Gold Coast Construction Goup, Inc., A Start-Up General Contractor

The Problem:

In late 2007 a local CPA referred Mobile-CFO to a start-up cell-tower General Contractor. They had been in business for 6 months, but had lost their bookkeeper after only 2 months of operation. Nothing had been done to the QuickBooks Premier company file in those 4 months. They didn’t understand their chart of accounts and accompanying financial statements. The reports didn’t make sense. The owners were trying to get new business, review ongoing jobs, and be their own accountant and bookkeeper. Too much!

The Solution:

Fortunately—after a thorough cleaning of the Chart of Accounts—we could use the existing company file. We inactivated several accounts and moved the transactions to the correct accounts. Using company bank statements, I added all of the transactions to the company file. Over the next two years, I would become a de facto part of the company: One day each month I would be on site, primarily reconciling bank statements and reviewing financials. The owner kept and continues to keep a “Mary/Mobile-CFO” file where he has a list of questions that I answer to keep things running smoothly. Over time, we have been able to transition the bank reconciliation to the owner of the company.

With basic financial accounting under control, it was time to set new goals. The company, now growing at 250% annually, needed a way to streamline payroll and to job cost all time cards. Though at first all the details seemed a struggle, in just a few months I began to hear “how easy it is” to do the weekly payroll. Despite the huge growth in business, the owner was able to do all of the accounting functions by himself. And we managed to save the company over $4000 in third party payroll processing costs annually.

Next we wanted to implement a company 401-K plan and install a jobs cost estimating system. I came in a few extra days in order to implement the 401-K in the Spring of 2009. The estimating system has now been purchased and is over half-way installed. It ‘s a big leap to go from just reconciling bank statements to estimating costs and reviewing actual jobs, but that’s our next goal.

In late 2009, the owner hired an assistant, and my role is changing yet again. I will need to restructure the accounting department. Tasks will need to be split between two people, so extra security and checks and balances will have to be built in. The owner’s role will need to grow from “doer” to --“reviewer.” But together, with the power of QuickBooks, we will be able to make it happen.