Finance – Residential & Commercial - Contractor Education & Recruitment

Step 1 of 6 - Clear Understanding // Team

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Clear Understanding // Team

I feel confident to make financial decsions based on my numbers.

1 - Strongly Disagree, 2 - Disagree, 3 - Neither Agree Nor Disagree, 4- Agree, 5- Strongly Agree

Are you able to easily identify your labor and materials costs on a monthly basis?*

Do you have a bookkeeper that specializes in construction bookkeeping?*

My bookkeeper does the following:*

Payroll

Accounts Receivable / Accounts Payable

Bank Reconciliation

Budgeting

P&L, Balance Sheet, Cashflow

Does the person who manages your books specialize in construction?*

Do you currently use a cashflow forecast?*

Estimating // Job Costing

I feel confident that my estimates are based on my actual costs, and not based on what my competitors are charging.

1 - Strongly Disagree, 2 - Disagree, 3 - Neither Agree Nor Disagree, 4- Agree, 5- Strongly Agree

Do you have an up-to-date pricing book?*

Do you check your material prices quarerly?*

Do you review each project's actual cost vs estimated cost?*

What tool do you use to calculate project pricing?*

Bar Napkin

Notebook

Spreadsheet

Software:

Do you have an up-to-date pricing guide?*

How often do you check your material prices?*

Real Time

Weekly

Monthly

Quarterly

Yearly

How often do you review ongoing project's actual cost vs estimated cost?*

Daily

Weekly

Fortnightly

Monthly

Quarterly

Annually

What tool do you use to calculate project pricing?*

Bar Napkin

Notebook

Spreadsheet

Software:

Other:

AR/AP

I feel confident that I time my payment and collections so that I am never short on cashflow.

1 - Strongly Disagree, 2 - Disagree, 3 - Neither Agree Nor Disagree, 4- Agree, 5- Strongly Agree

Do you worry you will lose track of money that is owed to you?*

Do you find it difficult to ensure clients pay on time?*

Do you check that invoices are correct prior to paying them?*

Do you incentivize paying early?*

Do you invoice your clients based on the progress of the work?*

Do you negotiate the billing cycle with clients?*

Do you create a schedule of values for each project?*

Do you invoice slightly ahead of payment schedules?*

Credit

I feel confident that I have the right credit available to grow and protect my business as needed.

1 - Strongly Disagree, 2 - Disagree, 3 - Neither Agree Nor Disagree, 4- Agree, 5- Strongly Agree

Which types of credit do you currently utilize?*

Corporate Credit Card

Loans for Asset (I.e. equipment)

Operating Line of Credit

Credit from Suppliers

Do you check your credit limits & terms every year to make sure they fit my business?*

Do you have a contractor-friendly bank or credit union?*

Do you check your credit limits & terms every year to make sure they fit your business?*

Do you have a dedicated business banker?*

Payroll

I feel confident that my employee hours are accurate and genuine.

1 - Strongly Disagree, 2 - Disagree, 3 - Neither Agree Nor Disagree, 4- Agree, 5- Strongly Agree

How do you keep track on employee hours?*

Phone App With Tracking

Phone App Without Tracking

Honor System

Other:

Do you offer direct deposit payment to your employees?*

Does processing payroll cause you stress on a monthly basis?*

Which process do you use for payroll?*

I do it manually

I use software

I outsource it

Other

Do you have a process for approving and accounting overtime?*

Taxes

I feel confident that I am minimizing my tax obligations.

1 - Strongly Disagree, 2 - Disagree, 3 - Neither Agree Nor Disagree, 4- Agree, 5- Strongly Agree

Is your tax advisor quick, responsive, and has contractor-specific advice?*

Do you do Tax Planning?*

Before making large purchases do you consult your tax advisor?*

Do you meet with your tax advisor to tax plan at least every 3 months?*

Do you know if your company can benefit from R&D Tax Credits?*

Do you own complimentary companies that provide a benefit? (I.e. equipment rental)*