Judith Miller’s Top 4 Accounting Resolutions for 2018
Happy New Year!
Although I typically don’t make New Year’s resolutions, I want you to make some; these are all guaranteed to make your life better by improving your remodeling business and by making your financials for December more accurate.
AND, even better, the numbers you enter for your Roundtables Spring Focus Packet (due February 23rd) will be real “purty”… as we say in accounting lingo.
I’ll try to keep the list short:
- Make sure your December 2017 WIP is right: this is vital to the accuracy of 2018 gross profit calculations. Download the 2018 WIP Workbook and get started now. Remember to enter all the invoices for work done in December with a December date so that the WIP calculation calculates true earned revenue for December based on those expenses.
- Clean up the Balance Sheet for December 2017 to start 2018 with a good baseline from which to measure changes in equity.
- Be sure ALL job costs are posted to COGS accounts – not overhead.
- Calculate your TRUE burdened labor – to be used both for estimating and for job costing – for all employees as of 1/1/18. Download the REVISED Labor Burden Calculator. And don’t miss the FREE webinar I will be presenting on this vital piece of the job-costing puzzle in February.
Help is Here
Contact me if you need help – I’d love to get your numbers “purty” for the Spring RA Roundtablse meetings.