We are witnessing a remarkable transformation driven by Artificial Intelligence (AI) and automation. While these advancements promise to enhance efficiency and speed, business owners must recognize the enduring importance of soft skills in their teams for long-term success and competitiveness.

 

The construction industry has also experienced a significant transformation in recent years, driven by technological advancements. From project management software to drones and Building Information Modeling (BIM), construction business owners leverage these tools to enhance productivity, improve safety, and boost profitability. 

 

This blog post will explore how you, as a construction professional, can thrive in today’s tech-driven environment and what skills you can build upon to remain adaptable.

 

 

Access to the best available tools and information is vital in almost any operation but is especially crucial in the competitive construction and home service industry. To help with your year-end bookkeeping tasks, take advantage of our exclusive 40% discount on Bookkeeping Templates (consulting, bookkeeping review, and outsourced accounting subscriptions excluded) and Construction Accounting Academy classes through January 6, 2025. you can use our promo code YEAREND40.

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Topics: Systems And Processes, QuickBooks Year End Closeout, Technology For Your Construction Company, Happy New Year, Construction Systems And Processes, Year End Tips For Construction Contractors

As the year draws to a close, construction business owners find themselves in a critical period of reflection and preparation. The year's end is a time to celebrate past successes and an opportunity to assess financial health and strategize for the coming year. A thorough year-end financial checklist can help ensure your business is on solid footing as you move forward.

Access to the best available tools and information is vital in almost any operation but is especially crucial in the competitive construction and home service industry. To help with your year-end tasks, take advantage of our exclusive 40% discount on Bookkeeping Templates (consulting, bookkeeping review, and outsourced accounting subscriptions excluded) and Construction Accounting Academy classes now through January 6, 2025. you can use our promo code YEAREND40.

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Topics: QuickBooks Year End Guide, Systems And Processes, QuickBooks Year End Closeout, Xero Year End Closeout, Happy New Year, Happy Holidays, Construction Systems And Processes, Year End Tips For Construction Contractors

Wellness is an important aspect of life for everyone, especially construction contractors like you. Given the physically demanding nature of the work, contractors must prioritize their physical and mental health. Proper nutrition, exercise, and adequate rest are all necessary for maintaining a healthy body and mind. Additionally, taking breaks and managing stress can help prevent burnout and promote well-being. By prioritizing your health, contractors can feel better and perform better on the job.

 

However, maintaining a healthy work-life balance can be difficult for a small construction business owner, as most know. You may work long hours, sacrificing personal time and family obligations to keep your business running smoothly. The duties and responsibilities of running your own business often take priority, no matter how personal pursuits are essential for your well-being. 

 

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Topics: Contractor Tips, Construction Systems And Processes, Year End Tips For Construction Contractors, Work-Life Balance

As the year comes to a close, it's important to start thinking about your bookkeeping tasks to ensure a smooth transition into the new year. Deadlines are fast approaching, but it doesn't have to be stressful. 

 

Have you given your bookkeeper, wife, partner, accountant, or tax accountant the information needed to complete your reports? Accountants need good information to create detailed reports and save money on your taxes.

 

Here is where the expression "Garbage In Equals Garbage Out" comes into play. It is impossible to create Job Costing Reports when all anyone knows is the deposit amount on the bank statement.  

 

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Topics: QuickBooks Year End Closing Tips For Contractors, Contractor Tips, Construction Systems And Processes, Year End Tips For Construction Contractors

The year is almost over. Fourth-quarter and year-end deadlines are approaching. Most construction business owners who reach out to us describe this as their "Year End Madness" to prepare their documents for the tax accountant. 

The end of the year tends to be chaotic for construction company owners, but it's an excellent time to get some extra housekeeping done for your business. If you're on QuickBooks, you can click the Help Menu; depending on the year and version you're using, you can access the Year-End Guide, which will show you how to wrap up your business year. It's not an easy process, but it's all worth it. 

Why? Because tax preparers will take what you give them - they don't have the time, and it's much work that you've paid for, but a good tax preparer will know how much you can save if you can track your money. Bottomline - pay your taxes right, but it doesn't have to be more than what you owe.

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Topics: QuickBooks Year End Closing Tips For Contractors, Construction Bookkeeping And Accounting, QuickBooks Year End Closeout, Contractor Tips, Reducing costs, Year End Tips For Construction Contractors