Our New eBook is out! More than 15 pages filled with Marketing, Accounting, and Production tips, checklists, and best practices that you can use year-round for your construction business success.
Free Download here.

FEA Randal And Train
Call Us At 1-800-361-1770
Bookkeeping Trial Test Drive
Outsourced Accounting
Contractor Bookkeeping Templates For QuickBooks And Xero
Construction Accounting Academy
  • There are no suggestions because the search field is empty.

How To Increase Your Construction Business Profit In Three Months

Posted by Sharie DeHart on Fri, May 19, 2023

Sales and profit are two very different things – as a construction business owner, you can find yourself without the cash to pay bills despite making sales you knew were profitable. You may also be startled to discover that solid cash flows from sales deliver little profit.
 
A cash flow forecast tracks cash flowing in and out of your business. The timing of these flows enables you to identify cash-rich and cash-lean periods. This helps make the right decisions, such as buying assets or preparing for cash shortfalls.
 
Cash flow is essential to the survival of your business – arguably more so than profit in the short term. Profit may be necessary for the longer term, but cash is needed to pay bills and operating costs quickly.
 
For example, if you're a plumber with reasonable cash reserves, you can survive until your business becomes profitable. However, if your business runs out of cash, you'll need to find a solution quickly to avoid going bankrupt.
 
Read More

Topics: Construction Cash Flow, Cash Flow, Construction Accountant Who Listens, Contractor Cash Flow Problems, Contractor Tips, Improve Construction Cash Flow

Unlocking The Secrets Of Small Construction Business Cash Flow

Posted by Sharie DeHart on Fri, Apr 28, 2023

Cash is king! Construction Company cash flow is the movement of money in and out of your Construction Company; these movements are known in accounting circles as inflow and outflow. Inflows for your Construction Company primarily come from selling goods or services to your customers, but keep in mind that inflow only occurs when you make a cash sale or collect on receivables. Other examples of cash inflows are borrowed funds, income derived from sales of assets, and investment income from interest.

Outflows for your Construction Company are generally the result of paying labor, material, other direct and indirect costs of goods sold, and overhead expenses.

Read More

Topics: Construction Cash Flow, Cash Flow, Construction Accountant Who Listens, Contractor Cash Flow Problems, Contractor Tips, Improve Construction Cash Flow

Starting And Operating A Small Construction Business On Limited Funds

Posted by Sharie DeHart on Fri, Jan 20, 2023

So you have a great business idea and are convinced you can make it work, but you don't have much capital to get your business off the ground. Juggling existing financial commitments such as a mortgage or bank loan could put a squeeze on your business plans. Many entrepreneurs use creative thinking and shrewd planning to get businesses off the ground with the smallest budgets.

Freelancers in all industries deal with the same problems due to the nature of their work. Most of you came from the skilled craftsman trades; some worked as construction company managers and have now started or thought of starting your business.
 
If you just did, congratulations, you have decided to own and operate a construction company. Practically, solo contractors manage every aspect of their business, but we are here to help you navigate it. Here are the things you need to consider (especially when you are on a limited budget) to keep it running.
 
Read More

Topics: New Contractors, Construction Cash Flow, New Business Startup, Construction Bookkeeping And Accounting, Construction Company Startup Tips, Contractor Tips

The Advantages of Paperless Payroll In Your Construction Company

Posted by Sharie DeHart on Fri, Jan 13, 2023

When you think of payroll, you might still envision paperwork and envelopes given to employees by hand. Even with direct deposit being the norm for years, there is still a significant paper component to manage.

You won't find a contractor using inefficient tools on the job site these days. The hammer or the nail gun? No question. While every contractor recognizes the flaws of using ineffective tools, they may still be losing money due to inefficient payroll tools and processes.

As with most things, payroll is going digital – for a good reason. There are many benefits to digital payroll for construction business owners and staff alike. Read on to learn why switching to paperless payroll could be right for you.
 
Read More

Topics: Construction Cash Flow, Construction Bookkeeping And Accounting, Key Performance Indicators, Contractor Tips, Improve Construction Cash Flow, Boost Construction Profitability

Setting Construction Business Financial Goals For 2023

Posted by Sharie DeHart on Fri, Jan 06, 2023

The new year is a natural time to decide what you want to achieve and how. Businesses tend to progress more consistently if the owner sets financial goals and makes a plan to achieve them. 
 
Your construction business (and personal) budget is one area where you should keep your resolutions from slipping. While it’s true that there’s also next year when it comes to your financial goals, putting it off has real consequences that equal less money and more work. So here are seven steps you should take in January to start your 2023 budget.
 
