If you have a task that you don't like to do, there's an app or software program to take care of it for you. It might take a few moments of your time to learn and understand how the software or app works, but doing so will save you valuable time and precious energy. It will also free you up to spend time on the tasks you love to do, not on all the paperwork and record-keeping that go along with running a business.
When you run your own contracting or trade business, your life involves many long days being on job sites while managing projects, staff, and clients. There probably are not enough hours in the week for you to deal with all the issues that arise while keeping your clients happy and taking time out of your schedule to manage your business is probably the last thing you want to do.
Thanks to a variety of online software companies, running your business is now a lot easier. You can efficiently manage your projects, employees, finances, and records all through your computer or tablet, freeing you up to focus on your clients.
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Topics:
TSheets,
TSheets Construction Time Card Calculator,
Xero For Construction Companies,
KPI,
QuickBooks Construction Accounting,
Contractor,
hubdoc,
receipt bank
Being in your own business can be the best time in your life. Alternatively, the worst time! No one starts a business, especially a contracting business, and have it rolling perfectly with a profit every step of the way. Between regulations, economic uncertainty, and other outside forces; always a learning curve.
Picking a Get-Me-By Contractor's Bookkeeping Solution in many cases is using an Excel Spreadsheet and a shoebox, file folders all dumped into a file box and looking at the Online Banking once in a while. This accounting method is the "I still got money, so I must be okay."
When you use today's Job Deposit To Pay For the material, labor, and subcontractors from the last job, it is also known as "Rob Peter To Pay Paul." Cash flow is never a problem until the sales stop; then it doesn't matter if it is the economy (your customers get laid off), domino effect (their customer didn't pay them), or you are unable to work due to being hurt on the job or get sick (flu or more serious illness).
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Topics:
QuickBooks Construction Reports,
Key Performance Indicators,
KPI,
QuickBooks Construction Accounting,
Contractor,
finance
Business dashboards are a valuable business intelligence tool, offering an "at-a-glance" big picture view of a company's performance.
Some construction business owners use a dashboard to track KPIs (Key Performance Indicators) relevant to just one aspect of their business, such as sales growth, marketing, or financial data. Others rely on an executive dashboard for an overview of data culled from various sources (e.g., their accounting software, CRM tools, and website analytics).
The great advantage of a dashboard is that it presents and compares complex data drawn from several sources using visual tools (i.e., tables, line graphs, and bar graphs). With access to this consolidated data – information that would take hours to compile and analyze on your own – business owners are empowered to make more informed real-time business decisions.
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Topics:
Construction Accounting,
Key Performance Indicators,
KPI,
Contractor,
Contractor Tips,
Contractor Operating Tips
Contractors have often told us that they're "one job away from making it big or losing everything". Our clients usually wonder why some of their competitors appear to be making a lot of money than they do when they seem to be doing similar work.
Not everyone seems to realize that in construction, money is not made in the field by working and pushing boundaries of tactical efforts - working harder and faster. Money is made in the office developing and implementing strategy.
For example, a backhoe takes longer and more skill to mobilize and demobilize on and off a job site than a shovel. Tactics mean using a shovel for all earth-moving projects. Strategy means knowing when to use a backhoe and when to use a shovel.
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Topics:
Key Performance Indicators,
KPI,
Contractor Challenges,
Contractor,
Contractor Tips,
finance
Common Issues With Accounts Payable
It is easy to put transactions in Accounts Payable (A/P) Aging Summary, and them forget about them. When writing a check from the checking QuickBooks does not automatically go look to see if you put something in Accounts Payable. Sometimes Accounts Payable will have transactions in Accounts Payable that do not belong there.
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Topics:
QuickBooks For Contractors,
Construction Bookkeeping,
KPI,
accounts receivable for contractors
Challenges Of Keeping Accounts Receivable Simple And Up To Date
Creating an invoice for the entire project seems like it is the simple way to track payments and have the current balance. The harsh reality is that if all of the work is NOT done Accounts receivable is reflecting a balance due that is NOT REAL.
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Topics:
QuickBooks For Contractors,
Construction Bookkeeping,
KPI,
accounts receivable for contractors
QuickBooks has over a hundred reports that can be viewed on a regular basis
You could spend all of your time seeing a report in QuickBooks and trying to find the way to populate numbers in the report.
Many reports are designed for specific things. Take for example the view of the Home Page. Just because the feature is on the Home Page in QuickBooks does not mean it is useful for every contractor.
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Topics:
Contractors Need Reports,
Cloud Based QuickBooks Reports,
KPI
Five Key Performance Indicators E-Book
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Topics:
KPI,
Key Performance Indicators eBook
Construction Company Owners Have Told Us - "I am one job away from MAKING IT BIG or LOSING EVERYTHING and it's keeping me AWAKE AT NIGHT! This madness has to STOP!"
If You Are Sick And Tired Of Gambling - Your construction company, your future and the futures of all the people who depend on you because you continue putting up with a Bad Bookkeeper who is training you like an organ grinder trains a monkey! Knowing their rotten financial reports are causing you to make bad business decisions putting you and everyone else on the edge of financial ruin because you have don't know what surprises tomorrow will bring...
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Topics:
Key Performance Indicators,
KPI
