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

This Podcast Is Episode Number 0233 And It Will Be About Contractors Struggle To Save Paperwork Needed For Taxes Tax Time! Corporate Income Tax Returns are due to the IRS by September 15th for S-Corp and LLC’s filing as an S-Corp Other types of corporations may be in a fiscal year with varied due dates. The only exception is any emergency extensions granted due to hurricanes (Harvey) or others. Personal Income Tax Returns are due to the IRS by October 15th which falls on the weekend and extended to Monday, October 16th. Keeping Paper 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. What To Save? What To Toss Out? We no longer need to print and save every document in file folders and keep adding new file cabinets. Happiness is every document that can be retrieved electronically at any time in the future. Sharie's Seven Paper Tips... Sharie’s Paper Tip 101 Save your receipts. If you have it i

This Podcast Is Episode Number 0232 And It Will Be About Contractors Need These Key Resources To Run Their Company Smoothly Contractors Need Additional Resources To Smoothly Run Their Business Running a Construction Business is part serious, part white knuckles, part smooth sailing with moments of fun. Because those moments of fun can be few and far between every Contractor needs to have a little humor. Try to see the glass is half full when it really feels like you are in “The Wizard of Oz, ” and instead of going to Kansas you went somewhere else less fun.     To help free up your time we have numerous FREE Items on FastEasyAccounting.com and located on FastEasyAccountingStore.com. We want to help you make your work time as smooth as possible.  Construction Definitions includes the 8/20 Rule | Chaos | Five At Five For Five | Unlicensed Contractor   https://www.fasteasyaccounting.com/free-construction-definitions-the-work-flow-process Construction Definitions A – Z is filled with Randalism’s including the h

This Podcast Is Episode Number 0231 And It Will Be About Unique Strategy Massively Increases Contractor Cash And Profits Contractors Are Selling Their Time First, Skill Second Value of Time – Your time as the Contractor is the most valuable. I hope you are doing the tasks that only you can do. Yes, you can do your contractor bookkeeping. My question is: Why Would You?   Your answer – I have a cash flow problem. Spending hours doing your bookkeeping will not solve that. In fact, doing contractor bookkeeping yourself will be painful, take time away from the things you do that make you money and take a lot longer than having someone else do it. Why, because every piece of paper has a story and your brain wants to replay the story (fast or slowly depending on the story). Say for example you waste an extra minute on every piece of paper. How long will it take you to finish all of the bookkeeping chores for the day, week, month or longer? This is after you have QuickBooks setup for your construction company and

This Podcast Is Episode Number 0230 And It Will Be About Contractors Make Decisions Every Minute Of Their Day  Making Decisions Never Ends For Construction Contractors Like You One of the basics of good decision making is being adaptable Think of decision making is being in a bumper car. You are constantly driving and trying to avoid the other bumper cars. If you hit one you back up and go again (reminder this is the only safe place to hit other cars). Rest of the time life as a contractor feels more like the Indy 500. You are driving as fast as you can, passing other cars, making pit stops, and scrambling to make it to the finish line. Translate this back to the real daily life of a Construction Contractor For Construction Contractors like you the paper work, processes and decision making are never ending. The concept of time is all about 10 minutes. Your coffee brews in less than 10 minutes.   Take a shower in less than 10 minutes.   Load the dishwasher in 10 minutes.   Take out the trash in less than 5 m

This Podcast Is Episode Number 0229, And It Will Be About Secret To Highly Profitable Contractor Is The Construction Accountant   Contractors Need Help Understanding Role of Accountants Contractors should have two primary accountants. One is the Tax Accountant the other is your Construction Accountant. Tax Accountant who does the Annual tax return for your business and your personal tax return. These are two of the Five Board Of Advisors Successful Highly Profitable Contractors Use To Operate And Grow Their Contracting Company Cash Flow And Profits. Why You Need A Tax Accountant? It is the role of the Tax Accountant to Roll Your Numbers up into a tax return. The first (2) pages of your annual tax return is a summary of all the pages, worksheets that follow. Everything must roll up to those two pages. That means that you could have multiple numbers from multiple pages that might go on a single line. The Tax Accountant manages those numbers. Remember when you were single and could use the EZ form? Then you g