Read More

Topics: Construction Cash Flow, Construction Bookkeeping And Accounting, Key Performance Indicators, Contractor Tips, Improve Construction Cash Flow, Boost Construction Profitability

Year-end Closing And Planning For Construction Business Owners

Posted by Sharie DeHart on Fri, Dec 30, 2022

The end of the year is typically a reflective time. Something about that lull between holiday festivities and New Year's Eve sets the stage for introspection and review. While you're busy reflecting on the year ending and making plans for the new one about to begin, make sure you take some time to consider your finances. 

Preparing your End of Financial Year (EOFY) information often feels stressful—there are receipts to sort out and reports to review. You must ensure you have all the necessary information about your income and expenses. It can be overwhelming, and it can make the EOFY feel daunting.

The end of the financial year isn't just a time to collect receipts and find invoices. It's also a time to reflect on how your past year went, what went well and what didn't, and what you can change for next year.
 
Read More

Topics: Construction Cash Flow, Construction Bookkeeping And Accounting, Key Performance Indicators, Contractor Tips, Improve Construction Cash Flow, Boost Construction Profitability

Reclaiming Your Time And Switching Off During The Holidays

Posted by Sharie DeHart on Fri, Dec 23, 2022

Small construction company owners like you already have a time-consuming and challenging job running your business. If you're working on weekdays, you usually need the weekend to catch up on paperwork, pay bills, and manage any tasks you didn't get to during the week. 

But this weekend is Christmas, and with it comes time to relax, focus on family and friends and take stock of what is essential in life. Phone calls from employees dealing with a minor crisis will pull your focus from your family, or your Christmas dinner will be taken over by business talk. Like the merry bells of Christmas, your cell phone will constantly chime with the sounds of urgent text messages and emails that must be dealt with. Clients will need your attention.

So, if you've been waiting for a sign or permission to pause, this post could be the one you're waiting for. It's easy to let the construction company take over your personal life, but as a small business owner, it's vital that you get some time away from work.

Read More

Topics: Construction Cash Flow, Outsourced Accounting For Contractors, Construction Bookkeeping And Accounting, Do What You Do Best And Outsource The Rest, Contractor Tips, contractor delegation, Switching Off During The Holidays

Key Drivers To Improve Construction Profitability And Cash Flow

Posted by Sharie DeHart on Fri, Dec 09, 2022

Enlightened contractors like you understand the value of developing your own unique Construction Contracting System, a collection of documented repeatable processes and operation manuals. The key is continuously refining your construction company's practices and procedures.

Your office ensures your contracting company has a steady flow of projects. Proper accounting and bookkeeping develop timely financial reports to show which jobs are profitable so you can pursue more. Thus, you can focus more on the following:

  • Acquiring the right clients
  • Doing the project as close to on time and on budget as possible
  • Get job deposits and timely progress payments
  • Follow-up with clients to monitor satisfaction and line up new projects

Read More

Topics: Construction Cash Flow, Construction Bookkeeping And Accounting, Key Performance Indicators, Contractor Tips, Improve Construction Cash Flow, Boost Construction Profitability

Ways To Sustain The Life Line Of Your Construction Company

Posted by Sharie DeHart on Fri, Jun 24, 2022

Cash flow refers to the movement of money into and out of your business. It's based on the amount of money you bring in minus the amount you spend. A positive cash flow means bringing in more than you're spending. A negative cash flow means you aren't bringing in enough to cover your expenses.
 
Your construction company can run into problems by not charging enough for goods or services, having late-paying clients, growing too quickly, or simply spending too much money.
 
Solid cash flow management is vital to ensuring your contracting business survives, but not everyone understands what cash flow is or how to manage it. That's likely what makes it a leading cause of stress for small business owners. 
 
Read More

Topics: Construction Cash Flow, Cash Flow, Construction Bookkeeping And Accounting, Increase Cash Flow, Construction Systems And Processes, Contractor Guidance

How Cash Flow Forecasts Help Contractors

Posted by Sharie DeHart on Fri, Jun 05, 2020

Managing cash flow is a vital part of running a successful construction business. Some contractors think managing cash flow means keeping track of how much money enters and leaves their business, but there's actually more that goes into it. 

[Starting Cash + Cash In - Cash Out] = Cash Flow

Contractors and sub-contractors know there is more to profits than what is shown above, and most of you rely on your "gut feel" to see when the project has made a profit or not.
 
Cash flow forecasting is an incredibly valuable tool that helps you anticipate cash flow issues, plan for days when your cash flow is limited, and show the bank that you are prepared. It's a necessary process that you shouldn't ignore.
 
Read More

Topics: Construction Cash Flow, Construction Accounting, Contractor, Contractor Tips, Contractor Operating Tips, crisis

QuickBooks Setup And Chart of Accounts For DIY Contractors
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

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

Highly Recommended by Locals On Alignable

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