Provided By Client (PBC) List
The PBC list is a list of requested items (bank reconciliations, AR aging, etc.) your third party CPA needs to successfully complete your...
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Best Practices During an Attest Engagement
Collaboration is key in an Attest engagement (Compilation, Review or Audit)! It's not enough to say "I let my CPA deal with that". Here...
Audit: Really Big Time
Now your surety is requesting Audited financial statements. The first thing I would do if I were you is double check if they need Audited...
Review: Big Time
You're continuing to move up in the industry. A Compilation Report is no longer sufficient. You need to submit Reviewed financial...
Compilation: Looking Good
So you need a Compilation Report? That's great news! It means you're moving up the ladder and going after more or bigger projects! I'll...
Job Cost and Billing Reconciliation (Video)
Check out the following video on reconciling job cost and billing activity. In this video, I use QuickBooks reports to perform the...
So you've downloaded the WIP template but does it tie?
Be sure to check out the other lessons about tying out the WIP to your job schedules and trial balance! Otherwise the WIP is meaningless!...
Cash, more than a reconciliation
Reconciling your book balances to the bank's is great. However, your cash may still be over or understated depending on what you have...
Stale Balances
Befriend your balance sheet. See what makes it tick. Pull up a general ledger detail for your balance sheet accounts to understand the...
Billings and Job Cost Reconciliation- What's the point? (3)
Now that you've reconciled job billings and costs to the trial balance you're ready to put a bow on it! You performed all of these steps...
Billings and Job Cost Reconciliation- Job Costs (2)
Now onto reconciling job costs to the trial balance! Building on your billing reconciliation completed in the previous step, copy and...
Billings and Job Cost Reconciliation- Job Billings (1)
If you haven't done so already, download the Billings and Job Cost Reconciliation ("R1") spreadsheet from the previous lesson! As you'll...
Billings and Job Cost Reconciliation Template
When I first started working on financial statement reviews and audits I was introduced to the "R1." After making sure retained earnings...
"Let it Roll Baby Roll." Retained Earnings.
Retained earnings may appear to be a mysterious account but it's really not. Homework assignment! This assignment primarily applies to...
Snapshot (3): Job Schedules
Why let the outside CPA have all of the fun? Download the Job Schedules spreadsheet so we can start. One of the first things I do after...
Snapshot (2): Classification
Get it in the right bucket. Not all revenues and costs are the same. I'll be covering construction revenues and job costs in this lesson....
Labor Burden! Not Labor's Tyler Durden.
It's not a figment of labor's imagination. Labor burden does exist. What exactly is labor burden? It's the costs associated with payroll,...
Snap Shot (1): The Balance Sheet
Balance sheet boils down to what you own and what you owe. This is crucial as the surety wants to know if you have the resources to...
For the Love of God Reconcile
Anytime you have a sub-ledger, you'll want to reconcile it to the trial balance. What the hell do I mean? Great question! Your accounts...
Ratio Analysis. The fun stuff! (Part 2)
Did you hit your budget targets? Part 2 of this lesson will be less cumbersome as most of the analysis is pretty self-explanatory. If you...
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