This Podcast Is Episode Number 0228 And It Will Be About Our Proven Paperless Contractor Bookkeeping Replaces Bookkeeper Contractors Want Paperless Bookkeeping Services To Avoid Hiring A Bookkeeper The horror stories about bad bookkeepers (in-house or as 1099 contractors) are never ending. For this reason, Contractors are reluctant to interview or hire an outside bookkeeper. Many Contractors are frustrated that the person they hired costs too much appears to know less about bookkeeping than the contractor themselves. Contractors I have talked to mention they know very little about accounting and do not want to know more. You Want Someone To: Take over the bookkeeping Leave you alone Not ask a lot of questions Have everything ready for the Annual Tax Return Provide Financial Statements when you need them   YOU WANT TO KNOW IF YOU ARE MAKING MONEY NOT THE MIND-NUMBING PROCESS OF ACCOUNTING EVERYTHING SHOULD AUTOMATED AND PAPERLESS  YOU SHOULD NOT HAVE TO DO ANYTHING! THE SYSTEM IS THE SOLUTION!     When

This Podcast Is Episode Number 0227 And It Will Be About Contractors Need These Key Reports To Operate And Grow Your Company As A Contractor You Want Reports To Effectively And Efficiently Run Your Business You are not trying to make decisions by looking in the rear view mirror. You want to get a sense that there is “light at the end of the tunnel and know it is not an oncoming train” (author unknown) The question is How Much Detail is too much detail? If you are trying to track a job down to the number of 2x4’s, boxes of nails, joist hangers then I would politely suggest that is too much detail. Think in terms of a more broader scope. Common cost codes (commonly known as item codes, schedule of value, NAHB codes, CSI codes). These are all very important is a larger job or if the job is tying back to a Pay Application for the bank. This type of accounting will provide very detailed reports. The question is will you actually use these detailed reports. When you start an estimate are you thinking in that much

This Podcast Is Episode Number 0226 And It Will Be About Unique tax considerations running Contracting Company from home   Today's Guest Article Is From Ryan Tollefsen Planning to Run your business from a home office? Here's what to know about your taxes If you are planning on using your home office or any part of your home for business purposes or if you already do, it is time to address the tax issue. You have probably heard all sorts of different things about claiming a home office deduction and other deductions. As understanding of tax laws varies from person to person, some inaccuracies can occur. Let's take a look at the truth about the tax issues involved with running a business from your home. Deducting Home Office Expenses The Taxpayer Relief Act of 1997 softened the requirements to determine if the costs tied to a home office can be deducted. However, you can't deduct every single item used in your home office. The costs required to maintain your home office can only be deducted if nuanced IRS guide

This Podcast Is Episode Number 0225 And It Will Be About Successful Contractors Employees Produce Results We are excited that you are busy and hiring employees. How do I know this is true? The number of emails I receive about continuing education that reference employees are increasing. The topics you are sharing include wages, access to company funds, providing employee warm and fuzzies and you want to know what is the true cost including payroll taxes of having a Construction Worker on your payroll. More of your emails make references on How To Protect Your Construction Company from your employees. Employees with too much access to credit card accounts Employees with too much access to bank accounts Employees with too little accountability Paper time cards filled out randomly Protection comes from knowing the rules, putting systems in place, and dealing with the money. What type of compensation is required? What type of benefits are required? How to deal with Travel Pay? What should be reimbursed? How d

This Podcast Is Episode Number 0224 And It Will Be About Unique High-Profit Contractors Need Value From Their Accounting Software Price Vs. Value A Cheap Price does not always give you the “biggest bang for the buck” as the saying goes (author unknown). One of the reasons that we all like unit pricing in the grocery store is that it helps us determine which is the best value when deciding between sizes and between the store brands. Take for example ice cream. There are several main types: Labeled as Non-Fat, Low Fat, Reduced Fat, Sugar-Free, Creamy, Deluxe, Premium. A quick search on the web shows over 100 flavors is available.  We all have our favorite brands. I am a Creamy, Deluxe, Premium double chocolate fudge or dark chocolate usually costing a zillion dollars per ounce and an equal number of calories. Randal and I have brands and flavors we both like, and some flavors only one of us like. Thankfully our Ice Cream budget increased over the years. A low price was important back when we were “starving stud

