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

This Podcast Is Episode Number 0213 And It Will Be About Common Myths And Misconceptions About The Construction Industry Today's Podcast Is Based Upon A Guest Article Is From Mike Pierce. As with most professions, there are various misconceptions and stereotyping in regard to construction work as well. Here are a few of the most common myths in regard to the construction industry: As with most professions, there are various misconceptions and stereotyping in regard to construction work as well. Here are a few of the most common myths in regard to the construction industry. 1.  Anyone can work in construction. The fact is that most construction workers are skilled tradesmen and others have some college education.in the construction industry, the construction companies invest a lot of resources (time and money) for the initial and continuous training of their construction workers. The training is most commonly in regard to the OSHA safety standards, as well as working with the newest construction tools, m

This Podcast Is Episode Number 0212 And It Will Be About Contractors Get Better Results When QuickBooks Is Cleaned Before Filing Taxes Contractors who ask for help in Cleaning Up their QuickBooks File before filing taxes have better results. Because The Tax Accountant is happier because the QuickBooks file is clean and easier to work with, they will likely find more deductions which can save you money and in some cases mean the difference between success and failure in your construction company. Because QuickBooks file is clean, the Tax Accountant will have fewer questions of the busy contractor.   Because QuickBooks file is clean, the Tax Accountant can easily find the reports needed to file the tax return Because QuickBooks file is clean, the Tax Accountant can focus on saving you money You are the Happiest because taking a trip to the Dentist for many contractors is less painful than going to the Tax Accountant. Once a Tax Accountant is “Broke In” you hate to change them. It shouldn’t have to be th

This Podcast Is Episode Number 0211 And It Will Be About Contractors Messy Bookkeeping Issues Solved Messy Bookkeeping Happens Just A Little At A Time When Contractors are doing their own bookkeeping, it becomes a problem that grows and grows There is not any limits to the number of transactions that can be entered into QuickBooks improperly. Messy files build transaction by transaction or more simply put invoice by invoice, receipt by receipt all can be entered into QuickBooks improperly. There is no popup that says “This Is WRONG” – Do It Over. Unlike loading the dishwasher or washing socks which have an end. You run out of dishes or can’t find clean socks. Filling up the dishwasher will magically produce clean dishes. After loading, adding soap, and pushing start the rest happens automatically.  Quality of clean dishes depends on soap, how you load the dishwasher and finally, pre-rinsing is optional depending on the dishwasher Same with the washing machine, fill up the machine, add soap, and turn on the

This Podcast Is Episode Number 0210 And It Will Be About Contractor Bookkeeping Basics Explained Contractor Bookkeeping Basics and Why Today’s technology says “Do Everything On Your Phone” Use an app to create an estimate, or better yet just send the estimate in the body of the email. That works when the customer’s reply is “Do It”. Great you start the job, finish the job, never send the customer an invoice; Why – They Don’t Need One – they know how much to pay from your original email. and you Included short explanatory paragraphs about each item of work you did. You move on to the next job. Weeks go by. If the customer is expecting a “formal invoice” and do not plan to pay until they receive one. More time passes; you are waiting to “GET PAID” and the customer is waiting “To Pay You”. Some customers will take the extra effort to call, leave a message, text, or email you asking for the invoice so they can pay.  MANY customers will say nothing until The Contractor sends the invoice they are NOT Paying and

This Podcast Is Episode Number 0209 And It Will Be About Contractors Struggle Over Choosing The Right Bookkeeper Contractors Struggle Between The Cost Of Having A Bookkeeper And The Value Received Because All Contractors Want To Have Is Peace Of Mind   Number 1 Frustration is discovering the contractor knows more about Construction Bookkeeping And Accounting than the bookkeeper they hired to do the job. Contractors end up trying to teach The Bookkeeper to do the job thinking every little bit helps.   Number 2 Frustration is the Construction Bookkeeper asks “Is that part of my job description?”   Number 3 Frustration is the Construction Bookkeeper will “Go beyond their duties and authority.” General frustration towards all employees who feel that no matter what pay rate, benefits and number of hours worked there is “No Appreciation” for what the Contractor is doing for them. When times are slow, or there is a lag between jobs The Contractor goes to great lengths to keep the employee working.   The Employee

