Monthly Archives: March 2020

You should start tracking the cost of COVID

Anterra provides Business Intelligence and reporting for Construction and Real Estate companies.  We are helping our clients determine the best practice to track the cost of the COVID outbreak.  There are several reasons you want to isolate these costs (no pun intended).

  1. If there is a government relief program you can identify costs and get your application in early
  2. You are ready for an audit if you get program money
  3. You can report on your net income excluding the direct costs, then show COVID costs as an adjustment to net income for your board / bank / owners
  4. You can measure the cost impact objectively, the revenue and gross margin impacts are more subjective

Methods to track COVID Costs:

  1. Set up a COVID job in Job Cost. You can set up one-time cost codes for
    1. Management time
    2. Meeting time
    3. Turn away time – record staff time that are unable to work on a job site due to closure or if a service technician goes to inspect / repair a customer location and it is closed
    4. COVID Idle time – staff unable to work
    5. Doctor / hospital appointments
    6. COVID testing time
    7. Paid sick time
    8. Protective gear
    9. Facility cleaning
    10. Facility cleaning supplies
    11. Other COVID Costs
  2. Set up GL Accounts for COVID Expenses

GL accounts can be used for direct and indirect costs associated with the virus and lockdown

  1. Salary Idle time (if not job costed in 1d above)
  2. Office / warehouse rent for idle facilities
  3. Health insurance costs for furloughed employees
  4. Other benefit costs

Please let us know if we can help you with improved reporting, we will continue to send out best practice updates based on what we are seeing in our broad base of customers.

We wish you and your family continued good health and success.

Regards,

Bruce Vanderzyde, CPA, CA
President
Direct (832) 342 1575
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www.anterratech.com

See our AR Collection Management Tool at https://anterratech.com/arcollectionmgmt

Anterra wants to support you during the COVID quarantine with free remote users

To our valued clients:

As the COVID-19 situation changes, Anterra is identifying what we can do to help your business.

We understand that our clients are transitioning staff to work at home instead of coming into the office. Many customers’ IT infrastructure is not licensed or set up to handle many remote users.

We want to help. For the next 60 days you can add Anterra users at no cost to give them access to your financial, construction, service, real estate and Procore reporting.

Our BI software is accessible securely in any browser from any location. It may be useful to implement our AR Collections functionality during the COVID crisis to track your customers’ planned payment timing by invoice for construction and service invoices. It is included in your Construction and Financial BI modules. Please fill in the form at the link below to add individual users. Please call us if you have questions.

We wish you and your family continued good health and success.

Click here to add a new user

Regards,

Bruce R. Vanderzyde  CPA, CA

President

Direct: (832) 342-1575

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