Feedback Loop

The feedback loop is a concept used in business where information is processed and identified as beneficial or detrimental to the operation. Any negative feedback is corrected and the loop begins again. As time goes on, the goal is to perfect the business operation.

Cost Codes – Subset of Item Codes

Cost Codes

Cost codes are unique identifiers assigned to items in an inventory sold individually or as a part of an assembly. The goal is to track the final outcome of the item(s) sold against the original estimated cost of the item. It is used in both financial and cost accounting.

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Using QuickBooks in Construction Accounting

QuickBooks

The key to the software is to properly set up QuickBooks to meet your needs.  You lay out a chart of accounting accounts, buckets to dump data into, then identify your classes of work, create the nine phases of costs (QuickBooks uses item numbers) and finally identify the projects.

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A Model of Excellence

Sharp Pencil

By using a concept of feedback and making changes to the business operation, a model of excellence can be achieved.  This model allows the contractor to not get nickeled and dimed to the point of going out of business.

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