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How To Safeguard Your Construction Company From Employee Expense Fraud

Posted by Sharie DeHart on Fri, Aug 18, 2023

As a small business owner, you always look to keep your company running efficiently. Expense reimbursement fraud is the last thing you want to face. Not only can it hurt your bottom line, but it can also damage your construction company's reputation. Here we discuss employee expense fraud, the reasons behind it, and, most importantly, how to prevent it from happening to your construction business.
 
What is expense fraud?
 
Expense fraud is submitting falsified or inflated expense claims to receive reimbursement from the employer or avoid paying out of pocket. It is illegal, unethical, and detrimental to your business.
 
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Topics: Bookkeeper Embezzlement, Embezzlement, Contractor Bookkeeper Embezzlement, Construction Bookkeeper Embezzlement, Employee Fraud, financial fraud

How To Handle Construction Client Debt So You Get Paid On Time

Posted by Sharie DeHart on Fri, Aug 11, 2023

If your customers owe you money, the faster you can obtain it using effective collection tactics, the better. Ideally, you want to reduce the chance of bad debts and pressure on your construction company's cash flow.

It can be easy to neglect to manage your debtors when you're busy growing your business, but intelligent credit control is important. So it's crucial to have the skills to handle the people who owe you money well, especially if you want to avoid taking them to court.

When negotiating contracts with clients, try to set payment terms that help your cash flow, such as deposits or progress payments. Dealing regular payments for contracts that take months to complete has two purposes: it gives you cash flow to match your expenses and protects you from total loss on a project if the customer goes into liquidation.
 
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Topics: Invoicing, High Profit Repeat Construction Clients, Contractor Tips, How To Charge Clients, Get Paid On Time

A Guide To Serviced-Based Business Advertising That Works

Posted by Sharie DeHart on Fri, Aug 04, 2023

Marketing covers everything you do in your business that creates awareness, including advertising, brochures, competitions, trade shows, demonstrations, travel, direct mail, email campaigns, your website, and sponsorship. Let's narrow our focus to an integral part of Marketing - Advertising.

Advertising is a massive industry with multiple mediums for your message to be heard or lost in translation. It might sound like a no-brainer, but before you start planning your advertising, you must consider what you are trying to achieve from your investment. Your ultimate objective likely is to build sales, but other things to consider are increasing market presence and building your brand.
 
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Topics: Hiring Employees, Hiring Guide For In-House Construction Bookkeepers, Do What You Do Best And Outsource The Rest, Contractor Tips, Construction Employee

The Rundown To Running Your Own Construction Business

Posted by Sharie DeHart on Fri, Jul 28, 2023

Getting your construction business up and running and making a profit is usually much more complicated than it sounds. So let's focus on honing the skills you'll need to make it happen by acquiring these yourself or consulting professionals to help you.

What it means to be your own boss

Being your own boss might sound like it is the ultimate ticket to freedom and financial success – and it can be. But don't be fooled into thinking you'll be able to put in a few hours each morning and spend the afternoons networking over a round of golf. The reality is that most businesses require much hard work – more than your standard 9–5 job and over some years – before they start to make a reasonable profit, and many new construction businesses fold before they reach that point.
 
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Topics: Success In Owning A Construction Business, Contractor Tips, Building a Construction Business, Construction Employee

Finding The Right Construction Talent And Common Onboarding Mistakes

Posted by Sharie DeHart on Fri, Jul 21, 2023

As a business owner, you know the right people are crucial to your construction company's success. The best employees can help you achieve your business goals, improve productivity, and drive growth. But finding the people best suited to your team can be daunting, and sometimes it's easy to hire someone who seems okay rather than taking the time to find the best fit. 

Here are some steps to find and hire staff that support your business growth, whether in the office or the field.

Step 1: Define the job and necessary qualifications

The first step in finding the right talent is accurately defining the job description and qualifications. Is this a new position you're hiring for? Are there gaps in employee skills that need to be met? Is this a position that requires specific knowledge and experience? 
 
Remember that there's a difference between "must-have" qualifications and "nice to have" considerations. When setting out "must have" qualifications, include only those that are necessary to the person successfully performing the role. 

Remember also that the job salary should match the role and the qualifications. You can't expect to hire someone with ten years of experience by only offering an entry-level wage. 
 
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Topics: Hiring Employees, Hiring Guide For In-House Construction Bookkeepers, Do What You Do Best And Outsource The Rest, Contractor Tips, Construction Employee

Adapting Your Construction Business To A Slower Economy

Posted by Sharie DeHart on Fri, Jul 14, 2023

It's hard to go a day without reading something in the news about the state of the economy. Whether it's interest rates rising or the cost of living, there's no getting around the fact that in 2023 there are many doing it more demanding than a few years ago. But while there are some economic challenges for individuals and businesses, it's important not to go too far down the rabbit hole. Remember – economic conditions are forever changing, and history tells us things can change anytime.

