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Practical Tax Season Tips For Construction Business Owners

Posted by Sharie DeHart on Fri, Jan 12, 2024

Tax season can be a bit overwhelming for construction business owners, especially with many things to keep track of in our industry. But don't worry; we're here to help! We know that construction businesses have unique tax considerations that can be tricky to navigate, such as complex accounting and bookkeeping challenges and issues related to payroll and sales taxes. 
That's why staying informed about the latest tax laws and regulations is essential, as well as working closely with a qualified construction accountant and tax professional who can guide you through this process and ensure you comply with all applicable tax rules and regulations. 
Preparing for tax season is a year-round endeavor. Tip number one for construction company owners is to update monthly financials using a streamlined software or cloud-based system.
This way, come tax time, everything you need is in one place. Well-organized small businesses are better positioned to minimize tax bills while avoiding missing or inaccurate information penalties.
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Topics: How To Lower Your Tax Bill, Save Money On Income Taxes, Sales Tax, Tax Accountants, Reduce Taxes, Taxes, Contractor Tips

Becoming A Better Project Manager By Improving Communication Skills

Posted by Sharie DeHart on Fri, Jan 05, 2024

In the construction industry, communication takes many forms, including written reports, drawings, emails, and face-to-face meetings. Each form of communication has its own set of advantages and disadvantages. For example, written reports and illustrations provide a permanent record of information, but they may not be as effective in conveying complex ideas as face-to-face interactions. 
Understanding how construction business owners and project managers, like you, if you do both (a one-person company), adapt to their environment, and facilitate procedures could make your company run smoother because there is no money in workplace chaos.
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Topics: Leadership Styles, Construction Project Managers, Contractor Leads, Contractor Tips, Project Management, Project Management For Construction

Rest And Reset For Construction Contractors And Business Owners

Posted by Sharie DeHart on Fri, Dec 29, 2023

To be in business and to remain in business, become a business person! To run a business, you must be business-like. It's not sufficient just to be very good at what you do. Many people who are 'very good at what they do' have failed. The familiar cry: "I'm far too busy for that" is no excuse. Are you 'too busy' to be a competent businessperson? If so, your construction business won't last long. You must continue to develop your business skills.
To be a businessperson, you have to make an effort to become something of an 'all-rounder,' not just a specialist player. You can offer outstanding goods or services, but if you don't develop sound business systems, you are not a fully rounded businessperson, and your business will be in danger of failing.
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Topics: outsource bookkeeping, outsourced construction accounting and bookkeeping, Outsourced Accounting, Do What You Do Best And Outsource The Rest, Contractor Tips, Work-Life Balance

The Benefits Of Outsourcing For Construction Company Owners

Posted by Sharie DeHart on Fri, Dec 22, 2023

Outsourcing can offer a range of advantages for small construction businesses in today's competitive market. Not only does it reduce costs and free up valuable time for owners to focus on growing their business, but it also provides access to skills and expertise that may be unavailable in-house. Small construction businesses can streamline operations, increase productivity, and scale faster than ever by working with external professionals or firms who work in certain areas. 
Because a small business focuses on survival, you pay much attention to the bottom line. This makes much sense, but it also leads to being seriously overworked.
Contractors are under increased pressure to cut their prices to get enough work. And that means they need to reduce costs. New technologies and approaches in cloud computing for construction accounting give forward-thinking contractors a fantastic ability to get more for less -but in most cases, contractors' heads are still stuck in 1990, thinking they have to do everything themselves.
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Topics: outsource bookkeeping, outsourced construction accounting and bookkeeping, Outsourced Accounting, Do What You Do Best And Outsource The Rest, Contractor Tips, Work-Life Balance

Managing Work-Life Balance As A Construction Business Owner

Posted by Sharie DeHart on Fri, Dec 15, 2023

Wellness is an important aspect of life for everyone, especially construction contractors like you. Given the physically demanding nature of the work, contractors must prioritize their physical and mental health. Proper nutrition, exercise, and adequate rest are all necessary for maintaining a healthy body and mind. Additionally, taking breaks and managing stress can help prevent burnout and promote well-being. By prioritizing your health, contractors can feel better and perform better on the job.
However, maintaining a healthy work-life balance can be difficult for a small construction business owner, as most know. You may work long hours, sacrificing personal time and family obligations to keep your business running smoothly. The duties and responsibilities of running your own business often take priority, no matter how personal pursuits are essential for your well-being. 
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Topics: Contractor Tips, Construction Systems And Processes, Year End Tips For Construction Contractors, Work-Life Balance

