This Podcast Is Episode Number 0280, And It Will Be About Unique Contractor Bookkeeping Problems With Receivables Challenges Of Keeping Accounts Receivable Simple And Up To Date Creating an invoice for the entire project seems like it is the simple way to track payments and have the current balance. The harsh reality is that if all of the work is NOT done Accounts receivable is reflecting a balance due that is NOT REAL. With Change Orders to the projects (up or down), the original contract is usually not the end number. Accounts receivable is a reflection of money you expect to collect NOW. More extensive projects (especially new construction) the billing and payment schedule typically is a bill on the 25th of the month and hope to be paid on or before the 10th of the following month. Anything not paid is going to age on the Accounts Receivable (A/R) Aging Summary. Job Deposits, Retention, Notes Receivable (long-term payment plans) are not part of Accounts Receivable. Credits from suppliers, repayment of Loans to Owners, Employees, Friends, and Family do not belong in Accounts Receivable. Follow up as necessary for payment but Accounts Receivable is for expected Income from Customers and clients for work performed. Accounts Receivable (A/R) Aging Summary Is Like The Tachometer On Your Vehicle Do you have numbers in Current, 1-30, 31-60, 61-90, >90? What is your Total? Reminder you have already paid your Labor, Material, Other Costs, Subcontractor, Taxes on all this money. Every dollar sitting there is a big deal. Your contractor (as a sub) may be pay as paid and you might have that same agreement with your subcontractors, but your supplier has been paid or will expect to be NOW! Reminder – You should be collecting Job Deposits Do Not Borrow Money On Your Credit Card At 18% And Lend It At 0% You Are Not A Bank - Never use your high interest credit cards and supplier accounts to provide financing to your customers in the form of providing a lot of labor, material, subcontractors and rental equipment hoping to get paid later on down the road. McDonald's Restaurants Earns - Massive profits and part of the reason is cash flow. I love their business model; customers order first, pay second and get food last. No invoicing, no waiting for the check to arrive and hoping it will clear the bank. They say just Show Me The Money! You Can Offer Financing - Accept credit cards! Get setup at a bank and/or credit union that will offer to loan your construction client's money for small projects under $25,000. They sign paperwork with the lender; you do the work and get paid. Accepting Credit And Debit Cards - is like having an "Electronic Armored Car" on standby 24 hours a day, seven days a week ready to take your money to your bank automatically. If your QuickBooks is setup properly an invoice can be emailed to your customer or clients and when they open it there is an option for them to pay by credit card immediately. For Example - You finished a construction project at 01:00PM, went to your office at 05:00PM, opened QuickBooks, put together an invoice and emailed it to your customer at 06:00PM. They arrive at home at 07:00PM. After dinner they check their email at 09:00PM. They open your email review your invoice and pay the bill at 10:00PM. Don't Ever Finance - Your customer or client's project by providing substantial amounts of labor, material, subcontractors and rental equipment hoping to get paid later down the road.  Having Owned And Operated - Several construction businesses I know how important cash flow is to the success or failure of any business and especially construction companies like yours! We Have Clients - Who took a while to understand why I was hard on them and kept saying "Get The Money". Once they realized what real peace of mind was, paying all the bills on time and having money left over for vacations, toys and to support their favorite charities it became crystal clear. Get Enough Job...

