What's Behind the Importance of a Specific GC Bookkeeper. | Interview with Shimi Frankel.

side jobs okay amazing service so thanks for coming down I just thought I as you towood there's a person that you have to meet meet my friend Shima Frankle shim is a professional bookkeeper and he offers a incredible service that we benefit a lot and I think it would be very beneficial for the whole of Lakewood all your status followers to hear what shim has to offer get theic fine shim tell us about your business hi my name is shim Franco I have a company called building books that specializes in construction bookkeeping one second you only doing for construction bookkeeping when you doing St as a bookkeeping I do bookkeeping for all type of customers I specialize in doing bookkeeping for construction companies which I feel I have a lot of experience in construction bookkeeping so I work for sub I work for GC um I have both signs of the both sides of the coin and I know where exactly where to look when it comes to certain of certain expenses to all I make sure to allocate all expense certain job for example for you can see right here I have this is one job a particular job I have all type all expenses for this job or material expenses that's actually only material expenses um I raiseed the client and a job for privacy reasons but I every single Home Depot transaction $90 or whatever it is basically you log into their Bank information and you see every transaction every credit card transaction which went out for let's say Home Depot or for Amazon or for other vendors and you keep track in that correct it's not it's only not it's only not only uh logging on it's also seeing the bills that comes in open bills I keep tracking it who's who still needs get paid who's not paid which sub we still need to pay which not is paid already for example you can see here um I have another another report to show you um let's say the job income let's say this particular job was $76,000 in change we keep track in each expense to allocate to make sure that it's allocate the proper um trade for example flooring we SP spend $3,100 in change so not so like this the sub or the GC that gives a flat rate for the client can know exactly what the net income of the job is for example this $110,000 is this $10,000 of this of this um this job right over here wow now let me ask you a question why can't they just uh have their own in-house bookkeeper we we keep the the picture what's uh most bookkeepers wouldn't have the expertise that I have mean to say I have expertise in for I would say seven eight years in construction bookkeeping I know exactly where to look where to find transactions allocated to each particular job and um keep track on each transaction making sure it's allocated to each job so we know exactly what um how much a job profitability is it's also a great great experience for uh um subs and contractors that are not so big they don't have their somebody in house they can just hire you which you can work probably for a few Subs so could probably could probably be much cheaper and they have more time they can't do the paperwork and office typ allocating the jobs then they have more time to creating s generating sales and obviously have more time on the road to do whatever they best at good Val now you do this all the time you come down to your client's office or you have your own office initial consultation most of the time is by the client's office um but that things progress most of time as a phone call or every so often we do come down to the office to discuss a few things right you also take care of let's say the taxes and of the year the end of the year I do take care of the taxes I mean I'm in touch with I can be in touch with your accountant to make sure your books is I take care of your books and I send it over to your accountant or I can be a phone call accountant or we have a threeway phone call discuss all your incoming expenses for for the business great now before you finished you showed me a very interesting paper this is something this is a GC that work for this is a GC that's a job cost plus that's not a flat fee for example once the estimate comes in you can see here we have all the source name which basically frame and trimmer and then we have vendors we make an estimate for the for the for the homeowner for the home owner is going to be at gcp $48,000 and then the total job is $290 as a job could progresses we have amount paid let's say for the vendor trimming we paid him $10,000 already and then open back this is for what this is for a homeowner or this is for for both it's a homeowner and a GC that has a job Cost Plus which basically the G GC is getting paid let's say 20% whatever the the homeowner decides to buy he gets 20% of all the cost so this is a paper this is a c for the home order to see exactly what what the all the the subs is paid ready and who still needs to get paid and how much does it cost me to finish a job up to today for example if it says that the estimated frame is $45,000 amount paid is $10,000 open balance that the the the framer is building right now $10,000 available to build is still $225,000 and if the homeowner wants to know he $154,000 and change to finish the job and we make sure also that the frame frame cannot Bill more than it estimated fine number to my phone number to reach out is 347 9250 0773 and