Cash flow and bad bookkeepers are the #1, and #2 reasons construction companies go out of business. 
Do NOT hire any Contractor Bookkeeping Service until you read this guide.

Effective January 1, 2022, W-2 employees employed in WA state will be subject to a 0.58% payroll tax on all compensation. You can either pay the tax for the rest of your working years or own a long-term care policy before October 31, 2021.

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    Four Things To Consider Before Expanding Your Service Offerings

    Posted by Sharie DeHart on Fri, Oct 15, 2021

    If you're looking to grow your construction business, you might consider expanding your service offerings. Adding additional services is an excellent way to increase your profitability, diversify your income and expand your market. But there are essential things to consider before adding to your income streams.
     
    First things first - find the money. If you don't have savings earmarked to fund your ideas, you'll want to make sure your "scaling my construction business" plan includes adequate financial planning. Applying to a lender for a business loan is one option. In this case, you'll want to include up-to-date cash flow reports, income statements, budgets, and projections in your plan for a potential lender.
     
    If your construction business doesn't have a credit history, you may need to look at other options for financing your plans. Using a business credit card regularly and paying off the balance can help you build a good credit rating, which will help you prepare to apply for a loan down the road.
     
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    Topics: The Contractors Account, Construction Bookkeeping And Accounting, Systems And Processes, Business Planning For contractors, Contractor Tips, finance

    Understanding Roles And Why it Makes Sense To Hire Us

    Posted by Sharie DeHart on Fri, Oct 01, 2021

    I will start by quoting a short sentence found in the all-time best-seller "Basic Instructions Before Leaving Earth" That is an acronym; take the first letter of each word and put it together to form a different word. "No one can serve two masters, for either he will hate the one and love the other, or he will be devoted to the one and despise the other.." there is more to that, and the point is that concept applies to accounting.
     
    How many times have you hired someone with the expectation they knew how construction works, and then you found out they did not have a clue about it or your particular type of construction? It happens all the time, and the first thing that crosses your mind cannot be posted on this blog. We know how much you would like to take action and fix it immediately. But before you do all that, let's go back to understanding roles to know which one you need.
     
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    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

    Contractors, by nature, are tenacious, resilient, and have a tremendous amount of "Grit And Determination To Succeed," which means they are not easily disturbed or prone to react hastily or rashly at the first sign of trouble. This is just one of the many qualities I sincerely admire about these remarkable men and women.
     
    Like you, we have callouses on our hands, having owned and operated construction companies, and some of us have served an apprenticeship in one of the construction trades. In other words, when it comes to owning, managing, and making a substantial amount of money with construction and contractor service companies, we know what we are talking about.
     
    Incompetent bookkeepers can destroy your construction company and your finances. Unfortunately, until a contractor has gotten to know us, they tend to think of us as just another contractor's bookkeeping service. This means some contractors think we are crazy to suggest that any trusted employee, especially an in-house bookkeeper, would steal money from their company, so they ignore us until it is too late.
     
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    Topics: Builders Bookkeeping Services, Accountant, Bookkeeping Services, Construction Accounting, Contractor, Contractor Tips, Contractor Operating Tips

    The Advantages Of Healthy Competition For Your Contracting Business

    Posted by Sharie DeHart on Fri, Sep 10, 2021

    Starting a construction business means you'll compete with other companies that already exist. It's a good thing if you have a competition to go up against. Competition pushes you to be innovative. It also means there's an established community for your services.
     
    What about if you're considered a veteran at this stage? Understand that you cannot outwork your competition forever because you will grow old and tired in time, and there will always be someone else who is newer, younger, and works cheaper than you can.
     
    Being aware and mindful of what others in your industry have developed and provided leads to a newfound motivation and belief in making an impactful difference, whether within your company or your community.
     
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    Topics: The Contractors Account, Construction Bookkeeping And Accounting, Systems And Processes, Business Planning For contractors, Contractor Tips, finance

    The Actual Net Worth Of Your Construction Company

    Posted by Sharie DeHart on Fri, Aug 27, 2021

    Have you been in business as a construction contractor or specialty contractor for a while, and now you are wondering what your construction company is worth?
     