This Podcast Is Episode Number 0279, And It Will Be About Construction Contractors Need A Nudge To Change Construction Contractors know lots about the work they do. As an expert in their fields from finish carpentry, tile setter, masonry, roofer or landscaper the finished product looks beautiful. When a skilled craftsman does the work, it looks effortless. Others think I could have done that. Most of the time we are so busy looking for the finished product that we are unappreciative of all the work that happens behind the walls, floor, and ceilings. It is magic when we turn on the light switch, run the dishwasher, start a load of laundry and take a shower or turn the thermostat up or down. Air Conditioning is awesome on a hot day. For us; in the Seattle area, “Hot” is only slightly warm to Phoenix, Arizona or many parts of California. Seattle gets much Rain and once in awhile snow (like over my house) it may be raining everywhere else, but if there is snow in the forecast, I will see snow for a little while. It may not stick but is usually what you want to see on Thanksgiving Day and Christmas Day. As May is over; I am thinking of a couple of remarkable years. One year it rained almost every day; usually, late afternoon, early evening and was nice during the day. Another year we had hot, sunny days. It was air conditioner weather (for Seattle that is 80 Degrees) all ten days of it. Then it’s gone.   Rest of the summer is warm if we are lucky and chilly, gloomy and gray when we are not. We keep thinking those few sunny days in May could not have been our entire summer. However, that year – It was.   Many people say I will start something new Next Year; there is always the Next Year. There is always, today, tomorrow, this week, next week, this month, next month and finally next year.  Question is what are you waiting for? Are you starting something or ending something? Reminder stating an S-Corp can be done at any time.   I hear this a lot. I am thinking about this. Thinking and planning is always a good thing. There is a HUGE DIFFERENCE between planning forever and stepping out and doing something. Commencing To Begin! Well known phase is “You Can Fix Something” (author unknown) I like chatting with contractors like you and learning about your business. One of the things I learned is that many people who are an “artist at their craft” are not usually as good about the paperwork. That is okay. There is a Difference Between Reasons and Results. The government likes results (numbers, reports) One of the reasons is that there is an illusion that “I am fantastic at “this” so anybody can do “that.” It can’t be that hard; forgetting all of the time, the effort it took to be the master craftsman at what they do.     Another reason is the illusion of time. Bookkeeping should not take very long. I will get to it tomorrow. As weeks and months go by. Tomorrow never comes, and the paperwork piles up from Yesterday and Today.  Tomorrow becomes today, and you still do not have enough time; soon it will be Yesterday. Choosing software based on its ability to sync with an app does not always have the desired results. Garbage in still equals garbage out no matter how many apps you tell to “Just Do It.”   It is unrealistic to expect Software and an App to understand your business and give you proper reports.  If you don’t know what you are doing “How do you expect to be able to tell the software what to do?” Choosing Somebody, anybody to do your bookkeeping can have a negative impact on your Budget. Numerous Tax Accountants try to do the bookkeeping and get lost. My suggestion is to choose someone who specializes in Construction Accounting. I have had prospects tell me that their Neighborhood High School Student, their Nanny, their friend, on a few occasions a condition of being girlfriend was that that person had to do the bookkeeping. Rinse...

This Podcast Is Episode Number 0278, And It Will Be About Hot New Construction Accounting Services At Fast Easy Accounting New Services For Contractors At Fast Easy Accounting We are continually searching for more and better ways to remove time wasting paperwork chores so you can focus on what you do best, running your construction company. Change occurs every day in our lives. (Hint: Only wet babies like change). Fast Easy Accounting must adapt to the needs of our Clients in a world that is mobile. Ten years ago, we only worked with clients in Washington State. Now our clients are all over the USA. With the addition of Fast Easy Accounting Store, we have helped Construction Contractors outside of the US. Contractors all over the world have common issues. QuickBooks and Xero Customized Setup, Chart of Accounts, Items Lists – We Can Help A Little or A Lot depending on your needs. Our Primary Focus Has Been Construction Contractors In The USA Now we have some new tools, technology and apps like Xero Accounting For Contractors which will allow us to support construction contractors in more countries including Canada. We understand what you need and especially the need to turn Paperwork Chaos into understandable reports. Whenever possible, we quote Flat Rate Price For Your Contractor Bookkeeping Needs. The