Note: We are tracking the latest construction industry news and online resources for contractors in the time of COVID-19.
Please note that the PPP loans are closed; and other SBA loans are hard to get.

FEA Randal And Train
Call Us At 1-800-361-1770
Bookkeeping Trial Test Drive
Outsourced Accounting
Contractor Bookkeeping Templates For QuickBooks And Xero
Construction Accounting Academy

    The Value Of Unique QuickBooks Reports Specific For Contractors

    Posted by Sharie DeHart on Fri, Jul 31, 2020

    Some applications make almost everything easy, including accounting software. Too many contractors find out too late the adage "You get what you pay for" still applies.
     
    Hundreds of contractors and regular bookkeepers have told us how simple QuickBooks is to use, yet they cannot understand why QuickBooks for Contractors is so hard to use, and it is getting harder every year. I agree with them.
     
    Making a lot of money as a contractor is easy if you know what to do, and I don't mean your ability to produce more fieldwork than anyone else, although that does help.
     
    Each contractor type has unique construction accounting needs, which means if the QuickBooks process is custom-fitted to each construction company's needs, it is a beautiful thing.
     
    Read More

    Topics: QuickBooks Construction Reports, Profit And Loss Reports, QuickBooks Construction Accounting, Contractor, finance

    Brace Your Construction Business From Recession

    Posted by Sharie DeHart on Fri, Jul 17, 2020

    The pains caused by an economic downturn can be excruciating, which is why most of us dread it.

    A recession can mean massive layoffs, jobs becoming harder to find, and wages frozen, which means consumers hunker down and spend less-- often worsening the slowdown unknowingly. 

    For most businesses, especially small businesses, recessions can be brutal. Just take, for example, the Global Financial Crisis (GFC) that struck the world in 2008. Between December 2008 and December 2010, approximately 1.8 million small businesses shut down. When Investopedia looked into the financial crisis's impact on small businesses after a decade, they found out that business creation has not yet returned to pre-crisis levels. 

    Read More

    Topics: Be Do Have, Cash Flow, Construction Marketing, Business Plan For Your Construction Company, Contractor, Contractor Tips, finance, Construction Business After COVID-19

    What To Do If Your Construction Business Is Operating At A Loss

    Posted by Sharie DeHart on Fri, Jul 10, 2020

    Operating at a loss means you’re spending more money than you’re making. And while it’s not uncommon, especially for new businesses, it’s still not an ideal situation and shouldn’t continue in the long term. Otherwise, you will eventually run out of cash reserves and be out of business.

    So the first thing you need to identify is why you’re operating at a loss. If it’s because you’re still in the start-up phase, then you might not need to worry too much as long as you’ve got enough cash to meet your costs. But if the losses are due to a decline in sales, then it’s time to review your construction business and, if necessary, get professional help.

    Read More

    Topics: Profit And Loss Reports, Construction Marketing, Contractor, Contractor Tips, finance, Contractor Operating Tips

    Why Track The Construction Company Owner's Time On Jobs

    Posted by Sharie DeHart on Tue, Oct 15, 2019

    As a construction company owner, you are getting paid, paying someone, or both. Contracting is all about money and taxes. With your job being not only physically demanding but also mentally draining, have you considered valuing your efforts? I understand how challenging it is for you to keep tabs on your employee's schedule, but make sure you also track yours.
     
    The primary reason to track Owner's Time On Jobs is to have a more accurate Job Costing Reports. You need to know how much money each job is making or losing. As an employer, you need to adopt the use of a time tracking software to assure accountability and improve productivity in the workplace.
    Read More

    Topics: Payroll Processing, Contractor Challenges, Contractor, Contractor Tips, finance, Contractor Operating Tips, Payroll For Construction Contractors

    Top Reasons Why Contractors Have A Hard Time Loaning From The Bank

    Posted by Randal DeHart on Fri, Oct 11, 2019

    Contractors want money; banks want to lend money, what's the problem?
     
    Think of all the times:
    • You loaned money to a friend or relative
    • Provided labor and material for somebody's home or business without a deposit check
    • Did change order work that you never got paid for doing and never will
    • Gave employees an advance on their paycheck that you never got paid back

    Multiply that by 100,000, and you will begin to understand why banks seem so tight-fisted about loaning money.
     

    Read More

    Topics: Contractor Challenges, Contractor, Contractor Tips, finance, Banking

    The Secret To Winning Bids And Getting The Best Projects

    Posted by Randal DeHart on Tue, Oct 01, 2019

    Contractors have often told us that they're "one job away from making it big or losing everything". Our clients usually wonder why some of their competitors appear to be making a lot of money than they do when they seem to be doing similar work. 
     
    Not everyone seems to realize that in construction, money is not made in the field by working and pushing boundaries of tactical efforts - working harder and faster. Money is made in the office developing and implementing strategy.
     
