Establishing an efficient cost coding system with Penny Lane

Penny Lane, a construction accounting expert, discusses the importance of designing a simple yet effective chart of accounts and cost coding system for contractors. She emphasizes using these financial tools to track profitability, make informed pricing decisions, and ultimately run a more successful construction business.https://jobcosting.com/Construction accounting, chart of accounts, and cost coding with a specialist. (0:00)Chart of accounts for contractors, including types of accounts and how they relate to financial reports. (3:50)Job costing and accounting for direct and indirect costs. (9:50)Accounting for construction costs, including cost of goods sold and indirect costs. (14:59)Simplifying accounting systems for contractors, focusing on cost codes and chart of accounts. (21:42)Breaking down job costs into subcategories for easier tracking and analysis. (25:57)Organizing financial accounts for contractors to track profitability. (30:58)Profit margins, markups, and cost structure for contractors. (35:13)Construction accounting basics and how to use financial data to make better business decisions. (39:57)Find Our Hosts: Reece BarnesMatt Calvano Podcast Produced By:Motif Media

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