Contractor Success Map with Randal DeHart | Contractor Bookkeeping And Accounting Services

This Podcast Is Episode 586, And It's About Fortifying Financials And The Importance Of Solid Security Measures The recent cyber outage is a stark reminder of digital systems' vulnerability and potential impact on businesses, including those in the construction industry. This incident offers several critical lessons for construction bookkeeping. As a contractor, your accounting and bookkeeping systems are vulnerable not only to cyber threats but also to software outages, which can compromise sensitive financial data and disrupt business operations. In this blog post, we'll explore the implications of the recent cyber outage for construction accounting and bookkeeping and provide actionable tips to strengthen your defenses.

Implications for Construction Accounting and Bookkeeping:

• Data Breach Risks: Cyber attacks can lead to unauthorized access to financial data, including client information and project records.
• System Downtime: Cyber outages can cause accounting and bookkeeping systems to go offline, halting critical financial operations.
• Financial Losses: Cyber attacks can result in direct financial losses, damage to your reputation, and legal liabilities.

Lessons Learned and Better Practices:

1. Data security is paramount

The cyber outage underscores the critical importance of robust data security measures. Construction companies must prioritize the security of their financial data, including sensitive client information, to prevent unauthorized access and mitigate the risk of data breaches.

2. Backup and recovery plans

Construction firms should review and enhance their data backup and recovery plans. Regular, automated backups of financial records and bookkeeping data can help ensure that critical information is not lost during a cyber incident.

3. Vigilance in Vendor Management

Construction companies rely on external vendors and software providers for bookkeeping tools and platforms. To minimize the risk of potential disruptions due to cyber incidents, construction firms must assess their vendors' security protocols and resilience.

4. Employee training and awareness

Educating employees about cybersecurity best practices and potential threats is imperative. Construction businesses should invest in training programs to enhance employee awareness and establish protocols for identifying and responding to potential cyber threats.

5. Contingency planning

Comprehensive contingency plans for potential cyber outages are essential. Construction companies should establish clear protocols for maintaining critical financial operations during a disruption, ensuring minimal impact on day-to-day business activities.

A quick recap of actionable steps:

• Implement robust cybersecurity measures, including firewalls, antivirus software, and intrusion detection systems.
• Conduct regular software updates and backups to ensure business continuity.
• Train staff on cybersecurity awareness and best practices.
• Use secure communication channels for sensitive financial data.
• Consider outsourcing accounting and bookkeeping to reputable, cyber-secure providers.

FEA Cybersecurity

As an accounting firm, our client's privacy and security remain our top priorities. We continually look at ways to develop and evaluate our system to prevent breaches and network holes. We utilize Secure Socket Layer encryption, which ensures that all data passed between the web server and browsers remains private and integral. There are two levels of restrictions, and a password must be entered before you can access your data file.

At Fast Easy Accounting, Cloud Security is not an option—it is a fundamental requirement. We only use Intuit-approved commercial Hosting Services. We have taken steps to select the best to ensure that your data is as secure as that found for online banking and financial institutions. Their Cloud Security rests on U.S.-based servers, backups, data centers, and technical support. Not one aspect of our Cloud security relies on outsourced services or offshore locations.

Don't assume your construction business is safe from hackers because you run a small business or don't collect payment information. There is a lot of private information available that hackers and thieves can use to make money, and companies large and small are targets. Be aware of vulnerabilities in your system and take steps to address them before it's too late.

Online data protection is critical in providing contractors with reliable and professional-grade bookkeeping services. The cost of proper bookkeeping combined with secured cyber information is priceless. Clean, up-to-date bookkeeping records, accurate financial reports, and protected data make up for a good night's sleep. After all, security comes from setting up Structures and Systems in place so your construction company will run smoothly.

Conclusion:

The recent cyber outage serves as a wake-up call for construction contractors to prioritize cybersecurity in their accounting and bookkeeping practices. By implementing robust defenses and best practices, you can protect your business from cyber threats and ensure the integrity of your financial operations.

Stay vigilant and build a more solid security for your construction business. By addressing these key lessons, construction companies can better safeguard their financial data and minimize the impact of potential cyber incidents on their operations.

As a reminder:

Speaking of technology, have you made the switch yet?

QuickBooks plans to stop selling several versions to new U.S. subscribers. The deadline to purchase new subscriptions to the listed products has been extended from July 31, 2024, to Sept. 30, 2024.

• QuickBooks Desktop Pro Plus
• QuickBooks Desktop Premier Plus
• QuickBooks Desktop Mac Plus
• QuickBooks Desktop Enhanced Payroll

We do our best to inform you of your options based on your construction company's needs and ensure you are alerted to fundamental software changes that may affect your construction business now or in the future. Although extended, we recommend checking and upgrading immediately to avoid service disruptions and workflow interruptions. Please plan accordingly or reach out if you need help.

We are here to help you achieve your definition of success, whether you would like to outsource your bookkeeping to us, buy and use our templates, or learn to do it independently.

PS

We offer free resources to help you save time and money that you can download and print now.