process is a little more complicated when using QuickBooks Desktop, cleaning up missing transactions and merging all of your existing “stuff” to our Customized Setup for Construction Contractors. Reminder: Deadline To File 2017 Annual Taxes Is Coming Have you filed 2015, 2016, 2017 tax returns? State and Federal Tax Laws are always changing. To save money on your annual taxes, we recommend you have a Tax Accountant – and convert your Construction Company to an S-Corp. We will continue to use QuickBooks Desktop In The Cloud This works with all Windows, Android or Apple device. Speaking of which QuickBooks MAC Version was discontinued in 2016 so for as long as it works – Enjoy. Other industries are changing and embracing new technology and so must Fast Easy Accounting. As a Construction Contractor, you need answers and solutions that work where you are, when you are available; which means in your truck on the job site or meeting clients. We are expanding from only using QuickBooks Desktop to adding Xero Accounting Software to our Construction Accounting Practice because in our expert opinion as Construction Accountants that a Construction Contractor like you needs solutions that QuickBooks Desktop is never going to provide! Being mobile and using apps that all work together is wonderful. Not all app play well together; it is not a setup, integrate and never touch it again process – no matter what the sales department will tell you.   Custom QuickBooks Setup For Construction Contractors   Custom Xero Setup For Construction Contractors What is Outsourced Accounting?  We do the bookkeeping; you create invoices, collect money, pay bills. What is Do-It-Yourself Accounting” You do everything with little or no support? Remember there are only so many hours in the day.  Do you know what 10 minutes are costing you?  What would you do differently with it?  What Is Xero Accounting For Construction Contractors? We are expanding from only using QuickBooks Desktop to adding Xero Accounting Software to our Construction Accounting Practice because in our expert opinion as Construction Accountants that a Construction Contractor like you needs solutions that QuickBooks Desktop is never going to provide! We always think in terms of what does a Contractor like you need? Not what we think is cool, rather what do you want and what keeps you awake at night? What drives you crazy? Moreover, how we can help you become more Process Dependent and less People Dependent because you cannot count on people to do what you want. QuickBooks Desktop has met the needs of contractors for decades since it was...

This Podcast Is Episode Number 0277, And It Will Be About Construction Contractor Embezzlement Detective - Kelly Paxton Part 2 of 2 Kelly Paxton specializes in finding and helping Construction Contractors, other businesses, and government agencies root out Pink-Collar Crime in their companies. The term Pink-Collar Crime was made popular Dr. Kathleen Daly in the 1980s to describe a type of embezzlement crime committed by female employees who may have limited opportunity. It is thought women in this situation may have a history of committing low level crimes such as check kiting and bookkeeping fraud. Part of the reasoning is women tend to be in less powerful positions compared to men who had a history of engaging white-collar crime. During our Podcast interview which you can listen to Part 1 by clicking the play button above I asked Kelly why she became interested in Pink Collar Crime. She replied "...When I started working at the Sheriff’s Office I became intimately involved in seeing the devastation caused by small business embezzlement. What I did not know was the perpetrator committing these crimes. When I was a federal agent most of my targets were typical White Collar Criminals—in other words men. Kelly goes on to say she was seeing women who had violated the trust of their employers. Out of all the cases she worked at the Sheriff’s Office there was only one male embezzler they came across. The rest were women, all kinds of women: old, young and middle aged. Some had gambling habits, some of them wanted to buy stuff they didn't need, with money they didn't have to impress people. They appeared to share two things in common— they had earned their supervisor's trust and they had the opportunity to embezzle. The following is a true story from Pink-Collar-Crime Wall of Shame: Stealing from her sister... Another medical office embezzlement but this one is a family affair.  Older sister  who is a well paid ($110k per year) office manager stole from her younger sister’s medical practice.  Can you imagine the Thanksgiving dinner they had?  Well it probably didn’t happen.  Reading the story http://bit.ly/2A53LiM is like a soap opera.  At this point therapy may not help. According to the affidavit: “Additionally, airplane flights and in-flight charges were purchased using the card, along with lengthy expensive hotel stays and various vacation charges,…Also noted were charges for plastic surgery and cosmetics.