    Nothing is ever as good or as bad as it appears. If you are like most contractors, you learned a trade, skill, or craft, and after a while, you decided to go into business for yourself and make "The Big Bucks," which was one of the happiest days of your life. I've heard It said that boat owners experience two of the happiest days in their lives; the day they bought their boat and the day they sold it.
     

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    Topics: Builders Bookkeeping Services, Accountant, Bookkeeping Services, Construction Accounting, Contractor, Contractor Tips, Contractor Operating Tips

    Why Smart Construction Business Owners Never Stop Marketing

    Posted by Sharie DeHart on Fri, Aug 20, 2021

    One classic mistake construction business owners make when money gets tight is stopping marketing or cutting their budgets. At first glance, it seems logical to cut down your expenses during harsh economic conditions. However, in reality, it's the opposite of what you should do.
     
    When your construction company is struggling, cutting your marketing budget will further hurt your business. During this time, you should go the extra mile to be at the forefront of the minds of your clients and prospects. With an effective marketing strategy, you should be able to increase sales.
     
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    Topics: Increasing sales, Systems And Processes, Contractor Marketing, Contractor Tips

    How To Build An Effective Financial Plan For Your Construction Business

    Posted by Sharie DeHart on Fri, Aug 06, 2021

    Every business needs a financial plan. Your financial plan gives you a way to monitor and review your cash flow, make adjustments to your spending, and anticipate any upcoming economic issues. It can also make you more prepared to request funding or find investors so you can bring more money into your construction business.
     
    Although many business owners are aware that financial planning is essential, it is often overlooked. Without a financial plan, however, you could find your business doesn't make the money you expected it to—or you could wind up with unanticipated expenses and no way of paying for them.
     
    If you are a contractor, you are most likely a "doer," someone who gets things done, not now but right now! When you see anyone not swinging a hammer, drilling holes, pouring concrete, laying carpet, putting paint on the walls, or a thousand other construction tasks, the first thing you think is they are wasting time and money, and you want no part of that nonsense!
     
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    Topics: The Contractors Account, Construction Bookkeeping And Accounting, Systems And Processes, Business Planning For contractors, Contractor Tips, finance

    Five Key Points To Optimize Construction Sales And Profits

    Posted by Sharie DeHart on Fri, Jul 30, 2021

    Owning a construction company and being an employee requires different mindsets and attitudes or paradigms. Both positions are natural enemies and generate tension, leading to various diseases; mental, physical, emotional, and spiritual.
     
    Construction workers live in the real world, where everything can be seen, heard, felt, tasted, and sometimes smelled. They can look around and see evidence of their activities. Their long-term time horizon in years past was two weeks, which is why most payrolls are paid every two weeks. With various check cashing and payday loan outlets, their long-term time horizon has been replaced with now and right now!
     
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    Topics: The Contractors Account, Contractors Bookkeeping Paperwork, Construction Bookkeeping And Accounting, Systems And Processes, Contractor Tips

    The Challenges Of Construction Business Partnership

    Posted by Sharie DeHart on Fri, Jul 23, 2021

    Randalism: A Partnership is the only ship designed to sink.

    However, we understand your preference, so I would like to talk about it in this blog post.

    Joint ventures are a bit like change orders. They can be an incredible opportunity to make or lose much money very quickly. Almost as quick as betting money on a roulette wheel in a casino.

    Joint Ventures have their own accounting rules. The devil is in the details. How costs and profits are shared among the participants depends on how the joint venture is structured and the terms of the agreement.

    Contractors with annual sales of less than $10,000,000 often get together to work on a specific project. They find a friendly competitor to supply labor and equipment for a percentage of the job, hourly fee, or a flat number. This could technically be a "Joint Venture"; however, the time and scope are generally short and sweet. For example, a concrete contractor may have a large project requiring more finishers than on staff.

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    Topics: Construction Bookkeeping And Accounting, Contractor Tips, construction business partnership, business partnership

    Consequences Of Avoiding Your Construction Bookkeeping

    Posted by Sharie DeHart on Fri, Jul 09, 2021

    If you ask 100 business owners what they like least about running a business, the chances are good that bookkeeping will rank high on the list. It's an annoying and frustrating chore that takes up much time and is easy to put off until tomorrow.

    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.
    Read More

    Topics: Builders Bookkeeping Services, Accountant, Bookkeeping Services, Construction Accounting, Contractor, Contractor Tips, Contractor Operating Tips

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