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Gross Profit Management Quiz

Review how you stack up against 25 key accounting system metrics to see if you would benefit from our training and consulting services!

1. Company Financial Controls
We have systems in place for our company, our jobs, our sales, and other critical activities that help us document our plans, measure our results, and that let us compare differences between plans and results so that we can take corrective action on a timely basis, or modify our future plans. *This question is required.

Almost Always	Frequently	On Occasion	Seldom	Never	Doesn't Apply
Almost Always	Frequently	On Occasion	Seldom	Never	Doesn't Apply

2. Job Cost Reporting
Throughout the life of every job or project we can easily see (by $ amount and percent) what we earned, what it cost, and our gross profit by job stage (examples for construction might include Site Prep, Foundation, Framing, etc.) *This question is required.

Almost Always	Frequently	On Occasion	Seldom	Never	Doesn't Apply
Almost Always	Frequently	On Occasion	Seldom	Never	Doesn't Apply

3. Estimated and Actual Income, Costs and Differences
For each stage of larger jobs or projects, we can easily see our estimated income and costs, actual income and costs, and amounts and percentages of difference throughout the life of the job. *This question is required.

Almost Always	Frequently	On Occasion	Seldom	Never	Doesn't Apply
Almost Always	Frequently	On Occasion	Seldom	Never	Doesn't Apply

4. Purchasing Controls
We use a Purchase Order System to communicate with vendors. Our PO’s clearly define exactly what we are purchasing and at what cost. They also include (or refer to) quality or code standards, and when we expect to receive goods or services. *This question is required.

Almost Always	Frequently	On Occasion	Seldom	Never	Doesn't Apply
Almost Always	Frequently	On Occasion	Seldom	Never	Doesn't Apply

5. Time Tracking.
We use a system (manual or automated) to track employee time spent on jobs or projects. *This question is required.

Almost Always	Frequently	On Occasion	Seldom	Never	Doesn't Apply
Almost Always	Frequently	On Occasion	Seldom	Never	Doesn't Apply

6. Payroll and Benefits Costs
Reports that show our payroll, payroll tax, and employee benefits show the costs split between “Direct Labor”, “Indirect Labor”, “Admin”, and “Owner” accounts. *This question is required.

Almost Always	Frequently	On Occasion	Seldom	Never	Doesn't Apply
Almost Always	Frequently	On Occasion	Seldom	Never	Doesn't Apply

7. Payroll Job-Costing
Our payroll system is designed to assign employee payroll and payroll taxes to jobs or projects. *This question is required.

Almost Always	Frequently	On Occasion	Seldom	Never	Doesn't Apply
Almost Always	Frequently	On Occasion	Seldom	Never	Doesn't Apply

8. Labor Burden Costs
For each employee, we know our labor burden costs and percentages, and assign fully burdened labor costs to jobs and projects. *This question is required.

Almost Always	Frequently	On Occasion	Seldom	Never	Doesn't Apply
Almost Always	Frequently	On Occasion	Seldom	Never	Doesn't Apply

9. Large Equipment – Costs Assigned to Jobs
For each piece of equipment we know its hourly or per-unit cost. When the equipment is used for a job, we assign its cost to the appropriate job. *This question is required.

Almost Always	Frequently	On Occasion	Seldom	Never	Doesn't Apply
Almost Always	Frequently	On Occasion	Seldom	Never	Doesn't Apply

10. Inventory
We purchase materials or supplies before we need to use or sell them. Our day-to-day internal reports show us everything we need to see in order to make timely and accurate decisions about what to buy, what we need to build, what we can sell, and what our inventory is worth. *This question is required.

Almost Always	Frequently	On Occasion	Seldom	Never	Doesn't Apply
Almost Always	Frequently	On Occasion	Seldom	Never	Doesn't Apply

11. Company Reporting
Our internal management reports are easy to understand and provide the types of useful (summarized or detailed) information we need to make day-to-day management decisions. *This question is required.

Almost Always	Frequently	On Occasion	Seldom	Never	Doesn't Apply
Almost Always	Frequently	On Occasion	Seldom	Never	Doesn't Apply

12. Company Reporting (Accuracy of $ Amounts Shown)
Our reports are generally quite accurate. Prior-period results seldom change, and it is unusual that we need to question or change amounts shown in our current reports. Our external accountants only have a few adjusting entries when we turn over our year-end books. *This question is required.

