DIY Construction Accounting Errors And Ways To Improve Your Practices
Posted by Sharie DeHart on Fri, Mar 01, 2024
Topics: Construction Accounting, contractors bookkeeping and accounting, outsourced construction accounting and bookkeeping, contractors bookkeeping and accounting seattle, Construction Accounting Vs Regular Accounting, DIY Construction Accounting Errors
Construction Accounting Concepts You Can Benefit From Today
Posted by Sharie DeHart on Fri, Jun 16, 2023
As a small business owner, you know that managing your finances is crucial to the success of your business. But with so many accounting principles and practices, it can be challenging to know where to start. That's where we come in! This guide will break down the essential accounting principles that every small construction business owner should know. We'll discuss how these principles can help you keep track of financial transactions, create accurate financial statements, and make informed decisions for your business. So, let's dive in, shall we?
Why Are Accounting Principles Important for Construction Businesses?
Accounting principles are the foundation for any successful business. They provide a uniform framework for recording and reporting financial transactions, ensuring consistency and accuracy in your financial records. By adhering to these principles, you'll be able to:
- Make better financial decisions based on accurate and reliable data
- Monitor your business's performance and identify areas for improvement
- Meet legal and regulatory requirements for financial reporting
- Build trust with investors, lenders, and other stakeholders
Topics: Construction Bookkeeping, Construction Accounting, outsourced construction accounting and bookkeeping, Cost of Goods Sold Vs. Expense, Job Costing, COGS
Ways To Get Rid Of Construction Accounting And Bookkeeping Confusions
Posted by Sharie DeHart on Fri, Sep 09, 2022
Topics: Construction Bookkeeping, Construction Accounting, Construction Bookkeeping And Accounting, Contractor Tips, Accounts Payable For Contractors, Accounts Payable
Why Getting The Leads And Doing The Work Are Still Not Good Enough
Posted by Sharie DeHart on Fri, Nov 26, 2021
Topics: Builders Bookkeeping Services, Accountant, Bookkeeping Services, Construction Accounting, Contractor, Contractor Tips, Contractor Operating Tips
Topics: Builders Bookkeeping Services, Accountant, Bookkeeping Services, Construction Accounting, Contractor, Contractor Tips, Contractor Operating Tips
How A Bookkeeper's Incompetence Can Ruin Your Construction Business
Posted by Sharie DeHart on Fri, Sep 17, 2021
Topics: Builders Bookkeeping Services, Accountant, Bookkeeping Services, Construction Accounting, Contractor, Contractor Tips, Contractor Operating Tips
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Topics: Builders Bookkeeping Services, Accountant, Bookkeeping Services, Construction Accounting, Contractor, Contractor Tips, Contractor Operating Tips
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.
Topics: Builders Bookkeeping Services, Accountant, Bookkeeping Services, Construction Accounting, Contractor, Contractor Tips, Contractor Operating Tips
Smart Contractors Spend Money On Marketing, Accounting, And Production
Posted by Sharie DeHart on Fri, Dec 25, 2020
There is no better time to reflect and think seriously about your construction business. Excellent organization systems add considerable value to any business because they allow you to spend more time working on your business rather than on it.
Year over year and regardless of the economy, one thing never changes; 20% of the contractors earn and keep 80% of the profits because they have a Business Process Management Strategy like our Contractors Success M.A.P. that tells them how, what, when, where and why to focus their limited resources on the M.A.P. = Marketing / Accounting / Production.
Topics: The Contractors Account, Construction Marketing, Construction Accounting, MAP vs. PAM, contractors bookkeeping and accounting, Accounting Software for Contractors, Contractor, Construction Productivity
Contractors want to maintain control without making any changes. "Keep doing the same thing but expecting a different result."
Throwing the receipts in a shoebox (behind or under the seat in the truck) is the favorite way to deal with paperwork. This is "Under Managing" and frustrates everyone around them who is playing "Where's Waldo?" Job costing is nonexistent; bills are usually paid late, customers are unbilled, lost, and forgotten.
On the other hand, micromanaging every detail is an over-reaction from years of doing as little bookkeeping as possible to prepare the tax return. Knowing what to do, however, will stop you from making a big mess of it.
Topics: How To Lower Your Tax Bill, Construction Profits, Construction Accounting, Reduce Taxes, Contractor, Contractor Tips, Contractor Operating Tips