This Podcast Is Episode Number 0223 And It Will Be About  Contractors Are In The Business Of Being In Business   As A Contractor You Are Either Getting Paid, Paying Someone Or Both Contracting Is All About The Money And Taxes Which is better for you, Employees or 1099 Contractors? In the world of the State and Federal Agencies. Someone who works for you is either an Employee (on W-2) or a Subcontractor. You need to be issued 1099 at the end of the year, and you need be able to prove they are legitimate Subcontractors! What we sometimes forget is the personal side of our life and do not realize we have employees. Nanny tax is for any household employees that you have for yourself, the obvious is the Nanny who provides childcare. It also includes a Housekeeper (unless using a licensed maid service). Reminder from Tax Accountants is the Elder Care market. If you have an individual who is caring for an elderly parent (they are subject to Nanny tax unless you are using a licensed service.) Do you have support peo

This Podcast Is Episode Number 0222 And It Will Be About Uniquely Highly Profitable Contractors Target High-Profit Enjoyable Clients Every Construction Contractor Has Clients Who Want To Help Part of the reason is that they want to be sure the project is moving and things are being done. Other times the goal is to hopefully save money.   In many cases, the most helpful thing a client can do on a project is keeping the area clean, pets under control and children out of the way. Anything other than that and you, the contractor could be at risk of losing everything you own or ever will if your client or customer is injured while working on your construction project even though it was their home or business. There is a reason why most automotive repair shops have a sign like the one shown below and as a construction contractor, you would be wise to have signs professionally made and use them on every construction site. Each type of construction has its own challenges but the overarching answer is to always give

This Podcast Is Episode Number 0221 And It Will Be About Contractors of all sizes must be adaptable to change Every time the phone rings you need to be willing to question what do they need are how far are you willing to drive to bid the job and do the work. Some types of work accepted or rejected may be based on the location of the job or by the state license. When starting out one of the first decisions to be made is “What Type Of Contractor Am I?” This decided during the process of the contractor talking to the Bonding Company, Insurance Company and The State Licensing Board who approves the company’s Contractors License. The Primary Questions to be answered are: What level of exposure, risk and your skills? How do you want to do these projects? Are you most comfortable being a Handyman? Are you most comfortable being a Trade or Specialty Contractor? Are you most comfortable being a General Contractor? Are you most comfortable being a Remodel Contractor? Are you most comfortable being a Home Builder? T

This Podcast Is Episode Number 0220 And It Will Be About Contractors Are Skilled In Construction But Not Usually In Construction Accounting Almost every Contractor understands how to do basic repairs and remodels on a house.   As the project grows it gets a little more complicated. Is it a kitchen remodel, a bath remodel, upgrading the laundry area? Building a Deck? Adding a second story addition? Adding a garage? Your Construction Accounting System started small and easy. Perhaps you tracked everything with bank statements and Excel sheets and it worked fine for a while. Later as your Construction Company grew and you began to wonder where you are making and losing money (Job Costing) and you realized you need to better understand Construction Job Cash Flow you purchased QuickBooks thinking it was "Quick" and that is when the trouble started... Each type of project takes planning and skill. Doing a teardown and then building a new house? Oh, maybe the zoning does not allow for a new house so technically it

This Podcast Is Episode Number 0219, And It Will Be About Unique Proven Marketing Tips For Your Contracting Company  For Most Construction Contractors Your World Is “Hurry Up” And “Wait.” Hurry up and answer the Call from the Customer.   Wait to make the appointment.   Hurry up and get to the job.   Wait for the Customer to come home, to be available.   Hurry up and create the proposal.   Wait for a decision.   In some cases, the Customer says “Yes” and then it is Wait for the Job Deposit. Wait to Start The Job Contractors doing Insurance Work are expecting to wait for Approval from the Insurance Company Wait for the 1st Installment from Insurance Company Wait for Inspection By Insurance Company Wait to collect Homeowner’s Deductible Wait for Final Payment By Insurance Company All of this Hurry Up and Wait for activity makes it hard for The Contractor to schedule other jobs. Many contractors are only holding a place open for the customer once a job deposit has been received. There Is A Better Way - Fill T

