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

    Five Ways To Make The Most Of Your Construction Business Downtime

    Posted by Sharie DeHart on Fri, Jun 18, 2021

    Every business experiences slow periods when the market for their goods or services lessens and sales drop. Construction business owners like you might be tempted to view downtimes as unproductive or wasted, but there are ways you can make the most of your business during these seasons.

    Here are five ways to ensure this time isn't wasted:

    1. Take a good look at your business

    When things are busy, it gets easy to fall into a habit of taking care of day-to-day tasks and forgetting your overall business picture. However, slower times are an excellent opportunity to step back from the daily grind and ask yourself if your business is still moving towards its goals, what opportunities or challenges are on the horizon, and whether it's time to try something new.

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    Topics: Construction Bookkeeping And Accounting, Construction Company Cash Flow, Contractor Tips

    Rebuilding Trust After A Negative Online Review

    Posted by Sharie DeHart on Fri, Jun 11, 2021

    Online reviews are an essential marketing tool for many small businesses, especially for service-based businesses like yours. They give potential customers and clients a chance to see how effective your goods or services are, how responsive you are to your clients, and what other people's experiences of your business have been. As a result, the vast majority of people check online reviews before making a purchasing decision.
     
    When reviews are great, that's a fantastic thing. But, unfortunately, it's when you get negative reviews that you have to adjust. You can't please all customers all the time.
     
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    Topics: Construction Company, Contractor Tips, How To Handle Negative Reviews

    The Art Of Selling Your Construction Services Effectively

    Posted by Sharie DeHart on Fri, Jun 04, 2021

    Sales are about addressing your customers' needs and problems. By understanding the issues clients face, you can show them how your service solves their problems. 

    Here are some tips for asking the right sales questions to better understand and help your customers. 

    1. Don't jump into sales questions right away.

    Sales aren't just about making a sale, although that's certainly part of it. Instead, sales are about building relationships. That's how you make a sale today and encourage repeat business tomorrow. 

    When you start asking questions, don't begin by asking questions about the sale specifically. Instead, ask questions that develop a relationship and give you a chance to get to know the client better. 

    For example, ask questions about their long- and short-term goals. After that, move into questions about the issues they face and what solutions they currently use. Then, find out what does and does not work about those solutions. That will help you understand your potential customer, which allows you to meet their needs right now and anticipate future needs.

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    Topics: Increasing sales, Systems And Processes, Contractor Marketing, Contractor Tips

    Digital Disaster Recovery For Your Construction Company

    Posted by Sharie DeHart on Fri, May 28, 2021

    Emergencies can happen in the blink of an eye. Gmail, Yahoo, MSN, and social media are all in the cloud. When disaster strikes, flood, fire, theft, earthquake, or a lousy bookkeeper deliberately destroying business records or computer crash, you are protected against data loss by these online programs. Buy another computer, set it up, and you are back in business.
     
    What about your bookkeeping records? Your customer list? Who owes you money? Who you owe money to? Payroll? Employee advances and loans?
     
    Job deposits, sales tax reports due, the list goes on. You never realize how much you depend on your Construction Accounting System until it is gone forever!
     
    What about your contracts, bids, other hard copies of documents you use to operate and grow your construction company?
     
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    Topics: Cloud Based Bookkeeping Services, Construction Bookkeeping And Accounting, Systems And Processes, QuickBooks Desktop Cloud, QuickBooks For Contractors Cloud, Contractor Tips

    Steps Construction Company Owners Can Take To Avoid Employee Fraud

    Posted by Sharie DeHart on Fri, May 07, 2021

    Billing schemes. Skimming. Check-tampering. Employee fraud is a real risk for businesses with fewer than 100 employees. In fact, according to the Association of Certified Fraud Examiners, small businesses lose almost twice as much per scheme to occupational fraud.

    If you Google Search "Construction Bookkeeper Embezzlement," you will see thousands of hits, and most of the problems construction companies suffered could have been avoided if the owner had known about and followed a few simple guidelines.

    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, and so they ignore us until it was too late.

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    Topics: The Contractors Account, Bookkeeper Embezzlement, Embezzlement, Systems And Processes, Contractor Bookkeeper Embezzlement, Construction Bookkeeper Embezzlement, Contractor Tips, Employee Fraud

    Winning Tactics For Contractor Paperwork

    Posted by Sharie DeHart on Fri, Apr 30, 2021

    You started your contracting company to have fun, be your own boss and do the work you love. Now you are overwhelmed with paperwork, and the fun is gone!
     
    One of the biggest struggles construction business owners deal with is the overwhelming amount of paper they have to organize as part of their everyday tasks. Invoices, receipts, bills, contracts, client records, pay applications, insurances, licenses - are just among the few in the seem to be never-ending "etc."
     
    Keeping essential documents is necessary. Most contractors go from one extreme to the other. One extreme is saving everything for decades, and the other is tossing everything out.
     
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    Topics: The Contractors Account, Contractors Bookkeeping Paperwork, Construction Bookkeeping And Accounting, Systems And Processes, Contractor Tips

    If My Construction Business Is Making A Profit, Where Is The Cash?

    Posted by Sharie DeHart on Fri, Apr 23, 2021

    Some construction business owners find themselves in the difficult position of running a business that appears to be profitable but still having no money in the bank. It's a critical situation to address. After all, a lack of adequate cash flow is one of the leading causes of small construction business failure. 
     
    Here are three reasons why profitable construction businesses have little money in the bank and what company owners can do to handle these tricky situations. 
     
    Read More

    Topics: Construction Bookkeeping And Accounting, Systems And Processes, Contractor Cash Flow Problems, Construction Company Cash Flow, Contractor Tips

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