If you're concerned about the economy's impact on your business or have already experienced its effects, read on. In this article, we'll explore ways to adapt and improve your construction company during slowdowns, so your business can emerge more substantial when the market bounces back.

Take the time to understand your market conditions
 
The news can often overwhelm us with negativity. While staying informed is crucial, consuming every opinion piece and social media commentary can lead to a negative mindset. Instead, focus on your own business and industry to identify the real challenges you're facing. Research might even uncover some opportunities too.
 
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Topics: Increase Sales And Profits With Tiny Changes, Business Round Table, Contractor Tips, Contractor Guidance, Construction Business Inflation

Cultivating Construction Company Productivity Through Staff Training

Posted by Sharie DeHart on Fri, Jul 07, 2023

When it comes to the construction industry, employee training and development is crucial for success. Providing employees with the necessary skills and knowledge can make their work more efficient and effective, leading to higher-quality results and increased productivity. From safety training to technical skills development, a variety of areas can be focused on in construction employee training and development programs. Investing in these programs not only benefits employees but also improves the overall success of the construction company.

Don't have an employee? As a construction company owner, it's important to prioritize investing in yourself and your growth. By paying yourself first, you'll be better equipped to make intelligent investments in your construction business and provide valuable training and development opportunities for your soon-to-be employees in the industry. This can lead to a more skilled and efficient workforce, which can ultimately help your business thrive.

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Topics: Construction Productivity, Production, Construction Employee, Staff Training, Contractor Training, Contractor Development

How To Manage Your Construction Company Payroll Effectively

Posted by Sharie DeHart on Fri, Jun 30, 2023

Payroll is one of those things that starts simply enough. You start your construction business and hire a few employees, and things tick along. It's straightforward enough to keep everything in line at first, but what happens to most companies is… they grow!

This is a great thing, but it also means that payroll becomes more complicated. As such an essential aspect of your business, payroll must run smoothly. Getting paid is, after all, the primary reason that most people come to work.
 
One of the biggest challenges contractors face is keeping track of overtime hours. With so many employees working on different job sites and projects, it can be challenging to calculate their overtime pay accurately. Complying with all federal and state labor laws is another essential aspect of a construction payroll system. This includes appropriately classifying employees as exempt or non-exempt, withholding the correct amount of taxes from their paychecks, and providing accurate wage statements.
 
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Topics: Payroll Processing, Payroll Options, Do What You Do Best And Outsource The Rest, Contractor Tips, Payroll For Construction Contractors

A Guide To Building A Solid Construction Company Marketing Plan

Posted by Sharie DeHart on Fri, Jun 23, 2023

As a contractor, having a solid business plan is essential for growing your company and attracting new clients. If you're serious about getting the best value you can for your marketing budget, you'll need to develop a marketing plan.

One of the first steps is to identify your target audience. Who are your ideal clients? What are their needs and pain points? Once you understand your target audience, you can develop a marketing strategy that speaks directly to them.

Building a solid construction company marketing plan is essential for any business owner looking to grow their company. With the right strategy, you can increase your brand awareness, generate leads, and ultimately boost your revenue.

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Topics: Success In Owning A Construction Business, Leadership Styles, Contractor Tips, Building a Construction Business

Construction Accounting Concepts You Can Benefit From Today

Posted by Sharie DeHart on Fri, Jun 16, 2023

As a small business owner, you know that managing your finances is crucial to the success of your business. But with so many accounting principles and practices, it can be challenging to know where to start. That's where we come in! This guide will break down the essential accounting principles that every small construction business owner should know. We'll discuss how these principles can help you keep track of financial transactions, create accurate financial statements, and make informed decisions for your business. So, let's dive in, shall we?

Why Are Accounting Principles Important for Construction Businesses?

Accounting principles are the foundation for any successful business. They provide a uniform framework for recording and reporting financial transactions, ensuring consistency and accuracy in your financial records. By adhering to these principles, you'll be able to:

  • Make better financial decisions based on accurate and reliable data
  • Monitor your business's performance and identify areas for improvement
  • Meet legal and regulatory requirements for financial reporting
  • Build trust with investors, lenders, and other stakeholders
 
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Topics: Construction Bookkeeping, Construction Accounting, outsourced construction accounting and bookkeeping, Cost of Goods Sold Vs. Expense, Job Costing, COGS

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