Contractor Success M.A.P.

0111: Contractor Bookkeeping Services Lies


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"We Live In A World Of What Is...Not What Should Be" - Randalism
I am going to talk to you about a "Scammer" that could be draining cash and profits out of your construction company. It is the onslaught of "Cheap Bookkeeping Services" with an emphasis on Cheap!
Contractor Bookkeeping Services Menu:
| Good | Fast | Cheap |
You Can Only Choose Two
In the beginning, it appears to good to be true almost as if the contractor has found the impossible combination of Good+Fast+Cheap! After a short while, they re-discover the laws of business are still working, and they are not happy!
They have engaged a bookkeeping service with data entry clerks trying to be bookkeepers! The idea that anyone can get something for nothing is only true in fairy tales where "Scammers" live which is what I say when someone is bs’ing me.
Contractors are "Producers" who live in the real world, earn a decent living and build retirement nest eggs and streams of passive income.
Over the last few years, I've heard some pretty bold “Scammers” describe how they provide outsourced bookkeeping services for less than anyone else. Here are three big lies:
#1. Bookkeeping Services $5.00 And Hour Means:
Entry level bookkeepers with no experience at all can easily earn $10.00 an hour. Skilled bookkeepers and accountants much more than $15.00 an hour. Skilled construction bookkeepers and accountants are in demand and earn substantially more.
2. (30) Day Free Trial Means:
You invest enormous amounts of time and energy getting your account setup. The service does not meet your expectations, and the hidden charges start to appear. After (30) days, you have to sign a yearly contract and if you want your records back that is next to impossible.
3. Dedicated Bookkeeper Means:
Someone with little or no bookkeeping skill under pressure to work fast and take shortcuts. Journal Entries are used to save time and eliminate Job Costing Reports. The Cost of Goods Sold is for material; everything else is an Expense, No Break-Even Analysis.
I hate these lies because they set good reliable contractors up to fail. Then we have to spend ages debunking them when contractors come to us with broken business and shattered dreams. Owning and operating a contracting company is not easy; however, if you know what to do, you can become very wealthy.
If you have boxes of receipts or spreadsheets, you can pay your bookkeeper to try to figure out how to setup QuickBooks for your construction company and input everything. In the end, you will wonder why you don't have the Financial and Job Costing Reports you need.
Or you can outsource that task to us because we have a system for doing. The result will be a QuickBooks file for construction that is designed to work the way you do.
There Is A Huge Difference Between Construction Accounting And Regular Accounting. Construction Accounting is built upon regular accounting and shares the same basic financial reports for operating and growing a business and preparing annual tax returns and some very fundamental management decisions.
Construction accounting adds complex layers of reporting mechanisms to show you, the contractor, where your best customers are within psychographic and geographic market segmentation boundaries using the 80/20 rule.
Listen to this Podcast for more…
If you are Thinking About Outsourcing Your Contractors Bookkeeping Services you are invited to download a guide to finding the right contractor bookkeeping service to fit your particular situation at www.FastEasyAccounting.com/hs
Call Sharie now 206-361-3950 or [email protected] and schedule your no charge one-hour consultation.
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Contractor Success M.A.P.By Randal DeHart, PMP, QPA