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    Proven Tax Reducing Opportunities For Your Construction Company

    Posted by Randal DeHart on Fri, May 10, 2019

    Accounting has two sides:

    Internal Accounting (Management Accounting) - for making money. Its purpose is to help you operate and grow your business profitability.

    External Accounting (Tax Accounting) - for paying taxes. Its purpose is to prepare tax forms, report your income, and make sure you pay your fair share of taxes.

    Understanding the difference will impact your company's financial health and wealth. Both groups of accountants must know the relationship between your internal bookkeeping and the Internal Revenue Service, and the importance of paying the right amount of taxes. There are a lot of professional bookkeepers, accountants, and tax preparers and they all serve a different role in your business.

     

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    Topics: Contractor Sucess, Contractor Tips, Contractor Operating Tips, Construction Productivity

    Construction Company Technology Practices To Reduce Financial Management Cost

    Posted by Randal DeHart on Fri, May 03, 2019

    There is a thread of success weaved into the fabric of the most successful, wealthiest, consistently most profitable house builders, general contractors, residential remodel contractors, flipper house contractors, commercial tenant improvement contractors, sub-contractors, specialty contractors, handyman, architects and designers and over 100 other types of contractors and construction-related companies - they adapt to a continually changing environment.

    Everything in the Universe is in balance, and parts of it are easy to see and understand and some parts are hidden in plain sight and require some effort to see and understand. Your ability to look beyond the initial statement and understand the hidden meaning why successful contractors adapt to change to survive and thrive will serve you well. The truth is the most successful, wealthy, highly profitable construction contractors don't like change.

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    Topics: Contractor Sucess, Contractor Tips, Contractor Operating Tips, Construction Productivity

    Cybersecurity In The Construction Industry: Common Concerns And Solutions

    Posted by Justin Havre on Tue, Apr 30, 2019

    Today's Guest Article Is From Justin Havre

    The construction industry has long been a target of criminal activity. The theft of tools, equipment, and supplies is an issue both large and small companies need to deal with in some way. Many construction companies have responded with greater on-site and perimeter security, equipment tracking devices, video cameras and more. But what can these businesses do when the target of criminal activity isn't the physical job site?

    Like other industries, construction companies are now facing the increasing threat of cybercrime. Why are construction companies being targeted? Why are some companies more vulnerable than others? The following information can help shed some light on these issues, give examples of cybersecurity threats, and outline the steps that can be taken to make a construction company more secure.

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    Topics: Contractor, Contractor Operating Tips, security, cybersecurity, data protection

    Job Costing For Small Construction Companies - The Key To Profitability

    Posted by Randal DeHart on Fri, Apr 26, 2019

    Job Costing, in its simplest terms, links the money you spent on a job against the money you received to do a particular job. It is the process of tracking all the costs related to a project to determine its profitability.

    A common misconception is that Job Costing is only for large contractors with a dozen employees. Since keeping track of all costs and expenses involves a lot of additional work for contractors and field workers, and most construction company owners do not see an immediate benefit, some contracting businesses still haven’t implemented Job Costing procedures despite the financial risks.

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    Topics: Job Costing, Job Costing Reports,, Contractor Sucess, Contractor Tips, Contractor Operating Tips, Construction Productivity

    Improving Productivity Solution That Works

    Posted by Randal DeHart on Tue, Apr 23, 2019

    Our winning strategy talks about Marketing as the foundation, Accounting as the center of your construction business, and Production where the rubber meets the road, or if you please, this is where all the planning and support structure pays off.

    Some contractors and construction company owners believe in maximizing production by driving everyone from the laborers to the Project Managers to work harder, longer, faster, hustle and run. And if they are giving less than 110% to the company they are not doing enough. You may have different opinions on this but one thing I've learned from experience is that construction meeting process increases productivity.

