Proof of work
Examples based on experience from prior accounting and controllership roles. Details have been generalized and anonymized.
Management relied on reported gross margins to evaluate project performance, but actual profitability differed significantly from expectations.
What I foundProject-related costs were not being allocated consistently, which resulted in overstated margins and an incomplete picture of profitability.
What I didManagement gained better visibility into actual project profitability and was able to make more informed pricing and operational decisions.
Project reports showed healthy margins, but overall business profitability did not align with those results.
What I foundA portion of labour costs was being recorded to general labour accounts rather than assigned to specific projects. As a result, job costing reports understated project costs.
What I didManagement obtained a more accurate understanding of project performance and gained greater confidence in estimating, pricing, and staffing decisions.
The accounting team was overwhelmed with day-to-day processing, causing supplier invoices to be entered weeks after they were received.
What I foundLate invoice entry led to incomplete financial reporting, reduced visibility into current liabilities, and limited management's ability to make timely decisions.
What I didInvoices were captured more quickly, liabilities were reported more accurately, and management received more reliable month-end financial information.
Supplier invoices were often recorded only when payment was made.
What I foundExpenses were understated in one reporting period and overstated in the next, making monthly financial statements unreliable for decision-making.
What I didFinancial statements became more accurate and comparable from month to month, providing management with a more reliable basis for planning and decision-making.
Project managers relied on accounting information to prepare progress billings, but reporting was not always current.
What I foundProject costs, change orders, and project activity were sometimes entered late, resulting in incomplete billing information. Revenue that could have been billed during the month remained unbilled, delaying cash collection.
What I didBilling became more timely, receivables were collected sooner, and cash flow improved by reducing unnecessary billing delays.
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