About The Author:

Sharie DeHart, QPA, co-founded Business Consulting And Accounting in Lynnwood, Washington. She is the leading expert in managing outsourced construction bookkeeping and accounting services companies and cash management accounting for small construction companies across the USA. She encourages Contractors and Construction Company Owners to stay current on their tax obligations. She offers insights on managing the remaining cash flow to operate and grow their construction company sales and profits so they can put more money in the bank. Call 1-800-361-1770 or [email protected]

This Podcast Is Episode 585, And It's About Don't Let The Numbers Lie: Detecting And Preventing Bookkeeping Fraud

This Podcast Is Episode 584, And It's About Discovering The Importance Of A Solid Business Plan For Your Contracting Company Starting a construction business without a plan is like setting sail without a compass. While you might eventually reach your destination, the journey will likely be longer and more challenging. A well-constructed business plan is essential for guiding your business toward success. Here's why It Clarifies Your Vision A business plan helps you articulate the vision for your enterprise. It forces you to think through every aspect of your business, including what you want to achieve and how you plan to get there. This clarity is crucial for communicating your vision to potential investors, partners, and employees. It Defines Your Goals And Objectives One of the primary purposes of a business plan is to set clear, measurable goals. Whether you aim to acquire a certain number of clients, reach a specific revenue target, or open new locations, having defined goals ensures you know exactly what success looks like for your business. It Helps You Understand The Market A solid business plan includes thorough market research. Understanding your target market, competitors, and industry trends is vital for positioning your construction business effectively. This research helps you identify opportunities and threats, allowing you to make informed decisions. It Guides Your Strategy With your goals in place, a business plan outlines the strategies you will use to achieve them. This includes marketing plans, sales tactics, operational procedures, and financial strategy. Having these strategies documented ensures that everyone involved knows the steps needed to move forward. It Allocates Resources Effectively A well-thought-out business plan helps you determine how to allocate your resources—time, money, and personnel—most efficiently. By identifying priorities, you can ensure that your resources are focused on activities that drive your business toward its goals. It Monitors Progress And Facilitates Adjustments A business plan is not a static document; it should evolve as your business grows. Regularly reviewing your plan allows you to track progress against your goals and make necessary adjustments. This ongoing analysis helps you stay adaptable and responsive to market or business environment changes. It Attracts Investors And Secures Funding If you need external funding, a business plan is indispensable. Investors and lenders want to see that you have a clear vision, defined goals, and a feasible strategy for achieving them. A comprehensive business plan demonstrates your commitment and capability, making securing the financial resources you need easier. It Reduces Risks A business plan helps mitigate risks by forcing you to think through potential challenges and develop contingency plans. This proactive approach lets you anticipate obstacles and devise solutions before they become critical. Creating a small business plan as a construction contractor, whether you have employees or a one-person company, is crucial for charting a path to success. A well-thought-out plan helps you set goals, identify your target market, and establish the direction for your business. Here's a guide on creating one: 1. Let's Get Started with an Executive Summary: Kick off your plan with a quick peek into your company, its mission, and the services you offer. Share a brief overview of your target market and a summary of your financial projections. 2. Company Description - Tell Your Story: In this section, share a detailed and friendly description of your small construction business. Share your company's story, the nature of your construction services, and what makes your business unique. Also, describe your target market and discuss the specific construction needs you aim to fulfill. 3. Market Analysis - Understanding Your Playground: Determine the construction industry in your target area. Here, you can identify market trends, assess the demand for construction services, and analyze your competitors. Understanding the market dynamics will help you position your business effectively and identify growth opportunities. 4. Organization and Management - Who's Who in Your Team: In this section, outline the friendly organizational structure of your small construction business. Define key team members' roles and responsibilities and discuss your expertise and experience in the construction industry. On your own? Highlight any strategic partnerships or key contractors you plan to collaborate with or professionals you outsourced to help with administrative work and financials. 5. Services and Products - Showcasing Your Specialties: Let's detail the range of construction services and products your business offers in a friendly tone. Give importance to any unique or specialized services that set your business apart. It's essential to show your services' value to clients and how they address specific construction needs. 6. Marketing and Sales Strategy - Spreading the Word: Develop a friendly marketing and sales strategy to reach potential clients and promote your construction services. Identify your target audience, outline promotional tactics, and define your pricing strategy. Additionally, describe the sales channels and distribution methods you will use to reach your clients. 7. Financial Projections - Let's Predict the Future: Include detailed financial projections for your small construction business. This should encompass your income statement, cash flow projections, and balance sheet. Outline your funding requirements and how you plan to finance your business. 8. Risk Analysis - Preparing for the Unexpected: Evaluate potential risks and challenges your small construction business may face. Identify strategies to overcome these risks and show your readiness to tackle the obstacles in the construction industry. 9. Implementation Plan - Let's Get It Done: Set measurable milestones and key performance indicators to track your progress. Additionally, detail your operational plan, including necessary resources, equipment, and technology. 10. Appendices - Supporting Cast: Include any additional information, such as resumes of key team members, legal documents, or supporting research that strengthens your business plan. In summary A business plan is a crucial tool for any entrepreneur. It provides a clear vision, sets measurable goals, guides strategy, allocates resources, monitors progress, attracts funding, and reduces risks. By carefully considering each aspect of your business and creating a clear roadmap for success, you can position your construction company for long-term growth and success. Remember that a well-crafted business plan not only serves as a guide for your business but it communicates your vision and professionalism to potential clients and stakeholders. We are here to assist you in creating a plan that sets your business up for profit and growth. Contact us today to learn how we can support your contracting journey.

PS

We offer free resources to help you save time and money that you can download and print now.

About The Author:

Sharie DeHart, QPA, co-founded Business Consulting And Accounting in Lynnwood, Washington. She is the leading expert in managing outsourced construction bookkeeping and accounting services companies and cash management accounting for small construction companies across the USA. She encourages Contractors and Construction Company Owners to stay current on their tax obligations. She offers insights on managing the remaining cash flow to operate and grow their construction company sales and profits so they can put more money in the bank. Call 1-800-361-1770 or [email protected]

This Podcast Is Episode 583, And It's About Building On Solid Ground: Your Construction Bookkeeping Foundation As a construction business owner, you must stay informed about your finances and financial situation. You do this through bookkeeping, the process of recording transactions in your business. This includes transactions, credit card charges, and any other economic activity within your company. Financial management can easily be overlooked when managing projects, dealing with subcontractors, and ensuring customer satisfaction. However, neglecting proper bookkeeping can significantly impact the growth and success of your construction business.

