Ten Minutes Waste Kills Your Construction Company Profits
Profit Drain #1 In-House Bookkeeper
Until Your Construction Company - Reaches at least $5 million in annual sales you cannot afford to hire a qualified bookkeeper or construction accountant.
For Example - You Hire someone with bad habits who is a Cheap Bookkeeper part time at $15.00 an hour for 10 hours a week thinking you will save money. The problem with that is you may not understand the true cost to have them on your payroll, including overhead, is closer to $25.86 per hour. See the chart below:
Every Ten Minutes Your Bookkeeper Wastes Is Costing You $4.30
Ten Minutes A Day Of Waste Could Cost Your Company $1,120.56 Every Year
At 10% Profit You Need $11,205.60 More Sales To Maintain Profit Margin
In Some Cases - We can do more work for less money by providing you with real construction bookkeeping and accounting + payroll processing + monthly and quarterly tax reports + year end W-2, W-3 + profit and growth management consulting + financial and job costing reports + paperless data storage and more at a lower overall cost and as an added bonus show you how to make more money than you are now!
Profit Drain #2 Cheap Tools And Equipment
Cheap Tools And Equipment - Cost a lot of money that you cannot see; out-of-sight means out-of-mind. Invest in the best tools and equipment you can afford because in the short run you will save money. Construction workers who take pride in their work produce better results faster with fewer repairs if they have quality tools and equipment.
Make More Money Faster - With productivity gains. See the chart below:
Every Ten Minutes Your Construction Worker Costs You $5.94
Every Ten Minutes A Day Of Unproductive Construction Worker Labor:
For Employee #01 Could Cost The Company $1,544.42 Each Year
At 10% Profit You Need $15,544.20 More Sales To Maintain Profit Margin
For Example - Your best construction worker asks for a tool:
It costs $1,200.00
It will save ten minutes a day in labor
It will last 3 years
The standard response is the company can't afford it!
Highly Profitable - Construction company owner's will ask their construction accountant to calculate the projected the Return on Investment (ROI) is and then consult their Strategic Business Plan to make an informed decision.
In This Example - It may make sense to finance the purchase even if it means using a credit card at 12% interest because the net return is $3,289.36 which is 245% ROI. See below:
Two Contractors Doing Similar Work - For similar customers with the similar direct and indirect construction costs will have massively different KPI Reports including the Profit and Loss Statements. Size matters when it comes to piles of money and bigger profits!
Construction Success is a few simple disciplines practiced everyday
Construction Failure is a few errors in judgment repeated everyday
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This Is One More Example of how Fast Easy Accounting is helping construction company owners all across the USA including Alaska and Hawaii 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 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
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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+