“Lastly, many personal charges (were made), such as car repair, car registration, gas, music, horse boarding, various saddles and accessories for horses and other pets and miscellaneous grocery shopping, etc.” Then in 2014 she came down with an eating disorder and other health issues that prompted her to begin “binge shopping,” according to the affidavit. In addition, one of her daughters began “doing really well with horse riding,” so she began paying for those expenses with clinic credit cards. For everyone who follows me on Twitter or has seen my presentation you know #horsesareaclue. They are expensive and a pink flag. By summer 2016, Shannon Nagle said “she had ‘all sorts of justifications’ for what she was doing and was ‘angry and in denial which was a bad combo,'” the affidavit states. “She felt unappreciated at work, wasn’t getting raises while other employees were and felt that (Melinda) Nagle and (her business partner) believed she wasn’t worth her salary,” according to Fain’s affidavit. Those rationalizations are never a reason to steal but businesses need to understand that everyone rationalizes and opportunity is the only part of the #fraudtriangle you can control. The takeaway from this sad story is that trust but verify even if they are a family member.  I trust my sister with my life but not every family is that lucky. Click Here For Part 1 Podcast Interview With Kelly Paxton, CFE, PI Speaker And Fraud Consultant...

This Podcast Is Episode Number 0276, And It Will Be About Interview With Brian Javeline Of MyOnlineToolBox.com Today's Article Is From Brian Javeline Of My Online Toolbox While the title of this story mentions website leads, planning also can incorporate many other forms of leads.  However, we decided to focus on website leads since so many contractors simply do not have a great online presence designed to capture more quality business opportunities. Go open your last version of your Marketing Plan.  You will then not believe how fast time flies by.  It will feel like just the other day where many of you were making all sorts of plans to change things, then time went by, then you got busy so the plans went in the to-do pile.   Unfortunately that implies that you are not doing anything specific to attract better customers. Many people have never had a Marketing Plan at all, which is even worse than not following through on your plans.  It is kind of like constantly building something without any measurements or schematics whatsoever. The most common situation we run into is hearing contractors updating their websites and making changes without any concrete planning.  Most companies rely on their website company for their marketing strategy which is a mistake, unless that website company clearly has a strong foothold in this particular industry.   Always remember, just because someone has mastered Google Docs or Microsoft Word doesn’t necessarily mean they know how to write a concise story.  It is the same thing with many website programmers who have first focused on websites and SEO without first having a strong background in marketing. Want better customers in the future? Then start planning for them today. It will take some time to methodically organize yourself to market correctly. That begins with a Marketing Plan or an update to your existing Marketing Plan. And many do not want to embrace this fact, but it will take months for these efforts to all come together after you are done. This includes making the correct updates to your website, Facebook and YouTube for Social Sharing, Google Reviews for consumer rankings, etc. So start today, then take a few months to organize yourself slowly, and then start to reap the rewards sometime in the next quarter with momentum picking up around two quarters out.  It is amazing how one’s business can change for life once you actually do something about it. Don’t use the excuse you are busy and waiting for things to slow down. Guess what? That is the same thing the majority of your peers are saying. Ever wonder what the top companies do differently than you to be overly successful? Much of it is not magic. Much of it is business practices and continuity with no excuses. I hear all the time “you do not know how lucky you are to get so many quality leads”. And I respond the same way, “No, luck has nothing to do with it.” It took planning, execution and persistence to build the momentum of image and results we produce. In fact, that is why I like to focus on the words More Quality Leads as opposed to just saying More Leads. I used to get too many leads that it was actually a distraction. Now our business has vastly reduced the time dealing with tire kickers which gives us more time to focus on good customers and quality leads. These quality leads turn into quality customers who in turn give us some quality referrals. And the merry-go-round spins. Sure, bad leads continue to come, but at a much slower pace and they are easy to let go. Perhaps you are doing well with your marketing and leads. That is great. Then at least make sure to not rest on your laurels and keep it up. But maybe you are wondering why are you so busy and not making as much profit as you thought. Or maybe you are getting leads and not closing as many as you thought. Or perhaps you really do not get as much referral business as you hoped...