This Podcast Is Episode Number 0208 And It Will Be About Twenty Unique Benefits To Have Your Contractor QuickBooks Desktop In The Cloud QuickBooks Online Is Not The Same As QuickBooks Desktop In The Cloud At a quick glance, it is easy to think that all QuickBooks files are the same no matter if it is on your desktop or in the Cloud because it appears to be the same product. Nothing could be further from the truth. QuickBooks Online is slow and clunky and changes early and often so just when you think you understand it... QUICKBOOKS ONLINE CHANGES! SOFTWARE PEOPLE LOVE CHANGING STUFF! CONTRACTORS LOVE GETTING STUFF DONE! QuickBooks Desktop Version has been around since 1991, and it has improved at a stable pace that contractors and accountants can keep up with. For the past several years our contractor clients have enjoyed the having access to the tried and true QuickBooks Desktop version in a Cloud environment. Why do I like using Cloud-Based Servers? For all the same reasons every Contractor has web access

This Podcast Is Episode Number 0207 And It Will Be About Contractor Vs. Tax Accountant View Of Financials Contractors View Of The Numbers And Tax Accountants View Are Different Tax Accountants Review Financial Statements After The Year Has Ended The Tax Accountant’s Role Is To Review The Previous Year Financial History based on the information provided create and file the Annual Federal Tax Return, Annual State Tax Return, and other Local or Payroll Returns. Washington State is a sales tax driven state. Other states have a State Income Tax, and others yet have a blend of both. The Contractors Role Is To Review What Is Happening Now and make Strategic Decisions about what to know in order to have a brighter financial future. The best way to do that is to have QuickBooks Setup to deliver your 5 Key Performance Indicators (KPI) in 5 minutes a day at 5 pm or whatever time is best for you. We call them the 5 At 5 For 5, and we can set them up in your QuickBooks for you! Click here to learn more. Every Constructi

This Podcast Is Episode Number 0206 And It Will Be About Saving Time & Increase Profits with Automated Data Entry Today's Guests On The Podcast Is From Michelle Dulog and Chelsey Kruger Representing Personable Inc. Do you feel like you’re losing more and more time to tedious manual data entry? Manually entering financial transactions is no easy task and often times robs you of time better spent growing your business and improving your business experience. So what if you could automate data entry into QuickBooks and save 90% more time in the process? Now you can, with ScanWriter. What is ScanWriter? ScanWriter, developed by Personable Inc., is an easy to use automated data entry software. Its specially designed scan and populate technology helps business professionals across the world automatically enter financial transactions into QuickBooks, and other accounting softwares, from paper or PDF documents. ScanWriter aims to eliminate manual data entry, saving 90% more time for its users and relieving the phy

This Podcast Is Episode Number 0205 And It Will Be About How Contractors Want Better Results Without Changing Anything Contractors Are Torn Between Over Or Under Managing Their Bookkeeping Contractors want to maintain control without making any changes. “Keep doing the same thing but expecting a different result.”   Throwing the receipts in a shoebox (behind or under the seat in the truck) is the favorite way to deal with paperwork. This is “Under Managing” and frustrates everyone around them who is playing “Where’s Waldo.” Job costing is nonexistent; bills are usually paid late, customers are unbilled, lost and forgotten. Micromanaging Every Detail Is An Over-Reaction From Years Of Doing As Little Bookkeeping As Possible To Get The Tax Return Prepared Just Don't Let Not Knowing What To Do Stop You From Making A Mess Of It Frustrated Contractors Call Me Every Day And Say: ·    I can’t get any reports ·    I don’t like the reports I am getting ·    My tax accountant is not answering all of my questions ·    H

This Podcast Is Episode Number 0204 And It Will Be About Answers To Questions That Keep Contractors Awake At Night   Today's Guest On The Podcast Is From Jeremiah Rizzo Cofounder Of Construct-Ed Jeremiah was interviewed for the Contractors Success M.A.P. Podcast and was very generous with his time and provided some extremely valuable insights for how you can find answers to specific pain points you have in running and growing a fun and profitable construction company. What is Construct-Ed? And why should you care? Construct-Ed is an online learning site where Pros in the industry can go to learn how to grow their business, skills, and knowledge from other experienced Pros. There’s over 185 on-demand, video courses published by real experts in the industry. Why does that matter to you? Because Construct-Ed exists to help you solve your pains, and grow where you need to grow. Like, right now. We’re not CEU focused, or compliance driven training. We’re one place to learn what you need to learn right now, to g

