Want Access to a Resource Library That Will Help You Improve the Financial Side of Your Construction Business?
Let me tell you a story:
Back in 2012, two different companies asked me to drive to their location to train them on sales tax.
These two companies were in completely opposite directions of each other, and it would have taken me 8+ hours EACH to train them in-person. Unfortunately, because of schedule conflicts, I couldn’t do that.
Luckily, I had heard of this thing called a “screencast,” so I thought, Hey, maybe I can make them a video.
And so, I did!
I made them a 13-minute video and, having no idea if it would work, sent it to them.
And it WORKED!
There was only one follow up question that arose from that video, which I was able to quickly answer.
This was awesome because…
I was able to take 16+ hours of training
and condense it into a 13-minute video!
This saved us both a TON of time!
So, I started to use videos as a quick way to train people on subjects.
I had a rule that any time I was asked the same question 7 times, I would make a video for it and put the video into this big vault of content, called All Access. (I still do it to this day!)
Pretty soon, the content vault was filled up with a bunch of different videos that would improve the financial side of construction businesses. It holds a big part of the information I’ve learned in my 20 years as a construction CFO.
It’s got everything I wish I had
when I was starting out as a construction CFO!
Just by following the videos and practicing the skills learned from them, someone could become a CFO-type person for a construction business.
And because it teaches the FUNDAMENTALS of the financial side of a construction business, you’ll be able to apply what you learn across nearly any construction software or scenario.
It’s like the difference between a master chef and a home cook:
The home cook can follow along with the recipe and do surface level things…
But the master chef knows what all the parts do
and how they all go together and can
craft their OWN delicious recipes!
Basically, it’s the difference between being a master who can do it themselves or a novice who gets told what to do, but doesn’t really know HOW or WHY…
And All Access teaches you how to be a master.
Plus, you can choose your own adventure and pick what you want to learn!
All Access has a TON of content, including…
- What to do if your financial statements don’t make any sense (hint: it’s usually not because of your accountant!)
- Exercises to help you figure out how you can become a great
- What tasks each role should be doing (this can help you to create a well-oiled machine in the financial side of your business, which saves you a ton of time and hassle).
- A simple trick to produce consistent and better financial statements quicker and more efficiently. (It makes your whole life a LOT easier.)
- The cycle that information flows through in operations of a construction business (and how to utilize this to make your operations more consistent, making communication easier and improving teamwork!)
- How different contractors can get different gross profit, markup, and/or overhead (and how you could possibly use it to improve teamwork and communication—and even win more jobs!)
- How to create month-end reconciliations, which can help you determine performance for the month and see how you can continue to improve results!
- An easy way to think about the balance sheet (it’s so simple that almost anyone can understand it!)
- The single best financial report you can produce (in my humble opinion).
This financial report can help…
…make your financial statements more consistent…
…make your revenue consistent month-to-month…
…start the process to grow your bonding and surety programs…
…create a single report to review individual job performance, expected future revenue and costs, how much money is left to earn on a job, whether your jobs are underbilled, and more…
This report is SUPER powerful and, as I like to say, the one report to rule them all.
And when it does that much, you can’t help but wonder what it is!
I’ll let you in on the secret: It’s the WIP—and All Access includes our WIP Creation Course, which shows you exactly how to produce this almost-magical financial report.
But that’s not all that All Access includes…
- How to find out when you should be doing key accounting activities, so you have a plan that reduces stress and makes life easier!
- How to ensure that the balance sheet is accurate (this makes all the difference when creating other financial statements like the income statement).
- A checklist to help you ensure you don’t forget any critical month-end steps.
- What it means to “tie out” accounts receivable and accounts payable (and how it’s done).
- A common problem that can cause your income statement to show less net income than you actually have (plus how to fix it!)
- What depreciation is (and why it’s actually a good thing!)
- How to build an amortization schedule (and a “trick” prebuilt into Excel that you can use to make it easy!)
- How to use the notes payable schedule to reconcile loan balances. This way, you’ll be able to match your bank balance to your balance sheet, put together a payment stream, and create a balance for cash flow to see how your payments flow.
- How to prepare the income statement (and things to double check if it doesn’t feel right).
- A scorecard to track the important metrics in your business.
As the saying goes, “What gets measured, gets improved.”
It’s a simple plug-and-play scorecard that helps you to track your most important metrics. That way, you can see where you are and what’s going well or what to improve in your company.
In fact, it’s our entire Financial Metric Mastery program, all included in All Access!
- Some easy ways to “match” values on your other financial statements and reports to your income statement so you don’t have to do extra work.
- How to run (and modify) the profit and loss statement and balance sheet in QuickBooks.
- A quick (“cheat”) way to confirm that your notes payable schedule is accurate.
