Jan 19, 2018
This Podcast Is Episode Number 0252, And It Will
Be About What Is Ten
Minutes Costing Your Construction Company
Two Construction Companies
do similar work for the similar customers using similar labor,
materials, and subcontractors yet Company "A" earns twice the
profits over Company "B."
Inside Company "B" Ten
Minutes Of Waste Is Killing Their Profits!
It Is The Little Leaks
That Sink The Big Ship!
Company A focuses on Strategy and Tactics.
Company B only focuses on Tactics.
To paraphrase Sun Tsu "If the Strategy
is correct, then a large number of tactical errors can be made, and
the enterprise will be successful; however, efficient operations
cannot overcome bad strategy."
Every Ten Minutes A Day Of Waste You Have In Your
Construction Company
Is Destroying Your Profits, Your Future, And Your
Life!
Harsh Words - And yes
I know you are a tough contractor who is accustomed to people
trying to sell you something and get in your pocket all the time,
so you learn to ignore a lot of crap!
You Are Right I Am Trying To
Sell You Something - I am trying to sell you to you and
the importance of taking care of your construction company profits
so they can take care of you.
Let's Get To It -
There are 100's of improvements that can be made in any
construction company and 20% of the improvements will have the most
impact. 80% will have the least impact. See The 80-20 Rule For
Construction.
Below I have listed the two
biggest drivers of profit loss and the easiest ones to analyze and
fix. Review them and leave a comment and I will personally respond
to you.
Profit Drain #1 In-House
Bookkeeper Until a construction company reaches at least
$5 million in annual sales it cannot afford to hire a qualified
construction bookkeeper or construction accountant.
The owner Hires A Cheap Bookkeeper
part-time for $15.00 an hour 10 hours a week in an attempt to
save money without understanding the actual cost is $25.29 per
hour. See the chart below:
Every 10 Minutes A Day Of
Unproductive Office Labor:
Costs Your Company $273.93
Each Year
At 10% Profit, You Need To
Sell $2,739.30 More To Maintain The Same Profit
Margin
In Some Cases, we can
do more work for less money by providing you with construction
bookkeeping and accounting + payroll processing + monthly and
quarterly tax reports + year-end W-2, W-3 + profit and growth
management consulting + financial and job costing reports +
paperless data storage and more. As a bonus, we can show you how to
use simple strategies to make more money faster!
Profit Drain #2
Cheap Tools And Equipment Invest in the best tools
and equipment you can afford because in the short run you will save
money. Construction workers who take pride in their work and
will produce better results faster with fewer repairs if they
have quality tools and equipment.
Make More Money Faster with productivity gains.
See the chart below:
Every 10 Minutes A Day Of
Unproductive Construction Worker Labor:
For Employee #01 Costs Your
Company $1,544.42 Each Year
At 10% Profit, You Need To
Sell 15,544.20 More To Maintain The Same Profit
Margin
For
Example, your best construction worker asks for a tool
that costs $1,200.00 and will last three years. The standard
response is "we can't afford it!" The fact is you can't afford
not too!
Highly Profitable
construction company owners will ask their construction accountant to calculate the
projected the Return on Investment (ROI) is and then consult their
Strategic Business Plan to make an informed
decision.
In This Example, it
may make sense to finance the purchase even if it means using a
credit card with a 12% interest charge because the Return on
Investment (ROI) is $3,289.36 or 245% ROI. See the chart
below:
Two Contractors Doing Similar
Work for similar customers with the similar direct and
indirect construction costs will have massively different net
profits for the year. Their KPI Reports will be more
favorable which means a more stable construction
company. Size matters when it comes to piles of money and
bigger profits!
Construction Success Is A Few Simple
Disciplines Practiced Every Day
Construction Failure Is A Few Simple
Errors in Judgement Repeated Every
Day
Click Here To Learn About
Developing Your Construction Company Strategy
When
You Become A Client - Then we can tap into our resources
of knowledge and strategy banks. We use the reports hidden in your
QuickBooks in order to diagnose and understand your
construction business and develop plans and help you implement a
path to success for you and you alone because every contractor has
unique Strengths, Weaknesses, Opportunities and Threats (S.W.O.T. Analysis) that when
understood can lead to a Strategic Roadmap which cannot help
but make a lot of money.
We Remove Contractor's Unique Paperwork
Frustrations
For Construction Company
Owners who do not need the full power of a QuickBooks for
contractors and want 24/7 online access we offer Xero Accounting
Online, and we have a custom setup for construction companies.
Click Here For More.
This Is One More
Example of how Fast Easy Accounting is helping
construction company owners all 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
people like you so stop missing out! Call Sharie 206-361-3950 or
sharie@fasteasyaccounting.com
and schedule your no charge one-hour consultation.
Profitable Contractors and
Construction Company owners have known about the value of
outsourced bookkeeping services and contractor coaching services
like ours for a long time, and now you know about it too!
Thank You For Reading This
Far, And I Hope You Understand we really do care about you
and all contractors regardless of whether or not you ever hire our
services.
We Scan Your Receipts, And
Invoices link the appropriate transactions to QuickBooks
or Xero Accounting Online depending on the construction accounting
service you are using and provide ongoing Cloud Based Contractors Bookkeeping
Services by accountants who understand
construction.
Need Help Now?
Call Sharie
206-361-3950
We Are Xero Accounting
Experts Specializing In Construction Bookkeeping
Services
About The Author:
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+
Most Contractors Setup
QuickBooks Desktop Version In One Of Three
Ways:
#1 EZ Step Interview inside QuickBooks Setup
#2 Asked Their Tax Accountant To Setup QuickBooks
#3 They Attended A How To Setup QuickBooks Class Or Seminar
And QuickBooks Does Not
Work The Way They Want It Too!
The
Answer:
In
Conclusion:
Helping Contractors around the world
is one of the reasons we added the FastEasyAccountingStore.com
Follow our blogs, listen to Contractor Success M.A.P. Podcast. We Appreciate Our
Visitors, Listeners, and Subscribers. – Thank You!!
Please feel free to download all the Free Forms and
Resources that you find useful for your business.
We are here to Help “A Little or A Lot” depending on your
needs.
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!
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 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+
Warm Regards,
Randal DeHart | The Contractors
Accountant
Our Workflow Removes Your Paperwork
Frustrations
For Contractors Who
Prefer
To Do Your
Bookkeeping
Most Contractors Setup
QuickBooks Desktop Version In One Of Three
Ways:
#1 EZ Step Interview inside QuickBooks Setup
#2 Asked Their Tax Accountant To Setup QuickBooks
#3 They Attended A How To Setup QuickBooks Class Or Seminar
And QuickBooks Does Not Work The Way They Want It
Too!
The
Answer:
Short List
Of Construction Contractors We Serve
Additional QuickBooks Templates,
Resources, And Services
QuickBooks Set Up
TemplatesSolopreneurQuickBooks Chart Of
AccountsFree StuffQuickBooks Item Lists
TemplatesConsulting
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!
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!
If you are a blogger,
who writes about construction we would like to hear from
you.
Contractors_Success_MAP,
Contractors_Success_Marketing_Accounting_Production,
Contractor_Bookkeeping_Services, QuickBooks_For_Contractors,
QuickBooks_For_Contractors,Contractors_Success_Map_What_Is_Ten_Minutes_Costing_Your_Construction_Compnay