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    Construction Company Employee Vs. Contractor - What You Need To Know

    Posted by Sharie DeHart on Fri, Nov 25, 2022

    Depending on the nature of your construction business, you may have workers who are employees or contractors, or you may have both. Each has its merits, but it's important to review which are to meet your tax obligations.

    With so much discussion about employees, payroll, and payroll taxes, you may feel like missing out by not hiring many employees. The reality is that as a small business owner, you do not have to hire employees.

    To hire or not to hire employees is one of the few optional things where the business owner can choose, change their mind, and change direction as needed.

    When you have an employee, you must withhold income tax and report on additional benefits. Contractors generally look after their tax obligations.

    Read More

    Topics: Hiring Employees, 1099 Employee, Construction Bookkeeping And Accounting, Contractor Tips, Payroll For Construction Contractors

    The Solution To Your Construction Company Equipment Dilemma

    Posted by Sharie DeHart on Fri, Nov 18, 2022

    Is it time for your construction business to invest in some new equipment? And if so, is it a more brilliant business decision and cost-effective to rent or buy?

    Black Friday, followed by Cyber Monday, is coming. The real question is what equipment is on your business shopping list. It is all a question of your budget, income, cash flow, profit & loss, and taxes.

    Why you might need new equipment:

    • The right equipment can enhance your processes, productivity, innovation capacity, and bottom line, but should you buy now or wait till a later date?
    • A few reasons you might need to purchase new equipment now are because:
      - You have some big contracts coming up and need to increase production.
      - Your construction business is expanding at a fast rate.
      - You need to replace some aging equipment to maintain your business’s high standards and keep up with the competition.

    Read More

    Topics: Construction Company

    A Guide To Construction Client Retention

    Posted by Sharie DeHart on Fri, Nov 11, 2022

    Long-standing customers form the backbone of a robust and well-established business. Make it your mission to ensure that most of your current customers stay with your company for many years.

    Understanding the High-Profit Client

    Most of them have personality traits commonly known as drivers. Folks accustomed to getting things done quickly and efficiently do not mind paying professionals for servicing, repairing, remodeling, or building new construction projects related to their houses and commercial buildings.

    Why it's vital to keep existing customers

    Your current customers already have personal experiences dealing with your business and using its services. You won't need to spend much time, money, and energy convincing them to continue hiring you.

    Read More

    Topics: Payroll Loan, Payroll Processing, Payroll Tax, Payroll Options, Construction Bookkeeping And Accounting, Contractor Tips, Payroll For Construction Contractors

    Managing Payment Terms For Your Construction Business Clients

    Posted by Sharie DeHart on Fri, Nov 04, 2022

    Getting paid correctly and on time by customers can be a constant frustration for business owners. Communicating your terms is the best way to ensure you aren't out of pocket – or are left chasing debtors.

    Investors, developers, and shrewd business people designed the most popular method - those who understand the concept of divide and conquer - it is when contractors get little or no down payment for a construction project, do all the work, including change orders, and then try to collect their money.

    What often happens is that contractors hate paperwork preferring to keep everything in their heads. Then when it comes time to collect their money, they have to re-sell the job and talk their customer into parting with their money.
    Read More

    Topics: Construction Company, Payment Collect, Payment Applications, Contractor, payment issues, Payment Terms

    Common Construction Payroll Implementation Errors You Can Easily Avoid

    Posted by Sharie DeHart on Fri, Oct 28, 2022

    Small business owners spend an average of eight hours monthly performing payroll functions. That's 12 business days a year that could be spent generating sales, prospecting new business opportunities, improving products or services, or servicing customers.

    Upgrading or changing your payroll system comes with a ton of attractive benefits. Saving time and money, making everyone's account more manageable, and better integration are all excellent reasons to consider a change.

    But if the switch is mishandled, the results can be catastrophic and lead to long-lasting problems. Read on for tips on avoiding a disastrous payroll system migration.

