FEA Randal And Train
Bookkeeping Trial Test Drive
Outsourced Accounting
Contractor Bookkeeping Templates For QuickBooks And Xero
1-800-361-1770

    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.

    Invoices Concept. Word on Folder Register of Card Index. Selective Focus.

    Format

    You and your entire staff need to stick to a single standard invoice template that everyone will use throughout the job transaction. Not only will this make your paperwork look professional, having a uniform appearance gives your company credibility and integrity. Your client will appreciate how clear and straightforward it is to understand and check the payment details. A confused client will ask more questions that could’ve been avoided if accounts are itemized and charges are explained.

    Procedure

    Terms and conditions of payment should be discussed before starting a project. When a system is in place, it seems effortless to remind a client regarding prompt disbursement of money. Whether you incentivize with discounts for early payment or penalize for paying late, it all starts with formal documentation as agreed upon by both parties. Relying on good faith alone won’t pay your bills especially when you’ve completed your service on time.

    Date/Department

    Knowing when and where to send the invoice is an essential part of the procedure that changes with each job you take. Eliminate any confusion right from the start by taking note of the payment terms you’ve made, the company name, department, or contact information you are directing your invoices to.

    Filing

    Failure to back up and save copies of invoices invites trouble and disaster. Maintaining an accurate and up-to-date record of issued and paid bills will keep you from stress in the future. Use a numbering system to track and manage your invoices efficiently, this will save you time when you need it in case of customer disputes, pending accounts, and sending duplicates.

    Employee

    Human error, though inevitable, could at least be avoided in this case. Take time to develop specific rules and documentation for you and your employees to follow when invoicing a client. Investing a few hours learning accounting software is never a bad idea. You can start by asking your construction accountant to provide you and your crew with training and best practices so that everyone can deliver paperwork in accordance to your company’s standard.

    Conclusion:

    As a reminder, billing your clients is dependent upon your signed contract and sending invoices is based on the details of this agreement. Preventing these errors will undoubtedly help in speeding up the process of you getting paid and more so, getting paid on time. If you don’t know what to do or how to start, I recommend our Contractor Bookkeeping Review and Consultation with Randal. It is one of the most sought out services we provide and have helped many small construction business owners across the United States.

    To help with invoicing, Contractor Payment Application is also available in our store.

    Pay App For Contractors

    Helping Contractors around the world is one of the reasons we added the Fast Easy Accounting Store.com
    Follow our blogs, listen to Contractor Success M.A.P. Podcast. We Appreciate Our Visitors, Listeners, and Subscribers. – Thank You!!

    Please feel free to download all the Free Forms and Resources that you find useful for your business.  

    We are here to Help “A Little or A Lot” depending on your needs.

    About The Author:

    Sharie_DeHart_President_Fast_Easy_Accounting_Serving_Contractors_All_Across_The_USA_Including_Alaska_And_Hawaii-1Sharie DeHart, QPA is the co-founder of Business Consulting And Accounting in Lynnwood, Washington. She is the leading expert in managing outsourced construction bookkeeping and accounting services companies and cash management accounting for small construction companies across the USA. She encourages Contractors and Construction Company Owners to stay current on their tax obligations and offers insights on how to manage the remaining cash flow to operate and grow their construction company sales and profits so they can put more money in the bank. Call 206-361-3950 or sharie@fasteasyaccounting.com


    Download the Contractors APP today from the App Store or Android Store

    Access Code: FEAHEROS

    Click here to download the App on Android:

    Click here to download the App on iOS:

    Simply scan the QR code or search for ‘MyAccountants’ in the App Store and enter the Access code: FEAHEROS to utilize the powerful App features and capabilities, and benefit from having our Construction Accounting App at your fingertips, 24/7."

    PS: Even if you are not a Construction Contractor you will find a plenty of benefits in the app so we invite you to download it too! It's Free so why not?


    When You Become A Client - Then we can tap into our resources of knowledge and strategy banks. We use the reports hidden in your 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.

    We Remove Contractor's Unique Paperwork Frustrations

     

     
     
     
    Video Thumbnail
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
    Video Thumbnail
     
     
     
     
     
     
     
     
     
     
     
     
     
     

    For Construction Company Owners who do not need the full power of a QuickBooks for contractors and want 24/7 online access we offer Xero Accounting Online, and we have a custom setup for construction companies. Click Here For More.

