Money doesn't grow on trees; it grows inside your properly setup QuickBooks file that is maintained by people who understand construction accounting. All you have to do is follow the Contractors Success M.A.P. and in due time you can become wealthy. This article is going to cover one of the secrets we share with consulting clients known as The Cost Library.
A cost library is used to develop construction estimates and there are three basic types of cost libraries contractors use:
Two Sample Remodel Contractors - Each operating in the same geographical area with similar size crews doing roughly the same type of work for homeowners with similar demographic and psychographic profiles.
Contractor #1 Has A Business Plan - And focuses on activities that have the highest likely hood of generating a quick result. The 80 20 rule for construction company owners. They work closely with their business coach to continually update, develop and implement their custom strategy. They needed a business coach who gets his hands dirty, not just a idea people with education and no experience owning an operating contracting companies but an implementation people who have been where you are understands what you need and can teach you how to do it right including The Five Key Performance Indicators.
What Do You See - When you look at the two Profit & Loss reports above?
Most Contractors See Two Things:
Income is close to the same for each contractor
Net profit is over twice as high for contractor #1 as it is for contractor #2
What You May Have Missed - Are the dozens of things contractor #1 has done to lower the Direct Construction Costs and outsource the bookkeeping services which have resulted in more efficient operations.
Let us help you craft your own unique program just for your contracting company and help you gain clarity on how to set your business up to create a 6 Figure income Click Button Below For Your Contractors Success M.A.P. Strategy Session
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 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 sharie@fasteasyaccounting.com 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.
About The Author:
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+