This Podcast Is Episode Number 0275, And It Will Be About Construction Contractor Embezzlement Detective - Kelly Paxton Part 1 Of 2 Kelly Paxton specializes in finding and helping Construction Contractors, other businesses, and government agencies root out Pink-Collar Crime in their companies. The term Pink-Collar Crime was made popular Dr. Kathleen Daly in the 1980s to describe a type of embezzlement crime committed by female employees who may have limited opportunity. It is thought women in this situation may have a history of committing low level crimes such as check kiting and bookkeeping fraud. Part of the reasoning is women tend to be in less powerful positions compared to men who had a history of engaging white-collar crime. During our Podcast interview which you can listen to Part 1 by clicking the play button above I asked Kelly why she became interested in Pink Collar Crime. She replied "...When I started working at the Sheriff’s Office I became intimately involved in seeing the devastation caused by small business embezzlement. What I did not know was the perpetrator committing these crimes. When I was a federal agent most of my targets were typical White Collar Criminals—in other words men. Kelly goes on to say she was seeing women who had violated the trust of their employers. Out of all the cases she worked at the Sheriff’s Office there was only one male embezzler they came across. The rest were women, all kinds of women: old, young and middle aged. Some had gambling habits, some of them wanted to buy stuff they didn't need, with money they didn't have to impress people. They appeared to share two things in common— they had earned their supervisor's trust and they had the opportunity to embezzle. The following is a true story from Pink-Collar-Crime Wall of Shame: Stealing from nuns for lingerie and leasing a sports car An Orange County real estate consultant who stole $285,000 from Roman Catholic nuns and used it to buy lingerie and lease a sports car was convicted Tuesday of three counts of wire fraud. After a three-day trial, a federal jury in Santa Ana convicted Linda Rose Gagnon, also known as Linda Gualtieri-Gagnon, 59, of defrauding the U.S. Province of the Religious of Jesus and Mary. Asst. U.S. Atty. Robert Keenan said Gagnon told the nuns in 2008 that she was an expert in handling short-sale and foreclosure transactions and offered to help them buy a small home in San Diego they were renting for retired sisters in the religious order. But Gagnon did not use the order's funds to purchase the retirement home. Instead, she used it to buy lingerie, lease an Audi and pay off debts for her real estate finance company, Rose Enterprise, Inc. according to Keenan. After only 64 days, Gagnon spent the entire sum -- $285,000, he said. "She paid off $42,000 she borrowed. There was $448 at Chadwick's of London, an intimate apparel store in San Francisco. Then she went shopping at Nordstroms, visited the nail salon and of course a pet-sitting service.... She also leased an Audi TT sports car," Keenan said. "She was living nicely on the nuns' money." The nuns, after initially accepting Gagnon's explanations for delays in the home purchase, realized they had been defrauded when she did not respond to their messages. The order specializes in charitable and educational work. At one point, Gagnon told the nuns she needed another $285,000 to buy the San Diego residence, saying the original $285,000 was tied up in a “triple escrow” on another property. Throughout the trial, Gagnon's lawyer portrayed her as operating a bad business and accidentally comingling the funds. Gagnon did not testify, but two Catholic priests took the witness stand to attest to her character, Keenan said. They assured the court "she is really quite honest," he added. At sentencing next February, Gagnon could receive up to 20 years in prison for each of the three counts. Keenan said a more realistic sentence would be about...

