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Financial Reporting. Know your Numbers using Reports. In planning for your business you have made assumptions The better your assumptions, the better your planning Analyze your assumptions vs. your actual experience
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Know your Numbers using Reports • In planning for your business you have made assumptions • The better your assumptions, the better your planning • Analyze your assumptions vs. your actual experience • Know the financial situation of your business (where are you, where are you going) • Good data entry will lead to meaningful reports
Red House Reports Menu • For most Red House Reports use the top Reports Menu • For single detailed ‘Gross Job Profitability’ reports click reports button
Financial Reports Sales Report Red House Profit & Loss Statement (QB) Budget vs Actual reporting (QB) Job Gross Profit Report Red House Job Profitability Summary (QB) Other QuickBooks Reports
Red House Sales Report • Sales sorting includes salesrep or marketing source • Gross Sales is different from Qbooks Income • Monthly Sales Totals used to calculate royalty
Profit and Loss Statement • Closing Instructions • Has the bank account / credit card statement been reconciled? • Have all invoices / credit card charges been entered? • Did you make a % of completion entry? • Did you prepay any expenses which should be deferred to later months? • Does Account 3100 – Income Received (Qbooks) = Red House Collections report? • Is your Labor Burden % correct?
Budget vs Actual Reporting Budget Numbers can be imported from your financial model Actual GP = 43% Budget GP = 48% • Evaluate budget variances. • Are there differences that indicate a significant break from your forecast? • Do you need to make a new plan based on business realities?
Job Gross Profit Report • Job Summary Page 1 • Supporting balance detail Page 2 • Job Estimated Costs vs Actual Costs on this report (QuickBooks only shows Actual Job Costs)
Red House Job Profitability Reports Select Reports – Franchise – Closed Job Profitability • Reports include all Final Billed Jobs • Date filter is based on Final Bill Date (see Job Info screen) • End date should always be 20-60 days prior to current date to account for missing job costs
Closed Job Profitability by SalesRep Use this report to identify production / sales issues. Review detail for selected jobs / do costs tie to Qbooks?
Closed Job Profitability by HRS • All or one selected HRS • Date filters on Final Bill Date (see job info screen) • Default report uses schedule to link HRS’s to jobs. Any job an HRS is scheduled on will be included in his summary • Override default by clicking ‘View Only the Lead HRS’. This will limit jobs to only the HRS selected as ‘Lead HRS’ dropdown on the Job Info screen
Job Profitability Qbooks Report • This report details collections and job costs for all QuickBooks data
QuickBooks Balance Sheet • Use your Balance sheet to track Assets and Liabilities • Do you have assets recorded correctly? • Value of purchased vehicles • Computers and Equipment • Cash balance accurate and up-to-date • Do you have liabilities recorded correctly? • Loan balances accurate (make sure to break out loan payments between interest and principal) • View amount owed to vendors / credit cards
Summary Data Evaluation • Focus on P&L budget vs actual • Know your GP • Use your numbers to manage your people • Salesman/HRS Performance • Forecasting personnel growth • Overhead expenditures • Improve future results by learning from past experience
Financial Management Summary • What are the main aspects of good financial management? • Planning & Implementing • Overall Systems Utilization • Accurate Financial Records – Good raw data • Evaluating & Reporting
