EGIA Contractor University™
Financial Basics Workshop – Gary Elekes
February 22, 2018 – Las Vegas, NV
Dealers will understand how to get accurate and timely financial numbers so their companies can grow without losing control. We review financial terms; the chart of accounts for our trades based on GAAP; cash accounting versus accrual and why; the basics of inventory systems; income statement basics; departmental to GP line; balance sheet; and cash flow statement. We also review key performance indicators by segment.
- Chart of Accounts – the Definitive Chart of Accounts
- Cash vs Accrual – Double Entry Accounting
- Balance Sheet Discussion and Review
- Reserve Accounts – Deferred Liabilities
- Inventory – Various Methods and How to Choose
- Income Statements – Basic and Detailed, Timing, Accuracy
- Ratios – Understanding and Calculations
- Understanding Business Metrics (KPI’s) and Use in a Company – Performance
- Departmentalization to the GP Line
- Cash Flow Statement – Structure – How-to Examples
- Course Manual/Workbook
- Electronic Files – Sample Income Statement, Sample COA, Sample Cash Flow, Sample Balance Sheet, Budget Tool with Ratios and KPI’s, Article on Warranty Reserves, Departmental Time Cards, Invoices, Material Requisition and a Sample Dashboard.
- Owners of Trades
- Bookkeeping Function
- Mid-Managers of Any Company Wanting to Grow and Empower Managers
- A laptop running Microsoft Excel. These are working sessions and it is critical that everyone have their own laptop to work on (no mobile devices, tablets or iPads please).
- Profit & Loss Statement Year to Date, Year-End Previous
- Balance Sheet Current
- Chart of Accounts List
- Budget and Cash Flow Statement (if Available)
- Watch the Financial Videos on Site
- Study All Financial Documents on Site
- Restructure Chart of Accounts
- Begin Producing Monthly Balance Sheets and Income Statements
- Adjust Prices if Necessary
- Use KPI’s
Gary Elekes is serial entrepreneur with a passion for helping others become more successful by sharing what he has learned during his 20+ years working closely with all facets of the contracting industry. During his career, Gary has held senior management positions at Lennox and Service Experts. In 2000, Gary moved into entrepreneurship and started his training and consulting business EPC. Today, EPC continues to support growth oriented businesses aspiring to reach 20% EBIT. He also designed the very first web based learning platform for the residential contracting industry, which acts as a support system for training and learning in HVAC and plumbing trades, and has over 5,000 subscribers.