• Establishing an efficient cost coding system with Penny Lane

  • Sep 4 2024
  • Length: 46 mins
  • Podcast

Establishing an efficient cost coding system with Penny Lane

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  • Summary

  • 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 Barnes
    Matt Calvano

    Podcast Produced By:
    Motif Media
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