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The key to a good accounting system for your construction company is a solid foundation. This week, Wade explains where many contractors go wrong when setting up their books for the first time and how to avoid those common accounting pitfalls.

 Topics we cover in this episode include:

• Building a solid foundation for your accounting system
• Start with your Chart of Accounts
• Job Costing and how construction accounting is unique
• How to get started when you have no system in place
• Reporting the right amount of detail
• Purchase Order systems

LINKS

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

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

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This week, we're breaking down three essential components of your company's long-term health: cash flow, profits, and valuation. How can you maximize all three, and how do they affect each other? Tune in to find out.

 Topics we cover in this episode include:

• How your cash flow can get wrecked when you're growing
• Seven cash flow drivers
• Be careful with your line of credit 
• How cash flow, profits and valuation affect each other
• How to get clear on your cash flow situation
• Balancing growth and borrowing

LINKS

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

Find all episodes and related links at ContractorSuccessForum.com.

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Rob Williams, Profit Strategist | IronGateESS.com
Wade Carpenter, CPA, CGMA | CarpenterCPAs.com
Stephen Brown, Bonding Expert | McWins.com

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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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We're talking about Profit First again this week, with a focus on those unexpected expenses that inevitably pop up in your construction business. Rob, Wade, and Stephen discuss the three steps you should take to address a cash flow shortage and how to prepare for similar situations in the future with the Profit First system.

 Topics we cover in this episode include:

• How Profit First is an early warning system for cash flow issues
• How to address an unexpected expense in the short-term without wrecking your cash flow
• Defining the unexpected expense and whether you can avoid it in the future
• How to set yourself up to deal with unexpected expenses in the future

LINKS

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

Find all episodes and related links at ContractorSuccessForum.com.

Join the conversation on our LinkedIn page: https://www.linkedin.com/company/contractor-success-forum

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Rob Williams, Profit Strategist | IronGateESS.com
Wade Carpenter, CPA, CGMA | CarpenterCPAs.com
Stephen Brown, Bonding Expert | McWins.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 we're joined by special guest Alex Barthet, construction attorney and owner of the construction law blog The Lien Zone. He joins us this week to talk about the three contract provisions that he sees as most important when it comes to contractors getting paid.

 Topics we cover in this episode include:

• Pay-when-paid Provisions 
• Retainage and how to get paid sooner 
• Lien Waivers
• Free tools to help you understand contracts and get paid faster

LINKS

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

Links to the tools Alex mentioned on the show:

• Contract Detective
• Make Me Conditional Stamp
• Lien-O-Matic
• Calc-U-Lien

Find all episodes and related links at ContractorSuccessForum.com.

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Rob Williams, Profit Strategist | IronGateESS.com
Wade Carpenter, CPA, CGMA | CarpenterCPAs.com
Stephen Brown, Bonding Expert | McWins.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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Getting a job costing system in place, and then getting your team to use it consistently and accurately is a struggle for many construction companies - but it doesn't have to be. The communication tips we're sharing this week will help you get better, more timely job costing information.

 Topics we cover in this episode include:

• The three main things that need to happen for good job costing
• Incentives for reporting job costs
• Labor and time tracking on the job
• Systems for job costing
• Purchase order systems

LINKS

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

Find all episodes and related links at ContractorSuccessForum.com.

Join the conversation on our LinkedIn page: https://www.linkedin.com/company/contractor-success-forum

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Rob Williams, Profit Strategist | IronGateESS.com
Wade Carpenter, CPA, CGMA | CarpenterCPAs.com
Stephen Brown, Bonding Expert | McWins.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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A recession may be coming - have you thought about how your bonding program may be affected? This week, Stephen, Wade, and Rob are sharing the steps you can take now to keep your bonding capacity where it needs to be, even if money gets a bit tight.

 Topics we cover in this episode include:

• Lock down your financial board of directors
• Keep a close eye on your cash flow
• Don't cut back on the wrong expenses
• Push your bonding company on slightly bigger jobs
• Get good systems and processes in place
• Be ready to provide up-to-date financial statements

LINKS

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

Find all episodes and related links at ContractorSuccessForum.com.

