Roofing companies have two financial sides to manage: Accounts Receivable (A/R) and Accounts Payable (A/P). With the amount of money a roofing company has to manage throughout a year, it is important to understand and present those numbers accurately. However, working out of Excel can be time-consuming and error-prone.
A cloud-based business management software like AccuLynx can help roofing companies manage their finances more efficiently and accurately. AccuLynx provides a single system for tracking A/R and A/P, as well as other financial data. This makes it easier to track your finances, generate reports, and make informed business decisions.
In addition to its efficiency and accuracy, AccuLynx also offers a comprehensive suite of over 20 customizable reports. These reports provide contractors with the visibility they need to identify areas that need improvement and make real-time actionable decisions. With reports on everything from sales and leads to expenses and profitability, contractors can track their progress and make sure they are on track to achieve their goals.
AccuLynx recently released two new roof reports designed to help contractors gain more insight into their A/R and job expenses.
New roof reports in AccuLynx
AccuLynx has two new reports: the Payments Received and the Job Expenses reports.
These reports allow contractors to gain insight into individual payments and expenses on their jobs within a specific time frame. And if you use AccuLynx’s QuickBooks integration, all of this is even easier.
The Payments Received report displays a list of all received payments entered into a job, grouped together by date. This allows contractors to see the date that individual payments were entered into a job for the amount, method (like check or credit card), what the payment was for, and more.
For example, this report can show that you have $2 million in sales for a certain time period, but have only collected $1 million of it.
Benefits of the Payments Received report:
- Analyze how much money you are bringing in over any given time period
- See which jobs you’re waiting to be paid for
- See any credits from suppliers
Similar to the Payments Received report, expenses can now be grouped together by the date entered and can be expanded by clicking individual jobs to view the specific entries. Additional job expenses can also be shown, but since this entry type doesn’t offer a payment date field, the date shown on the report will be the date the expense was entered by someone on your team.
It also shows expenses that have been paid and expenses still owed on each individual job.
The Job Expenses roof report in AccuLynx can help you:
- Identify spending trends year over year
- See how much you have been paying a particular crew on each job
- See how much you spend on each trade
- Gain an accurate sense of how much and what you are spending money on with customized account types.
- Get more granularity in tracking forecasted job expenses versus your actual expenses
These can be viewed over a particular time period, as well.
The AccuLynx Job Expense report can also be used to compare spending trends by material supplier, and view your expenses based on the supplier.
For example, if your company uses a specific material supplier, you will be able to see:
- Money you owe(d) the material supplier
- Money you owe(d) across # of different jobs
- How much you owe(d) the material supplier for each individual job
- What you owe(d) them for (what did they supply you?)
How to use the new roof reports
Run a weekly collections report
One of the ways you can use the Payments Received report is to run a weekly collections report. This gives you quick and easy visibility into what you are spending and bringing in on a weekly basis. Running this report will help you make sure you are paying your vendors in a timely manner, maintaining strong relationships, and staying in the black.
You can also use these reports to make future business decisions and learn how much each type of job is costing you.
Run an annual roof report for comprehensive expense tracking
When you’re reviewing your yearly expenses, it’s important to look at your jobs as a whole. For contractors that perform repeat work for an apartment complex or commercial entities, this can be especially challenging. The Job Expenses report can help you compare what your costs are year over year.
For example, you can customize this report to show you:
- Your material spend
- Your labor costs
- See how much you paid each crew throughout the year, to see who is doing the most work.
- Your aerial measurement report costs
- Your permits
- How many jobs required permits, and what did those cost you. This line item could potentially be rolled into your estimates in the future.
- Your commissions
- How much did you pay out in sales commissions? This will also help you identify your top sales performers.
- Your other miscellaneous job costs
- Total your dumpster, transportation, other equipment fees, and more – you may be able to save money on your jobs by eliminating or rolling these costs into your estimates.
These reports allow you to track what you spend and what you bring in yearly in order to help plan for the following year.
The best roofing software to organize your expenses and payments
These new roof reports give you clear insights into what your business is doing on a weekly, monthly and yearly basis. AccuLynx has simplified the entire process to help you run your business more efficiently and know exactly where you stand financially in order to plan for the future.