This Podcast Is Episode Number 0275, And It Will Be About Four Project Management Tips and Tricks for Construction Contractors  Today's Guest Article Is From Chanell Alexander  ---------------------------------------------------------------------------------- Capital projects bring a numerous amount of moving parts for construction contractors to regulate as project managers. Once someone scores the bid, the planning and strategy almost begin immediately. The leadership of the team, budget, design quality, and management of time rests on the head of the contractor. How can these professionals diminish the stress and stay on task? Read on for four project management tips and tricks for construction contractors. Make Planning a Daily Practice Contractors should always go into every project with a comprehensive construction plan that includes a strategy for budgets, hiring, and procurement for suppliers. Monitoring these developments should be a routine practice. Contractors should spend at least 10 to 20 minutes a day to assess how progress is being made regarding budgets, productivity, and deadlines. Plans should be revised and redeveloped as needed, and spending each day on planning allows contractors to immediately react to a scope or budget change before waiting too long to address potential problems before they spiral out of control. Install Mechanisms for Team Collaboration Communication is vital in any project, but even more so in a capital construction project. Safety, and staying in line with project scope depends on it. Since most of the work is done in the field, it may be difficult for workers to ask question or for contractors to have the time to answer them. Using a team collaboration platform, like Workfront, can help contractors answer questions, spread news, and update the team on relevant information. Assign Tasks Digitally and Track Time Utilizing a project management system is going to make managing a capital project move a lot smoother. Asana is another excellent choice for a user-friendly project management app to assign and track progress. The app can allow contractors to multi-task, store important documents, reduce emails, and quickly check the development of the project. Asana also integrates with Harvest, a time tracking application that allows workers to track their time so managers can immediately send out invoices from the app. Managers can keep records of invoices and project scheduling using both applications together. There are also other project management tools available for contractors to find the system that best works for them. This project management TrustMap can help managers determine what tool is best for their use case. Use a System to Help with Inventory It is easy for managers to become overwhelmed when it comes to ordering supplies and managing inventory for capital projects. This is why it is crucial to have systems to allow project managers to estimate how many materials they will need depending on the project scope. Using an inventory management system can help reduce waste and over-ordering to decrease the cost of a product. The Wrap Up Managing a capital project can be a tough gig. Having to hire the right talent, maintain inventory, stay on-budget, and adhere to the needs of clients. However, project management tools and some savvy planning can help managers keep the train from going off of the rails. While project managers experience struggles regardless of the industry, construction contractors have unique obstacles that the right system and strategy can remove. About The Author: Chanell Alexander currently resides in Atlanta, GA. When she’s not traveling and trying new restaurants in the Metro Atlanta area, she writes about the latest technology and tools for TrustRadius. Sources: 12 Proven Time Management Tips for Construction Project Managers, www.clockshark.com/Blog/12-proven-time-management-tips-construction-project-managers/ Who Else Wants More...

