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    Contractor Tactics On How To Avoid Payment Problems

    Posted by Randal DeHart on Fri, May 24, 2019

    Construction companies need short-term liquid working capital such as cash, lines of credits, loans, owner financing, credit cards, supplier accounts, and other forms of money to conduct daily operations. Small construction companies with annual sales volume less than $10,000,000 and other requirements enjoy some benefits that are not always available to larger firms. Likewise, larger firms can leverage economies of scale.

    The larger your construction business grows, the more likely you could end up operating as a bank without the hundreds of ways to generate revenues from fee income and interest calculation that banks use. The most popular method designed by investors and developers and shrewd business people who understand the concept of divide and conquer is for contractors to get little or no down payment for a construction project, do all the work, including change orders and then try to collect their money.

    What often happens is that contractors hate paperwork preferring to keep everything in their head. Then when it comes the time to collect their money, they find themselves having to re-sell the job and talk their customer into parting with their money. It's been said: "The value of services rapidly diminish after the services have been performed," which is why highly profitable companies like McDonald's gets your money before they deliver your meal. Compare the success and profitability of a McDonald's franchise to most restaurants.

     

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    Topics: Construction Cash Flow, Increase Profits, Increase Cash Flow, Contractor Sucess, Contractor Tips, Contractor Operating Tips

    Cost Variables To Help You Choose A Construction Accounting Software

    Posted by Randal DeHart on Tue, May 21, 2019

    Many contractors with expensive high-end construction software are re-examining if QuickBooks for Contractors is all they really need and if switching over to it makes sense.

    The first thing we ask is which of The Four Types of Contractors best describes your company?

    Salt of The Earth

    Dog And Pickup Truck

    Professional

    Enterprise Level

    Having used several high-end construction software programs costing over $60,000 and a few low-cost programs under $500 like QuickBooks and Peachtree, and some of the free online bookkeeping programs; I have arrived at the conclusion that for contractors with annual sales volume under $5,000,000 the only answer is QuickBooks For Contractors. For an in-depth comparison of QuickBooks versions, click here.

    We started using QuickBooks when it was first released in DOS version in the early 1990s and had been raving fans of it ever since. It's had problems and growing pains; however, Intuit, the parent company of QuickBooks, is good about finding and fixing the issues as evidenced by the number of contractors using it compared to their competitors.

     

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    Topics: QuickBooks Construction Accounting, Contractor Sucess, Contractor Tips, Contractor Operating Tips

    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

    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

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