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Are you pricing your jobs correctly? If you don't have a good understanding of your job costs and overhead percentage, the answer is probably no. This week on the podcast, we're discussing how to get a handle on these numbers and make better financial decisions for your construction company,

 Topics we cover in this episode include:

• What you should and shouldn't post as overhead
• Ideas for contractors trying to wrap their head around their numbers
• Carving out Materials & Subs
• Overhead grows when you top line grows

LINKS

Visit the episode page at https://CarpenterCPAs.com/jobcosting for more details and a transcript of the show.

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Find all episodes and related links at ContractorSuccessForum.com.

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Wade Carpenter, CPA, CGMA | CarpenterCPAs.com
Stephen Brown, Bonding Expert | SuretyAnswers.com

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Overbilling can be good for your cashflow, but it can also potentially cause problems if used in the wrong way. This week, we're breaking down the pros and cons of overbilling, and how to overbill without setting yourself up for future headaches and issues with your bond underwriter.

 Topics we cover in this episode include:

• What is overbilling?
• What scenarios may result in overbilling?
• When does overbilling become a bad thing and how do bond underwriters look at it?
• How human error can lead to overbilling

LINKS

Visit the episode page at https://CarpenterCPAs.com/overbilling for more details and a transcript of the show.

Join the Profit First for Construction community!

Find all episodes and related links at ContractorSuccessForum.com.

Join the conversation on our LinkedIn page: https://www.linkedin.com/company/CarpenterCPAs
   
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Wade Carpenter, CPA, CGMA | CarpenterCPAs.com
Stephen Brown, Bonding Expert | SuretyAnswers.com

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Do you know your options for retirement planning? Not only is it crucial to think about your own retirement, but a retirement plan can also be a great incentive for attracting and retaining employees. This week, we talk about the available options and how to choose the right one for your company.

 Topics we cover in this episode include:

• What retirement plan options are available to contractors?
• How the Secure Act 2.0 may affect retirement plans
• Defined Benefit Plan vs. Defined Contribution Plan
• Why a Simple IRA might be a good place to start
• Work with a financial advisor to find the right solution for you

LINKS

Visit the episode page at https://CarpenterCPAs.com/retirement for more details and a transcript of the show.

Join the Profit First for Construction community!

Find all episodes and related links at ContractorSuccessForum.com.

Join the conversation on our LinkedIn page: https://www.linkedin.com/company/CarpenterCPAs
   
FIND US ONLINE
Wade Carpenter, CPA, CGMA | CarpenterCPAs.com
Stephen Brown, Bonding Expert | SuretyAnswers.com

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Evaluating the worth of your company can be complicated, so the earlier you start thinking about it, the better. We're doing a two-part series on this exact topic on the podcast. This week, we start the discussion from the angle of the seller.

 Topics we cover in this episode include:

• Reputation and client relationships
• Your skilled workforce
• Market trends and demand
• Estimating future earnings
• Due diligence requirements

LINKS

Visit the episode page at https://carpenterCPAs.com/sell for more details and a transcript of the show.

Join the Profit First for Construction community!

Find all episodes and related links at ContractorSuccessForum.com.

Join the conversation on our LinkedIn page: https://www.linkedin.com/company/CarpenterCPAs
   
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Wade Carpenter, CPA, CGMA | CarpenterCPAs.com
Stephen Brown, Bonding Expert | SuretyAnswers.com

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We've met many contractors who were interested in Profit First but struggled to actually implement it. This week, we're talking to Eric Wilkinson, a construction contractor who uses Profit First to gain cash flow clarity, address seasonality, and keep his business healthy. He also address some of the challenges he met when first implementing the system and how he overcame them.

 Topics we cover in this episode include:

• Implementing Profit First while starting a new company
• Getting started and tracking your allocations
• When Profit First isn't working for your business
• How much money should I keep in reserve?
• Advice for contractors getting started with Profit First

LINKS

Visit the episode page at https://CarpenterCPAs.com/casestudy for more details and a transcript of the show.

Contact Eric:
Eric Wilkinson | https://www.sandhillglass.com/

Join the Profit First for Construction community!

Find all episodes and related links at ContractorSuccessForum.com.

Join the conversation on our LinkedIn page: https://www.linkedin.com/company/CarpenterCPAs
   
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Wade Carpenter, CPA, CGMA | CarpenterCPAs.com
Stephen Brown, Bonding Expert | SuretyAnswers.com

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We've never met a contractor who liked paying taxes, but there's a difference between tax avoidance and tax deferral. This week, let's talk about some strategies to legally defer your taxes without creating bigger problems down the road for your business.