This Podcast Is Episode Number 0203 And It Will Be About Contractors Accounting Chaos Solutions Marketing Headline is Contractor needs Accountant. The Answer is Yes – Every Contractor needs a Construction Accountant. The Question is Why Does the Contractor need an Accountant? Does the Contractor have an Accountant? Does the Contractor have Bookkeeper? Sometimes the Answer Is Yes. No Charge One-Hour Consultation Definition of Free One Hour Consulting from the contractor side is: I am a General Contractor My life and accounting is in Chaos What does it cost to fix it? Will you invoice my clients? Will you pay all my bills? Will you pay all my taxes? Will you pay employees? If you have any data that you can include relating to your list, include that in your introduction, too. I received a call from a prospect a couple of years ago. She asked questions similar to the ones above. When I started to ask questions about her business her immediate response was: “I am asking the Questions – Not answering any of

This Podcast Is Episode Number 0202 And It Will Be About How Contractors Maximize Lines Of Credit To Grow Their Businesses  Contractors that want to grow their businesses have only a few funding options. Friends and/or family members offer a low-stress way to secure funding. Taking out a small business loan from the Small Business Administration (SBA) is another viable funding alternative. Of course, banks offer a wide variety of loans to help small businesses raise cash. However, most contractor requests for funding are for the little things that make a business hum, such as more inventory and a new point of sale system. This is when lines of credit offer the best funding source for contractors to grow their businesses. Overview of Credit Lines Small business credit lines provide a sound method for funding the expenses required to start a business. Opening a line of credit represents a common way small businesses purchase inventory and pay off construction costs. Credit lines give contractors access to cash

This Podcast Is Episode Number 0201 And It Is About Contractors Are Confused About Bookkeeping Many of you may begin with the thought; I am just a contractor I don’t want to be in business; I just want to do the work That is what is important. Yes, doing the work is important. Keeping track of your hard costs, soft costs, general expenses and overhead is the difference between making a profit or having a loss. Ignoring the costs do not make them go away; it just avoids putting them on the tax return. Any missed expenses make your profit on the job look higher than it really is and causes you to pay more income taxes because all net profit is taxable. All businesses need to keep track of their company expenses, including the material and much more. Contractors usually go from one extreme (doing nothing) to the other (trying to count every bean, every paperclip, all the nails and, the scraps of 2x4’s). The balance is somewhere in the middle. Labor is the biggest cost you will face. As an owner / operator you'r

This Podcast Is Episode Number 0200 And It Will Be About The Definitive Guide to Online Marketing for Contractors  Today's Guest Article Is From Joseph Hughes Founder Of Contractor Dynamics Joseph Hughes was interviewed for the Contractors Success M.A.P. Podcast and was very generous with his time and provided some extremely valuable insights for how you can market your Contracting Company. The article below is a recap of some of the precious gems he shared on the podcast. As a construction company owner or manager, you’ve undoubtedly faced some frustration with marketing your business effectively. Maybe you’ve invested in marketing and web services, but haven’t gotten the results that you expected or were promised. Or perhaps you are so overwhelmed with the amount of information out there, often conflicting, that you haven’t decided what you want to do yet. Trust me, feel the pain. I spent over a decade in the construction industry prior to starting Contractor Dynamics. Word of mouth is great, personal ref

This Podcast Is Episode Number 0199 And It Will Be About Contractors Are Self Motivated To Be Successful A person makes the decision to become a contractor. It’s easy. Now you are the boss; no one to tell you what to do, how to do it when to do it. Yes – It’s easy.  It’s Morning, Are you ready? In Washington State being a contractor is fee-based. If you are not choosing one of the mechanical trades, there are usually no addition tests or licensing. Each state has different rules. Some states have a General Contactor’s test that confirms you have the most basic construction skills. Others states start most contractors out under a Handyman License.     What are some of the things you thought about being when you grew up and out on your own? From a small child, preschooler, then from grade school kid to the teenager to the adult.   I suspect you and your friends you never played contractor and customer; and yet life happened. Most people pick up a few “Handy Skills” from living in a house, condo or apartment.