When your construction bookkeeping is set up right

It gives you insights into your income and expenses, such as:

• How much money you've made
• How much money needs to be paid for bills or salaries
• How much money should be put away for taxes or other unexpected costs

Bookkeeping also helps keep track of all your business transactions. A good system will serve as an audit trail showing every transaction that has taken place within your company. This includes purchases from suppliers, sales made to customers, and bills paid out by suppliers or employees (like salaries).

This information will quickly become apparent if there are any irregularities, such as missing items on purchase orders. You get transparency into your business, a way to ensure you remain compliant with laws, and valuable insights to help you make smarter decisions.

While factors such as market trends, technological advancements, and customer demands undoubtedly play a significant role in shaping your business, financial insights are an often underestimated aspect that can substantially impact growth. Understanding the intricacies of your company's financial data and leveraging this insight effectively can be a powerful tool for driving growth in your construction business.

When to hire a construction bookkeeper

There are many scenarios where hiring a bookkeeper makes sense. These depend on your construction business setup and your abilities.

You should consider hiring a bookkeeper if you have

• More than one employee
• Multiple business locations
• A complex business structure - yes, like a contracting business
• Concerns about making errors in your books that could lead to fines or penalties
• Too much work to do, and bookkeeping constantly gets pushed to the side
• A lack of experience with bookkeeping and still determining how to go about it, so you avoid it.

What a Construction Bookkeeper can provide for you

1. Expertise

Construction bookkeepers are experts at managing, sorting, and recording your business's financial transactions. They've spent time developing their skills and experience. During that time, they've also seen and resolved bookkeeping-related issues that you may come up against. Their expertise makes them more efficient at managing those issues.

Beyond that, they understand business trends and challenges others in your industry face and can help you move through those. They also know what questions to ask to help you make important decisions and can share best practices with you.

2. Guidance

Your bookkeeper not only helps you maintain accurate records but also understands your financial circumstances. They help you assess how to make critical business decisions, such as whether now is an excellent time to grow or when you should hold back. They can also identify trends in your industry and help you take advantage of those opportunities.

Finally, they can assist you with budgeting and sticking to your budget. They'll help you develop a realistic financial plan that enables your business to grow while achieving short- and long-term goals.

3. Time savings

As a business owner, you likely have many activities to focus on. In bookkeeping alone, there are numerous tasks to be responsible for, such as:

• Collecting and recording transaction data
• Sorting receipts
• Classifying expenses
• Invoicing customers
• Paying vendors
• Managing payroll

Bookkeepers take on those tasks, so you don't have to. It's not just about the energy you put into them; it's about the fact that unless you're a construction bookkeeping expert, it'll likely take you longer to complete these activities than a bookkeeper. That can add up to a lot of extra hours.

Hiring a Construction Bookkeeper frees up valuable time for other activities such as marketing, perfecting your products and services, or spending time with family.

4. Money savings

There's a time cost to doing your books, but there's also a potential money cost in the form of missed opportunities. The time you spend doing your books is time you could be out creating or taking advantage of new opportunities for your business. Your bookkeeper frees you up, giving you the time and energy to identify potential opportunities. They can also advise whether you're in an excellent financial position to jump on those possibilities.

Additionally, the expertise bookkeepers bring to their activities means they're likely to prevent costly mistakes that could affect your finances.

Final thoughts

Prioritizing better bookkeeping practices is fundamental to driving growth and sustainability in your construction business. By proactively managing your company's finances, you can gain a competitive edge, mitigate risks, and position your business for long-term success in the dynamic construction industry.

Remember, the success of your construction business depends not only on the quality of your work but also on the strength of your financial foundation. Embracing better bookkeeping practices can pave the way for sustained growth and profitability in your construction enterprise.

As a reminder:

QuickBooks plans to stop selling several versions to new U.S. subscribers. The deadline to purchase new subscriptions to the listed products has been extended from July 31, 2024, to Sept. 30, 2024.

• QuickBooks Desktop Pro Plus
• QuickBooks Desktop Premier Plus
• QuickBooks Desktop Mac Plus
• QuickBooks Desktop Enhanced Payroll

We do our best to inform you of your options based on your construction company's needs and ensure you are alerted to fundamental software changes that may affect your construction business now or in the future. Although extended, we recommend checking and upgrading immediately to avoid service disruptions and workflow interruptions. Please plan accordingly or reach out if you need help.

We are here to help you achieve your definition of success, whether you would like to outsource your bookkeeping to us, buy and use our templates, or learn to do it independently.

PS

We offer free resources to help you save time and money that you can download and print now.

