Kendra Ferguson CPA and Virtual CFO for Contractors (Part 2)

In the second installment of my talk with Kendra Ferguson, we delve into finances and accenting best practices from the perspective of a general contractor and that of a CPA raised by contractors. Kendra's insight into construction specific accounting practices are vast. She explains job costing to determine whether you are estimating properly to achieve target margins bc most contractors expectations for gross profit are overstated when its actually calculated correctly by job costing. Then it's more about our bad habit, as contractors, of bank account balance accounting. She is explicit in her terms of explaining balance sheets and income statements. Mike got schooled a bit about cash flow and kept quiet as she explained how to understand positive cashflow. And, finally, we chatted about forecasting the financial future of your company to know where you need to go and when to raise your rates!