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Contractors Need Reports Not Bookkeeping
How high is the stack of paper on your desk? 2”, 4", 6” or more? Would it be helpful to know more information than just how much and when the checks cleared the bank?Back In The “Old Days” a set of scales was used – one side for income and other for expenses. That was a simple way to determine Profit and Loss. Today most contractors want to know a little more detail
Those Piles and Piles of Paper sitting on the desk is packed full of Information. There are accounting systems that deal with both quantity and quality. QuickBooks for Contractors is a well-known program and it can do the basics (act like an electronic checkbook) or with proper entries provide useable reports to help contractors like you run your company more efficient and effective.
Most Contractors want useful and usable information (basic reports) plus customized reports that are specific to their needs commonly known as “Job Costing Reports”
The Accounting Software You Need Depends On The Level Of Reports You Require
Larger Construction Companies – With annual sales over $10 million usually want very detailed reports and they tend to choose specialty software that counts every bean and it takes a dedicated staff of construction accounting specialists to use this system.
There are several of specialty software packages available and most of them require monthly or annual fees based updates and it is always helpful to pay for training.
High Initial Cost
High Software Maintenance Cost
High Employee Training Costs
High Overhead Costs (in-house server)
As a percentage of sales for a $10+ million contractor costs are reasonable
Midsize Construction Companies who view construction accounting as an “Overhead Expense” or "Waste of Money" will try to get buy on the cheap. If we are discussing a brand new startup company you could understand why they might choose a paper system, spreadsheet model that does estimating and invoicing or a free program with pricey add-on’s or other systems simply because they don’t know what they don’t know. See Four Levels of Learning
Several years ago a spec home builder doing 10-12 projects a year was using Quicken and very frustrated that he couldn’t get any job costing reports, and really wanted job costing reports related to Work In Progress (WIP) reports…When I suggest QuickBooks for Contractors he immediately got enraged….about the high cost of QuickBooks……
Today, I hear similar complaints about QuickBooks Online (and other web based accounting software)…."It’s cheap!"….."I can download from the banks"….."I have several logins so everybody can see my financial reports and enter their own stuff". I get everything I want except CLEAN CONCISE Reports!......
Make My Web based accounting software “Do Everything” the same Key Performance Indicator Reports (KPI), financial reports and job costing reports that are in the desktop version of QuickBooks for Contractors! This online accounting software won’t.
QuickBooks For Contractors desktop version online has been something our clients have enjoyed since 2005. It is so good most people cannot tell the difference between QuickBooks For Contractors inside their desktop and our cloud server.
Then they tell me about how they have a positive mental attitude and believing for somebody to make an "app for that"….then there is the real world!
Any software will do most (easily) of what you want it to do…the object is to look for the best solution then get the software that works for you. Software is a tool, same as your smart phone, iPad, hammers, drills and equipment you get what you pay for no more no less.
QuickBooks For Contractors Desktop Version a great low cost accounting software that is equally valuable to you (if not more so) as your Smart phone. Why do I say low cost because a single license is good or (3) years of updates.
With our ability to have your Desktop version of QuickBooks in the Cloud you have all of the benefits of being on the go and someone else doing the work.
Frequently Asked Questions From Contractors
Do you understand Construction Accounting?
We have been construction accountants a long, long time and around construction even longer. Learn More About Us
Each construction company has common issues; the solutions are customized to fit their individual needs. Our niche is the small construction contractor who is US Based and usually family owned with zero to 10 employees including owners.
We want lots of reports, what do you offer?
Short Answer: Yes we can provide you with reports inside QuickBooks and we have a way for you to get reports without ever seeing QuickBooks.
Short Video Of Cloud Based QuickBooks Financial Reports
Without Having To Open QuickBooks!
We can assist you getting a better understanding your financial reports.
We use QuickBooks for Contractors and our customized QuickBooks setup is designed to facilitate built in job costing reports plus being able to nicely export to our Excel based pay application.
I keep losing money on change orders can you help stop the money leaks?
We have a process for managing change orders. Getting signed change orders can make a huge impact on the bottom line. Those tiny changes (up or down) in a project can add up and we have a process for that too!
Home Improvement Contractor, Hanover County Virginia:
"I found your change order how to video on YouTube and really like how you have it set up and appreciate the pointers you had to offer.
Because I am tired of these customers constantly changing stuff on us and creating delays or extra work. I need to start being compensated for my time, but want to make sure I am doing it the right way. Thank you for your assistance."
How involved do I need to be?
In All Cases - the owner should have a "hands-on" approach including paying the bills because we do not touch your money.