About The Author:

Sharie DeHart, QPA, co-founded Business Consulting And Accounting in Lynnwood, Washington. She is the leading expert in managing outsourced construction bookkeeping and accounting services companies and cash management accounting for small construction companies across the USA. She encourages Contractors and Construction Company Owners to stay current on their tax obligations. She offers insights on managing the remaining cash flow to operate and grow their construction company sales and profits so they can put more money in the bank. Call 1-800-361-1770 or [email protected]

This Podcast Is Episode 582, And It's About Dealing With Toxic Construction Employees In The Job Site Running a small construction business comes with unique challenges, and dealing with toxic employees is undoubtedly one of the trickiest. A single troublesome team member can disrupt productivity, affect team morale, and ultimately harm your business's success. These individuals can create a hostile work environment, lower morale, and reduce productivity. For the construction industry, where teamwork and safety are paramount, addressing and managing toxic employees is crucial. Knowing how to handle such situations effectively can turn things around. Let's look at the types of toxic actions, how to address them, and provide practical steps to manage these challenging situations. Read on to transform your workplace or job site into a harmonious and productive environment. To effectively deal with toxic employees, it's essential first to identify poisonous behavior. This can include constant negativity, gossiping, bullying, or undermining colleagues. In the construction industry, toxic behavior can manifest as disregarding safety protocols, cutting corners, or fostering a culture of non-compliance. Understanding troublesome conduct

• Intentional vs. unintentional

Before you can tackle the issue, it's essential to understand whether the problematic actions are intentional or a result of the other problems. Intentional bad conduct often stems from personal grievances or a desire to undermine authority. On the other hand, unintentional actions might be due to personal struggles, misunderstandings, or lack of awareness. Understanding the root cause is crucial because it determines your response strategy. For example, intentional troublemaking might require firmer actions than unintentional issues, which might be resolved with support and guidance.

• Early recognition

Early recognition of problematic conduct can prevent it from escalating. Look for signs such as frequent conflicts with colleagues, consistent underperformance, or a noticeable dip in team morale. Address these issues promptly to avoid long-term repercussions.

• Impact on team dynamics

Toxic conduct doesn't just affect the individual involved; it can spread like wildfire, impacting the broader team. It can lead to increased stress, reduced collaboration, and higher turnover rates. Understanding the wider impact highlights the importance of addressing the issue head-on. Tackling the problem head-on

• Direct approach

Avoiding the problem is never a good strategy. Instead, address the issue directly with the troublesome team member. Start by scheduling a private meeting to discuss specific concerns. Be clear about the actions that need to change and provide concrete examples.

• Clear communication

Addressing toxic behavior often starts with open communication. Construction managers and supervisors must create a work culture where employees feel safe to voice their concerns. Encouraging open communication can help identify toxic behavior early on and prevent it from escalating.

• Open dialogue

Engage in an open dialogue where the employee can share their perspective. Understanding their viewpoint can offer insights into potential solutions. Ensure the conversation remains respectful and focused on finding a resolution.

• Consistent follow-through

Consistency is key when managing toxic workplace conduct. After the initial discussion, follow up regularly to monitor progress. This shows the employee that you're serious about making positive changes and are there to support them through the process.

• Detailing specific actions

Communicate the issues clearly by detailing specific actions that are problematic. Vague feedback can lead to misunderstandings and may result in something other than the desired changes. Be precise about what needs to improve and why. Impact on the team and business as a whole Explain the impact of their conduct on the team and the business as a whole. Sometimes, employees are unaware of how their actions affect others. Highlighting the broader consequences can motivate them to change.

• Setting expectations

Set clear expectations for conduct moving forward. This includes outlining the company's values, code of conduct, and expectations for teamwork and collaboration. By clearly defining unacceptable behavior, employees are less likely to engage in toxic conduct. Outline the standards you expect and the timeline for improvement. This gives the employee a clear roadmap to follow.

• Providing support

Sometimes, toxic behavior can stem from underlying issues such as stress, burnout, or lack of training. Providing support for employees who may be struggling and offering training programs to develop their interpersonal and communication skills can help in addressing toxic behavior.

• Resources and training

Ensure that the employee has the necessary resources and support to improve. This could include training sessions, mentoring programs, or adjustments to their workload. Providing these tools shows your commitment to their development.

• Mentoring and coaching

Pair the employee with a mentor or coach who can offer guidance and support. This relationship can provide valuable insights and help employees develop new skills and attitudes.

• Adjusting workload

Sometimes, problematic conduct stems from being overwhelmed. Assess the employee's workload and make necessary adjustments to ensure they can perform at their best without undue stress. Documenting everything

• Keeping detailed records

Maintain detailed records of all interactions and steps taken to address the issue. Documentation is crucial if further action is needed and provides a clear history of your efforts to resolve the situation.

• Importance of transparency

Be transparent with the employee about the documentation process. This will help build trust and ensure they understand the seriousness of the situation. Preparing for future actions Detailed records can be invaluable if the conduct doesn't improve and more serious actions are required. They provide a clear trail of your efforts and the employee's responses. Being prepared for tough decisions when enough is enough! Despite your best efforts, some employees may not improve. Acknowledging when enough is enough to protect your team's well-being and your business's success is essential.

• Making difficult choices

When toxic behavior persists despite efforts to address it, decisive action may be necessary. This can include implementing disciplinary measures, reassigning responsibilities, or, in severe cases, terminating employment. Handling these situations with professionalism, empathy, and adherence to company policies and labor laws is essential. Be prepared to make difficult decisions; while potential termination is never an easy choice, sometimes it's necessary for the greater good of the business.

• Protecting team well-being

Your primary responsibility is to ensure a healthy and productive work environment for all employees. Protecting the team's well-being should always be a top priority. In summary Dealing with toxic employees is a challenging but essential aspect of managing a small business. You can transform your workplace into a harmonious and productive environment by understanding the types of troublesome conduct, tackling issues head-on, communicating clearly, providing support, documenting everything, and being prepared for tough decisions. Remember, the key to success lies in consistent follow-through and a commitment to fostering a positive workplace culture. Recognizing and rewarding positive contributions, fostering a sense of teamwork and camaraderie, and leading by example can all contribute to creating a healthy work environment where toxic behavior is less likely to thrive. If you need more advice or support, reach out—we're here to advocate for you. Whether you need help with construction bookkeeping or want a listening ear, I am just a phone call or email away.

