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Do you really want the company running your half million dollar plus project loosely handling your hard earned money? Do you want ABC Builder handing over the financials and accounting of the company to his spouse because he is too busy in the field?
At Diamante Custom Homes we employ a full staff of degreed professionals including an in house accountant and 2 other independent accounting firms. The volatility of the residential construction industry and it’s rock bottom market seem to be a thing of the past. The downs in the market has done it’s job weeding out the fly by night home building companies, but there are still some that use the same fly by night accounting principals. There is a certain level of trust and accountability you bestow onto your builder and you must do your due diligence. You do not want your money to pay for the framing invoice on another project, in other words, there should be zero commingling of funds!
At Diamante Custom Homes we employ a full time in house accountant. She handles payroll along with payroll taxes and the associated reports. Our accountant also ensures that we stay on or under budget with our vendors, inputs invoices for vendors and subcontractors, keeps track of allowance & budget variance reports, and maintains monthly draws. We also have a full time Accounting and Consulting Firm acting as CFO for the simple fact of checks and balances. They double check to verify our books are accurate, clean, and ensure that we follow standard accounting practices. Our CFO team reviews all financials before anything gets submitted to the bank. Food for thought!!
Stay tuned for next week’s blog on bonding…