This Podcast Is Episode Number 02##, And It Will Be About ###   Today's Guest Article Is From Tom Jager, professional blogger  ---------------------------------------------------------------------------------- American science writer Robert Heinlein once said: “Progress is made by lazy men looking for easier ways to do things.” Do you agree? That’s okay if you don’t because laziness is a quality that is not commonly associated with success. However, working as little as possible is a strategy that many people embraced and ultimately reached new heights. For example, Dana Brownlee, the president of a corporate training company Professionalism Matters wrote on Entrepreneur that the “Lazy Entrepreneur” philosophy helped her to become incredibly successful and enhance her business in a unique way. So can laziness be good for business? What about contractors - can they be both lazy and successful? Undoubtedly, working as a contractor requires a lot of hard work and dedication to succeed, because the profession requires you to make most of the important decisions. Completing projects within deadlines, finding clients, negotiating prices, sending offers – all of this demands a lot of your time. But does that mean that you can’t enjoy occasional laziness? Of course not. Let’s see how you can be both lazy and successful as a contractor. Be Smart About Meetings For you as a contractor, meetings are important because you use them to get more clients. However, as important as they are, they can take a lot of time, and most of it can be dedicated to something different. On average, 25-50 percent of meeting time is wasted, according to MeetingKing. That’s why 47 percent of employees and managers consider too many meetings the biggest waste of time. To make sure that you’re not wasting time on meetings, use technology. It’ll help you to be more efficient and save a lot of time that you can spend doing what you want. Take Regular Breaks For some people (especially bosses!), taking regular breaks is perceived as destructive to effective and efficient work. That’s why most of employees spend the majority of their day at their desks, staring at computer screens. In addition to preventing some harm being done to your health, you should take regular breaks at your work to actually become more productive. Yes, you read it right: taking breaks and spending less time on working can turn you into a better worker. Think about it: have you ever faced a problem that you couldn’t resolve, decided to take a small break, and then the answer came to you suddenly? If you have, then you know that refreshing your brain helps to see a situation in a new way and come up with the right solution. Here are more benefits of taking regular breaks: They can prevent decision fatigue. Decision fatigue occurs when you have to make a lot of decisions and your willpower and reasoning ability wear down.   Breaks are important for physical and emotional health. It is a known fact that constant sitting, for example, at your office desk, increases your risk for obesity diabetes, heart disease, and depression. You know what they say, “sitting is a new smoking.”   Breaks increase creativity and productivity. Working for hours without taking breaks results in stress and exhaustion. On the other hand, taking some time for rest replenishes mental resources, refreshes the mind, and contributes to being more creative.   By taking breaks from work, you’ll expose yourself to fun side activities that may inspire you to do something and provide you with positive energy. Automate as Much as You Can Technology can be your best helper with tasks that you do every day. For example, if you work in social media promotion, there is a good chance that your clients require you to build their presence by posting information on a daily basis. This task can be easily automated using tools such as Buffer that allow to schedule and...

This Podcast Is Episode Number 0271, And It Will Be About How U.S. Corporations World Banking Influences Construction Industry Today's Guest Article Is From Kaya Johnson, Sales Accountant ----------------------------------------------------------------------------------------- Multinational U.S. Corporations And The Influence They Have Over The World Bank The World Bank is, in theory, an institution which treats all countries the same. However, the reality is that there is a large amount of influence which certain companies are able to hold over the bank and the decisions which it makes. We’re going to have a look at a few of the most glaring instances of US multinationals pushing the World Bank for their own gains, including: How US multinationals exert influence The other country with major influence over the World Bank What the end result is The World Bank was formed after the Second World War, with the aim of creating an international organization which could provide the necessary funds to nations around the world for capital projects. However, while the World Bank was meant to be a completely impartial body that treated all countries equally, the reality was that it was not long before it began giving unfair advantages to certain nations. Foremost among these was the US, then the dominant global power. Recent research has suggested that US multinational companies have a long track record of influencing investment by the World Bank, allowing them to direct investment funds into areas which directly benefit them. Government Lobbying Allows Companies to Direct Investment Most of this leverage is done, indirectly, by lobbying congress. Multinational companies have an extraordinary amount of influence in today’s world. Promises of financial gain or influence allow these companies to ensure that members of congress put in a good word for them at the treasury. From their, the treasury representative passes on the directions to the World Bank. The US is the biggest investor in the World Bank, putting in a large share of the funds that the organization disperses. As a result, the World Bank is disproportionately reliant on the US, and has to ensure that good relations are maintained. They are far more inclined to approve requests from the US treasury than from other areas. This comes as a minor disadvantage to the other major regions as the US is in turn a huge investor for them. Of course it would be easier to depend directly on the World Bank but that would give less perks to the US and indirectly come as damage to its economy. That in turn would have a negative impact on the world’s economy. Keeping it the way it functions at the moment has everyone at an almost equal state, with the US keeping itself and its mega economy in balance whereas the other regions such as Europe easily manage their independent, micro economies depending on each individual country. US and Japan Are Home to Multinationals Japanese multinationals have a similar sway over the World Bank. Multinationals emerged in both the US and Japan in the postwar boom that both countries experienced, and Japan is the second biggest investor in the World Bank. The result of this is that major corporations are able to essentially push investment in areas that benefit them, without actually having to part with any funds themselves. The world Bank was founded in order to allow investments to be made in countries that both need and deserve it. This use of influence is seeing these funds actually end up in two of the wealthiest countries in the world. The World Bank maintains that the majority of their funds actually go to smaller companies rather than multinationals. However, the research points to clear evidence that US and Japan based companies are enjoying an unreasonable amount of influence over the foundation. This takes over the potential advantage a small company would have over some funds that would help its development. Considering nowadays’ data...

