Heavy Highway Contractor

  • 1.  Month-End Closing

    Posted 12-26-2024 09:50

    How quickly does everyone close the prior month? Interested in hearing everyone's cutoff dates. 



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    Chris Graham CCIFP
    Operations
    Cone & Graham, Inc.
    Tampa FL
    (813) 623-2856
    cgraham@conegraham.com
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  • 2.  RE: Month-End Closing

    Posted 12-27-2024 21:12

    Hey Chris, 

    Several factors can influence the timing of a close. The size of the company or companies, transactional volume, revenue volume, staff size, and the processes and procedures in place all play significant roles. Additionally, the speed and efficiency with which information is provided by operations can have a major impact.

    I've experienced both ends of the spectrum. In some organizations, a well-established framework allowed for a quick close. In others, foundational issues required attention and correction, which inevitably delayed the process. It really comes down to evaluating the specific circumstances and addressing any inefficiencies to streamline the process.

    Let me know if you'd like to discuss this further!



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    Michelle Gregg
    Travis Company
    Cibolo TX
    (210) 843-0415
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    Original Message


  • 3.  RE: Month-End Closing

    Posted 12-28-2024 06:44
    I'm aware of the factors influencing closing dates, just curious about everyone's personal experiences - not looking for a roadmap. 

    Chris Graham

    Cone & Graham, Inc.

    Office: 813-623-2856

    CGraham@conegraham.com


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    Original Message


  • 4.  RE: Month-End Closing

    Posted 12-30-2024 09:17

    Hi Chris,

    We do a cutoff date for the PMs to get everything submitted by the 13th or 15th ish of each month, depending on where the weekend lands. This includes AR pay apps, subcontractor pay apps, and approving invoices that are dated in the month we want to close. If the owner is slow to give us the official approval, we put in a "dummy" pay app in so we have something close to what it should be. Same with the subcontractor pay apps. If it's a unit based job and the subcontractor's pay app is going to determined by the approved quantities from the owner, we will put a "dummy" pay app in there as well. Then I have a cutoff to submit the financials and various financial analysis to the owner by the 20th of the month. 



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    Kyle Odinet
    Controller
    Cycle Construction Company, LLC
    New Orleans, LA
    (504) 467-1444
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    Original Message


  • 5.  RE: Month-End Closing

    Posted 01-02-2025 08:27

    I try to have a soft close by the 15th when all of the AP is most likely processed for the prior month.  Ever notice a slow billing process from some of your vendors?  It takes about a week to complete the WIP and Journal Entry process.  I try to get it complete by the 20th, but the 25th is the HARD deadline.



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    Kim Niswender
    Controller
    Baseline Contracting, Inc.
    Coplay PA
    (610) 799-5859
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    Original Message


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