- How to create an email that makes it easy for “non-financial” people to understand financial results, which saves time and builds trust.
- The financial information you should give to the surety, bank, and owner to keep everyone happy and keep things running smoothly.
- A simple equation to figure out what your equity is (that way, you’ll be able to more accurately figure out the value of your company!)
- How I (someone with 20 years of experience in the construction industry) review the balance sheet and income statement to ensure they’re accurate.
- A “secret trick” completely intuitive to you, that you can use to help confirm whether or not financial information is accurate (almost no one even thinks to do this!)
- How to make the income statement and job schedule tie together (that way, they both stay accurate).
- What fixed assets are (and how to record them).
- How to calculate your bonding capacity—and avoid certain “traps” that can reduce your bonding capacity.
- What you should know before selecting your construction accounting software.
This is a big one, because construction software is expensive and time consuming to get up and running.
In fact, not knowing some of the important points that I teach in this section could cause you to waste a ton of time and money trying to choose a new software—that’s NOT fun!
On top of that, there’s something you should know before getting a new construction software that—without knowing—could lead to you think your new software is broken, bad, and even lead you to reverting back to your old software! Knowing this prepares you for what to expect when changing software.
- How to potentially get a “yes” from your surety on the job you want.
- How to measure the strength of your bonding program.
- A simple way to understand job costing (and a simple way to start doing it!)
- A fun demonstration of what labor burden is (and how to calculate it!)
- The three different types of budgets—and a “fourth” category that people often get mixed up, which can throw off their accounting!
- How to determine whether your allocated burden is correct.
- Something that can be pretty easy for a construction contractor to control (a lot of times, it doesn’t feel like we have many of those!)
- How to roughly calculate how much money you need to profit (and a simple tool you can use to calculate it!)
- A quick, easy, and cheap way to create standard operating procedure training.
- How to organize your files and documents so that it doesn’t get out of hand (this can save a ton of time and make you more productive!)
- What to do if you’ve fallen off budget.
- Basic accounting terms so that you can easily understand the financial side of your construction business—even if financial information isn’t your strong side!
- How to track your job costs in the general ledger.
- How to forecast so you know you’re on track for the year.
This can help you in a BUNCH of ways, including seeing your projected future revenue, cash, expenses, and net income.
Plus—at the high levels—you can even see approximately what adding a new job could do. You could “game” scenarios to see which decision would be best for your company!
Forecasting helps a ton in decision making—it very well could be one of the most powerful things you do.
- The time we have found to be the best for planning ahead for the year (doing this wrong could possibly lead to costly mistakes!)
- The top mistakes contractors make when investing in their business (and what to do instead).
- How to calculate discretionary earnings (with an added tool to help!)
- 3 of our best tips for dealing with receiving collection calls.
- Why having a collection call log can save you a ton of hassle.
- Common issues that can leave jobs unbilled (possibly leaving a ton of money on the table!) and how you can stop it from happening again.
- Why you should run the job profitability report (so you can figure out which of your jobs need to be billed).
- Productivity tips for getting more done in less time (including email tricks in Outlook… a trick to shrink the time it takes to do a task… and more). In the busy summer months, this is AWESOME to have!
- What job closeout is—and why it’s super important for collecting profit, retention, and a bunch more (plus a checklist to help you!)
- How to manage cash flow so you know where you stand at all times!
With cash being the lifeblood of business, it’s critical to know where your cash is and when it runs low.
After all, without cash, it could be tough to start a new job—or even survive as a company!
That’s where our Cash Flow Control class comes in—which we’ve included as a part of All Access. It’s got a ton of information that will help you to control and even increase your cash flow IMMEDIATELY!
- Important tips for tax planning so you can save on taxes (and a checklist to help you!)
- The differences between cash vs percent complete vs completed contract (and why you should combine two of them for the best results!)
- A simple year-in-review process (and checklist) to help you improve your company and move towards your goals.
- How to manage cash flow in winter (arguably the toughest time of the year for most of us).
- The 3 areas to focus on for controlling cash flow.
- How to become more productive in your construction company and get more time back.
- The difference between book and tax (and why having both can give you the best results for both value and tax benefits!)
That’s not even everything! Plus, we’re constantly adding more content, so the list of content is ever-growing.
All Access is our most potent information from our combined 40+ years in the construction industry—all put into one platform. If you’re interested in using our 40+ years of experience to improve the financial side of your construction business, then All Access can definitely help.
If you’d like to join, just click the
big blue “Let’s Do This!” button below!
It’s just a one-time fee and you get all of the content inside—plus anything else we add will be free!
We’ve put a ton of work into it (since 2012!) so I really hope you’ll join us in All Access and put all that information to good use.