    Read More

    Topics: QuickBooks For Contractors, Construction Bookkeeping, Business Process Management For Contractors, Construction Project Managers, Construction Project Managment, Project Management, Project Management For Construction

    Five Signs You Need To Start Outsourcing Your Administrative Tasks

    Posted by Sharie DeHart on Fri, Oct 21, 2022

    When you start a small business, it's usually only you behind the whole operation. You wear many hats, from CEO to clean-up crew. As you pour your heart and soul into your business and it begins to grow, the amount of work involved grows.

    Because a small business focuses on survival, you pay much attention to the bottom line. This makes much sense, but it also leads to being seriously overworked.

    These days, contractors are under increased pressure to cut their prices to get enough work. And that means they need to reduce costs. New technologies and approaches in cloud computing for construction accounting give forward-thinking contractors a fantastic ability to get more for less -but in most cases, contractors' heads are still stuck in 1990, thinking they have to do everything themselves.

    Read More

    Topics: Strategic Outsourced Bookkeeping Services, Construction Company, Outsourced labor, outsource bookkeeping, Outsourced bookkeeping, outsourced construction accounting and bookkeeping, Do What You Do Best And Outsource The Rest

    Management Priorities For New And Experienced Construction Company Owners

    Posted by Sharie DeHart on Fri, Oct 14, 2022

    In the past, Construction Project Managers were laborers or served an apprenticeship in one of the skilled construction trades and were promoted to foreman. This meant many people were more comfortable in manual labor without management skills. And when "things" were put in charge of "people," the results were not usually favorable.

    Because of this, many construction companies failed and went out of business due to the Cost of Chaos in their businesses. And it is still happening today.

    In the late 20th century, construction and construction management were separated into individual disciplines, each with its methodologies, terms, and definitions.

    Read More

    Topics: QuickBooks For Contractors, Construction Bookkeeping, Business Process Management For Contractors, Construction Project Managers, Construction Project Managment, Project Management, Project Management For Construction

    Top Construction Company Marketing Blueprint

    Posted by Sharie DeHart on Fri, Oct 07, 2022

    Construction contractors like you are primarily in the "Hurry Up" and "Wait" zone.

      • Hurry up and answer the call from the customer. 
      • Wait to make the appointment. 
      • Hurry up and get to the job. 
      • Wait for the customer to come home to be available. 
      • Hurry up and create the proposal. 
      • Wait for a decision. 
      • When the client says "Yes," it is - wait for the Job Deposit.
      • Wait to Start The Job

    This Hurry Up and Wait for activity makes it hard for the contractor to schedule other jobs. Many contractors only hold a place open for the client once a job deposit has been received. 

    Read More

    Topics: Construction Company, Marketing Ideas For Contractors That Work, Marketing Tracking, Construction Marketing, Contractors Emergency Marketing Plan

    What Sets Your Construction Company Apart?

    Posted by Sharie DeHart on Fri, Sep 30, 2022

    Let me start by saying it's good if you have competition. Indeed, competition pushes you to be innovative. It also means there's an established community for your services. If no one else is offering the service, there's a chance there's no market for it.
    But, have you always wondered how a small construction company like yours could stand out from the crowd and its competitors? Awareness of what others in your industry have developed and provided leads to a newfound motivation and belief in making an impactful difference, whether within your company or your community.  
    The key to benefitting from the competition is knowing how to take on competitors. You measure your share in the particular segment you operate in and obsess about your immediate competition, just as contractors who did not market effectively did years ago.
    Read More

    Topics: Construction Company, Contractor, Construction Competition, Construction Competitors

    How To Raise Your Prices: Value Over Price

    Posted by Sharie DeHart on Fri, Sep 23, 2022

    As prices continue to rise, you've likely noticed that your cost of doing business has increased as well. After all, the main point of any business is to make money, and you can't do that if you're no longer breaking even. 
    It's inevitable in every industry – you must raise your prices to continue making a profit. Many factors decide how much to charge, all of which are dynamic. The rising cost of goods, inflation, and a changing market are just a few reasons why any small business has to reevaluate its rates regularly to stay competitive (and to stay in business).
    If you're overworked and overbooked, you're undercharging. People know your worth and are fighting for your time. It's time to increase your prices!
    Read More

    Topics: Construction Bookkeeping And Accounting, Contractor Tips, Contractor Guidance, Pricing Jobs, How To Charge Clients, How To Raise Prices

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