Week 03 · Forge Curriculum
FINANCIAL FOUNDATIONS™
The QuickBooks & Financial Checklist
Build a financial management system that provides visibility into cash flow, profitability, job performance, and long-term growth. Learn how to manage your finances like a professional contractor and make decisions based on real numbers instead of guesswork.
Topics Covered
What this week covers
Financial Organization
- Separating Personal and Business Finances
- Business Banking Structure
- Financial Account Organization
- Revenue Categories
- Expense Categories
- Financial Recordkeeping
QuickBooks Setup
- QuickBooks Configuration
- Company File Setup
- User Permissions
- Banking Integrations
- Payment Processing Integration
- Financial Dashboard Setup
Chart of Accounts
- Contractor-Specific Account Structure
- Revenue Accounts
- Cost of Goods Sold Accounts
- Operating Expense Accounts
- Asset Accounts
- Liability Accounts
Job Costing
- Job Cost Tracking
- Labor Cost Allocation
- Material Cost Tracking
- Equipment Cost Allocation
- Subcontractor Cost Tracking
- Profitability Analysis
Cash Flow Management
- Cash Flow Forecasting
- Revenue Planning
- Expense Management
- Seasonal Cash Flow Planning
- Emergency Reserve Planning
- Working Capital Management
Estimating & Profitability
- Markup vs. Margin
- Breakeven Analysis
- Pricing Strategies
- Overhead Calculations
- Gross Profit Targets
- Net Profit Goals
Accounts Receivable
- Invoice Creation
- Payment Terms
- Collections Procedures
- Outstanding Invoice Tracking
- Customer Payment Policies
- Late Payment Management
Accounts Payable
- Vendor Management
- Bill Tracking
- Payment Scheduling
- Credit Terms Management
- Supplier Relationships
- Expense Forecasting
Payroll Systems
- Employee Payroll Setup
- Payroll Tax Requirements
- Time Tracking Systems
- Overtime Management
- Benefits Tracking
- Payroll Reporting
Tax Preparation
- Contractor Tax Responsibilities
- Quarterly Tax Planning
- Deductible Expenses
- Mileage Tracking
- Equipment Depreciation
- Year-End Tax Preparation
Financial Reporting
- Profit and Loss Statements
- Balance Sheets
- Cash Flow Reports
- Job Cost Reports
- Budget Reports
- Executive Dashboards
Key Performance Indicators (KPIs)
- Revenue Tracking
- Gross Profit Tracking
- Net Profit Tracking
- Average Job Value
- Lead-to-Sale Conversion Rates
- Customer Acquisition Cost
Growth Planning
- Budget Development
- Expansion Forecasting
- Equipment Investment Planning
- Hiring Projections
- Debt Management
- Long-Term Financial Goals
Homework Assignment
This Week's Homework
Complete the Financial Foundations Checklist.
Deliverables
What You Walk Away With
- Financial Foundations Workbook
- QuickBooks Setup Guide
- Contractor Chart of Accounts Template
- Job Costing Worksheet
- Cash Flow Planning Tool
- Pricing & Profitability Calculator
- Budget Planning Worksheet
- Financial KPI Dashboard Template
- Accounts Receivable Tracker
- Contractor Financial Health Assessment
Outcome
By The End Of This Module
A contractor-specific financial management system that provides clear visibility into profitability, cash flow, job performance, and growth opportunities while reducing financial risk and improving long-term business stability.
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