Construction Accounting 101 - Understanding Profit & Loss (P&L) Statements for Construction: Construction Accounting 101

Welcome to our new series, Construction Accounting 101! In this episode, Reid Bangert and CPA Lisa Hutt delve into the fundamentals of Profit and Loss (P&L) statements and their significance in the construction industry, with a special focus on using Sage Intacct Construction. Join us as Lisa Hutt explains: - What a P&L statement is - The key components of a P&L statement - How to use P&L statements to analyze your business's financial performance - Specific considerations for construction businesses, including seasonal trends and cost allocation - How Sage Intacct Construction can help streamline and enhance your P&L analysis Whether you're a seasoned construction professional or new to the industry, this video will provide valuable insights into managing your financials more effectively using Sage Intacct Construction. Disclaimer: This video is for informational purposes only and does not constitute financial advice. Please consult a CPA or financial professional for specific guidance on your P&L statements. Key Points Covered: 00:05 - Introduction to the series 00:40 - Overview of P&L statements 01:17 - Using P&L for year-over-year comparisons 02:04 - Seasonal trends in construction 04:31 - Using P&L statements for business growth and strategy 06:14 - Example of a 12-month trailing P&L statement 08:15 - Analyzing P&L with Sage Intacct Construction 10:32 - Basic components of a P&L statement for construction 14:01 - Allocating operating expenses to jobs 17:17 - Importance of visualizing financial data Subscribe to our channel for more episodes on Construction Accounting 101 and other valuable content. If you found this video helpful, give it a thumbs up and leave a comment below with your thoughts or questions! Follow Us: LinkedIn: https://www.linkedin.com/company/bangert-inc/ Have questions? Sign up for a free Ask Richard account and get expert advice on Sage Intacct: https://askrichard.io