Cash flow and bad bookkeepers are the #1, and #2 reasons construction companies go out of business. 
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    Becoming A Better Construction Manager By Developing Accountability

    Posted by Sharie DeHart on Fri, May 14, 2021

    The success of any business, large or small, depends considerably on nurturing an efficient, productive workplace.
     
    While improving employee productivity should always be a priority when the ultimate goal is a sustainable and profitable business, the process is easier said than done.
     
    Being a better construction business owner is not just about the habits you practice in front of others. It is often about the habits you practice behind closed doors that make you an easy person to follow.
     
    Whether you work alone or managing a group of people, practicing accountability matters. Accountability is a touchy subject that can make many people feel uncomfortable, but it protects you as a leader and can exponentially increase the level of influence you have over a corporation or group of followers. 
     
    Read More

    Topics: Systems And Processes, Construction Project Managment, Project Management, Contractor Operating Tips, accountability, Construction Accountability

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

    Proven Practices To Collect Construction Client Payments Effectively

    Posted by Sharie DeHart on Fri, Apr 16, 2021

    All construction contractors have experienced bad debt's financial pain, which is defined as a customer who refuses to pay no matter what you do.

    We've been there before, and it will probably happen again in the future. Owning and operating any business, including accounting, means sometimes you provide goods and services and not get paid.

    Knowing The Answers Helps

    "If you know the answers, the questions will not bother you" - Randalism.

    When you sat for an exam or a school test and knew the material forwards and backward, it was fast and easy. The exams and tests for the classes you struggled with were the opposite.

    In your construction company, it is the same; you need the answers to develop understanding, which helps us all let go of the past and move forward.

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    Topics: Pay Applications, Systems And Processes, Contractor Operating Tips, payment issues

    Leading Contractors Successfully Through Major Organizational Change

    Posted by Sharie DeHart on Fri, Apr 09, 2021

    We are all currently experiencing and adapting to present pandemic times. We've probably adjusted our business model to cater to our clients, new and existing. Construction business change is almost always a good thing, but often poor management means that the workforce becomes disengaged and the change process painful. In the worst cases, this results in irreparable damage being done.

    It doesn't need to be this way. Follow these steps and empower yourself to lead your contractors through significant organizational change successfully.

    1. Understand the change

    Make sure you understand precisely what is changing and how it affects your people. Speak to whomever you need to ascertain this properly. You need to know what the impact is on your people and the jobs they do. 

    Educating yourself will mean you're better equipped to communicate with your staff. It will give them confidence that you are the right person to lead them into the unknown. It will also relieve their anxieties, as they will trust you to keep them informed and look after their individual and collective interests.

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    Topics: Construction Company, Systems And Processes, Contractor Tips, Construction Organizational Change

    The Ugly Truth About Doing Your Construction Company Payroll

    Posted by Sharie DeHart on Fri, Apr 02, 2021

    Still Doing Your Payroll?

    At face value, it seems like a great idea.
     
    If you're a small construction business owner with just a few employees, you probably think hiring a payroll specialist is an expense that you can avoid. 
     
    You feel that you can handle it yourself. You have the best intentions to keep your staff paid and on time. What could go wrong, right?
     
    Well, lots. Here are 3 reasons why you should stop:
     
    It's a time waster

    If you don't have a finance background, you'll likely spend a substantial amount of time calculating employees' work hours, computing for taxes and other deductions, creating payslips, processing, and filing.

    Even if you have a bit of a bookkeeping background, are you sure you want to spend your precious time doing these tasks instead of focusing on your construction business's core aspects?

    Read More

    Topics: Payroll Processing, The Contractors Account, Payroll Options, Construction Bookkeeping And Accounting, Systems And Processes, Contractor Tips, Payroll For Construction Contractors

    The Right Accounting Software Can Increase Your Profits

    Posted by Sharie DeHart on Fri, Mar 26, 2021

    Most construction business owners who use accounting software quickly master the basics. They automate processes like invoicing and payroll, track expenses, and view real-time financial reports to manage cash flow and make better business decisions. 

    What three reports do you need for your construction business?

    #1 Cash On Hand - This report shows you how much cash you have in your checking accounts, savings accounts, payroll accounts, hip national bank (your wallet), and petty cash box in your office. 

    #2 Cash Coming In - This report shows you how much cash your customers and clients owe you and how much of it will be likely to receive in the next 30-60-90 days.

    #3 Cash Going Out - This report shows you how much cash you owe yourself, suppliers, employees, and the taxman and how much of it will be likely to pay out in the next 30-60-90 days.

    Read More

    Topics: QuickBooks Product Information, Xero, What Is Xero Accounting Online, QuickBooks Construction Accounting, Contractor Tips

    Overcome The Struggles Of Hiring And Managing Independent Contractors

    Posted by Sharie DeHart on Fri, Mar 19, 2021

    For construction business owners, working with independent contractors can be a lifesaver. Although, hiring Independent Contractors can get very expensive, very fast!

    The Internal Revenue has a defined set of rules on the difference between an "Independent Contractor" and "Employee." With all the documentation in place, a person could still be classified in the eyes of the Internal Revenue Service as an "Employee."

    When you hire 1099 contractors

    You need to know that their state contractor's license, bond, and insurance are active. During audits, state agencies are now looking to check the bond and insurance. Anytime a contractor's license is suspended, the State may reclassify that person as an employee on your job.

    Read More

    Topics: Subcontractor 1099, Construction Project Managment, Contractor Tips

    How To Make 2021 Your Contracting Cash Flow Year

    Posted by Sharie DeHart on Fri, Mar 12, 2021

    Nobody wants their business to fail. Although it's impossible to predict the future with 100% accuracy, a cash flow forecast is a tool that will help you prepare for different possible scenarios in the future. 

    What is Cash Flow Forecast?

    Cash flow forecasting is the process of estimating how much cash you'll have and ensuring you have a sufficient amount to meet your obligations. By focusing on the revenue you expect to generate and the expenses you need to pay, cash flow forecasting can help you better manage your working capital and plan for various positive or challenging scenarios.

    A cash flow forecast comprises three key elements: beginning cash balance, cash inflows (e.g., cash sales, receivables collections), and cash outflows (e.g., expenses for utilities, rent, loan payments, payroll).

    Read More

    Topics: The Contractors Account, Systems And Processes, Construction Company Cash Flow

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