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    Take The Stress Out Of Identifying Cost Of Goods Sold And Other Construction Accounting Confusions

    Posted by Sharie DeHart on Tue, Apr 16, 2019

    Contractors often ask us if they can buy our Chart Of Accounts with Cost of Goods Sold and import them into their QuickBooks Desktop file or their QuickBooks Online file. The answer is yes!

    Click here for QuickBooks Desktop Chart of Accounts with Cost of Goods Sold

    Click here for QuickBooks Online Chart of Accounts with Cost of Goods Sold

    Direct Costs are tied to the jobs (field labor, material, and other cost items) Office material (pencils, paper, toner, etc. are overhead) Yes, an accountant could say these many pencils are used in the field, and that notepad is used in the truck. 

    The answer is the dividing line of what the DIRECT COSTS to the job and those are Cost of Goods Sold (COGS).

     


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    Topics: Invoicing, We Know Construction Accounting, QuickBooks For Contractors, Construction Bookkeeping

    Contractor Bookkeeping: Outsource Or Do It Yourself

    Posted by Sharie DeHart on Fri, Apr 12, 2019

    I would like to start my blog post by asking you to reflect on your WHY. Pause for a while and think about the reason or reasons why you started your business. I highly doubt that your answer is rooted in accounting tasks or involved any type of bookkeeping project at the slightest. It is apparent that you’re passionate about what you do and you love working in the construction industry, be your own boss, and have the freedom you’ve dreamed of.

    I admit, small business owners - like myself, have learned to make the most of the resources we have. And as an entrepreneur, tend to take on the challenge of wearing multiple hats. Marketing your business, answering phone calls, responding to emails, scheduling appointments – to name a few. However, I am reminding you now that being a company owner and doing your accounting and bookkeeping requires a totally different skill set from being a construction expert in your field. When it comes to your financials, it would be wise to take a step back and let someone who specializes in bookkeeping do it for you. Not just any accountant or bookkeeper, but see to it that they are Construction Bookkeeping and Accounting Professionals.

     


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    Topics: QuickBooks For Contractors, Construction Bookkeeping, QuickBooks Setup Do It Yourself, QuickBooks Construction Accounting, Assisted Do-It-Yourself Contractor Bookkeeping

    How To Deal With Difficult Employees On The Job Site

    Posted by Randal DeHart on Tue, Apr 09, 2019

    At some point, we probably had similar situations having employees we wonder why we hired them.

    No one feels worse about a bad fit than the contractor when an employee needs to be let go gently or immediately fired. Other times anger is the first emotion when fraud, side jobs or other forms of theft has occurred.

    For the contractor business owner, the work must go on. Schedules need to be kept, and the additional workload falls on someone. That someone could be you, your spouse and/or both of you (who are already overloaded with tasks). Frustration comes from trying to discover quickly and easily what was left undone, what is the most critical, when can it get done, how to get it done and who is the best person to do it (yesterday). 

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    Topics: construction suppport, Contractor Sucess, Contractor Tips, Contractor Operating Tips

    Profit Draining Invoice Errors Contractors Make Without Realizing It

    Posted by Sharie DeHart on Fri, Apr 05, 2019

    Creating an invoice for the entire project seems like it is the simplest way to track payments and have the current balance. The harsh reality is that if all of the work is NOT done, accounts receivable is reflecting a balance due that is NOT REAL. Without proper tracking and matching of income and expenses, most construction companies never know if they made a profit until the job is over.

    However, due to your work’s nature, as construction contractors provide services on a per-job operation, issuing invoices make it all the more challenging and difficult than it has to be. The good news is that it doesn't have to stay that way. Consider the following invoicing errors contractors make and take actionable steps on how to avert them.


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    Topics: Invoicing, QuickBooks For Contractors, Construction Bookkeeping, Payment Applications

    A Busy Contractor’s Guide To Xero

    Posted by Randal DeHart on Tue, Apr 02, 2019

    Although not intentional, this could be considered a part 2 of last Friday’s blog/podcast episode or a continuation post dedicated to all brand-new contractors who just started their own company, to trade professionals who would like to restart their bookkeeping system, or simply to all our valued email subscribers – old and new.

    The time, effort, and money you’ve put through in running your construction business is a testament of your commitment to this industry. So, let me start this guide by telling you to do what you do best and outsource the rest. The “rest” as you know, is where your cash flow and profit depend – construction bookkeeping and accounting.

