I'm starting a new venture...


P

Phil Crow

And I want to make sure I have all of my ducks in a row.

The big points:
1. This will be a heavy/civil construction firm, doing both private
and public work.
2. I have only rudimentary training in accounting; maybe I should
have listed that first.
3. The firm I currently work for has hundreds of employees and a
pretty slick job costing system (at least it seems so to me).
4. The new firm will have probably 1 or 2 employees initially, and we
hope to grow to a full crew at the end of our first year.
5. We are planning to have in our "money going out" list the
following: disbursements to owners, payroll, subcontractors, payments
for materials and overhead-type expenses (phones, office stuff, etc.)

The big questions:
1. Without many jobs (and many cost codes) active at once, this being
a new firm and all, can I just make some kind of Excel workbook for
each job, and then import that into a larger, purpose-built job
costing software? Or is this just more headache than it's worth?
2. Am I overthinking this? Should I sit down and consult with an
accounting professional to see exactly what it is I need? The problem
here is that I don't even know what I don't know.
3. My knee-jerk reaction is Quickbooks or something like it because
it seems to be the industry standard, but will it have all the stuff I
need? Will I spend $250 on that, only to spend $5K AND have to re-
enter the entire check register and invoice history?

I'm not trolling here. I just would like some general guidelines as
to what direction I should be pointing in, and accountants seem to be
the best group of folks to which I should ask accounting questions.

Thank you, ladies and gentlemen.

Phil Crow
TItan of Industry
 
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Hi Phil,

I would recommend that you find an accounting professional to help guide you down the right path in terms of setting up your business and finding the appropriate accounting software.
It is the job of an accounting professional to be able to understand your needs and translate that into an accounting system.
Quickbooks is probably a good way to start as your business is small right now, and I believe they have a module that is specifically geared towards the construction industry.
As your needs change, you will almost certainly be able to export all of the data from your quickbooks file into a larger accounting software.
Hope this helps.

Ronika Khanna
Montreal Financial
 
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Hello Phil, as it is long time! so how is your business running,would be glad to share all about your new venture.:)
 

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