This Article Will Focus On making progress billing easy for everyone to understand so that you can get paid faster with less hassle.
Are You Having Trouble Tracking And Reporting?
- Down Payments and Job Deposits?
- Change Orders and Related Payments?
- Multiple Progress Payments to Track and Report?
- Project Baseline, Changes and Payments to Report?
A lot of Plumbing and Mechanical Contractors use QuickBooks to keep track of the job costing and invoicing for their customers and clients and it works well if all you have is a few simple invoices without down payments, job deposits and change orders.
The problem starts when you have two invoices or more for the same project, add a few job deposits and some change orders and the entire process of invoicing gets real tricky because there is no “Magic Button” in QuickBooks that will generate an invoice that makes sense to Plumbing and Mechanical Contractors or your customers or clients.
When people invest money with Plumbing and Mechanical Contractors they are nervous and need reassurance they made the right move. When you present a QuickBooks or Xero Accounting Online invoice that is confusing and hard to understand then you trigger a response in their amygdala that a danger is present and they instantly go into a flight or fight mode.
Either way you are not likely to get your money until you waste a lot of time and energy presenting your case like a lawyer arguing before a biased court.
If a picture is worth a thousand words a clear concise document in three pages, summary page with two easy to understand supporting documents is worth ten thousand words. Like an iceberg in the water this is only 10% of the benefit you will derive from using a Payment Application.
The hidden 90% is the enormous amount of trust and goodwill you will generate that could pay substantial dividends in the future from referrals and additional jobs to bid and win.
Our founder Randal DeHart, used QuickBooks in his construction firms for many years and he understands the frustration of trying to make QuickBooks do things it is not designed to do. He developed an excel program for complex invoices which we use to generate complex invoices for our clients. You do not need any excel skills because we do everything for you!
These invoices show the money trail from beginning to end in a way that everyone can understand and appreciate which means you get paid faster, with less hassle and your clients will love you for it!
These are commonly known as either Application for Payment, Pay Applications, Payment Applications or G702 G703. The construction
bookkeeping is done in QuickBooks and during the QuickBooks setup there are some special accounts and lists that we install ahead of time. These more complex invoices have the ability to keep track of multiple deposits, payments, change orders, payment history and running totals in a way that your customer can follow. We prepare these as part of our bookkeeping for contractor’s package and send them to you as often as you need them.
For more information go to the Application For Payment Checklist
Free video on how our pay application works Payment Application Video
This is one more example of how Fast Easy Accounting is helping construction company owners just like you put more money in the bank to operate and grow your construction company. Construction accounting is not rocket science; it is a lot harder than that and a lot more valuable to people like you and me so stop missing out! Call Sharie 206-361-3950 or email@example.com and schedule your no charge one-hour consultation
Profitable Contractors and Construction Company owners have known about the value of outsourced bookkeeping services and contractor coaching services like ours for a long time and now you know about it too!
For Construction Company Owners who do not need the full power of QuickBooks for contractors and want 24/7 online access we offer Xero Accounting Online and we have custom setup for construction companies. Click Here For More.
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About The Author:
Randal DeHart, PMP, QPA is the co-founder of Business Consulting And Accounting in Lynnwood Washington, www.FastEasyAccounting.Com He is the leading expert in outsourced construction bookkeeping and accounting services for small construction companies across the USA. He is experienced as a Plumbing Contractor, General Contractor, Project Management Professional, Construction Accountant, Intuit ProAdvisor, QuickBooks For Contractors Expert and Xero Contractor Accounting Specialist, Bill.Com Guru and Tsheets ProAdvisor. Follow Randal on Google+
I leave you with this heartfelt blessing – “Your best days are still ahead of you because each and every day you know more than you did the day before and you convert that knowledge into wisdom which serves you well”
Randal L. DeHart, PMP, QPA