Contractor Success Map With Randal Dehart | Contractor Bookkeeping And Accounting Services

This Podcast Is Episode Number 0313, And It Will Be About Construction Company Technology Practices To Reduce Financial Management Cost There is a thread of success weaved into the fabric of the most successful, wealthiest, consistently most profitable house builders, general contractors, residential remodel contractors, flipper house contractors, commercial tenant improvement contractors, sub-contractors, specialty contractors, handyman, architects and designers and over 100 other types of contractors and construction-related companies - they adapt to a continually changing environment. Everything in the Universe is in balance, and parts of it are easy to see and understand and some parts are hidden in plain sight and require some effort to see and understand. Your ability to look beyond the initial statement and understand the hidden meaning why successful contractors adapt to change to survive and thrive will serve you well. The truth is the most successful, wealthy, highly profitable construction contract

This Podcast Is Episode Number 0312, And It Will Be About Job Costing For Small Construction Companies - The Key To Profitability  Job Costing, in its simplest terms, links the money you spent on a job against the money you received to do a particular job. It is the process of tracking all the costs related to a project to determine its profitability. A common misconception is that Job Costing is only for large contractors with a dozen employees. Since keeping track of all costs and expenses involves a lot of additional work for contractors and field workers, and most construction company owners do not see an immediate benefit, some contracting businesses still haven’t implemented Job Costing procedures despite the financial risks. In Construction Accounting, there are two types of Cost of Goods Sold (COGS) – Direct Construction Costs and Indirect Construction Costs. Both are equally important in generating useful Job Costing Reports.   (Everything that is not Overhead or Other Income and Expense falls unde

This Podcast Is Episode Number 0311, And It Will Be About Five Common Security Questions Contractors Ask Before Hiring Our Service  Right now, if you are like most construction company owners, your construction accounting records are in an unlocked file cabinet, or worse, sitting on someone's desk. As an accounting firm, our client's privacy and security remain our top priorities and are continually looking at ways to develop and evaluate our system to prevent breach and network holes. We utilize 128-bit Secure Socket Layer encryption which ensures that all data passed between the web server and browsers remain private and integral. There are two levels of restrictions and passwords must be entered before you can get your data file. At Fast Easy Accounting, Cloud Security is not an option- it is a fundamental requirement. We only use Intuit Approved Commercial Hosting Services. We have taken steps to select the best to ensure that your data is as secure as that found for online banking and financial instituti

This Podcast Is Episode Number 0310, And It Will Be About Contractor Bookkeeping: Outsource Or Do It Yourself I would like to start my blog post by asking you to reflect on your WHY. Pause for a while and think about the reason or reasons why you started your business. I highly doubt that your answer is rooted in accounting tasks or involved any type of bookkeeping project at the slightest. It is apparent that you’re passionate about what you do and you love working in the construction industry, be your own boss, and have the freedom you’ve dreamed of. I admit, small business owners - like myself, have learned to make the most of the resources we have. And as an entrepreneur, tend to take on the challenge of wearing multiple hats. Marketing your business, answering phone calls, responding to emails, scheduling appointments – to name a few. However, I am reminding you now that being a company owner and doing your accounting and bookkeeping requires a totally different skill set from being a construction expert

This Podcast Is Episode Number 0309, And It Will Be About Profit Draining Invoice Errors Contractors Make Without Realizing It Creating an invoice for the entire project seems like it is the simplest way to track payments and have the current balance. The harsh reality is that if all of the work is NOT done, accounts receivable is reflecting a balance due that is NOT REAL. Without proper tracking and matching of income and expenses, most construction companies never know if they made a profit until the job is over. However, due to your work’s nature, as construction contractors provide services on a per-job operation, issuing invoices make it all the more challenging and difficult than it has to be. The good news is that it doesn't have to stay that way. Consider the following invoicing errors contractors make and take actionable steps on how to avert them. Format You and your entire staff need to stick to a single standard invoice template that everyone will use throughout the job transaction. Not only will

This Podcast Is Episode Number 0308, And It Will Be About Three Things You Need To Deliberate When Starting A Contracting Company Would you like to start a construction company but can’t seem to move forward with your plans? There are a number of people who pass advice on how to start a profitable construction company, however, very few have actually done it. Hardly any of the ones that had done so had a clear understanding of where they were making or losing money, some have never gotten past the point of owning a J.O.B. (Just Over Broke) into a real company with employees who actually generated more money than they cost starting up. I am one of the few that has done it all and hopefully, this article will be of use to you. First, make sure you are open to a Paradigm Shift. According to the Merriam-Webster online dictionary, a paradigm shift is an important change that happens when the usual way of thinking about or doing something is replaced by a new and different way.   Three Steps To A Paradigm Shift Un

This Podcast Is Episode Number 0307, And It Will Be About How To Prepare Your Construction Business To Go From Local To Regional Scale The construction industry offers a lot of opportunities. Entrepreneurs developing a construction business have an insatiable desire to grow and expand. Even though this domain offers a lot of opportunities, it brings also a lot of challenges in the same package. Therefore, when you decide to expand your construction company from local to regional, there are a lot of things you need to consider. This article is going to show which strategies you can apply to have a successful transition. First, you should understand why you need to expand your construction in another city. Below you can find a list of questions you should answer before deciding if you are prepared for this move. Steps to Follow Before Expanding on a Regional Level What are your customers asking?  A successful construction business is the one that develops long-term relationships with its clients. When you sta