    This Is One More Example of how Fast Easy Accounting is helping construction company owners all across the USA including Alaska and Hawaii put more money in the bank to operate and grow your construction company. Construction accounting is not rocket science; it is a lot harder than that, and a lot more valuable to people like you so stop missing out! Call Sharie 206-361-3950 or sharie.com and schedule your no charge one-hour consultation. 

    accounting  consultation

    Profitable Contractors and Construction Company owners have known about the value of outsourced bookkeeping services and contractor coaching services like ours for a long time, and now you know about it too!

    Thank You For Reading This Far, And I Hope You Understand we really do care about you and all contractors regardless of whether or not you ever hire our services.

    Payroll, Taxes, Job Costing Fast Easy Accounting 206-361-3950

    We Scan Your Receipts, And Invoices link the appropriate transactions to QuickBooks or Xero Accounting Online depending on the construction accounting service you are using and provide ongoing Cloud Based Contractors Bookkeeping Services by accountants who understand construction.

    Our Contractor Bookkeeping Services System Is A System

    Contractors Bookkeeping Services

    Thinking About Outsourcing Your Contractors Bookkeeping Services To Save Time And Money?

    Click On The Button Below To Download A Free Guide 

    Contractors Bookkeeping Services Guide >

    Business Process Management (BPM) For Contractors

    Need Help Now?

    Call Sharie 206-361-3950

    sharie.com

    Fast Easy Accounting Strategic Bookkeeping Services For Construction Companies

    Xero Outsourced Construction Accounting Services

    QuickBooks Outsourced Construction Bookkeeping Services

    We Are Also Xero Accounting Experts Specializing In Construction Bookkeeping Services

     


    PS: For The Do-It-Yourself Construction Bookkeeper Our Store Has Chock-Full Of QuickBooks Setup Templates, QuickBooks Chart of Accounts And More.

    Assisted-Do-It-Yourself-Construction-Accounting-Buy-Custom-Built-QuickBooks-Setups-For-Construction-Contractors.png

    Most Contractors Setup QuickBooks Desktop Version In One Of Three Ways:

    #1 EZ Step Interview inside QuickBooks Setup
    #2 Asked Their Tax Accountant To Setup QuickBooks
    #3 They Attended A How To Setup QuickBooks Class Or Seminar

    And QuickBooks Does Not Work The Way They Want It Too!

    The Answer:

    #1 Click Here To Buy An Entire QuickBooks Setup For Your Specific Contracting Company

    #2 Click Here To Buy Just The Chart Of Accounts For Your Specific Contracting Company

     Do-It-Yourself QuickBooks Setup

    Download the Contractors APP today from the App or Android store



     

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

    Download Our Free App For Construction Contractors

    click to download the Contractors APP now from the App Storeclick to download the Contractors APP now from the Android store

    Access Code: FEAHEROS

    QuickBooks Setup And Chart of Accounts For DIY Contractors

    accounting articles

    Subscribe by Email

    How Can We Help?

     
    Contractors Bookkeeping And Accounting Services

    Who We Help

    How We Help

    Next Step

    FAQ's

    Contractors Bookkeeping And Accounting Services

    Outsourced Construction Accounting Services For Contractors All Across The U.S.A. By Fast Easy Accounting 206-361-3950

    Serving Construction Contractors
    Across The U.S.A
    Including Alaska
    And Hawaii

    Podcast On iTunes
     
    Click Here To Listen In iTunes
    Contractor  Success M.A.P.
    Contractors Bookkeeping And Accounting Services

    Remote Access Your QuickBooks  Using Secure Servers

    Outsourced Bookkeeping Services For Contractors At Fast Easy Accounting

    Contractors Bookkeeping And Accounting Services

    T Sheets Pro Advisor Fast Easy Accounting

    Mobile Time Cards 

    Eliminate the job site to office paper shuffle

    Start My Free 14 Day TSheets Trial  

    Connect With Randal DeHart Google+
    Contractors Bookkeeping And Accounting Services

    Fast Easy Accounting Construction Accounting Specialists Member Of National Association Of Home Builders NAHB

    Contractors Bookkeeping And Accounting Services

    mbamember

    Join Our MBA Network

    Most Popular Posts

    Read the Latest:

    Browse by Tag

    badge

    Blog Suggestion Box

    We Remove Contractor's Unique Paperwork Frustrations

    Quickbooks certified proadvisor

    Xero-Accounting-Services-Fast-Easy-Accounting

    Financial-Intelligence-And-Performance-Reporting-Tool-Fast-Easy-Accounting Hubdoc-Document-Collection-and-Management-System MBA Member Fast Easy Accounting 206-361-3950
     
    contractor-success-map-podcast-listen
     
    Don't forget, you can hire our services at FastEasyAccounting.com
     
     
    How To Use Our Services