Join the conversation on our LinkedIn page: https://www.linkedin.com/company/contractor-success-forum

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Rob Williams, Profit Strategist | IronGateESS.com
Wade Carpenter, CPA, CGMA | CarpenterCPAs.com
Stephen Brown, Bonding Expert | McWins.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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When you're working with subcontractors and suppliers, joint checks can help ensure everyone gets paid. Just make sure to be careful about the agreement and how you handle the checks on your books. We're covering the basics on this week's episode.

 Topics we cover in this episode include:

• Joint checks: definition and most common examples
• Joint checks and fraud
• Joint Check Agreement
• The Joint Check rule
• Joint checks and accounting considerations

LINKS

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

Find all episodes and related links at ContractorSuccessForum.com.

Join the conversation on our LinkedIn page: https://www.linkedin.com/company/contractor-success-forum

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Rob Williams, Profit Strategist | IronGateESS.com
Wade Carpenter, CPA, CGMA | CarpenterCPAs.com
Stephen Brown, Bonding Expert | McWins.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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Checklists and processes are powerful tools that can help your business run more smoothly and prevent costly mistakes. This week we're talking about how to get started with checklists, what to track, and how get buy-in and keep your team accountable.

 Topics we cover in this episode include:

• Checklists vs. procedures
• Software that can help you implement checklists and procedures
• Starting off a job right with a checklist
• The benefits of standardized processes and checklists
• What to track with checklists
• Checklist champions and getting buy-in

LINKS

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

Find all episodes and related links at ContractorSuccessForum.com.

Join the conversation on our LinkedIn page: https://www.linkedin.com/company/contractor-success-forum

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Rob Williams, Profit Strategist | IronGateESS.com
Wade Carpenter, CPA, CGMA | CarpenterCPAs.com
Stephen Brown, Bonding Expert | McWins.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
   
FIND US ONLINE
Wade Carpenter, CPA, CGMA | CarpenterCPAs.com
Stephen Brown, Bonding Expert | SuretyAnswers.com

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In Episode 71, we started the conversation on work vehicles and tax deductibility. This week, we're diving deeper into the most common questions and misconceptions, including what happens when your practice of buying a new vehicle each year to save on taxes catches up with you.

 Topics we cover in this episode include:

• Should you buy a new company vehicle every year - and if you do, can you write it off? 
• The pros and cons of accelerated depreciation
• Playing deferral games with income
• Using your vehicle for advertising

LINKS

 Visit the episode page at https://contractorsuccessforum.com/vehicles2 for more details and a transcript of the show.

Find all episodes and related links at ContractorSuccessForum.com.

Join the conversation on our LinkedIn page: https://www.linkedin.com/company/contractor-success-forum

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Rob Williams, Profit Strategist | IronGateESS.com
Wade Carpenter, CPA, CGMA | CarpenterCPAs.com
Stephen Brown, Bonding Expert | McWins.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
   
FIND US ONLINE
Wade Carpenter, CPA, CGMA | CarpenterCPAs.com
Stephen Brown, Bonding Expert | SuretyAnswers.com

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The Infrastructure Investment and Jobs Act is putting $1.2 trillion towards our country's infrastructure - with $550 billion being spent this year on projects from repairing and replacing dams and constructing new water systems out west, to new power systems and charging stations. What does this mean for contractors, especially as we could be heading for a recession? It means you should be looking into federal contracting if you aren't already. Learn more on this week's episode.

 Topics we cover in this episode include:

• Details of The Infrastructure Investment and Jobs Act
• How smaller contractors can benefit
• How the federal money is being allocated
• How the bill can help contractors through a potential recession
• How trade groups can help you get into federal contracting
• What you need to know about bonding and federal contracting

LINKS

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

Find all episodes and related links at ContractorSuccessForum.com.

Join the conversation on our LinkedIn page: https://www.linkedin.com/company/contractor-success-forum

FIND US ONLINE
Rob Williams, Profit Strategist | IronGateESS.com
Wade Carpenter, CPA, CGMA | CarpenterCPAs.com
Stephen Brown, Bonding Expert | McWins.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
   
FIND US ONLINE
Wade Carpenter, CPA, CGMA | CarpenterCPAs.com
Stephen Brown, Bonding Expert | SuretyAnswers.com