https://www.fasteasyaccounting.com/affiliateWe are Construction Bookkeeping and Accounting - Specialists on a mission to help as many construction companies survive and thrive in this brutal economy as we can so we need your help to reach as many as possible in the coming months and years.
Topics: Paid Referrals
You May Think Otherwise - After reading this because it may not seem as good an idea as you first thought. In addition to the costs of advertising, reading a lot of fiction stories (resume's), interviewing candidates (like a brand new car on the showroom floor), job-seekers are the best they will ever be during the interview. After that it is all downhill and the only question is how fast.
*Bohunk Bob - Is one of the best construction business owners I have ever met. He is honest and a man of high integrity. If Bohunk tells you he will do something you can count on him to follow through because he believes in life you either produce reasons or results; and reasons don't count.
Topics: Pattern Interrupt, Strategic Planning, General Contractor
The Bad Area - Is where contractors without a Clear Business Strategy operate their Construction Company. Inside the rapids which are shallow, narrow, with boulders, trees and wrecked Construction Companies. It’s loud, rushing, churning like a Wild Roller Coaster with its violent ways which will exact a toll on even the strongest most determined contractor. In time it will wear them down to where they are dispirited and heartbroken or simply heart stopped and flat broke.
Topics: QuickBooks For Contractors, Strategic Planning, 80 20 Rule, River Of Construction Commerce
Today I Am Shining The Spotlight - On one of my dearest friends and a true champion in the service industry.
There Once Was A General Contractor - Who spent many a nights staring at his Aggravation Box, QuickBooks For Contractors!
Success Is What We Are All Striving For! Each person has their own definition of what success is. For some it is to buy a new vehicle, some want to take a long vacation and others want to buy a bigger / smaller house. These are all things that someone “Outside Looking In” sees. Each person picks their own goals.
Topics: Systems And Processes, New Business
Profit Drain #1 In-House Bookkeeper Until a construction company reaches at least $5 million in annual sales it cannot afford to hire a qualified construction bookkeeper or construction accountant.
Topics: Construction Bookkeeping
Business Plans Can Provide A Competitive Advantage to any business has one and uses it. For construction firms the impact is even greater because very few contractors have one and many of the ones that do rarely look at it. This is because it was something they needed to produce to get a loan, investment capital or some other external force was applied. Once the crisis or need passed they simply let it rest-in-peace on the shelf.
Why Would Anyone Especially A Construction Business Owner spend the time and effort to develop a business plan? Because contractors use business plans all the time and they do not realize it until we show them:
In construction reputation is key because construction is a perishable commodity that does not age well and delays cost a lot of money. So construction firms establish and protect their reputations very carefully based in part on having the resources and expertise to complete the work on time and on budget.
What type of construction are we focused on? New, remodel, service and repair?
Every contractor has a different mix of resources and expertise which means there are some aspects of construction that are fast and easy for them and that is their Unique Selling Proposition (USP) where they should concentrate all their energies.
Every construction company knows who their best customers are and who the worst ones are. The key is to make a list to identify each group and apply the 80/20 rule.
The journeyman costs more per hour but produces more and better results at a lower costs over the long haul than a group of cheap laborers. This is easily documented in a well setup QuickBooks file
Contractors typically run their business with a daily print out from the online account at their bank. Some use software and most that we come in contact with use QuickBooks Premier Contractor Edition.
For construction companies with 1-10 employees, including the owner, and annual sales of $0-$5 Million, QuickBooks Premier Contractor Edition is in my opinion the only choice. It can produce all of the financial statements most construction companies need and much more. The most important reports for a contractor to see are the 5 Key Performance Indicators (KPI)
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, QuickBooks For Contractors Expert and Xero Accounting Specialist. This combination of experience and skill sets 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 Xero 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.
Our Co-Founder Randal DeHart - Is a Certified PMP (Project Management Professional) with several years of construction project management experience. His expertise is construction accounting systems engineering and process development. His exhaustive study of several leading experts including the work of Dr. W. Edward Deming, Michael Gerber, Walter A. Shewhart, James Lewis and dozens of others was the foundation upon which our Construction Bookkeeping System is based and continues to evolve and improve. Follow Randal on Google+
Show Me The Money! When money comes into the business at some point it turns into income which is one of the 5 Key Performance Reports successful contractors monitor on a regular basis.
Topics: Cash Flow, QuickBooks For Contractors, General Contractor, 80 20 Rule
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