PS

We offer free resources to help you save time and money that you can download and print now.

About The Author:

Sharie DeHart, QPA, co-founded Business Consulting And Accounting in Lynnwood, Washington. She is the leading expert in managing outsourced construction bookkeeping and accounting services companies and cash management accounting for small construction companies across the USA. She encourages Contractors and Construction Company Owners to stay current on their tax obligations. She offers insights on managing the remaining cash flow to operate and grow their construction company sales and profits so they can put more money in the bank. Call 1-800-361-1770 or [email protected]

This Podcast Is Episode 581, And It's About The Importance Of Having A Contingency Plan For Construction Contractors In the construction industry, unexpected challenges can arise at any moment. Numerous factors, from material delays to unforeseen weather conditions, can disrupt project timelines and budgets. From terrorism to fire, from extreme weather or earthquakes to cyber-attacks – how would your business cope if it was affected? Would your staff know what to do? Would you be able to keep working? That's why a contingency plan is crucial for construction contractors. It is not just a precaution but a necessity. Small construction businesses need to be prepared for a range of scenarios. Your company could avoid significant setbacks or closure with a solid contingency plan.

Why contingency planning is crucial

Contingency planning involves foreseeing potential risks and developing a strategic approach to mitigate their impact. For small business owners, this means safeguarding their assets, ensuring business continuity, and protecting their staff and customers.

A well-thought-out plan can differentiate between a temporary disruption and a permanent shutdown. It helps contractors mitigate risks and minimize the impact of unexpected events on their projects.

Here are a few reasons why having a contingency plan is essential for construction contractors:

1. Risk Management: A contingency plan enables contractors to identify potential risks and develop strategies to address them. By proactively planning for various scenarios, contractors can better protect their projects from cost overruns and delays.

2. Budget Protection: Unforeseen events can quickly eat into a project's budget. A contingency plan allows contractors to set aside funds specifically for addressing unexpected expenses, ensuring that the project stays on track financially.

3. Schedule Flexibility: Delays are not uncommon in the construction industry. A contingency plan allows contractors to adapt to unexpected schedule changes without derailing the project timeline.

4. Client Confidence: Clients appreciate contractors prepared for the unexpected. Demonstrating that you have a contingency plan can instill confidence in your clients and reassure them that you can manage unforeseen challenges.

5. Competitive Advantage: Navigating unexpected obstacles efficiently sets contractors apart in a competitive industry. A well-executed contingency plan can demonstrate a contractor's professionalism and commitment to delivering results, giving them a competitive edge in the market.

Emerging issues and regulation changes

Ever-evolving regulations demand greater transparency and accountability from small businesses. This is particularly relevant in preventing and addressing financial fraud, which remains a substantial risk. The increased scrutiny from regulatory bodies means companies must have robust monitoring systems and response strategies. Failure to comply not only puts your financial standing in jeopardy but also your business's reputation.

Practical steps to develop your contingency plan

Risk assessment: Identify all potential risks that could impact your business. This includes everything from natural disasters and cyber-attacks to key personnel suddenly becoming unavailable. Rank these risks based on their likelihood and potential impact.

Document everything: Put together an operational guide for your business, outlining everything you would need to know to keep it running, such as who your suppliers are, how and when they are paid, and everything else that happens on a daily/weekly/monthly basis. As part of the same process, outline the roles and responsibilities of every senior staff member and scope out the daily and weekly tasks so a replacement could easily assume those responsibilities.

Communication plan: Develop a communication plan to keep employees informed during and after a crisis. Consider using multiple channels such as email, phone calls, and social media to reach out to employees and customers.

Develop response strategies: For each identified risk, develop a response strategy. This could involve establishing a crisis management team, setting up temporary operational sites, or creating data backup protocols. Ensure these strategies are detailed and cover all critical aspects of your business operations.

Regular review and testing: A contingency plan is only effective if it's current and functional. Review and update your plan regularly, especially after significant changes in your business environment. Conduct drills and simulations to test your team's readiness and the effectiveness of your response strategies. Your contingency plan should be a living document that evolves with your business.

Construction Client's Story (edited for brevity):

On Sunday, July 27, 2008, around 6:30 p.m., my girlfriend and I had just returned from an overnight hiking trip.

When we arrived home, we discovered that we had been robbed. We immediately called 911.

As we walked through the house, we discovered that our computer and many other valuables were gone. The computer had all the company business on it.

QuickBooks, invoices, all the subcontractors' info, and everything to keep the company books. We were at a loss for what to do. But as luck would have it, we had Randal DeHart as our accountant. He had all our info on a backup system somewhere on a huge server.

So we called Randal to let him know that we would get a new computer as soon as the insurance company paid us.

Randal called us the next day, July 28, 2008, and told us to come to his office. To our surprise, he had gone to Office Depot, purchased a new computer, loaded it with QuickBooks, and restored all our business information.

We are so appreciative that Randal had our backs. We had told him that we would pay him for the computer as soon as possible, but you know what he said,

No thanks are necessary; if we just pay forward, that's all he asked."

How's that for a Good Accountant?

Also, as a reminder that could be helpful in your planning:

QuickBooks plans to stop selling several versions to new U.S. subscribers. The deadline to purchase new subscriptions to the listed products has been extended from July 31, 2024, to Sept. 30, 2024.

• QuickBooks Desktop Pro Plus
• QuickBooks Desktop Premier Plus
• QuickBooks Desktop Mac Plus
• QuickBooks Desktop Enhanced Payroll

We do our best to inform you of your options based on your construction company's needs and ensure you are alerted to fundamental software changes that may affect your construction business now or in the future. Although extended, we recommend checking and upgrading immediately to avoid service disruptions and workflow interruptions. Please plan accordingly or reach out if you need help.

