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Back office support can make or break your construction company and that’s where we come in. We can do you the most good by bringing order to your chaotic contractors bookkeeping mess! Most of our clients come to us because they believed they needed someone to straighten up their contractors bookkeeping services system, help them get current or quarterly payroll tax filings, sales tax returns and a variety of other tax issues. That is only the tip of the iceberg! 

The real value in working with us is not just getting you out of trouble now but keeping you out of trouble in the future so that you can focus your time and energy where it will do you the most good…acquiring profitable and pleasant customers and clients and satisfying their needs. 

 

Warm Regards,

Randal DeHart | Premier Contractors Accountant

 

This is one more example of how Fast Easy Accounting is helping construction company owners just like you 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 construction contractors like you so stop missing out and call Sharie 206-361-3950 or email sharie@fasteasyaccounting.com

 

Thinking About Outsourcing Your Contractors Bookkeeping Services?

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www.FastEasyAccounting.com/hs

Need Help Now?

Call Sharie 206-361-3950

sharie@fasteasyaccounting.com

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Mar 23, 2018

This Podcast Is Episode Number 0261, And It Will Be About Top 7 Reasons To Accept Credit Cards In Your Construction Company

Today's Podcast Is Based On A Guest Article Is From Paige Martin

Payment difficulties in the construction industry are not a new occurrence. With the financial issues that have arisen in the construction industry, there is definitely the potential for all construction companies to move forward with efficiency and productivity in planning business needs like invoicing, payment receipt and more.

While the old school paper systems that are withheld in the office can get the basic information to and from the customers, there comes the question of payment due dates and ensuring that customers pay bills on time. Especially for small projects that are most likely due on completion, there is the current availability of digital credit card payment processing, in order to progress further into the go-green movement.

Considering the increased technical support and assistance that is now often needed with the accounting department of most any company, there is much to be seen for the credit card payment to be added to the construction industry.

Here are some of the reasons to offer credit card payment processing in your construction business:

1. Fast and efficient payments

Payment delays and losses persist in the construction industry and continue to be a key concern to industry practitioners. Overall there is the speedy and efficient process of credit card payment receipt. Considering the fact that credit card payments can be called in, made online to your company website, through a mobile app, on-site card reader or more, there is much to be said for the efficiency of these payments.

2. More immediate completion of digital bill payment, payments made and deposited by due dates.

Big project construction customers have the attitude of “Cannot” and “wouldn’t “ when it comes to paying their occurring construction bills. Since they are busy on-site, they usually reason out that if the construction business “cannot” provide a more conducive means of paying the occurring bills, with no penalties considering the due dates, they “wouldn’t” proceed with the deal. Now, that’s the point why construction businesses should start considering the digital credit card payments usually offered by some credit card processing platform Once payments are received from customers, there is much more immediate processing and lack of wait times on the deposit of large checks will not be an issue anymore. There is much to be said for the ability to receive a large payment in full by credit card, rather than having to place a long deposit hold on a check payment from a customer. With these digital payments processed immediately and efficiently, there is less stress or return of attention to past payments on members of the construction company accounting team.

3. Avoidance of fraudulent payments, bad checks.

The construction industry has no obstacles to entry of various customers and is well-known for low capital backing, but relies heavily on cash flows to withstand its operations.  Considering this factor, construction businesses under big deals need to wait for checks to complete payments from the client and there was always the potential for a bad check to come in, causing a return fee on both you and the customer and adding more work in attempts to receive a good payment. With the immediate collection of a credit card payment, there is a one-step process, a sort of one-and-done closure of the final financial need of a project.

4. Efficient work procedures for the construction’s accounting department.

With all of the reduction of time needed for payment processing directly by the client or between the client and project manager, there is much to be said for the improved work processes for the accounting department. Relieving the manual account management of some of those individual payments helps to improve their focus on the company’s financial needs and improvement.

5. Lack of late payments means no collections.

Have you ever tried hiring a collection agent to call your clients regarding their delayed payments? With the ability to reduce the amount of late payments coming in from customers, or the lack of need to chase down late payments, there are minimal collections work from within the office and lack of need to outsource collections work. That is a financial savings for the construction company, as well as a great time savings and organizational improvement. Since as mentioned above that cash flow is critical for construction businesses, every financial in-flow is important.

6. Online, mobile and other payment options added.

With the improved business efficiency that can be gained with the creation of your construction website, and connection to a mobile payment app, there is the added connection to the customer ability to pay invoices as soon as they are received. That is what the app modernization in the 20th century brings. Customers would have the ability to log into their accounts on your site and access their billing and payment history and help make sure everything is up-to-date. You just need to make sure that you have the essentials on your website to avoid financial transaction issues in the future.

7. On-site payments with card readers

With the connection of your own company card, especially for the improvement of your own bill payment and financial needs, there is often access to a remote card reader that can be taken on-site with project managers.