This Podcast Is Episode Number 0198 And It Will Be About Contractors Ready Start Go Happy New Year New Year’s Day is the day to make New Year’s Resolutions and a start fresh. It is a reset button for every Contractor business on January 1st of every year. The previous tax year ends on December 31st. Final expenses for December will be coming in by email or US Mail. What is New? What is The Plan? What is Next Target? Did you meet Last Years Goals? What is Different From Last Year? Is there anything you Plan On Changing? Did You Take The Polar Challenge? “Polar Challenge” has a whole new meaning when someone says “Go Jump In The Lake”.  Many look at the Polar Challenge as a way to cleanse the body and have a fresh start to the New Year. Others yet just want to do something fun and wacky with their friends. New Year’s Resolutions I have ever seen have been was all about doing More of This and Less of That To Have More Things or To Reduce The Stuff You Already Have A To Do List and A I’m Going To Stop Doing Th

This Podcast Is Episode Number 0197 And It Will Be About Contractors Last Minute Payroll Deadline For 2016 Happy New Year 2017!   It’s almost the end of the year and time to decide if your employees deserve a Bonus. You may call it a Generic Employee Bonus, Christmas Bonus, Holiday Bonus or Year End Bonus Giving An Employee Bonus Comes Down To Cash Flow Here Are Some Key Questions To Ask Yourself: Can I afford to give a bonus? Can I afford to give a Bonus to my employees? Do I want to give a Bonus to each of my employees? How do I decide how much Bonus should I give? Reality Check - Is Bonus Taxable? Starting with the last question first. In most cases, it may be taxable. All forms of Income including Bonus is income to your employee. All income is subject to State, Federal Payroll Taxes and is part of the employee’s W-2.   The most common are to give your employee a set amount known as a ‘Net Check”. It would not quite seem the same to say here is your bonus for $200.00 but the actual check received is

This Podcast Is Episode Number 0196 And It Will Be About Merry Christmas From One Contractor To Another Merry Christmas from One Contractor To Another Merry Christmas to all.  Everyone celebrates the Holiday Season in his or her own way. Even the “Bah Hum Bug” people get pleasure out of their “Bah Hum Bug”ness.  Enjoy, Embrace, Be Glad, Be Joyful and maybe a Little Sad. (No one is up and happy a 100% of the time)  Do something nice for others. A smile is easy; it’s always with you, and it’s FREE. It can be a simple thing.  Perfect Example. Last weekend a young man waited specifically to open the door at the Post Office.  Did he have to? No.  Did I need the door opened? No.  Were my arms full of packages? No. But he turned and waited patiently for me to cross the parking lot so he could open the door.  Why? That act of kindness was important to him.   Why? My reaction was to thank him politely. And I smiled in appreciation.  My reaction could have been different, nasty, snarky; but it wasn’t    Getting my door

This Podcast Is Episode Number 0195 And It Will Be About Assisted Do-It-Yourself Construction Accounting   Fast Easy Accounting Do-It-Yourself Construction Accounting Store Is Open For Business Most Contractors Setup QuickBooks Desktop Version In One Of Three Ways: #1 EZ Step Interview inside QuickBooks Setup #2 Asked Their Tax Accountant To Setup QuickBooks #3 They Attended A How To Setup QuickBooks Class Or Seminar And they all run into the same problem QuickBooks does not work the way they want it too. The Answer: #1 Click Here To Buy An Entire QuickBooks Setup For Your Specific Contracting Company #2 Click Here To Buy Just The Chart Of Accounts For Your Specific Contracting Company Or Keep Reading And Find Out Why QuickBooks Is Not Working And How Our Do-It-Yourself Solution May Be The Answer You have been searching for long and hard. Our QuickBooks Setup and Stand Alone Chart of Accounts Store For Construction Contractors has packages with 200 to 1100 accounts specifically designed for Contractors all a

This Podcast Is Episode Number 0194 And It Will Be About How To Find Your Ideal Customer Profile As A Contractor Today's Guest Article Is From Hannah West Representing Modernize.Com When it comes to branding your contracting business, you probably have a checklist that includes a logo, a website, print advertising, and customer outreach. But these essential efforts are in vain if you don’t deeply consider the audience you’re attempting to reach. Customer profiles are the perfect tool for understanding the people who will seek your services and what they want from you as a contractor. Home Improvement Leads offers advice for fleshing out those profiles in order to market your business more effectively.   Think about What You Offer Before you can know your customers, you have to know yourself. Consider your services and your mission. What sets you apart from other contracting companies? Do you offer eco-friendly construction and renovation services? Do you specialize in luxury homes? Do you work primarily on