This Podcast Is Episode Number 0218, And It Will Be About Multiple Contracting Companies In QuickBooks Leads To Catastrophic Ruin     Contractors, Bookkeepers and Tax Accountants are trying to keep everything all in one place. That is great. A single bank account on the surface is the answer in simplicity. Sharie’s Cash Management 101 Training I Teach Contractors Please Do Not Do This! Why – when putting everything in one bank account; it could be a FINANCIAL DISASTER.   Go to Home Depot, Lowes or any other larger store.   Use your debit card; Drop or lose your debit card, Someone finds it and buy stuff until he or she have spent all your money! (may be a little harder with the chip but how many places can you run your debit card as a credit card?)   The point is that within a short time – All the money could be GONE! ALL THE MONEY COULD BE GONE BEFORE YOU REALIZE THERE IS A PROBLEM All the money is all the money and losing it could put a company out of business Just as there are Common Sense rules about

This Podcast Is Episode Number 0217, And It Will Be About Untrained Bookkeepers Are Too Costly   Construction Bookkeepers Without Training Is A Common Problem Many Construction Bookkeepers start out as Admin Assistants and get promoted to doing the Contractor's Bookkeeping in their free time. They were not hired to be a bookkeeper but as an office person who does a little data entry. This method not too bad if the employee stays a long time and grows with the company from owner working solo to gradually adding a few employees one at a time because as Randal says: Growing By The Inch Is A Cinch; Growing By The Yard Is Hard! The Term Is Commonly Known As “Grow Your Own.” This trusted employee ends up learning: How To Do Payroll For Construction Contractors How To Do Quarterly Payroll Reports For A Construction Company How To Do W-2’s For Construction Company Field And Office Workers How To Do annual 1099’s For Construction Company Subcontractors How To create Customer Invoices For Construction Contractor's

This Podcast Is Episode Number 0216 And It Will Be About Unique High-Profit Contractors Count All Their Income  The Ripple Effect Of Not Counting All Your Income Happens When You Go To The Bank For A Loan You need to be able to show the bank that you have enough sales to pay back the loan. For most contractors, an excessive amount of profit is NOT an issue. There are always more than enough expenses that happen naturally in your Construction Company. And there are always tools that need to be purchased, repaired or replaced. As 2017 tax season is finishing, I have heard from owners and employees who say. This Income or That Income doesn’t count. The fact is it all Counts. The underground economy may be there but don’t count on the information being a secret. Between Memberships, rewards cards and using a credit card purchases are being tracked everywhere by somebody. (Some contractors think buying a truck for cash is not traceable). Play it straight, report all of your construction company income and if you

This Podcast Is Episode Number 0215 And It Will Be About How To Show Clients Every Model and Upgrade From Your Office Today's Podcast is based upon a guest article from Kim Smith Of Render 3D Quickly Check out Render 3D Quickly! Render 3D Quickly is a company that takes appreciation of architectural aesthetics to a whole new level. The company does this through high-end 3D architectural rendering. They use the latest in 3D rendering software, competitive pricing, quick turn-around times, and a team of professionals that are highly trained experts in their field. Bring it to life through animation The 3D rendering is a program that allows interior designers, architects, builders, contractors, and developers to see, using 3D models and animations, what a project will look like before delving into it. The company has satisfied customers not only in the United States and Canada but China and Europe as well. The 3D rendering program allows for flexibility in the design and specifications with least of effort. It a

This Podcast Is Episode Number 0214 And It Will Be About Proven Contractor Bookkeeping Road Map We Make Contractor Bookkeeping Look Easy Because we do it every day, Monday through Friday and some holidays. This makes it over 300 days per year. With multiple clients, we are not new; it’s not new. The same goes in your field of Construction. You do many of the same things over and over again. The end result is so clean and tidy when the customer is watching you it looks like it was effortlessly done. That’s so simple “Why Couldn’t I Do That.” When I tried, it seems to be “A Lot Harder.” Everyone has a skill set. Construction Bookkeeping and Construction Accounting is what we do. I confess – we think we find it easier having come from a Construction Background (for Randal growing up in a construction family and for us personally having started, owned, operated several Construction Companies). We can speak with conviction about the basics and the more complex issues as you grow your Construction Company, Handym