Cash flow and bad bookkeepers are the #1, and #2 reasons construction companies go out of business. 
Do NOT hire any Contractor Bookkeeping Service until you read this guide.

Effective January 1, 2022, W-2 employees employed in WA state will be subject to a 0.58% payroll tax on all compensation. You can either pay the tax for the rest of your working years or own a long-term care policy before October 31, 2021.

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    Five Key Points To Optimize Construction Sales And Profits

    Posted by Sharie DeHart on Fri, Jul 30, 2021

    Owning a construction company and being an employee requires different mindsets and attitudes or paradigms. Both positions are natural enemies and generate tension, leading to various diseases; mental, physical, emotional, and spiritual.
     
    Construction workers live in the real world, where everything can be seen, heard, felt, tasted, and sometimes smelled. They can look around and see evidence of their activities. Their long-term time horizon in years past was two weeks, which is why most payrolls are paid every two weeks. With various check cashing and payday loan outlets, their long-term time horizon has been replaced with now and right now!
     
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    Topics: The Contractors Account, Contractors Bookkeeping Paperwork, Construction Bookkeeping And Accounting, Systems And Processes, Contractor Tips

    The Challenges Of Construction Business Partnership

    Posted by Sharie DeHart on Fri, Jul 23, 2021

    Randalism: A Partnership is the only ship designed to sink.

    However, we understand your preference, so I would like to talk about it in this blog post.

    Joint ventures are a bit like change orders. They can be an incredible opportunity to make or lose much money very quickly. Almost as quick as betting money on a roulette wheel in a casino.

    Joint Ventures have their own accounting rules. The devil is in the details. How costs and profits are shared among the participants depends on how the joint venture is structured and the terms of the agreement.

    Contractors with annual sales of less than $10,000,000 often get together to work on a specific project. They find a friendly competitor to supply labor and equipment for a percentage of the job, hourly fee, or a flat number. This could technically be a "Joint Venture"; however, the time and scope are generally short and sweet. For example, a concrete contractor may have a large project requiring more finishers than on staff.

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    Topics: Construction Bookkeeping And Accounting, Contractor Tips, construction business partnership, business partnership

    Managing Field Workers Effectively In Your Construction Business

    Posted by Sharie DeHart on Fri, Jul 16, 2021

    The construction manager is conditioned to avoid emergencies by being proactive. It is necessary to have systems in place to deal with emergencies when they arise. After the crisis has passed, the effective project manager evaluates the root cause of the trouble and implements change in the system to avoid a repeat performance.

    It’s also one thing to manage workers when they’re all in the same place at the same time. However, when you run a construction business with field workers, things can get a lot more challenging. Not only are you typically not on the same job site as them, but you might also have workers scattered over a variety of sites and projects. 

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    Topics: Systems And Processes, Construction Project Managment, Project Management, Contractor Operating Tips, accountability, Construction Accountability

    Consequences Of Avoiding Your Construction Bookkeeping

    Posted by Sharie DeHart on Fri, Jul 09, 2021

    If you ask 100 business owners what they like least about running a business, the chances are good that bookkeeping will rank high on the list. It's an annoying and frustrating chore that takes up much time and is easy to put off until tomorrow.

    Moreover, Construction Companies have unique bookkeeping needs. Some bookkeepers and bookkeeping systems may cost you more than they are worth in salary, fees, and loss profits because you cannot get QuickBooks reports and financial reports when you need them. Chances are, you are suffering from bookkeeping pain, and your bookkeeper or accountant is overwhelmed trying to figure out how to do construction accounting.

    Good bookkeeping leads to informed decisions. Avoiding your bookkeeping is dangerous, however. For example, not knowing your construction company's financial situation can result in a series of missteps that could ultimately cost you your business.
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    Topics: Builders Bookkeeping Services, Accountant, Bookkeeping Services, Construction Accounting, Contractor, Contractor Tips, Contractor Operating Tips

    Construction Business Mid-Year Reminder For Setting And Reviewing Goals

    Posted by Sharie DeHart on Fri, Jul 02, 2021

    How are you and your construction business? Have you considered what you'd like to achieve in the coming twelve to eighteen months? Or maybe your set of priorities for the next half of 2021?
     
    Contractors like you are typically highly creative and optimistic; thus, you often have difficulty narrowing down your ideas from among all the exciting possibilities, whether it's an opportunity to expand to a new market or choose a better time management strategy. 
     
    While some of you love planning, others feel overwhelmed by the process. So how do you decide on just a handful of goals that take priority, with so many moving parts that make up a construction business?
     