This Podcast Is Episode Number 0270, And It Will Be About Construction Contractors Need Help From Knowledgeable Advisors Everywhere there a Buzz Words and lots of people who say they are Experts in their field. Question is What the Expert knows is in a topic that is useful to you? Everyone wants to be paperless. It is not so much about saving a Tree as saving Time. How can I get to My Bookkeeper, My Accountant, My Tax Accountant the information they need to develop the reports? Most contractors tell me "Actually, I don’t want the reports I only want to know "scraps of information" so I can run My Business better. If there is an easy way to get the job done; I want to know it. There must be an App For That." There are several apps and we have one just for Construction Contractors. It does a lot but no app does everything. One of the first questions I am asked is do I have to keep my receipts? After all, I used my debit card, and it is all on the bank statement Bank Statements do not give all of the information needed to run your business. If you write a check, it will say When and How Much but not the “Who” and definitely not on WHY you wrote a check. Debit card transactions have Who, When and How Much; still no WHY. My answer is Yes – Please. Many suppliers will take a product back IF you have a receipt. A few with your credit card will be able to find your transaction and be able to credit the purchase back to the card. For everyone else; your receipt is the fastest way to document you actually made the purchase. Stores return policy is as generous as they can be. But not everyone can offer 100% refund for something that is obviously worn out, purchased from somewhere else or sometime long ago. We have all heard stories where dress clothes (with tags attached and hidden) are worn to a “fancy party” (New Year’s Eve’s) and next day returned to the store for a full refund. I don’t know of anyone personally who has done it but reading on the internet – many stores have changed return policies because of this type of customers (not clients). Kinda like being an “Unwelcome Pest” instead of a “Welcome Guest.” I was in a store who refused to accept a return from the customer in front of me. The clerk told the customer they had made Too Many Returns. We want to be the Welcomed Guest, be a good neighbor, friend, the benefit to our community as we provide “Goods and Services” to our friends and clients. Not everyone is a Good Client or Customer.   Tax Accountants are someone every Contractor should have. Why, when Turbo Tax can do it all? Turbo Tax is in simple terms an “AI” programmed to fill in the blanks based on the information you give it. So as an AI, the software might be smarter than you and I; but remember that “The Computer” does not win whenever playing against “Chess Masters” and a “Real Person” has done the programming. Here are the Should Have, Ought To Have, Maybe, Because [fill in the blank] with as many as you can think of and here are some more. You have already “Over Handled” your documents; especially if you are doing all of your own bookkeeping. I can’t afford to “Hire It Out” Sometimes your budget is “Toast!” Are you spending time doing the right things? The old saying “Sell Your Way Out Of A Problem” is true, but be sure you have done the right job for the right client, and the right price can only be answered when the accounting system has the proper information. The answer is a knowledgeable person between the keyboard and chair touching the keys. Hint - There is a difference between Void and Delete.   Quicken could work as an overgrown checkbook. What would it tell you? Wait, I took the easy step interview, synced to my bank; it has everything it needs!  Does It? or does it have everything YOU think it needs to be based on what you know? If you are the Smarted Person in the room – Fantastic. Excited to meet someone who...