This Podcast Is Episode Number 0306, And It Will Be About How To Manage Late Payments For Builders, An Expert Guide One major headache for builders are the late payments of invoices. Builders seldom get the payment for their completed construction work at the right time and date. Professionals have recorded multiple payment cases and the slow paying issues are at the top of it. The unacceptable idea is that contractors seem like the last person to receive the reward for their hard work. Can you imagine finishing a building work without receiving a penny? Disappointing, isn't it? Cash flow is king! Numerous startup builder companies are depending on paid invoices of clients. These payments are the bloodline of the entire business. Therefore, unpaid invoices can affect the production of work. If you feel like your client is giving you a hard time with obtaining the payment, check out the following ways to secure the deal. 1. Review the signed construction contract First, always remember not to settle with a si

This Podcast Is Episode Number 0305, And It Will Be About 5 Ways Drone Technology Is Revolutionizing The Construction Industry Technology is shaking almost every facet of our personal and professional lives. Whether you are a tech enthusiast, a tired engineer or a corporate cog who loves the status quo, you can barely live without technology today. Automation, construction accounting software & accounting software, computerization, and artificial intelligence are now the order of the day. Then there is the drone technology. Initially, drones were used for aerial photography. But today, drones are finding broad applications in the construction industry. They are changing the way project managers operate a product. Drones make things accessible across different sectors of building development and infrastructure. Here is a quick round up of how this technology is revolutionizing the building and construction industry around the world. 1. Faster Site Surveillance and Inspection As a project manager, you nee

This Podcast Is Episode Number 0304, And It Will Be About Why Trade Shows Are Valuable To Your Construction Business (Featuring Seattle Home Show Spring 2019) Organizations and industries, no matter the career discipline, is fully invested in coordinating and taking part in conferences, summits, expos, and exhibits. Industry trade fairs are remarkably relevant to construction company owners because it leverages traditional marketing practices without being intrusive (because your target market comes to you), fosters real, solid relationships, and promotes camaraderie among your associations. Trade shows humanize your brand and company and add value to your business in general because it is: Experiential There’s a reason why global companies capitalized on the emotional connection; it’s more than just the product - it’s the experience. As Randal puts it, the homeowner doesn’t want the drill, but she wants a hole in the wall to hang the picture frame. Consumers’ emotions play a significant role in influencing

This Podcast Is Episode Number 0303, And It Will Be About Construction Bookkeeping And Accounting - Expectation Vs Reality Construction Bookkeeping is something you need to understand first, then learn. Over the years, hundreds of people have told us how easy QuickBooks is to use and how hard QuickBooks For Contractors is to use, and that is so true. Here is what I see repeated many times among construction companies: You usually hire an “office admin with experience in QuickBooks," ask your spouse or significant other to do it for you, or you try your best and do it yourself. Some would take the time to hire an in-house bookkeeper – not knowing what they need is a Construction Bookkeeper/Accountant. There is a world of difference between Construction Accounting and Regular Accounting. Construction Bookkeeping And Accounting - Expectation Vs Reality Posted by Randal DeHart on Fri, Feb 22, 2019 Find me on:  Facebook LinkedIn Twitter Google+   Share Construction Bookkeeping is something y

This Podcast Is Episode Number 0302, And It Will Be About The Top 5 Online Marketing Trends In 2019 With Actionable Tips For Contractors Whether someone found you via a referral, a word of mouth, or through the search engine results page, chances are not all of them will contact you instantly. Most likely, people will check and do an online research of your credentials and company’s credibility. That is what your website is for. Why should a browser choose your plumbing company? Can the site visitor afford your services? What are their options? It could be as simple as someone looking for faucet repairs and you only do brand new installations. Not only will your website provide essential details about your business, but it can also screen clients for you based on the information you provided. Serves both ways, right? You probably spend most of your working hours at the construction site but understand that your prospective clients (and former ones) are spending their time on your business site. Your online pr

This Podcast Is Episode Number 0301, And It Will Be About The Home Improvement And Repair Contractor Success M.A.P. You started your service business doing what you love thinking all you had to do was get good jobs, finish the work promptly, and make a lot of money. Then one day you get a rude awakening that getting jobs done and doing the work was only a small part of being in the home service industry. What started as an adventure turned into something not as fun as you thought it would be. You are now experiencing the challenges of being self-employed: How can I generate more leads? How much should I charge for this job? What can I do to be more productive and increase my profits? The secret is in thinking patterns and habits. Success is a few simple disciplines practiced every day Failure is a few errors in judgment repeated every day Which goes to show you that almost any home improvement contractor can generate enough cash flow and profits from their business to turn their contracting company from a p