How To Avoid Year-End Construction Bookkeeping Chaos

Posted by Sharie DeHart on Fri, Dec 08, 2023

As the year comes to a close, it's important to start thinking about your bookkeeping tasks to ensure a smooth transition into the new year. Deadlines are fast approaching, but it doesn't have to be stressful. 
Have you given your bookkeeper, wife, partner, accountant, or tax accountant the information needed to complete your reports? Accountants need good information to create detailed reports and save money on your taxes.
Here is where the expression "Garbage In Equals Garbage Out" comes into play. It is impossible to create Job Costing Reports when all anyone knows is the deposit amount on the bank statement.  
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Topics: QuickBooks Year End Closing Tips For Contractors, Contractor Tips, Construction Systems And Processes, Year End Tips For Construction Contractors

Why Online Reviews Matter And Ways To Deal With Negative Feedback

Posted by Sharie DeHart on Fri, Dec 01, 2023

In today's digital age, online reviews hold immense power and influence over the success of small construction companies. With easy access to social media, Google reviews, and review websites, customers can easily voice their opinions and experiences with your business online. Most people searching for a local construction company - whether they need a plumber, painter, or general contractor, will check their online reviews before deciding. 
Positive reviews can help establish credibility, build trust, and attract new customers. Conversely, negative reviews can damage a company's reputation and deter potential customers. Given the importance of online reviews, small construction companies should aim to provide excellent service and encourage satisfied customers to leave positive reviews.
As a small business owner, you must understand the importance of online reviews, as they will impact your brand image, sales, and customer loyalty.
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Topics: Website Search, Contractor Tips, How To Handle Negative Reviews, Online Feedback Matters

Recognizing The Value Of Construction Contractors In Our Daily Lives

Posted by Sharie DeHart on Fri, Nov 24, 2023

I was taking a moment to reflect on the challenges for the Pilgrims coming to America. They decided to make the journey with no guarantee of success. To build homes, plant crops, and take care of animals. Then, later, everyone chose to move West by wagon train, horse, or on foot. I am grateful for them! I think about my Grandparents and my Great Grandparents. What was life like when they were children? Where did they come from, and how did they get to where they were?

The family's oral history seems so inadequate. My father shared so much, but now it looks like so little. Be glad for the simple things we take for granted:

  • Going to the grocery store, deli, or restaurant for dinner
  • Living indoors with electricity and indoor plumbing
  • Driving a car
  • Crossing the water on a bridge or ferry

Modern times. I am all for living in the city with the gas station and grocery store just down the street. I appreciate reliable electricity, and tree contractors trim powerlines year-round to help prevent outages. I am grateful for the linemen who repair power lines during a storm so we have electricity.    

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Topics: Thanks To Everyone Involved In Construction, Contractor Tips, Black Friday For Construction Contractors, Value of Construction Contractors

Becoming A Better Construction Leader By Practicing Generosity

Posted by Sharie DeHart on Fri, Nov 17, 2023

If you have been lucky enough to encounter generous people, you understand they have a unique gift for garnering the respect and admiration of individuals around them. When you are a leader, having a positive relationship with the people who follow you is a huge asset you cannot put a price on. 
In the construction business, generosity and helpfulness are two fundamental traits that can make a business successful. When contractors are willing to share their knowledge and expertise with others, it creates a sense of community and fosters growth and success for everyone involved. Additionally, when contractors are generous with their time, resources, and even their finances, it can significantly impact the success of other businesses and individuals. 
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Topics: Leadership Styles, Construction Project Managers, Contractor Tips, Project Management, Project Management For Construction

Construction Company Budget Vs. Cash Flow

Posted by Sharie DeHart on Fri, Nov 10, 2023

Finding some certainty can make all the difference in the unpredictable construction business world. While the future remains a mystery, budgeting and cash flow forecasting tools can significantly reduce uncertainty, allowing you to anticipate challenges, learn from past events, and enhance your ability to navigate your business.

Budget vs. Cash Flow: The Crucial Distinction

A common misconception is that a budget and cash flow are interchangeable. A budget is a projection of future possibilities, enabling you to consider various sales and expense scenarios. On the other hand, a cash flow provides a record of actual expenses and sales revenue that flow into and out of your business each month. Although they often deal with the same data, their applications differ.

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Topics: Cash Flow, Construction Accountant Who Listens, Construction Company Cash Flow, Contractor Tips, Construction Business Budget, Budget Vs. Cash Flow

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