The Most Common Mistakes on Your P&L & How to Fix it with SGI Accounting Coach Patty Myers!
Today’s show features Patty Myers, accounting coach for Success Group International (SGI). Patty and Host Bob Houchin discuss the most common mistakes she finds in contractors’ profit and loss statements and how to fix it. Throughout the course of this conversation, Patty answers such hard hitting questions, such as: How departmentalization can identify certain divisions in your company are actually losing money, when you think they’re profiting? What sabotages your Gross Margin? How to identify and stop embezzlement? How much owners’ compensation should really be? Should you buy or lease your vehicles—based on the numbers? How much should you allocate for facility expense? How should you properly post depreciation? And should you really trust your bookkeeper? And more!
Welcome to The Successful Contractor Podcast, Powered by Success Group International (SGI). A show for residential contractors about residential contractors… We chronicle business journeys, share insights, and celebrate successes in this wonderful industry. Thank you to our sponsors:
Synchrony Financial- Support for this podcast comes from Synchrony Financial. Allow homeowners to pay at a rate that fits their budget with a merchant fee that fits yours. Visit www.toolbox.mysynchrony.com for more information.
pulseM- pulseM is the #1 Review generation platform built for Home Services. Majority of SGI members use pulseM for Google Reviews, Customer Communication through text messaging and much more. For more information please visit pulsem.me.
Dynamic- Dynamic Air Quality Solutions manufactures IAQ products based on the science of clean air. Dynamic’s Clean Air Defense System products are supported by technical and communication IAQ training that is second to none in the industry. For more information on how to get your team confident in communicating IAQ challenges and solutions on EVERY call, email Michelle Hogan at mhogan@dynamicaqs.com.
The Successful Contractor Podcast is a part of the Success Group International family. SGI is the largest, member-owned ‘best practices’ organization for independent, residential-services contractors. SGI provides its members a competitive edge through proven, proprietary management tools and expertise, marketing programs, training, and group buying power, along with a highly active and eager-to-help membership. For more information about Success Group International, visit www.yoursgi.com.
