219. Financial Literacy With Blake Doolan

Prioritize financial literacy: Understanding your numbers provides confidence and enables easier, more frequent decision-making, leading to business freedom.

Implement a robust job management system: Invest in a system that integrates with your accounting software to easily track numbers and identify financial discrepancies.

Build a specialized financial team: Engage an accountant and bookkeeper with specific experience in construction financials, as this industry has unique accounting requirements.

Track profit and loss regularly: Review monthly P&L statements, averaging over three months, to gain a clear picture of your company's financial performance against its budget.

Utilize financial data for strategic decisions: Leverage financial insights from budgets, actuals, and projections to make informed business decisions, such as loan applications or expansion plans.

Ensure accountability with multiple advisors: Have both a bookkeeper and an accountant (ideally from different firms) to provide checks and balances, ensuring accuracy and optimal financial solutions.

Set up cost codes and time tracking properly: Within your job management software, correctly configure cost centers, cost codes, and time tracking to accurately monitor job profitability and overall business health.