D. Brown Management is expanding their financial services offerings to meet the growing needs of companies wanting to improve long-term profitability through strong financial management practices.
D. Brown Management developed the financial services program as a way to enable clients to make data-driven decisions to manage their finances.
"We find that most clients come to us with accounting systems that are primarily focused on providing summary-level reports for management, banks, bonding companies, and the IRS," says D. Brown Management president David Brown.
"However, once their operations and accounting are effectively integrated, they are amazed at how this critical data that is now readily available to them can assist tremendously in day-to-day and long-term business planning."
As part of its financial services, D. Brown Management offers a step-by-step process towards operations and accounting integration.
Starting with a detailed analysis, the process includes a review of basic accounting and reporting to ensure regular and accurate summary reports are being correctly generated.
D. Brown Management then puts the systems into place to account for indirect and direct job costs and begins regular production of a Work-In-Progress report which is required for banks and bonding companies.
Then, D. Brown Management works with clients to standardize job cost codes and trains everyone on the project team on how to use the information and understand how their role affects gross profit, net profit, and cash flow.
"Studies have shown that the average construction foreman makes approximately 100 decisions per day," states Brown.
"Our belief is that these decisions can be better made if they are based on accurate, timely financial information."