    For example, a backhoe takes longer and more skill to mobilize and demobilize on and off a job site than a shovel. Tactics mean using a shovel for all earth-moving projects. Strategy means knowing when to use a backhoe and when to use a shovel.
    Read More

    Topics: Key Performance Indicators, KPI, Contractor Challenges, Contractor, Contractor Tips, finance

    How To Make More Money In Construction With SWOT Analysis

    Posted by Randal DeHart on Fri, Sep 27, 2019

    Developing a comprehensive strategy for your construction business can be about as much fun as wrestling a pig in the mud because:

    • It is slippery and hard to get control over it.
    • It will wear you out and frustrate you to no end.
    • You will swear it is a complete waste of time.
    • Your contractor buddies who are barely making a living will think you're crazy.
    • In the end, you will be thoroughly worn out, exhausted and mentally drained.

    What separates wealthy contractors from poor contractors?

    • It's not a lack of opportunities to bid jobs or get leads because getting leads is easy.
    • It's not lack of ambition because every contractor I know is active and ready to get busy.
    • It's not a lack of intelligence or the ability to develop a production method and follow it to the end.
    • It's not lack of money because if you follow my process, you know how to overcome that using O.P.M. (Other People's Money)

    Read More

    Topics: Contractor Challenges, Contractor, Contractor Tips, finance, SWOT Analysis

    Contractor Bookkeeping Using QuickBooks In Just Ten Minutes A Day

    Posted by Sharie DeHart on Tue, Sep 24, 2019

    QuickBooks users are generally not stumped by the software; they are confused by the accounting information necessary to complete the transactions. Quick access to correct information is essential to maintain the accuracy of your financial records.
     
    There are no limits to the number of items that can be entered into QuickBooks improperly. Messy files build transaction by transaction or merely put invoice by invoice, receipt by receipt can all be entered into QuickBooks incorrectly. No pop-up will say, "This Is WRONG" – Do It Over.
    Read More

    Topics: QuickBooks Training Online, Contractor Challenges, Contractor, Contractor Tips, finance, Contractor Operating Tips, Construction Books

    Why High Demand Doesn't Always Equal To High Profit In Construction

    Posted by Randal DeHart on Fri, Sep 20, 2019

    The business cycle operates like ocean waves that cause a lot of construction business to go out in a year or two. Some grew too fast without reliable financial reporting tools and proper guidance.
     
    As you may know, there is an expansion and contraction Isoquant that occurs in all businesses. For construction companies, it is accelerated because of the enormous risks in project work. The changes in demand for Labor, Material, Other Costs, Subcontractors can occur almost overnight which often causes a financial death spiral, and the contractor does not know they are in trouble before it is too late.
     
    Read More

    Topics: Contractor Challenges, Contractor, Contractor Tips, finance, Contractor Operating Tips

    Construction Company Cash Flow Management System

    Posted by Randal DeHart on Tue, Sep 17, 2019

    A wise business owner once said, "Happiness is positive cash flow." As a business owner, I'm sure you agree. Everything is better when your cash-in exceeds your cash-out.

    A cash crisis can be emotionally devastating, and it can even kill your business. If you've ever had to beg, borrow, and steal to cover tomorrows payroll you know what I mean.

    Read More

    Topics: Contractor Challenges, Contractor, Contractor Tips, finance, Contractor Operating Tips

    QuickBooks Setup And Chart of Accounts For DIY Contractors
    Download Our Free App For Construction Contractors

    click to download the Contractors APP now from the App Storeclick to download the Contractors APP now from the Android store

    Access Code: FEAHEROS

    accounting articles

    Subscribe by Email

    How Can We Help?

     
    Contractors Bookkeeping And Accounting Services

    Who We Help

    How We Help

    Next Step

    FAQ's

    Contractors Bookkeeping And Accounting Services

    Outsourced Construction Accounting Services For Contractors All Across The U.S.A. By Fast Easy Accounting 206-361-3950

    Serving Construction Contractors
    Across The U.S.A
    Including Alaska
    And Hawaii

    Podcast On iTunes
     
    Click Here To Listen In iTunes
    Contractor  Success M.A.P.
    Contractors Bookkeeping And Accounting Services

    Remote Access Your QuickBooks  Using Secure Servers

    Outsourced Bookkeeping Services For Contractors At Fast Easy Accounting

    Contractors Bookkeeping And Accounting Services

    T Sheets Pro Advisor Fast Easy Accounting

    Mobile Time Cards 

    Eliminate the job site to office paper shuffle

    Start My Free 14 Day TSheets Trial  

    Contractors Bookkeeping And Accounting Services

    Fast Easy Accounting Construction Accounting Specialists Member Of National Association Of Home Builders NAHB

    Contractors Bookkeeping And Accounting Services

    mbamember

    Join Our MBA Network

    Most Popular Posts

    Read the Latest:

    Browse by Tag

    badge

    Blog Suggestion Box

    We Remove Contractor's Unique Paperwork Frustrations

    Quickbooks certified proadvisor

    Xero-Accounting-Services-Fast-Easy-Accounting

    Financial-Intelligence-And-Performance-Reporting-Tool-Fast-Easy-Accounting Hubdoc-Document-Collection-and-Management-System MBA Member Fast Easy Accounting 206-361-3950
     
    contractor-success-map-podcast-listen
     
    Don't forget, you can hire our services at FastEasyAccounting.com
     
     
    How To Use Our Services