Almost Always	Frequently	On Occasion	Seldom	Never	Doesn't Apply
Almost Always	Frequently	On Occasion	Seldom	Never	Doesn't Apply

13. Month-End Closing Procedures.
We have a detailed set of procedures that we follow to close our books at the end of each month. We also know (within a day or two), exactly when we will be able to see accurate prior-month and year-to-date reports. *This question is required.

Almost Always	Frequently	On Occasion	Seldom	Never	Doesn't Apply
Almost Always	Frequently	On Occasion	Seldom	Never	Doesn't Apply

14. Company Profitability & Timing of Income
Our month-to-month, quarter-to-quarter, and year-to-year gross and net profits are consistent and stable. *This question is required.

Almost Always	Frequently	On Occasion	Seldom	Never	Doesn't Apply
Almost Always	Frequently	On Occasion	Seldom	Never	Doesn't Apply

15. Job Analytics
We are able to see job-profitability results summarized and reported in various ways – for example – results “By Customer”, “By Job Size”, “By Job Type”, “By Job Supervisor”, “By Model or Elevation”, “By Location”, etc. *This question is required.

Almost Always	Frequently	On Occasion	Seldom	Never	Doesn't Apply
Almost Always	Frequently	On Occasion	Seldom	Never	Doesn't Apply

16. Cash Flow
Cash flow is consistent, and we don’t experience cash flow worries. *This question is required.

Almost Always	Frequently	On Occasion	Seldom	Never	Doesn't Apply
Almost Always	Frequently	On Occasion	Seldom	Never	Doesn't Apply

17. Key Profitability Indicators (KPI’s)
We know our primary KPI’s (Key Profitability Indicators), and regularly refer to, and use them, in our business. *This question is required.

Almost Always	Frequently	On Occasion	Seldom	Never	Doesn't Apply
Almost Always	Frequently	On Occasion	Seldom	Never	Doesn't Apply

18. Dashboards
We use Dashboards (simple numbers and/or charts) to keep us in touch with day-to-day operations and critical business measurements. *This question is required.

Almost Always	Frequently	On Occasion	Seldom	Never	Doesn't Apply
Almost Always	Frequently	On Occasion	Seldom	Never	Doesn't Apply

19. Company Planning
We create company plans, objectives and goals for the upcoming three years. *This question is required.

Almost Always	Frequently	On Occasion	Seldom	Never	Doesn't Apply
Almost Always	Frequently	On Occasion	Seldom	Never	Doesn't Apply

20. Targets and Goals
We’ve established target dollars and percentages for annual sales, gross profits, net profits, and owner compensation. *This question is required.

Almost Always	Frequently	On Occasion	Seldom	Never	Doesn't Apply
Almost Always	Frequently	On Occasion	Seldom	Never	Doesn't Apply

21. Company “Financial Game Plans”
We create annual budgets and enter the amounts, by account, and by month, into our accounting system and regularly review reports that show year-to-date Budget vs. Actual results. *This question is required.

Almost Always	Frequently	On Occasion	Seldom	Never	Doesn't Apply
Almost Always	Frequently	On Occasion	Seldom	Never	Doesn't Apply

22. QuickBooks File Management & Tech
We are using a fairly current version of QuickBooks or Enterprise, it is operating efficiently, and we are able to access our information system from anywhere we want to. *This question is required.

Almost Always	Frequently	On Occasion	Seldom	Never	Doesn't Apply
Almost Always	Frequently	On Occasion	Seldom	Never	Doesn't Apply

23. Anti-fraud controls
We have established internal procedures that would prevent any employee from being able to handle transactions from beginning to end without a “checks and balances” system in place. *This question is required.

Almost Always	Frequently	On Occasion	Seldom	Never	Doesn't Apply
Almost Always	Frequently	On Occasion	Seldom	Never	Doesn't Apply

24. Critical Company Reports
I understand what each of the following critical reports are, and what should be included in each of them for my company:

Profit & Loss Report
Profit & Loss By Job
Balance Sheet
Accounts Payable Aging Summary
Accounts Receivable Aging Summary
For individual Jobs: Job Estimates vs. Actual Variance Report.

*This question is required.

Almost Always	Frequently	On Occasion	Seldom	Never	Doesn't Apply
Almost Always	Frequently	On Occasion	Seldom	Never	Doesn't Apply

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