This Podcast Is Episode Number 0300, And It Will Be About The Biggest Management Strategy Problems Construction Companies Face Nowadays Today's Guest Article Is From Jacob Dillon As a construction business owner, you're probably rarely concerned about management strategies. Perhaps, you are more focused on signing new contracts and successfully completing the work. Then, you measure the results, usually in the form of numbers that the accounting system launches. This is already a management strategy. You make plans on what kind of contracts you want to propose, and you plan the entire process around completing a contract. Then, you measure your achievements. If you implemented a marketing campaign to promote your business, your business management strategy is even more complete. But it’s not entirely complete until you call it with the right name and approach it from the right angle. We’re talking about a management strategy, also known as strategic management. This is the plan for managing your company’s res

This Podcast Is Episode Number 0299, And It Will Be About 8 Tips On Making Email Marketing Work For Your Business Today's Guest Article Is From Freddie Tubbs As a contractor, you probably have some former clients you want to stay in contact with and a need to bring the new customers in. The ideal way is to communicate with both of these groups in a timely, consistent manner and let them know what you are up to. Since most people use email to communicate, this could be an excellent opportunity for you to catch their attention and build a good relationship. It gives you complete control over who sees your messages and you can be sure that your emails will go to everyone on your list. Social media is, in contrast, quite fickle and sometimes people will miss your posts unintentionally. This is why well-written emails from you might do a far better job. Here is how to use email marketing for your construction business. Build an email list To build an email list, you'll likely need some sort of a website or online

This Podcast Is Episode Number 0298, And It Will Be About 7 Mistakes When Writing A Construction Business Proposal Today's Guest Article Is From Daniela McVicker If your construction company doesn’t provide unique services, you should clearly understand that you have a lot of competitors, who write business proposals almost identical to yours. It’s not surprising that clients always find it difficult to make a choice in your favor when all options seem to be equal. For this reason, it’s crucially important to learn how to make your construction business proposal stand out from the crowd. If you want to define, which mistakes you usually make and how to avoid them, just keep reading. Don’t understand client’s needs You will never win a competition if you send an identical standard construction business proposal to all your potential clients. It’s a totally wrong approach to gain trust. You should always analyze the specific needs of a client and create an exclusive proposal. You should clearly explain how your

This Podcast Is Episode Number 0297, And It Will Be About Contractor Loans: An Expert's Guide On How To Finance Your Business Running a contractor operation takes a pretty special individual, especially since there are going to be so many different moving parts with each and every project your contracting outfit takes on. Hammering out bids, winning jobs, managing a crew, knocking out material lists and – most importantly – making sure that you stay on top of your cash flow are all big pieces of the contracting business puzzle. Because of the size and scale of these projects (even the smallest of contracting jobs), things get pretty expensive, and the odds are pretty good you’re going to need to tap into business loans every now and again. But contractors, particularly those just getting started in the business with their own outfit, usually find unsecured business loans to be a headache and hassle to get a hold of. These kinds of loans usually aren’t given out to folks without a track record under their belt

This Podcast Is Episode Number 0296, And It Will Be About The Top 5 Online Marketing Trends In 2019 With Actionable Tips For Contractors Today more than ever, we live in a world where information is accessible at the touch of a button, a few clicks on your keyboard, or even just a voice command. Although it's hard to predict where new technologies will lead us, one thing is for certain - we are now all digitally connected. The internet has caused our businesses to thrive and survive and there's no way of blocking its impact in our day-to-day lives.  With that said, it is helpful to keep an eye out on these marketing trends that could influence how your target audience search and consume data along with actionable tips that could jump start your new year "to-do list":     Trend #1: A Functional Website (Content Is Everything) Your online storefront is your landing page. Although there's no manual for creating a high-converting copy and building a foolproof design, there is no denying that to establish your on

This Podcast Is Episode Number 0295, And It Will Be About The Highlights Of Our 2018 And Some Helpful Reminders It’s been another great year for Fast Easy Accounting. For those of you who have been with us through all these years, we appreciate your support; without our contractor clients, subscribers, podcast listeners, blog readers, and guest bloggers, we wouldn’t get to where we are today. As we look back on our 2018, I hope your fondest memories will include the time you’ve spent with all the things you love and are passionate about. And because we love what we do and we are passionate about serving our contractor friends - for us, this year was all about empowering your contracting business by continually providing you with outstanding products, high-quality services, and dependable resources for your bookkeeping and accounting needs. Year-In-Review Continuing Education We believe that knowledge is power and having access to the best available information is an important aspect for us to serve you bett

This Podcast Is Episode Number 0294, And It Will Be About Risks Construction Contractors Face While On The Job   Today's Guest Article Is From Rachel Porter Content Specialist At Custom Contractors Insurance Many people look at someone who has made it as a contractor and often find themselves wishing they were contractors too. After all, contractors are their own bosses, with flexible hours and, more often than not, a much-higher pay at the end of the day. Indeed, being a contractor has its perks. However, it’s hardly a walk in the park. As a matter of fact, contractors probably face more risks compared to regular employees, and they will always need construction contractors insurance to protect themselves. Let’s take a look at some of the risks contractors face while doing their job. Damage to or loss of tools and equipment For contractors, their tools and equipment are their bread and butter. There is no way they can do their job and deliver what’s required of them if their equipment are damaged and stole