CONSTRUCTION INDUSTRY ASSESSMENT OF ESSENTIAL SKILLS

Financial

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Your Company Name:
1.Does your business have an established Accounting structure which includes:
A written outline and listing of the needed accounting records?
bullet Place an X in Column A to indicate which of the following accounting records and files are generated for your business on a periodic basis.
bulletUse Column B to indicate by letter which of these accounting records for your firm are prepared by internal sources such as Yourself or an Employee; or external sources such as an Accountant, CPA, or a Bookkeeping service
bulletUse Column C to indicate the date of each of the financial records checked in Column A were last prepared.
Column A   Column B

   Column  C

Income Tax returns
941 Federal Withholding reports
State Unemployment Compensation & 940 reports
WT-6 State Withholding reports
W2's and W3
1099's
General Ledger
Balance Sheet
Accounts Receivable Ledger
Accounts Payable Ledger
Invoice Register
Depreciation and/or Amortization Schedules
Profit/Loss Statement
Cash Flow Projections
Expense Report
Certified and Weekly Payroll reports
Reconciliation of Bank Account Statements
Check the method used to prepare your financial statement:
Cash Method Percentage of completion
Accrual Method Completed contract
Combination of Cash & Accrual Not sure

 

2. When developing and maintain professional services relationships for your business, do you: 
a.) Seek out references and/or referrals on all professional service personnel?
b.) Establish that all professional services personnel have construction related backgrounds?
c.) Have establish relationships with any or all of the following: CPA, Lawyer, Insurance Agent, Bonding Agent, Banker?
d.) Furnish the necessary information to the professional on a timely basis?
e.) Maintain an open communication line to the professional(s) on a regular basis?

 

3.Does your business maintain a Job Costing system?  
   Please describe your Job Costing system by:
a.) Listing all the necessary job cost elements for the kind(s) of projects your firm typically does. (e.g. Direct labor cost, material cost, equipment cost, etc)
  b.) Do you compare Job Costs for each project to a recognized standard?
If Yes, what standards do you use? (Check all that apply)
The bid or estimate
Actual costs from a past similar project.
Blue Book or Means Construction Costs Data.
Other (Please describe below):
  c.) Does your firm have a management reporting system to provide field staff with interim Job Costing information and to receive Job Costing information from field staff?

Please describe your management reporting system for Job Costing below by indicating the frequency of reporting to and from field staff, and to what level staff this includes. (e.g.: Supervisor reports amount of material expended on job to Project Manager weekly)

  d.) What is the largest number of projects your business has had at any one time?

 

4. Does your business maintain a managerial accounting system which provides any or all of the following:
a.) Written comprehensive budget or project plan for each job?
b.) Reports which allow you to regularly analyze the budget or project plan with respect to actual results?
c.) Reports which allow your business to compute adequate pricing (profit, cash flow, return) strategy for bids?

 

5. Does your business prepare an annual plan to acquire resources and control costs which includes any or all of the following:
a.) A written, yearly capital budget for the upcoming fiscal year?
b.) A listing which justifies expenditures with respect to: payback, cash flow, tax benefits, and business needs?
c.) An outline or description of appropriate financial instruments or resources to fund capital expenditures and their ability to produce results?
d.) A listing of the industry standards for financial statements for: working capital, equipment, inventory ratios?
Date of last update of capital budget:

 

6. Does your firm use a computer to perform any of the Financial Management tasks mentioned in this section?

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