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.
Keeping track of sales, earnings, expenses, and purchases are fundamental to your construction business's overall health and sustainability. Effective bookkeeping produces the data you need to evaluate your current practices, anticipate challenges, and set attainable future goals. But despite their proven importance, many business owners dread and avoid accounting tasks.
Smart Contractors know their time is more valuable spent meeting prospective clients, putting together bids, managing job sites, and many other things other than bookkeeping. So they find someone else to do it.
Any bookkeeping and accounting firm that does not know how to calculate complex algorithms that take into account fluctuations in the workload and generate a monthly fee that is fair to you and them they need to go back to school and take those courses on Decision Modeling, Statistical Analysis, and Business Process Management.Read More
Topics: The Contractors Account, Bookkeeping Services, Construction Accounting, contractors bookkeeping and accounting, outsourced construction accounting and bookkeeping, Accounting Software for Contractors, Contractor
If you are a contractor, you know what to look for when you need to hire skilled construction workers. The longer you have been in construction, the more experience you have including a sixth sense about who is likely to be a good fit for your construction company team and who is not.
You can spot wanna-bees, clowns, and firebrands in an instant, and you know that if you are thinking about firing someone; you are already fifteen minutes too late!
99.99% of Construction is "Tangible" which means you can judge it using your five senses. You can See, Hear, Touch, Smell and Taste it and you know when it is good or bad.
99.99% of construction accounting is "Intangible" including financing, taxes, payroll processing, payment applications, financial statements, cash management which means you may have to rely on your gut-feeling to know when someone perhaps is not a good fit.
I have a deep background both in construction, having owned and operated successful construction companies and construction accounting.
Just so we are clear, if you suspect I want the opportunity to work with you, you are 100% right! But, I know what you need is proof that I know what I am doing so let me condense several decades of experience into these twelve warning signs you hired the wrong contractor bookkeeping service.
Here are these twelve Signs You Hired The Right Contractor Bookkeeping Service
"The great obstacle to discovering the shape of the earth, the continents, and the oceans was not ignorance, but the illusion of knowledge."
- Daniel J. Boorstin
Over The Past Few Decades We Have Heard And Read Some Really Good
Construction Bookkeeping Myths And Legends And Here Are A Few
When you own a small contracting company, like a residential remodeler, plumber, electrician, concrete contractor, flooring contractor or any other construction related company it is imperative that you have a good clean set of books that are consistent and updated regularly.