Contractors Are Not Bankers!
What Is Your Biggest Challenge?
You Are Not A Bank - Never lend money to a customer in the form of providing a lot of labor, material, subcontractors and rental equipment hoping to get paid later on down the road.
McDonalds Restaurants Earns - Massive profits and part of the reason is cash flow. I love their business model; customers order first, pay second and get food last. No invoicing, no waiting for the check to arrive and hoping it will clear the bank. They say just Show Me The Money!
You Can Offer Financing - Accept credit cards! Get setup at a bank and/or credit union that will offer to loan your construction client's money for small projects under $25,000. They sign paperwork with the lender; you do the work and get paid.
Accepting Credit And Debit - Cards is like having an "Electronic Armored Car" on standby 24 hours a day, seven days a week ready to take your money to your bank automatically. If your QuickBooks is setup properly an invoice can be emailed to your customer or clients and when they open it there is an option for them to pay by credit card immediately.
Example - You finished a construction project at 01:00PM, went to your office at 05:00PM, opened QuickBooks, put together an invoice and emailed it to your customer at 06:00PM. They arrive at home at 07:00PM. After dinner they check their email at 09:00PM. They open your email review your invoice and pay the bill at 10:00PM.
Your Money Goes To Your Bank In An Electronic Armored Car
Don't Finance - Your customer or client's project by providing a substantial amounts of labor, material, subcontractors and rental equipment hoping to get paid later on down the road.
Having Owned And Operated - Several construction businesses I know how important cash flow is to the success or failure of any business and especially construction companies like yours!
We Have Clients - Who took a while to understand why I was hard on them and kept saying "Get The Money". Once they realized what real peace of mind was, paying all the bills on time and having money left over for vacations, toys and to support their favorite charities it became crystal clear.
Get Enough Job Deposits - And progress payments so that you are always using "Other People's Money" (O.P.M.) to pay for the labor, material, subcontractors, rental equipment and overhead of their construction projects.
This Is Only The Tip - Of the Iceberg. Everything we publish in our blog posts, articles in other websites, and anything you can find on the web is nothing compared to what is available to you as our client. We show only the basic tools to open your mind to the possibilities that are available to you. The best finish carpentry tools in the hands of a golf professional without proper carpentry training will not produce anything near to what a skilled finish carpenter can. The same can be said about the best construction business consulting and accounting tools in the hands of a skilled finish carpenter. And I say that with respect and admiration for everyone in construction.
When You Become A Client - Then we can tap into our resources of knowledge and strategy banks. We use the reports hidden in you QuickBooks in order to diagnose and understand your construction business and develop plans and help you implement a path to success for you and you alone because every contractor has unique Strengths, Weaknesses, Opportunities and Threats (S.W.O.T. Analysis) that when understood can lead to a Strategic Roadmap which cannot help but make a lot of money.
You Deserve To Be Wealthy Because You Bring Value To Other People's Lives!
QuickBooks Expert Specializing In Construction Bookkeeping Services
About The Author:
Randal DeHart, PMP, QPA is the co-founder of Business Consulting And Accounting in Lynnwood Washington. He is the leading expert in outsourced construction bookkeeping and accounting services for small construction companies across the USA. He is experienced as a Contractor, Project Management Professional, Construction Accountant, Intuit ProAdvisor and QuickBooks For Contractors Expert. This combination of experience and skillsets provides a unique perspective which allows him to see the world through the eyes of a contractor, Project Manager, Accountant and construction accountant. This quadruple understanding is what sets him apart from other Intuit ProAdvisors and accountants to the benefit of all of the construction contractors he serves across the USA. Visit http://www.fasteasyaccounting.com/randal-dehart/ to learn more.
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