A fractional CFO, or Chief Financial Officer, is a finance professional working part-time, retainer, or contract. They bring the experience and expertise of a high-level CFO to your business – without the cost of hiring a full-time, in-house employee.
Fractional CFOs service several clients simultaneously, typically on a part-time, retainer, or contract basis. Their specialty is providing outsourced CFO services to small and medium businesses.
Because their financial management skills are so well-developed, it's common to bring one on board to help navigate a challenge.
Every construction business can benefit from dedicated financial management expertise, but very few small companies have the means to hire someone full-time—particularly in the lean early years.
Unfortunately, it's those first few years when a company is just starting up that establishing good habits with managing financial resources is so important, and, over time, can even make or break a construction business.
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Topics:
Bookkeeping,
Outsourced Accounting,
QuickBooks Construction Accounting,
Fractional Construction CFO,
Construction Chief Financial Officer
Many entrepreneurs operate with their business processes and systems in their heads. They know what they must do daily and how they want to get things done.
Unfortunately, when a construction business grows, and staff need to be hired – or the owner needs to take time away from the company – it's an absolute liability not having processes and systems documented in one place.
To be in business and to remain in business, become a business person! To run a construction 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 also 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.
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Topics:
Bookkeeping,
Outsourced Accounting,
QuickBooks Construction Accounting,
QuickBooks Do-It-Yourself construction Bookkeeping,
Construction Accounting Academy
Not everyone knows construction accounting, and it is easy to assume all accounting is the same. Even if you have outsourced your financial functions, as a small construction business owner, having a solid understanding of critical financial concepts is crucial to work with your advisor and 'speak their language". This article outlines several essential concepts that every small business owner should know.
Construction is a tricky business, and people's failure is expected. Most of our clients have either failed or come very close. It doesn't matter how many times you are knocked down; it only matters that you learn your lessons, get up, and go again. We noted these lessons years ago, owning and operating our construction company. By building a system and gaining insight from us, you can pick up from our mistakes, which you don't have to go through and can start avoiding before it comes crashing down.
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Topics:
Bookkeeping,
Outsourced Accounting,
QuickBooks Construction Accounting,
QuickBooks Do-It-Yourself construction Bookkeeping,
Construction Accounting Academy
Construction Accounting Basics For Construction Contractors
Construction Accounting is not a natural mindset for Construction Contractors. Construction Accounting has own language. Regular Accounting the language is Income Minus Expenses Equals Net Profit.
Construction Accounting is Income Minus Cost of Goods Minus Overhead Equals Net Profit. That simple little thing called Cost of Goods Sold is the primary difference between Regular Accounting and Construction Accounting.
Understanding that difference and how it relates to Job Costing and Job Profitability can get contractors like you firmly on the road to financial freedom.
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Topics:
Outsourced Accounting,
Assisted Do-It-Yourself Contractor Bookkeeping
Let me introduce myself, Hi, I’m Sharie when you call
I’m the voice on the other end of the phone
Calls come from Construction Contractors, Wives, Mothers, Bookkeepers, Advisors and others all wanting to find someone to reassure them that they are not crazy and what they expect and what’s expected from them is not unreasonable.
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Topics:
Construction,
Construction Psychology,
Outsourced Accounting,
construction suppport,
contractor divorce
As a contractor, you are highly skilled, intelligent and adaptable. That is a given because you operate in a multi-faceted changing environment doing the impossible with limited time, money and resources on every project and soon as one is finished another one is waiting for you.
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Topics:
Outsourced Accounting
Three Accounting Nightmares All Contractors Face
You went into business for yourself for a variety of reasons and in most cases you thought all you had to do was get good jobs, do the work and you would make a lot of money. In a very short while you got a rude wake-up-call and your reality check bounced. You found out getting the jobs and doing the work was only a small part of being a contractor.
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Topics:
Payroll Processing,
Job Cost Reports,
Quarterly Tax Returns,
Outsourced Accounting