Final thoughts

As a business owner, a lot of critical information exists only in your head. As the founder, you always know what's happening and how to do things, but what would happen if you weren't there?

Developing a contingency plan is not just good practice; it's a critical component of your business strategy. By taking proactive steps today, you can secure the future of your small business.

Plus, having a plan gives you peace of mind that everything could continue in your absence or without crucial team members. It also makes for a better-run and more organized business. Forcing yourself to have everything documented centrally builds a greater awareness of roles and responsibilities across the organization while making holidays less challenging!

We could be a part of your contingency plan; let me know how I could help with yours.

PS

We offer free resources to help you save time and money that you can download and print now.

About The Author:

Sharie DeHart, QPA, co-founded Business Consulting And Accounting in Lynnwood, Washington. She is the leading expert in managing outsourced construction bookkeeping and accounting services companies and cash management accounting for small construction companies across the USA. She encourages Contractors and Construction Company Owners to stay current on their tax obligations. She offers insights on managing the remaining cash flow to operate and grow their construction company sales and profits so they can put more money in the bank. Call 1-800-361-1770 or [email protected]

This Podcast Is Episode 580, And It's About Improving Construction Communication And Workplace Productivity The success of any business, large or small, depends largely on nurturing an efficient, productive workplace. While improving employee productivity should always be a priority when the ultimate goal is a sustainable and profitable business, the process is more straightforward said than done. In today's fast-paced construction industry, staying in touch and being productive is crucial for project success. The good news is that technology has made it easier to streamline processes and enhance team collaboration. One of the most impactful ways technology has improved construction communication is through user-friendly mobile applications and project management software. These tools allow for real-time communication, easy document sharing, and smooth task management, reducing the delays and errors often associated with traditional communication methods.

Moreover, Building Information Modeling (BIM) technology has transformed how construction teams work together. BIM fosters better communication and collaboration by providing a centralized platform for sharing 3D models and project data, ultimately leading to more efficient decision-making and problem-solving.

Another astounding technological advancement that has significantly boosted workplace productivity is the integration of wearables and IoT (Internet of Things) devices. These innovations enable real-time tracking of equipment, materials, and the workforce, leading to optimized resource allocation and enhanced safety measures on-site.

Would you like to implement better practices while staying on budget? These are some of the most effective methods of managing a productive, happy workplace while increasing output:

Embrace Technology

While many construction workplaces still see new technology, as mentioned above, as unnecessary or even distracting, the simple truth is that it can significantly impact productivity. Updated hardware, software, and machinery ensure that work can be performed quickly and with minimal error. While it may not seem like a big deal, even minor issues, such as temporary connectivity problems or hardware breakdowns, can quickly add up throughout a fiscal year.

Start small, like incorporating better project management software and bookkeeping processes. If this overwhelms you, let me know how I can help.

Avoid Excessive Micromanagement

There is no denying that management is crucial, but too much of a good thing can adversely affect productivity. Instead of encouraging employees to put forth their best efforts, it results in an eventual dependence on micromanagement that can sink productivity levels.

Excessive micromanagement can be detrimental to productivity and morale in a construction workplace. To avoid this, it's essential to focus on

• Hiring and training competent employees so you can have confidence in their ability to perform their tasks without constant oversight.
• Clearly defining the project objectives and individual responsibilities can help employees understand what is expected of them, reducing the need for micromanagement.
• Encouraging open dialogue and feedback can help employees feel empowered and trusted, reducing the need for constant supervision.
• Delegating decision-making authority and autonomy in their areas of expertise, reducing the need for constant oversight.
• Implementing project management tools and software can provide real-time visibility into task and project progress, reducing the need for constant check-ins.
• Providing constructive feedback and support, allowing employees to learn and grow.

Recognize Success

Just as employees must be held accountable for their actions, they should also be recognized for their success. Even small efforts, such as verbal recognition or occasional awards, can encourage employees and make them feel like their hard work is being rewarded. For businesses that can afford it, more significant rewards, such as holiday parties, improve morale and create camaraderie in the office, leading to happier, more productive employees.

Break Out of Ruts

While assigning tasks based on an employee's particular competencies is generally advisable, remember that doing the same tasks repeatedly over an extended period can make even a skilled employee feel as if their work has become monotonous. Exposing employees to other tasks and even different departments may be helpful. This renews motivation, offers new skills to learn and apply, and gives employees a broader understanding of the company's operations.

Cut Down on Meetings

Often, meetings serve as nothing more than temporary breaks from productive work. A meeting needs a specific purpose, an organized agenda, and a plan of action to maintain productivity. Meetings can be a great way to share ideas and establish goals, but keep them from getting in the way of delivering actual results.

In conclusion

Technology has vastly improved construction communication and workplace productivity. By leveraging user-friendly mobile applications and software, construction teams can communicate seamlessly, collaborate effectively, and ultimately achieve higher levels of productivity and efficiency.

Balancing a construction business's needs is never easy, but focusing on increased productivity can positively impact nearly every other facet of the workplace. The above-mentioned techniques eliminate unnecessary pitfalls and ensure employees are personally invested in efficient, quality work output.

As a reminder:

Speaking of technology, have you made the switch yet?

QuickBooks plans to stop selling several versions to new U.S. subscribers. The deadline to purchase new subscriptions to the listed products has been extended from July 31, 2024, to Sept. 30, 2024.