Therefore, all projects are available to receive credit card payments, making the communication between the project and accounting departments much more automated and efficient that traditional invoicing and payment receipt. Construction businesses should always offer traditional on-site payments assuming that not all clients are able to do online transactions

Considering the addition of digital credit card payments to the construction industry there is a great deal of accounting improvement that can be had in the long run. With the reduced pressure and stress that could be placed on the accounts receivable department, there is much more emphasis that can be placed on the improvement of the company’s finances as a whole.

So for all aspiring construction business owners, take note that there will be much more to be gained in developing business investors, stocks and more, with the long-term gain of business growth and larger customers and projects. So, with those payments coming in more easily there is a redirected focus on your construction business development.

Many Thanks To Paige Martin For Authoring This Article

In Conclusion:

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About The Podcaster:

 Randal DeHart, PMP, QPA The Construction Accountant

Randal DeHart, PMP, QPA is the co-founder of Business Consulting And Accounting in Lynnwood Washington. He is the leading expert in outsourced construction bookkeeping and accounting services for small construction companies across the USA. He is experienced as a Contractor, Project Management Professional, Construction Accountant, Intuit ProAdvisor, QuickBooks For Contractors Expert and Xero Accounting Specialist. This combination of experience and skill sets provides a unique perspective which allows him to see the world through the eyes of a contractor, Project Manager, Accountant, and construction accountant. This quadruple understanding is what sets him apart from other Intuit ProAdvisors and Xero accountants to the benefit of all of the construction contractors he serves across the USA. Visit http://www.fasteasyaccounting.com/randal-dehart/ to learn more.

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+ 


We are here to Help “A Little or A Lot” depending on your needs.

Contractor Bookkeeping Services All Across The USA Including Alaska And Hawaii

I trust this podcast helps you understand that outsourcing your contractor's bookkeeping services to us is about more than just “doing the bookkeeping”; it is about taking a holistic approach to your entire construction company and helping support you as a contractor and as a person.

We Remove Contractor's Unique Paperwork Frustrations

We understand the good, bad and the ugly about owning and operating construction companies because we have had several of them and we sincerely care about you and your construction company!

That is all I have for now, and if you have listened to this far please do me the honor of commenting and rating the Podcast  www.FastEasyAccounting.com/podcast Tell me what you liked, did not like, tell it as you see it because your feedback is crucial and I thank you in advance.

You Deserve To Be Wealthy Because You Bring Value To Other People's Lives!

I trust this will be of value to you and your feedback is always welcome at www.FastEasyAccounting.com/podcast

This Is One more example of how Fast Easy Accounting is helping construction company owners 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 construction contractors like you so stop missing out and call Sharie 206-361-3950 or email sharie@fasteasyaccounting.com

Contractor Bookkeeping Done For You!

Construction Accounting Specialists At Fast Easy Accounting 206-361-3950

Thinking About Outsourcing Your Contractors Bookkeeping Services?

Click On The Link Below:

www.FastEasyAccounting.com/hs

This guide will help you learn what to look for in outsourced construction accounting.

Need Help Now?

Call Sharie 206-361-3950

sharie@fasteasyaccounting.com

Thank you very much, and I hope you understand we do care about you and all contractors regardless of whether or not you ever hire our services.
Bye for now until our next episode here on the Contractors Success MAP Podcast.

About The Author:

Randal DeHart, PMP, QPA The Construction Accountant Randal DeHart, PMP, QPA is the co-founder of Business Consulting And Accounting in Lynnwood Washington. He is the leading expert in outsourced construction bookkeeping and accounting services for small construction companies across the USA. He is experienced as a Contractor, Project Management Professional, Construction Accountant, Intuit ProAdvisor, QuickBooks For Contractors Expert and Xero Accounting Specialist. This combination of experience and skill sets provides a unique perspective which allows him to see the world through the eyes of a contractor, Project Manager, Accountant, and construction accountant. This quadruple understanding is what sets him apart from other Intuit ProAdvisors and Xero accountants to the benefit of all of the construction contractors he serves across the USA. Visit http://www.fasteasyaccounting.com/randal-dehart/ to learn more.

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+ 

 
 
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We Serve Over 100 Types Of Contractors So If Your Type Of Company Is Not Listed

Please Do Not Be Concerned Because If You Are A Contractor

There Is A Good Chance We Can Help You!

Call Now: 206-361-3950

 

Additional QuickBooks Templates, Resources, And Services

QuickBooks Set Up Templates   Solopreneur

QuickBooks Chart Of Accounts     Free Stuff

QuickBooks Item Lists Templates     Consulting

 

We Serve Over 100 Types Of Contractors So If Your Type Of Company Is Not Listed

Please Do Not Be Concerned Because If You Are A Contractor

There Is A Good Chance We Can Help You!

Call Now: 206-361-3950

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