Each contractor type has unique construction accounting needs which means if the QuickBooks process is custom-fitted to the needs of each construction company, it is a beautiful thing.

 

We have listened as our contractor clients have described to fellow contractors how "fast and easy QuickBooks is and what wonderful reports it generates" while the other contractor will describe in no uncertain terms what a piece of junk it is. The difference is in the QuickBooks set up. Two woodsmen will cut and stack vastly different piles of firewood in a day if one uses a chainsaw as it was intended and the other uses it as a cross-cut saw. Same tool, different result!

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Topics: Strategic Outsourced Bookkeeping Services, Outsourced QuickBooks Bookkeeping, Contractor Challenges, Contractor, Contractor Tips, Construction Accounting Online Classes, QuickBooks Template

Construction is a tough business, and people failure is common. Most of our clients have either failed or come very close. It doesn't matter how many times you are knocked down; it only matters that you learn your lessons, get up, and go again. Some lessons we already took note of years ago, having owned and operated our construction company. By building a system and gaining insight from us, you can pick up from our mistakes which you don't have to go through and can start avoiding before it comes crashing down. 

 

We are deeply passionate and committed in the construction industry that we want to support you, our clients and readers, to achieve your definition of success. Whether you're a contractor, owner, spouse, a business professional, bookkeeper, or accountant; we understand your frustrations because we've been where you are now, and we're here to help.

 

 

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Topics: Communication Skills For Better Accounting Results, Clients, Online Class, Construction Accounting Online Classes

Knowledge leads to profits and cash flow. What makes knowledge powerful? Use of knowledge. In this cutthroat construction industry, you may not be able to outgrow your competition forever, but you can always outlearn them.

 

Randalism: If you know the answers, the questions will not bother you.

 

The only real difference between success and failure is the answers. What kind of answers are you looking for? Alternatively, should we begin by pointing out that you might be asking the wrong questions? 

 

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Topics: Communication Skills For Better Accounting Results, Clients, Online Class, Construction Accounting Online Classes

Profitable contractors attend networking events not because they have nothing better to do; they do it because it pays off. You can either spend hours doing office tasks like bookkeeping or getting face to face with someone who may need your services. Meeting people gives you the chance to build and develop relationships, hire you, or refer you to someone who might.

Most of our contractor clients work alone or with a small team, making connections vital and refreshing to meet other professionals doing similar work.

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Topics: Contractor Challenges, Contractor, Contractor Tips, finance, Contractor Operating Tips

During my lifetime, I have seen too many contractors work hard, never have enough money to retire. Some of them die from exhaustion, and others just wore themselves out and lived their final years in poverty and only a few, less than 5% ever made enough money from owning and operating their construction company and outside investments to retire early enough and enjoy a comfortable lifestyle.

 

This article is a bit strong, and it could offend some folks. If it offends you, please accept my sincere apologies. I tend to tell it straight and not sugar coat anything because I have been involved in the construction industry most of my life beginning with working in my Step Father's construction company after school in the mid-1960s.

 

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Topics: Contractor Challenges, Contractor, Contractor Tips, finance, Contractor Operating Tips

To hire or not hire employees is one of the few optional things where the business owner gets to choose, change their mind or change direction as needed. With so much discussion about employees, payroll, and payroll taxes; you may feel that you are missing out by not hiring lots of employees. Reality is that as a small business owner, you DO NOT HAVE to hire employees.

Hiring, maintaining, and feeding employees is not the measure of success. Owner-Operators can open his or her business and do all the work themselves. Moreover, some construction business owners still go by "No Skills Required." Thinking that "The jobs we do are simple. It's easy, and anybody can do it …that's why they think you can too!" They say things like, "You can start right now. Let's not waste time on an employment application/background check and other stuff. No Training Required - I trust you to do the most skilled functions in my business because you need a job."

 

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Topics: Hiring Employees, Leveling Up

If a Contractors Bookkeeping Services System doesn't work and they want it fixed but will not allow any changes, they need a magician, not a construction bookkeeper. Our workflow removes paperwork frustrations only if the contractor is also willing to do their part.

It hurts when we have to let a contractor client go elsewhere because we are not able to help them. We sincerely believe we can help all contractors have more freedom, by earning more money, working fewer hours and sleeping better at night by taking the pressure off their bookkeeping so they can focus on financial reports and job costing reports, instead of data entry.

In a few rare cases, contractor clients have wanted specific financial and job costing reports, but they flatly refused to allow us to make changes in their contractors bookkeeping services system which would have made it possible.

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Topics: Contractor Challenges, Contractor, Contractor Tips, finance, Contractor Operating Tips

Journal entries are a quick and dirty way to get transactions in without putting forth the time and effort to enter each transaction. In the short run, you save time; in the long term, you can forget about the accurate Job Cost Reports.

 

QuickBooks set up right and choosing the correct QuickBooks Version (QuickBooks Mac here) is the most critical part of being able to generate accurate reports including Job Cost Reports all because it is the foundation upon which your entire financial system is built. Put the wrong foundation under your business, and it will not matter who is doing the bookkeeping because it will always be a mess and you will never get the reports you need to operate and grow your business profitably. Your Board of Advisors and especially your banker will be unhappy; however, they may not say it outright, just that your loans, lines of credit, and referral opportunities may be limited.

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Topics: Contractor Challenges, Contractor, Contractor Tips, finance, Contractor Operating Tips

As a construction or trade contractor, you are highly skilled, intelligent, and adaptable. That is a given because you operate in a multi-faceted changing environment doing the impossible with limited time, money, and resources on every project. Moreover, soon as one is finished, another one is waiting for you.

 

Many contractors like you feel that hiring a Professional Contractor Bookkeeping Service is a waste of money when you should be able to do it yourself. You press a few keys on your keyboard thinking you are going to get the results you want, accurate bank balances, a report showing who owes you money and who you owe money to, a Profit and Loss Report and Balance Sheet Report you can understand and if all goes well perhaps even some Job Costing Reports. Instead, what you get is a hot steaming pile of fertilizer that cannot even be used in the garden.

 

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Topics: Contractor Challenges, Contractor, Contractor Tips, finance, Contractor Operating Tips

Excellent communication skills are part of any process, and by definition, it entails more than just talking. Today, it's the phone, emails, messaging, faxes, and it includes the flow of soft documents. 

 

Of course, talking is a significant part of it.  Most of us would be lost without our mobile phones.  With internet access and a handful of applications, the newer smartphones replace the need for a traditional landline, fax machine, laptop, desktop computer or camera. 

 

Many people already go to their bank, move money, pay bills, and pay for services.  Banks have added the technology where you can stop going to the bank altogether, with the bank's app, you can now snap a picture of the check and deposit into your account from your customer's location.

 

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Topics: Communication Skills For Better Accounting Results, Construction Marketing, Clients