 Topics we cover in this episode include:

• What tax deferral really means
• The four main tax methods and how tax deferral works with each
• Strategies that involve delayed billing or paying expenses at year-end
• Common pitfalls that contractors encounter when trying to avoid taxes

LINKS

Visit the episode page at https://CarpenterCPAs.com/defer for more details and a transcript of the show.

Join the Profit First for Construction community!

Find all episodes and related links at ContractorSuccessForum.com.

Join the conversation on our LinkedIn page: https://www.linkedin.com/company/CarpenterCPAs
   
FIND US ONLINE
Wade Carpenter, CPA, CGMA | CarpenterCPAs.com
Stephen Brown, Bonding Expert | SuretyAnswers.com

Send us Fan Mail

Most contractors deal with some ups and downs in their business throughout the year. This week, we're sharing tips that will help you not only identify and prepare for those seasonal shifts, but actually leverage the downturns into opportunities for growth.

 Topics we cover in this episode include:

• How to identify if and how seasonality is affecting your business
• How to address seasonality and turn it into an opportunity
• Why you need to be attentive to the ways seasonality affects your cash flow
• Strategies you can implement to navigate and even leverage seasonal patterns

LINKS

Visit the episode page at https://CarpenterCPAs.com/boomandbust for more details and a transcript of the show.

Contact Amanda:
Amanda Darr | https://amandadarr.com

Join the Profit First for Construction community!

Find all episodes and related links at ContractorSuccessForum.com.

Join the conversation on our LinkedIn page: https://www.linkedin.com/company/CarpenterCPAs
   
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Wade Carpenter, CPA, CGMA | CarpenterCPAs.com
Stephen Brown, Bonding Expert | SuretyAnswers.com

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This week, Wade and guest Amanda Darr talk about the benefits of checking your bank account daily. Find out why staying on top of those transactions can provide awareness, encouragement, and important insights to the health of your company.

 Topics we cover in this episode include:

• Acting more quickly in cases of fraud
• How Wade's thoughts on checking your bank account daily have changed
• You can course correct early on when you notice things getting off track
• Solutions for managing transactions in multiple banks and accounts

LINKS

Visit the episode page at https://CarpenterCPAs.com/balances for more details and a transcript of the show.

Contact Amanda:
Amanda Darr | https://amandadarr.com

Find all episodes and related links at ContractorSuccessForum.com.

Join the conversation on our LinkedIn page: https://www.linkedin.com/company/CarpenterCPAs

Join the Profit First for Construction community!

Find all episodes and related links at ContractorSuccessForum.com.

Join the conversation on our LinkedIn page: https://www.linkedin.com/company/CarpenterCPAs
   
FIND US ONLINE
Wade Carpenter, CPA, CGMA | CarpenterCPAs.com
Stephen Brown, Bonding Expert | SuretyAnswers.com

Send us Fan Mail

We're back with Morrelle McCrary for another episode packed full of game-changing AI tips and hacks. Try implementing these strategies to increase your productivity, automate tasks, and create systems and processes to get your team on the same page.

 Topics we cover in this episode include:

• Webular for AI website generation
• Voice transcription software
• Using AI to organize thoughts and craft email responses
• Using AI to create product descriptions
• AI for marketing
• Type Desk and email automation tools
• AI and project planning for contractors

LINKS

Visit the episode page at https://CarpenterCPAs.com/AIHacks for more details and a transcript of the show.

Contact Morrelle:
Morrelle McCrary | https://ramtechpcs.com

Join the Profit First for Construction community!

Find all episodes and related links at ContractorSuccessForum.com.

Join the conversation on our LinkedIn page: https://www.linkedin.com/company/CarpenterCPAs
   
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Wade Carpenter, CPA, CGMA | CarpenterCPAs.com
Stephen Brown, Bonding Expert | SuretyAnswers.com

Send us Fan Mail

Do you have a plan in place in case something happens to you or other leadership in your construction company? If so, when was the last time you updated that plan? This week, we discuss the importance of continuity planning and some key considerations to keep in mind as you plan for the unexpected.

 Topics we cover in this episode include:

• Practice continuation agreements
• Planning for key employees 
• The importance of clearly stating in writing what should happen to your business 
• Continuity plans need to be looked at regularly
• How to assess the risks a contractor might have
• Continuity and the value of the company

LINKS

Visit the episode page at https://CarpenterCPAs.com/continuity for more details and a transcript of the show.

Join the Profit First for Construction community!

Find all episodes and related links at ContractorSuccessForum.com.

Join the conversation on our LinkedIn page: https://www.linkedin.com/company/CarpenterCPAs
   
FIND US ONLINE
Wade Carpenter, CPA, CGMA | CarpenterCPAs.com
Stephen Brown, Bonding Expert | SuretyAnswers.com