all your transactions to a Customer/Job, of course.

Lastly, if you want to get the most out of QuickBooks for Contractors always, always enter an Estimate with the level of detail you’re trying to track. You don’t need to send this out to your customers, though you might find that this is very useful. Many users think this adds an unnecessary extra step to their day-to-day accounting entries, but this is one of the beautiful things about QuickBooks for Contractors. Once you enter the estimate, you can turn it into an Invoice, a Sales Order and/or a Purchase Order with just the click of a button (all three are hiding under the “Create Invoice” button on the Estimate form). So, rather than adding an extra step you’ll often find that you’ll end up saving an enormous amount of data entry time in the future plus you’ll be getting much better, more detailed reports.

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I attended a business networking meeting earlier today, at which a local CPA gave a ten minute presentation about her accounting and tax practice. It turned out to be a lesson in integrity. She described many unethical practices that she has witnessed over the 20 years of being in business, in addition to her prior 10 years as an IRS representative. In spite of client’s desires to get a BIG tax refund, she is committed to operating within generally accepted accounting principles.

What was really unusual in a business setting of this nature is that she acknowledged her faith as the foundation of her moral convictions. She built her business on ethical standards and is reaping the benefits from that early decision. She gave me a sense of trust as a person I could do business with, should the opportunity arise. I don’t recall meeting her at the prior couple of meetings I’ve attended, but today she made a lasting impression. Consequently, this month I decided to focus on this matter of integrity.

Why is integrity important? Integrity is a virtue that demonstrates the quality of one’s character. While morality is often associated with integrity, you can make a mistake, or hold “immoral” views, yet still act with integrity. Acting with integrity on some particularly important occasion will, philosophically speaking, always be explained in terms of broader features of a person’s character and life.But, it is primarily a relationship that one has with oneself.

Integrity is important as business owners because it connects us in our actions with our clients, colleagues, suppliers and other relationships. What I believe is one of the most important by-products of integrity is the law of attraction. We attract into our lives the very things that we give away. If your truth is fairness and goodwill, then fairness and goodwill is what you will attract in return. On the other hand if your truth is manipulation and short cuts for improper gain, then you can expect to reap the fruit thereof.

As case in point: last summer when gas prices skyrocketed, my housekeeper decided that she needed to raise her rates. But the problem was that, not only did she intend to increase my rate by 100%, she slipped up and admitted that I was “one of the people” she had chosen as a “sacrificial lamb.” After ten years of service, I fired her on the spot.

In these economically challenging times, remain true to who you are. Continue to operate your business with integrity and never take anyone for granted. Your words certainly are a reflection of your character, but your actions are a greater tell-tale sign of your fundamental moral compass. Whether you’re doing business with a Fortune 500 company or and Mom and Pop store; a group of 1000 or 25, let the quality of your product or service be the same. Be mindful to keep your word and deliver on your promises.

Point to Ponder: The investments you make today will pay dividends in the future.

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The world of the accountant has drastically changed in just the last twenty years. Prior to this change, accountants were experts at using the calculator and other mathematical formulas, and did everything by hand. Because businesses and other organizations have so many figures to account for, having one or more accountants was essential for just about every department.

Along comes the computer. Things started changing gradually at first, but when more and more companies began competing to make the bet accounting software, accountants who did not catch the wave, were left scratching their heads. What formerly required teams of people and hours upon hours of work, takes one individual with less experience just a few hours using one of many types of software. There have been applications developed for every accounting niche from basic tax preparation software to government accounting software.

While some are upset that career positions of the past have been replaced by computers and software, others are amazed at how much more efficient businesses are. There is certainly just as much employment opportunity as there was twenty years ago, but you just need to be prepared for the change that is always bound to come our way. What we didn’t have twenty years ago is the opportunity to build a virtual business. While this is a topic for another discussion, it deserves to be mentioned here because many formerly successful accountant that caught this technology wave, are doing amazingly well as business owners of companies that has something to do with accounting software.

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Ken Boyd, owner of St. Louis Test Preparation (www.stltest.net) presents part 9 of his course on Understanding Intermediate Accounting. Boyd points out that students can have success with Intermediate Accounting concepts by making connections to actual examples from business. As a former CPA, College Accounting professor and Auditor, Ken has a wealth of experience to bring to the subject.

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Ken Boyd, owner of St. Louis Test Preparation (www.stltest.net) presents part 19 of his course on Understanding Intermediate Accounting. Boyd points out that students can have success with Intermediate Accounting concepts by making connections to actual examples from business. As a former CPA, College Accounting professor and Auditor, Ken has a wealth of experience to bring to the subject.

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Strategies for Business Financial Management Business Management Series Your Host: James Brandon CPA In this video you will learn the business • • Begin to finance small business and • Financing • • Managing books, records and accounts of business start-ups • to prepare for payment of taxes an understanding of cash flow • Joint Ventures reasons to fail and Prevention • • rules for accounting software Learn to use invaluable financial accounting consideration toto manage the business. James Brandon a veteran CPA shares his knowledge and experiences with you in this video. James discuss basic business management strategies used by companies that are able to take a proactive approach to running a business. Mr. Brandon has over 25 years experience helping small businesses manage their books and the potential of your business. This video designed to help a home based business or looking for a growing company, to imporve their skillsFinancial management. For the full year, the video visit www.showmehowvideos.com

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