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    Topics: Construction Strategy, Systems And Processes, Secrets Of Highly Successful Contractors, Contractor Operating Tips, Construction Business Goals

    A Construction Company Owner's Guide To Hiring Employees

    Posted by Sharie DeHart on Fri, Jun 25, 2021

    Hiring or not hiring employees is one of the few optional things the business owner chooses, changes their mind, or changes direction as needed. With so much discussion about employees, payroll, and payroll taxes, you may feel that you miss out on not hiring many employees. The reality is that as a small business owner, you do not have to hire employees.

    The two extremes in any business are "Too Many People" (with many looking busy) and "Too Few" (a handful are overloaded). An example of Too Many People is for a midsized firm having everyone with access to the accounting. I mean everyone from the "Shop Guy," Warehouse, Outside Salesman to Accounting Staff.

    Depending on the size of the construction business, this might be necessary. However, for most companies letting everyone have access to the balance in the company checkbook creates "White Noise" and causes friction.

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    Topics: Hiring Employees, Systems And Processes, Contractor Operating Tips

    Five Ways To Make The Most Of Your Construction Business Downtime

    Posted by Sharie DeHart on Fri, Jun 18, 2021

    Every business experiences slow periods when the market for their goods or services lessens and sales drop. Construction business owners like you might be tempted to view downtimes as unproductive or wasted, but there are ways you can make the most of your business during these seasons.

    Here are five ways to ensure this time isn't wasted:

    1. Take a good look at your business

    When things are busy, it gets easy to fall into a habit of taking care of day-to-day tasks and forgetting your overall business picture. However, slower times are an excellent opportunity to step back from the daily grind and ask yourself if your business is still moving towards its goals, what opportunities or challenges are on the horizon, and whether it's time to try something new.

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    Topics: Construction Bookkeeping And Accounting, Construction Company Cash Flow, Contractor Tips

    Rebuilding Trust After A Negative Online Review

    Posted by Sharie DeHart on Fri, Jun 11, 2021

    Online reviews are an essential marketing tool for many small businesses, especially for service-based businesses like yours. They give potential customers and clients a chance to see how effective your goods or services are, how responsive you are to your clients, and what other people's experiences of your business have been. As a result, the vast majority of people check online reviews before making a purchasing decision.
     
    When reviews are great, that's a fantastic thing. But, unfortunately, it's when you get negative reviews that you have to adjust. You can't please all customers all the time.
     
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    Topics: Construction Company, Contractor Tips, How To Handle Negative Reviews

    The Art Of Selling Your Construction Services Effectively

    Posted by Sharie DeHart on Fri, Jun 04, 2021

    Sales are about addressing your customers' needs and problems. By understanding the issues clients face, you can show them how your service solves their problems. 

    Here are some tips for asking the right sales questions to better understand and help your customers. 

    1. Don't jump into sales questions right away.

    Sales aren't just about making a sale, although that's certainly part of it. Instead, sales are about building relationships. That's how you make a sale today and encourage repeat business tomorrow. 

    When you start asking questions, don't begin by asking questions about the sale specifically. Instead, ask questions that develop a relationship and give you a chance to get to know the client better. 

    For example, ask questions about their long- and short-term goals. After that, move into questions about the issues they face and what solutions they currently use. Then, find out what does and does not work about those solutions. That will help you understand your potential customer, which allows you to meet their needs right now and anticipate future needs.

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    Topics: Increasing sales, Systems And Processes, Contractor Marketing, Contractor Tips

    Digital Disaster Recovery For Your Construction Company

    Posted by Sharie DeHart on Fri, May 28, 2021

    Emergencies can happen in the blink of an eye. Gmail, Yahoo, MSN, and social media are all in the cloud. When disaster strikes, flood, fire, theft, earthquake, or a lousy bookkeeper deliberately destroying business records or computer crash, you are protected against data loss by these online programs. Buy another computer, set it up, and you are back in business.
     
    What about your bookkeeping records? Your customer list? Who owes you money? Who you owe money to? Payroll? Employee advances and loans?
     
    Job deposits, sales tax reports due, the list goes on. You never realize how much you depend on your Construction Accounting System until it is gone forever!
     
    What about your contracts, bids, other hard copies of documents you use to operate and grow your construction company?
     
    Read More

    Topics: Cloud Based Bookkeeping Services, Construction Bookkeeping And Accounting, Systems And Processes, QuickBooks Desktop Cloud, QuickBooks For Contractors Cloud, Contractor Tips

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