• QuickBooks Desktop Pro Plus
• QuickBooks Desktop Premier Plus
• QuickBooks Desktop Mac Plus
• QuickBooks Desktop Enhanced Payroll

We do our best to inform you of your options based on your construction company's needs and ensure you are alerted to fundamental software changes that may affect your construction business now or in the future. Although extended, we recommend checking and upgrading immediately to avoid service disruptions and workflow interruptions. Please plan accordingly or reach out if you need help.

We are here to help you achieve your definition of success, whether you would like to outsource your bookkeeping to us, buy and use our templates, or learn to do it independently.

PS

We offer free resources to help you save time and money that you can download and print now.

About The Author:

Sharie DeHart, QPA, co-founded Business Consulting And Accounting in Lynnwood, Washington. She is the leading expert in managing outsourced construction bookkeeping and accounting services companies and cash management accounting for small construction companies across the USA. She encourages Contractors and Construction Company Owners to stay current on their tax obligations. She offers insights on managing the remaining cash flow to operate and grow their construction company sales and profits so they can put more money in the bank. Call 1-800-361-1770 or [email protected]

This Podcast Is Episode 579, And It's About How To Build Construction Business Systems That Deliver Results In the competitive construction industry, implementing efficient business systems can make a significant impact on the overall success and profitability of a construction business, regardless of its size or specialization. From streamlining operations to improving project management, adopting efficient systems can yield tangible benefits that truly pay off in the long run. Too many businesses fail because the owner needs to establish efficient business systems. This typically happens because the business owner is so caught up in the company's day-to-day running that the fundamentals of good business management are forgotten. Often, it must be said that the owner doesn't like bookkeeping or other administrative tasks, so these get put on the back burner.

The symptoms are familiar, and their results are disastrous:

• Poor or non-existent record-keeping.
• Tax obligations still need to be met.
• Invoices go out late, and debts remain uncollected.
• There is one cash flow crisis after another.
• Goods and services should be correctly costed and priced.

Any of these factors can lead the construction business down the slippery path to failure, but all are avoidable. The whole point of implementing sound systems is that they free you to spend more time working on your business, not in it.

Sound business systems will strengthen, improve, and simplify your business. They will also make your construction business far more attractive to future buyers. If you have developed clear operating and procedure manuals, your business will be seen as an independently viable unit and less dependent on you.

Here are five steps to a better construction business:

1. Good record-keeping and bookkeeping will help you keep on-side with the Internal Revenue Department. You'll sleep better at night if you can meet your tax obligations through sensible planning. You won't fear a tax audit, and you'll know how your business is doing. You won't be caught by a 'sudden tax demand out of the blue' because no such thing exists for a well-run business. You should always know which taxes are due and when. You'll suffer less stress.
2. Good business planning will help you set goals for your business and take specific steps to achieve them. Without goals, where do you think you're going? Running a business without goals is like arriving at an airport and saying, "I'd like to go somewhere." The person at the ticket desk would think you're clueless!
3. Good cashflow forecasting will enable you to anticipate a possible cashflow problem (something all growing businesses experience occasionally) and take steps before the situation becomes a crisis. Banks will respect you if you anticipate issues and make plans in advance. Banks will not respect you—and will indeed categorize you as incompetent—if you tell them you've been 'caught out' by a crisis. Banks don't like crises. They want you to go to them well before any possible crisis with a plan. This shows them you're in charge of your business.
4. Good creditor and debtor control will improve your cash flow. Invoicing promptly and collecting debts on time gives you the cash to pay suppliers on time and get more favorable credit terms from them. It is a virtuous circle. Sloppiness in this department is one of the most common (and unnecessary) causes of business owners experiencing stress and anxiety. So pay your creditors on time and don't let your debtors use you as a free banking service.
5. Realistic pricing and costing will ensure you run your business competitively but profitably. Poor skills could mean operating at unrealistic levels—even at a loss. For example, your profits will erode if you let costs (such as overhead costs) get out of hand. There is no point in increasing sales if you're not increasing your profits.

One key area where efficient business systems can make a difference is project management. For instance, using project management software that allows for effective scheduling, budgeting, and resource allocation can improve project delivery, increase productivity, and enhance client satisfaction. By having a clear overview of project timelines, milestones, and resource availability, construction firms can better manage their projects and ensure that they are completed on time and within budget.

Moreover, integrating technology into construction business processes can save substantial time and cost. Leveraging advanced estimating and bidding software streamlines the bidding process and allows for more accurate cost projections, leading to more competitive bids and improved profit margins. Additionally, embracing cloud-based accounting and financial management systems can simplify invoicing, expense tracking, and financial reporting, providing better visibility into the economic health of the business.

Another area where efficient business systems can yield substantial payoffs is communication and collaboration. Implementing collaborative digital platforms and tools can enhance communication among project teams, subcontractors, and clients, leading to better coordination, reduced errors, and smoother project workflows. By fostering transparent and efficient communication, construction businesses can minimize costly misunderstandings and delays, ultimately improving project outcomes.

In conclusion

Implementing efficient construction business systems can generate significant payoffs for construction firms. In business, you don't have to be an expert at everything. For example, you might hate bookkeeping. Okay—but do get someone else to do it for you; don't rely on a shoebox for your accounts! You should at least understand the processes and the overall accounting picture, even if you don't want to do the 'drudge work' yourself.

Poor systems lead to stress and burnout. On the other hand, good business systems enable you to work smarter, not harder. They free you to work on your business rather than in it. That way, you're more likely to avoid burnout, and you'll be able to take time off work because you can train others to follow your clearly documented systems and procedures.

PS

We offer free resources to help you save time and money that you can download and print now.

