Accounting 102 Online Understanding Best Practices for Your MarkSystems Accounting Structure
Monday, February 22 - Friday, March 12, 2021
Times vary daily
Online
Special Guest
Brad Haubert
Senior Consultant | RHC/MarkSystems
Brad joined ECI as a Senior Consultant in 2017 and works with home builders all across North America. In addition, he teaches a weekly WebClass to train MarkSystems’ users on different aspects of the software. Prior to joining ECI, Brad spent 25 years actively managing his family’s home building business, working in all the departments: sales, purchasing, construction management, warranty, accounting, and land development. During that time, he managed the construction of over 1,000 new homes. Recently, Brad launched his own podcast, The Sticks and Bricks Podcast, to focus on the situations that home builders face every single day. You can connect with Brad on LinkedIn.
Brad joined ECI as a Senior Consultant in 2017 and works with home builders all across North America. In addition, he teaches a weekly WebClass to train MarkSystems’ users on different aspects of the software. Prior to joining ECI, Brad spent 25 years actively managing his family’s home building business, working in all the departments: sales, purchasing, construction management, warranty, accounting, and land development. During that time, he managed the construction of over 1,000 new homes. Recently, Brad launched his own podcast, The Sticks and Bricks Podcast, to focus on the situations that home builders face every single day. You can connect with Brad on LinkedIn.
*Register Early to get 10% Early Bird DIscount
(expires 14 Days Before Course)
Course Overview
Over the years, we’ve been approached by many builders who have asked us how to structure their accounting system to be able to generate financial reports in a usable format to manage their business. The first step is to truly understand industry best practices and the structure of the NAHB Chart of Accounts. Emma Shinn, the industry expert in accounting for home builders, literally wrote the book on this!
In this new class, we’re going to break down Emma’s book Accounting and Financial Management for Residential Construction together in a way that both accounting – AND - non-accounting professionals can understand! We will also review how the structure she has taught for decades should look in your MarkSystems software.
Here’s what you can expect:
- We’re going to look at basic financial reports and make sure you understand how to read them – and – how you will find them in your MarkSystems software.
- We’re going to review how to properly account for the houses you build – and – how to properly separate things like land cost, sticks-and-bricks, indirect costs and overhead.
- We’ll review the NAHB Chart of Accounts and see how that can be used in your business with MarkSystems 9-digit General Ledger code.
- We’ll discuss establishing internal controls in your business to minimize the chance of fraud.
- And we’ll look at how to setup your MarkSystems accounting system to report on different “Profit Centers” in the same way you view your business.
By the end of this class, you should understand HOW your Company’s accounting structure should be setup in the way that Emma Shinn has recommended and taught for decades!
You’ll also have an actionable tool you’ll be able to use to assess if your MarkSystems accounting structure is already there – or – which areas you can improve upon to make sure you’re ready to start having financials produced that allow you to manage your business like you have your own super X-Ray Specs!
Everyone who registers for this class will get their own copy of the latest edition of Emma Shinn’s Accounting and Financial Management for Residential Construction to use for the class and, well, moving forward.
There’s a lot of material to cover, so the class is setup to allow you and your team to learn while still keeping the wheels turning in your business. The class will occur over the course of 3-weeks and is a mix of reading, self-paced online learning, and live discussion sessions with MarkSystems professionals, other home building professionals (and….just maybe…..a few surprise guests)!
Prerequisites - MarkSystems login and password already set up
Course Schedule
Session Logistics
REQUIRED BOOK (Included with Price of Event): Accounting and Financial Management for Residential Construction – Fifth Edition by Emma Shinn.
PRE-REQUISITES: None (but MSU Accounting 101 is suggested)
In this MSU Offering, you’ll be diving into the Industry-recognized “Best Practices” book on Residential Home Building Accounting written by the legendary Emma Shinn – who has been teaching builders how to properly setup their accounting structure to effectively read and use their numbers to manage their businesses.
The Instructor will take you through the easy-to-understand chapters that form the basis of a great accounting structure – and – show you how that structure should look in your MarkSystems software. An Actionable Tool will be provided so you can compare your current accounting structure to Emma Shinn’s.
By the end of this MSU Event, you will be able to start planning any changes you may need in your MarkSystems accounting software to match Emma Shinn’s structure.
*NOTE: This MSU Event will be a Pre-Requisite to an upcoming MSU Accounting 202 Event that will cover Financial Reports, Planning & Budgeting and Benchmarking Your Business based on the appropriate accounting structure and software setup taught in this MSU 102 Event.
Week One - Understanding Home Building Accounting Basics
Monday 1:00-3:00 PM ET - LIVE SESSION: Class Welcome
- Meet the Instructor
- Meet Your Classmates
- Receive/Review Actionable Tool
Tuesday - Thursday - READING AND LMS WORK
Each Chapter includes several LMS Components to explain these concepts in MarkSystems.
- Introduction
- Chapter 1 - Designing the System & Choosing an Accountant
- Chapter 2 – Basics of Accounting
- Chapter 3 – Accounting Methods & Terms
- Chapter 5 – Bookkeeping Procedures
- Chapter 6 – Internal Controls
Friday 1:00-3:00 PM ET - LIVE SESSION – Chapter and LMS Recap
- Question and Answer Session
- Test Your Comprehension
Week Two - Getting Practical: A Chart of Accounts that Works for Your Company!
Monday 1:00-3:00 PM ET - LIVE SESSION: Preview of the Week
- Review Progress with Actionable Tool
Tuesday - Thursday - READING AND LMS WORK
Each Chapter includes several LMS Components to explain these concepts in MarkSystems.
- MarkSystems.
- Chapter 4 - Chart of Accounts
- Only One Chapter this week – but – it’s an important one (as this becomes the basis of everything else)
- A lot of work using the ACTIONABLE TOOL
- Chapter 4 - Chart of Accounts
Wednesday 1:00-3:00 PM ET - OPTIONAL LIVE CHECK-IN SESSION
- Questions and answers and / or assistance
- Mid-week check-in
Friday 1:00-3:00 PM ET - LIVE SESSION – Chapter and LMS Recap
- Question and Answer Session
- Test Your Comprehension
Week Three: Going Deeper: Understanding Subsidiaries and Job Cost Accounting - Live Session
Monday 1:00-3:00 PM ET - LIVE SESSION: Class Welcome
- Review Progress with Actionable Tool
Tuesday - Thursday - READING AND LMS WORK
Each Chapter includes several LMS Components to explain these concepts in MarkSystems.
- Chapter 9 – Overview of Job Cost Accounting
- Chapter 15 – Technical Aspects of Accounting
- Chapter 11 – Tips for Multi-Project Companies
- Chapter 12 – Tips for Developers
Friday 1:00-3:00 PM ET - LIVE SESSION – Chapter and LMS Recap
- Question and Answer Session
- Test Your Comprehension
- MSU Certificate Awarded
- Preview MSU 202 Event - Future Offering!
Course Agenda
Click here to view the Detailed Course Agenda, including session times.
