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Essential Bookkeeping Practices For Construction Start-Ups

Posted by Sharie DeHart on Fri, Oct 27, 2023

Starting a new construction business is exciting but has its fair share of responsibilities. One of the most critical responsibilities is maintaining accurate records of your business transactions. From saving receipts to processing employee payroll, every money-related detail should be documented. It's not just about keeping things tidy; it's about understanding the financial health of your business and meeting all your tax obligations.
 
Don't underestimate the basics
 
Some small businesses continue to rely on traditional systems, like pen, paper, and a trusty shoebox. Although it may seem outdated, this method can work well for businesses with few transactions. These businesses might not have the latest payment technology and could be invoicing customers or receiving immediate cash or cheque payments. In such cases, they must maintain a record of all receipts, past, present, and future jobs, and a log of their customers and transactions.
 
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Topics: Restarting Contractors, Start Construction Company, Growth Coach, Contractor Startup, Construction Company Startup Tips, Grow Your Construction Business

Contractors Are Confused About Bookkeeping

Posted by Sharie DeHart on Fri, Jan 27, 2017



Many of you may begin with the thought; I am just a contractor.

I don’t want to be the business owner; I just want to do the work.

That is what is important. Yes, doing the work is important. Keeping track of your hard costs, soft costs, general expenses and overhead is the difference between making a profit or having a loss.

Ignoring the costs do not make them go away; it just avoids putting them on the tax return. Any missed expenses make your profit on the job look higher than it really is and causes you to pay more income taxes because all net profit is taxable.

All businesses need to keep track of their company expenses, including the material and much more. Contractors usually go from one extreme (doing nothing) to the other (trying to count every bean, every paperclip, all the nails and, the scraps of 2x4’s). The balance is somewhere in the middle.

Labor is the biggest cost you will face. As an owner / operator, you're entitled to the same wages your construction company would pay for having another construction worker on the payroll. Otherwise, why not go to work for someone else?

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Topics: Restarting Contractors, Contractors

New And Restarting Contractors

Posted by Randal DeHart on Tue, Jun 18, 2013

New And Restarting Contractors Welcome Here

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Topics: New Contractors, Restarting Contractors

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