It is optional for our clients to have 24/7 access to their QuickBooks files and review their Key Performance Reports / financial reports daily. We continually improve processes to make other reporting methods available. With us handling the contractors bookkeeping services tasks your in-house staff is free to work on more productive tasks and do what they do best.
Who should be doing the construction bookkeeping?
Our contractors bookkeeping services system is as simple of taking over the daily bookkeeping and providing a platform for good habits going forward and/or acting is a support role for your current bookkeeper. The Key is “knowing who should be doing what” - Too many helpers, helping in your QuickBooks contractors file may not be helpful. For some companies their in-house person is fine and just needs a good foundation by having us do the QuickBooks Setup and they can enter the construction accounting transactions.
I want to keep my tax accountant
Great! We do not offer annual tax preparation services, just Quarterly Tax Returns. Your annual tax return should be done by a qualified tax preparer whose focus is your “Whole Life” business and personal and we can work close with your tax accountant to make certain they have what they need. By the way your tax accountant is part of your Board of Advisors that you are paying for already.
One of my competitors is doing better because he has a business coach
We provide some consulting, some coaching and some operational assistance in processes that is designed to help you grow. It’s automatically part of the services for our outsourced clients.
What if I want in depth private consulting to grow my company sales and profits?
We can customize a plan that fits your budget and your needs. Randal's area is financial and strategic consulting for contractors. Everything from complex financial modeling back to the basics as only a person who really understands construction, construction accounting, Gantt charts, scheduling, employees and more; but only if you ask!
What is the process for outsourced accounting?
We work from the first dollar in on January 1st to last dollar spent on December 31st and all of the transactions in between from customer invoices, bills paid and unpaid, payroll issues, reconciling bank and credit card statements, knowing what to look for on your vendor statements and more.
Can we chat and get to know each other without is costing a lot of money?
Absolutely! We offer a free one hour consultation and if it takes a little longer that is O.K. too! The relationship between you and your accountant is one of the most important business relationships you will ever have because we know what works and what doesn't.
Your next step is to contact me and I can be reached at 206-361-3950 (9-6 PST) Looking forward to helping you….(even if the only help is just listening)
Need A Mentor? - Someone who has been were you want to go and can guide you. We would like to be that person for you. Fill out the form on the right or call Sharie 206-361-3950 or email email@example.com and schedule your no charge one-hour consultation
For Construction Company Owners who do not need the full power of QuickBooks for contractors and want 24/7 online access we offer Xero Accounting Online and we have custom setup for construction companies. Click Here For More.
This Is One More Example of how Fast Easy Accounting is helping construction company owners just like you put more money in the bank to operate and grow your construction company. Construction accounting is not rocket science; it is a lot harder than that and a lot more valuable to people like you and me so stop missing out! Call Sharie 206-361-3950 or firstname.lastname@example.org and schedule your no charge one-hour consultation
Profitable Contractors and Construction Company owners have known about the value of outsourced bookkeeping services and contractor coaching services like ours for a long time and now you know about it too!
We Scan Your Receipts And Invoices link the appropriate transactions to QuickBooks or Xero Accounting Online depending on the construction accounting service you are using and provide ongoing Cloud Based Contractors Bookkeeping Services by accountants who understand construction.
Our Contractor Bookkeeping Services System Is A System
Thinking About Outsourcing Your Contractors Bookkeeping Services?
Click On The Button Below To Download A Free Guide
Need Help Now?
Call Sharie 206-361-3950
We Are QuickBooks Experts Specializing In Construction Bookkeeping Services
About The Author:
Randal DeHart, PMP, QPA is the co-founder of Business Consulting And Accounting in Lynnwood Washington. He is the leading expert in outsourced construction bookkeeping and accounting services for small construction companies across the USA. He is experienced as a Contractor, Project Management Professional, Construction Accountant, Intuit ProAdvisor, QuickBooks For Contractors Expert and Xero Accounting Specialist and Bill.Com Certified Guru. This combination of experience and skill sets provides a unique perspective which allows him to see the world through the eyes of a contractor, Project Manager, Accountant and construction accountant. This quadruple understanding is what sets him apart from other Intuit ProAdvisors and Xero accountants to the benefit of all of the construction contractors he serves across the USA. Visit http://www.fasteasyaccounting.com/randal-dehart/ to learn more.
Our Co-Founder Randal DeHart - Is a Certified PMP (Project Management Professional) with several years of construction project management experience. His expertise is construction accounting systems engineering and process development. His exhaustive study of several leading experts including the work of Dr. W. Edward Deming, Michael Gerber, Walter A. Shewhart, James Lewis and dozens of others was the foundation upon which our Construction Bookkeeping System is based and continues to evolve and improve. Check out our Contractor Success Map Podcast on iTunes and Follow Randal on Google+Follow Randal on Google+