[Jpmiller88788]

We are a licensed commercial GC in Atlanta. We have plenty of jobs coming in. The thing is, we are so unorganized its stupid. We use contractor foreman well my PM does. We both doing tyne PM work superintendent work and accounting. We get deposits from owners no problem and pay deposits to subs and purchase material as needed. We need help with not robbing peter to pay paul basically. My PM has screwed up most of this (not his fault) hes learning. But he approves invoices from subs and deposits and I'm figuring out their deposits are more % than ours we get. He thinks because we have hundreds of thousands coming in monthly all is ok and we always have money. Really just need help with how to run tyne biz successfully. We started this year as a GC even though I have been a GC for many years I just consulted for companies for years.

 

[reggi]

You need to get an office manager and park them in front of your bookkeeping software.

They will have their eyes on payables and receivables and will be able to anticipate cash flow issues.

Payouts have to go through office manager. You look in on the books now and then and check your statements to make sure there’s no fraud, you’re collecting what you’re supposed to from clients, and that your vendors are being paid on time. Even better, hire this big brother role out to an accountant.

 

[John.B]

You definitely need an accounts person/ controller. You PM needs to understand billing and to not over pay. Cash flow is very important!
I’ve taken some accounting for pm courses over the years and they had some okay information.

At my company we have a CFO, controller, and a handful of ap/ar people. All of our PMs are expected to closely monitor our financials for our jobs. This includes regular forecasting and evaluating monthly financial reports.

When I bill, I bill as much as possible and do not approve any subcontractor invoices until my invoice is approved by my client and a certificate of payment issued. If my client says I need to lower my billing I tell the same thing to my subcontractors.

To recap,
1. Get an accountant/ controller
2. Cash flow, cash flow, cash flow!

 

[Adam_PDD (Truck2go)]

We are a licensed commercial GC in Atlanta. We have plenty of jobs coming in. The thing is, we are so unorganized its stupid. We use contractor foreman well my PM does. We both doing tyne PM work superintendent work and accounting. We get deposits from owners no problem and pay deposits to subs and purchase material as needed. We need help with not robbing peter to pay paul basically. My PM has screwed up most of this (not his fault) hes learning. But he approves invoices from subs and deposits and I'm figuring out their deposits are more % than ours we get. He thinks because we have hundreds of thousands coming in monthly all is ok and we always have money. Really just need help with how to run tyne biz successfully. We started this year as a GC even though I have been a GC for many years I just consulted for companies for years.

Our best advice is to have an accountant to control the spending/bookkeeping. Since we are in the construction industry, having cash flow is the key. We ran into a similar problem before too, our PM made a mistake. But we were able to get more money in advance from the customer. I know it was a bad image for the company but we explained to the customer what happened.

 

[jack.boyes]

I would check out Buildr CRM. They have a Revenue Forecasting tool and Workforce management tool. It's not accounting or project management software, but it will go a long way in helping you to organize your business from right when you hear about a project up until it starts. It'll be worth your time to look at.

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