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.
Our Contractor Bookkeeping Services System Is A System
Business Process Management (BPM) For Contractors
Need Help Now?
Call Sharie 206-361-3950
sharie@fasteasyaccounting.com
Xero Outsourced Construction Accounting Services
QuickBooks Outsourced Construction Bookkeeping Services
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+
PS: For The Do-It-Yourself Construction Bookkeeper Our Store Has Chock-Full Of QuickBooks Setup Templates, QuickBooks Chart of Accounts And More.
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:
#1 Click Here To Buy An Entire QuickBooks Setup For Your Specific Contracting Company
#2 Click Here To Buy Just The Chart Of Accounts For Your Specific Contracting Company
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:
This guide will help you learn what to look for in outsourced construction accounting.
Need Help Now?
Call Sharie 206-361-3950
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
Fast Easy Accounting
Do-It-Yourself
Construction Accounting Store Is
Open
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:
#1 Click Here To Buy An Entire QuickBooks Setup For Your Specific Contracting Company
#2 Click Here To Buy Just The Chart Of Accounts For Your Specific Contracting Company
Short List Of Construction Contractors We Serve
Asphalt ContractorAsphalt Contractor Brand New ContractorBrand New ContractorBrick And Stone ContractorBrick And Stone ContractorCabinet Installation ContractorCabinet Installation ContractorCarpentry ContractorCarpentry ContractorCarpet And Tile ContractorCarpet And Tile ContractorCommercial Tenant Improvement ContractorCommercial Tenant Improvement ContractorConcrete ContractorConcrete ContractorConstruction EmployeesConstruction EmployeesConstruction ManagerConstruction ManagerConstruction Support SpecialistConstruction Support SpecialistCustom Deck ContractorCustom Deck ContractorCustom Home BuilderCustom Home BuilderDemolition ContractorDemolition ContractorDrywall ContractorDrywall ContractorElectrical ContractorElectrical ContractorEmerging ContractorEmerging ContractorExcavation ContractorExcavation ContractorFinish Millwork ContractorFinish Millwork ContractorFlipper House ContractorFlipper House ContractorFlooring ContractorFlooring ContractorFoundation ContractorFoundation ContractorFraming ContractorFraming ContractorGeneral ContractorGeneral ContractorGlass Installation ContractorGlass Installation ContractorGutter ContractorGutter ContractorHandyman ContractorHandyman ContractorHot Tub ContractorHot Tub ContractorHVAC ContractorHVAC ContractorInsulation ContractorInsulation ContractorInterior Designer ContractorInterior Designer ContractorLand Development ContractorLand Development ContractorLandscape ContractorLandscape ContractorLawn And Yard Maintenance ContractorLawn And Yard Maintenance ContractorMasonry ContractorMasonry ContractorMold Remediation ContractorMold Remediation ContractorMoss Removal ContractorMoss Removal ContractorPainting ContractorPainting ContractorPlaster ContractorPlaster ContractorPlaster And Stucco ContractorPlaster And Stucco ContractorPlumbing ContractorPlumbing ContractorPressure Washing ContractorPressure Washing ContractorRemodel ContractorRemodel ContractorRenovation ContractorRenovation ContractorRestoration ContractorRestoration ContractorRoofing ContractorRoofing ContractorSiding ContractorSiding ContractorSpec Home BuilderSpec Home BuilderSpecialty ContractorSpecialty ContractorStone Mason ContractorStone Mason ContractorStucco ContractorStucco ContractorSubcontractorSubcontractorSwimming Pool ContractorSwimming Pool ContractorSwimming Pool And Hot Tub ContractorSwimming Pool And Hot Tub ContractorTile And Carpet ContractorTile And Carpet ContractorTrade ContractorTrade ContractorTree ContractorTree ContractorUnderground ContractorUnderground ContractorUtility ContractorUtility ContractorWaterproofing ContractorWaterproofing ContractorWindow ContractorWindow Contractor
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!
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
If you are a blogger, who writes about construction we would like to hear from you.
https://www.fasteasyaccounting.com/guestblogger
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