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    Topics: Contractor Sucess, Contractor Tips, Contractor Operating Tips, Construction Productivity

    5 Common Security Questions Contractors Ask Before Hiring Our Service

    Posted by Randal DeHart on Fri, Apr 19, 2019

    Right now, if you are like most construction company owners, your construction accounting records are in an unlocked file cabinet, or worse, sitting on someone's desk. As an accounting firm, our client's privacy and security remain our top priorities and are continually looking at ways to develop and evaluate our system to prevent breach and network holes. We utilize 128-bit Secure Socket Layer encryption which ensures that all data passed between the web server and browsers remain private and integral. There are two levels of restrictions and passwords must be entered before you can get your data file.

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    Topics: Xero Accounting Online Advisor For Your Constructi, Xero Accounting, construction suppport, Contractor Sucess, Contractor Tips, Contractor Operating Tips, security

    How To Deal With Difficult Employees On The Job Site

    Posted by Randal DeHart on Tue, Apr 09, 2019

    At some point, we probably had similar situations having employees we wonder why we hired them.

    No one feels worse about a bad fit than the contractor when an employee needs to be let go gently or immediately fired. Other times anger is the first emotion when fraud, side jobs or other forms of theft has occurred.

    For the contractor business owner, the work must go on. Schedules need to be kept, and the additional workload falls on someone. That someone could be you, your spouse and/or both of you (who are already overloaded with tasks). Frustration comes from trying to discover quickly and easily what was left undone, what is the most critical, when can it get done, how to get it done and who is the best person to do it (yesterday). 

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    Topics: construction suppport, Contractor Sucess, Contractor Tips, Contractor Operating Tips

    A Busy Contractor’s Guide To Xero

    Posted by Randal DeHart on Tue, Apr 02, 2019

    Although not intentional, this could be considered a part 2 of last Friday’s blog/podcast episode or a continuation post dedicated to all brand-new contractors who just started their own company, to trade professionals who would like to restart their bookkeeping system, or simply to all our valued email subscribers – old and new.

    The time, effort, and money you’ve put through in running your construction business is a testament of your commitment to this industry. So, let me start this guide by telling you to do what you do best and outsource the rest. The “rest” as you know, is where your cash flow and profit depend – construction bookkeeping and accounting.

     

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    Topics: Xero Accounting Online Advisor For Your Constructi, Xero Accounting, construction suppport, Contractor Sucess, Contractor Tips, Contractor Operating Tips

    Construction Fundamentals: Three Things You Need To Deliberate When Starting A Contracting Company

    Posted by Randal DeHart on Fri, Mar 29, 2019

    Would you like to start a construction company but can’t seem to move forward with your plans? There are a number of people who pass advice on how to start a profitable construction company, however, very few have actually done it. Hardly any of the ones that had done so had a clear understanding of where they were making or losing money, some have never gotten past the point of owning a J.O.B. (Just Over Broke) into a real company with employees who actually generated more money than they cost starting up.

    I am one of the few that has done it all and hopefully, this article will be of use to you. First, make sure you are open to a Paradigm Shift. According to the Merriam-Webster online dictionary, a paradigm shift is an important change that happens when the usual way of thinking about or doing something is replaced by a new and different way.

     

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    Topics: construction suppport, Contractor Sucess, Contractor Tips, Contractor Operating Tips

    How To Prepare Your Construction Business To Go From Local To Regional Scale

    Posted by Kristin Savage on Fri, Mar 22, 2019

    Today's Guest Article Is From Kristin Savage

    The construction industry offers a lot of opportunities. Entrepreneurs developing a construction business have an insatiable desire to grow and expand. Even though this domain offers a lot of opportunities, it brings also a lot of challenges in the same package. Therefore, when you decide to expand your construction company from local to regional, there are a lot of things you need to consider. This article is going to show which strategies you can apply to have a successful transition.

    First, you should understand why you need to expand your construction in another city. Below you can find a list of questions you should answer before deciding if you are prepared for this move.

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    Topics: Profit and Growth Strategies For Contractors, Contractor, Contractor Tips, Contractor Operating Tips

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