Advanced Integration Reporting
Automate Financial Reporting through Custom Financial Workflows See details below
Amber developed a comprehensive set of tailored financial procedures designed to automate and enhance your reporting in QuickBooks Online (QBO) based on Contractor Foreman's Integration Workflow. These solutions cover a wide range of critical tasks, including proper registration of advanced deposits for accurate revenue recognition, tracking bulk purchases for inventory management, and much more. Empower your team with efficient, reliable, and accurate financial workflows that save time and reduce errors.
Custom Cost Codes & Mapping, Chart of Accounts Restructuring, and More
Most contractors have never used cost codes or have not used them correctly. Cost codes in Contractor Foreman are the foundation of job costing success in the construction industry and the key drivers to making the integration work with QuickBooks. If cost codes are not mapped correctly you will not get the desired outcome in financial reporting. The mapping of cost codes are the key to creating any kind of financial report you are looking for. Here are some ways we can help.
- Custom Cost Codes suited for your company
- Multiple Revenue Accounts or locations to track
- Chart of Accounts restructuring
- Advanced Financial Procedures (left)
- Financial Reporting for Investment Properties (Specs, flips, rentals, etc..) reported as assets until sale or revenue earned.
- Service based, manufacturing solutions and more.
New Advanced Financial Procedures For QuickBooks
Deposits/Advanced Payments Procedure
Deposits/Advanced Payments Procedure
Deposits/Advanced Payments Procedure
Overview Summary
The primary objective for this procedure is to avoid recognizing upfront payments (deposits or draws) as immediate income, which can lead to premature tax liabilities. However, by treating advanced payments as a liability ("Loan") from your client initially and systematically applying that amount back to them through progress invoicing (SOV) as the project progresses through to completion. This allows contractors to accurately reflect income and expenses at the right times to ensure compliance and cashflow Management.
Bulk Materials Purchases Procedure
Deposits/Advanced Payments Procedure
Deposits/Advanced Payments Procedure
Overview Summary
This procedure details the process of purchasing bulk raw materials from suppliers as an Inventory asset and later applying them to specific projects within Contractor Foreman (CF) and QuickBooks Online (QBO). It involves sophisticated cost coding and mapping to QuickBooks and specific accounts to track inventory and its usage. The main goal is to properly account for bulk material purchases, track their application to individual projects, and maintain accurate financial records.
Employee Reimbursements
Deposits/Advanced Payments Procedure
Overview Summary
While entering reimbursable expense receipts into Contractor Foreman Mobile App to accurately track project and non-project related costs; it is also simultaneously recording reimbursable expenses in QuickBooks to apply to payroll later or equity account later. Moreover, maintaining clean and accurate financial records in both Contractor Foreman and QuickBooks Online.
Field Expenses Procedure
Net Term Suppliers and Vendor Credits
Overview
This workflow safely delegates the responsibility of entering project-related expenses into Contractor Foreman to those making the purchases in the field while safeguarding QuickBooks integrity. By using the Contractor Foreman mobile app already downloaded for time tracking, it is easy to apply an additional step of also using the app to capture receipts into Contractor Foreman. This process will cause both the expense and the receipt image to transfer to QuickBooks and match the bank transactions; saving hours in QuickBooks tracking down receipts and ensuring project related expenses apply to projects accurately and promptly.
Net Term Suppliers and Vendor Credits
Net Term Suppliers and Vendor Credits
Net Term Suppliers and Vendor Credits
Overview
Establish a reliable and systematic approach for handling supplier accounts that operate with net terms. This ensures that all vendor transactions are accurately tracked through Contractor Foreman and allocated to the correct projects or back stock (Bulk Purchases), from payment initiation to the allocation of vendor credits and the reconciliation of paid bills. Reviewing and reconciling balances between CF and QBO helps ensure that transactions are accurately matched to the appropriate customer or project, reducing the likelihood of errors or misallocation.