Utilizing QuickBooks for Land Acquisition and Development
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Understand how to use QuickBooks for your company's financial and job costing needs.
Many land developers and spec home builders set up QuickBooks® or hire someone to do it for them. Often they do not understand the difference between construction accounting and regular accounting. In most cases, the person who set up QuickBooks® is not a construction accountant. Not knowing how to track the cash flow in a construction company is a disaster waiting to happen. Knowing how to use work-In-progress, direct and indirect construction costs is key. Understanding overhead, expenses, and other income compounds are also important. Bankers, lenders, investors, construction company owners, and other stakeholders need accurate, timely reports and proper QuickBooks® set up, and construction accounting is the foundation to provide them.
This program shows some of the basics how to set up QuickBooks® for construction for land acquisition, development, and spec home builders and how to develop a process for construction accounting data entry. Also, how to generate useful and timely financial and job cost reports. The information also explains the method required for analyzing Work-In-Progress (WIP) Reports. Poor construction accounting systems are the leading cause of contractor business failures. Unforeseen cash flow issues can lead to construction delays, business, and personal bankruptcy. This topic is critical for land developers and spec home Builders. Your accounting system must support your company's financial and job costing needs. This information is the foundation for future business plan development. Which leads to a profit generating cash-cow construction company. Process dependent versus people dependent leads to prosperity and peace of mind.
AuthorsRandal DeHart, PMP, QPA, Fast Easy Accounting
Construction Accounting vs. Regular Accounting
Construction Accounting for Land Acquisition
Construction Accounting for Land Development
Construction Accounting for Spec Homes