     

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    Topics: Xero Accounting Online Advisor For Your Constructi, Xero Accounting, construction suppport, Contractor Sucess, Contractor Tips, Contractor Operating Tips

    Construction Fundamentals: Three Things You Need To Deliberate When Starting A Contracting Company

    Posted by Randal DeHart on Fri, Mar 29, 2019

    Would you like to start a construction company but can’t seem to move forward with your plans? There are a number of people who pass advice on how to start a profitable construction company, however, very few have actually done it. Hardly any of the ones that had done so had a clear understanding of where they were making or losing money, some have never gotten past the point of owning a J.O.B. (Just Over Broke) into a real company with employees who actually generated more money than they cost starting up.

    I am one of the few that has done it all and hopefully, this article will be of use to you. First, make sure you are open to a Paradigm Shift. According to the Merriam-Webster online dictionary, a paradigm shift is an important change that happens when the usual way of thinking about or doing something is replaced by a new and different way.

     

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    Topics: construction suppport, Contractor Sucess, Contractor Tips, Contractor Operating Tips

    Inbound Marketing Methodology For Trade Contractors, Turning Your Challenges Into Opportunities

    Posted by Norhalma Verzosa on Tue, Mar 26, 2019

    Inbound marketing is about creating valuable experiences that have a positive impact on people and your business. How do you do that? You attract prospects and customers to your website and blog through relevant and helpful content. Once they arrive, you engage with them using conversational tools like email and chat and by promising continued value. And finally, you delight them by continuing to act as an empathetic advisor and expert. - HubSpot

    Now that the internet has become an integral part of our daily lives, modern consumers no longer depend on television, radio, and print advertisements. We look and go through a plethora of information first, accessed through popular search engines (Google, Bing, etc.), before deciding to make a purchase or hire a local service.

    Technology advancement allowed companies to promote and connect with a larger number of potential consumers compared to the traditional, physical presence of a brick-and-mortar store. As a Trade Contractor, you are no longer confined to your own neighborhood and push services directly to them, your online presence enables you to reach out and pull qualified leads towards your company. But what should you do when you don’t have a marketing manager that handles this side of your business? I say work with what you already have and go from there.

     

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    Topics: Marketing Ideas For Contractors That Work, Contractor Marketing, Inbound Marketing For Contractors

    How To Prepare Your Construction Business To Go From Local To Regional Scale

    Posted by Kristin Savage on Fri, Mar 22, 2019

    Today's Guest Article Is From Kristin Savage

    The construction industry offers a lot of opportunities. Entrepreneurs developing a construction business have an insatiable desire to grow and expand. Even though this domain offers a lot of opportunities, it brings also a lot of challenges in the same package. Therefore, when you decide to expand your construction company from local to regional, there are a lot of things you need to consider. This article is going to show which strategies you can apply to have a successful transition.

    First, you should understand why you need to expand your construction in another city. Below you can find a list of questions you should answer before deciding if you are prepared for this move.

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    Topics: Profit and Growth Strategies For Contractors, Contractor, Contractor Tips, Contractor Operating Tips

    Ten Tips For Project Management Success

    Posted by Marry Madyson on Tue, Mar 19, 2019

    Today's Guest Article Is From Marry Maddyson

    On the surface, project management is a straightforward task.  You set requirements for a project, get the right people, monitor the work and everything gets done on time. Well, it is more complicated than that and in reality, most projects managers are harassed a lot. Many things that can go wrong do go wrong leading to delays and budget overshoot among other problems. But businesses and project managers can avoid all these hitches through simple and effective management strategies. If you are a construction contractor, a student looking for “someone to do my homework,” on project management success, or a newly-hired project manager, the following tips will help you a lot.

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    Topics: Contractor, Project Management, Contractor Operating Tips, Project Management For Construction

    How To Manage Late Payments For Builders, An Expert Guide

    Posted by John Dela Cruz on Fri, Mar 15, 2019

    Today's Guest Article Is From John Dela Cruz

    One major headache for builders are the late payments of invoices. Builders seldom get the payment for their completed construction work at the right time and date. Professionals have recorded multiple payment cases and the slow paying issues are at the top of it. The unacceptable idea is that contractors seem like the last person to receive the reward for their hard work. Can you imagine finishing a building work without receiving a penny? Disappointing, isn't it?

    Cash flow is king! Numerous startup builder companies are depending on paid invoices of clients. These payments are the bloodline of the entire business. Therefore, unpaid invoices can affect the production of work.

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    Topics: Payment Collect, Contractor, Contractor Tips, finance, Contractor Operating Tips

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