What is your best phone number?
What is your best email?
What is your total number of employees?
What will your total sales be in new contracts this year?
The Chart of Accounts has been customized to the business, and is reviewed, assessed, and used to classify every transaction.
All accounts are reconciled and closed at the end of each month.
No personal expenses are paid as company expenses and random distributions are not made to pay owner(s) personal expenses.
The Company tracks actual vs budget revenue and expenses on a monthly basis.
A budget is created for each project prior to contract approval.
There is a process for the approval and payment of all bills.
The Company has a process that prevents premature or overpayment of subcontractors and suppliers.
A financial statement (Income Statement, Balance Sheet, Profit & Loss) is created and reviewed every month.
Specific gross profit margin formulas have been created and are used with an automated estimating system to price contracts.
Annual gross revenue amounts are calculated based on the quantity and type of projects necessary to cover the annual overhead, job costs, and net profit.
A billing system is in place to prevent 30-day past due receivables.
A change order process is in use that maintains profit margins, prevents mistakes, and client disputes.
A contract pricing statement clearly identifies the contract form in use and clearly communicates to the client in writing the pricing formula used.
The company has an established line of credit to cover a minimum of 3 months of overhead costs.
The company has a cash reserve to cover a minimum 3 months of overhead costs.
The Financial/Accounting Division has weekly, monthly, quarterly, and annual scorecards that track all vital information.
There is a written process for insurance compliance to reduce risk with subcontractors and a procedure to submit insurance claims.
A process is in place to prevent any overpayment of insurance premium.
A process is in place to prevent employee disputes and claims.
There is a published company benefits and incentive plan with a tracking system.