About The Author:

Sharie DeHart, QPA, co-founded Business Consulting And Accounting in Lynnwood, Washington. She is the leading expert in managing outsourced construction bookkeeping and accounting services companies and cash management accounting for small construction companies across the USA. She encourages Contractors and Construction Company Owners to stay current on their tax obligations. She offers insights on managing the remaining cash flow to operate and grow their construction company sales and profits so they can put more money in the bank. Call 1-800-361-1770 or [email protected]

This Podcast Is Episode 578, And It's About Utilizing The Power Of Financial Modeling In The Construction Industry n the ever-evolving world of construction, financial modeling is a game-changer. It drives intelligent decision-making, minimizes risks, and ensures the revenue health of projects. Crafting precise and insightful financial models is a valuable tool for construction companies. It offers a panoramic view of the asset landscape and enables proactive planning and strategic management. Financial models are invaluable tools designed to help you understand and protect your business's economic health. By simulating different scenarios and examining potential outcomes based on various inputs, such as sales growth, margins, and cash flow, these models provide a comprehensive picture that aids in informed decisions.

1. Precise Cost Forecasting and Budgeting

Financial modeling empowers construction companies to predict costs accurately, considering many factors such as material costs, labor expenses, equipment outlays, and overheads. Companies can develop precise project budgets by creating detailed financial models, spot potential cost overruns, and implement strategies to monitor expenses. This foresight allows for proactive cost management, preventing financial surprises that could impact project profitability.

Start by creating a base financial model incorporating your current financial data. Input variables such as projected sales, estimated expenses, and planned investments allow you to forecast your financial performance across different scenarios. By simulating best-case, worst-case, and most-likely scenarios, you'll be better prepared to navigate potential challenges and seize opportunities.

Action Tip: Develop your initial model using spreadsheet software or financial modeling tools. Regularly update it as new data becomes available.

2. Streamlined Cash Flow Management

Effective cash flow management is crucial in construction, where substantial capital outlays are often needed before revenues are realized. Financial modeling enables companies to map out cash flows over the project's lifecycle, identifying potential bottlenecks and ensuring adequate liquidity is maintained to support ongoing operations. By optimizing cash flow through meticulous financial modeling, construction companies can enhance their financial stability and seize growth opportunities.

Presenting a detailed financial model can significantly enhance your credibility with lenders and investors. It demonstrates your understanding of your business's financial position and showcases your preparation for future growth.

Action Tip: When seeking financing, ensure your model includes comprehensive projections showing how the funds will be used and the expected return on investment.

3. Informed Decision-Making through Scenario Analysis

Financial modeling allows construction companies to conduct scenario analysis, assessing the potential impact of various factors on project outcomes. Whether it's changes in material costs, fluctuations in interest rates, or delays in project timelines, scenario analysis helps companies evaluate the financial implications of different situations and develop contingency plans to mitigate risks. This proactive approach to risk management is invaluable in an industry where unforeseen challenges can have significant financial repercussions.

Financial models serve as robust decision-support tools. They help you evaluate the economic implications of various choices, whether setting pricing strategies, launching new projects, or considering investment opportunities.

Action Tip: Before making substantial business decisions, use your financial model to conduct a cost-benefit analysis. This will help you weigh the pros and cons and align decisions with your financial goals.

4. Assessing Project Feasibility and Profitability

By incorporating revenue projections, cost estimates, and financing structures into their financial models, companies can gauge the financial viability of potential projects and make informed decisions about resource allocation. This thorough assessment of project feasibility helps companies refrain from investing in financially unviable ventures and focus on opportunities with the most significant potential for success.

It's crucial to create detailed and comprehensive financial projections. This includes estimating costs for materials, labor, equipment, and permits and factoring in potential risks and market fluctuations. Additionally, conducting sensitivity analysis and scenario planning can help assess the project's financial resilience to various external factors. Utilizing industry-specific Key Performance Indicators (KPIs) and benchmarks can provide valuable insights into the project's economic viability.

Action Tip: Set up regular financial reviews—monthly or quarterly—to compare projected versus actual performance. Use these reviews to refine your model and strategies continually.

5. Setting and Achieving Goals and Monitoring Performances

Defining specific financial goals for the construction business, such as increasing revenue, improving profitability, or managing cash flow effectively, is essential. These goals should be realistic, measurable, and aligned with the business strategy.

It involves a detailed representation of the construction company's economic situation, including income, expenses, assets, and liabilities. This model is a valuable tool for analyzing different scenarios, identifying potential risks, and evaluating the impact of strategic decisions on the company's finances.

Establish clear, achievable financial goals based on your model's insights. By tracking your progress against these goals, you can focus strategically on growth and profitability while identifying improvement areas. Regularly comparing your actual financial performance with your model's projections is essential. This practice helps identify deviations, assess their causes, and make the necessary adjustments to keep your business on track.

Action Tip: Break down long-term goals into smaller, manageable milestones. Regularly review and adjust these goals based on your actual performance and market conditions.

Strategic Financial Planning and Risk Mitigation

Financial modeling is the cornerstone of strategic financial planning for construction companies, providing a roadmap for long-term financial management and risk mitigation. By creating comprehensive financial models, companies can pinpoint potential financial vulnerabilities, develop risk mitigation strategies, and make informed decisions that align with their long-term financial objectives. This proactive approach to financial planning is essential for navigating the industry's inherent complexities and uncertainties.

Construction businesses can make more accurate cost projections and optimize their financial resources by incorporating various factors such as material costs, labor expenses, and overheads (LMOS™) into the financial model.

Once the financial model is in place, it's essential to regularly review and update it to reflect changes in the business environment, market conditions, or project parameters. This ensures that the construction business stays on track toward achieving its financial goals and can adapt to evolving circumstances.

In conclusion

The potential of financial modeling in the construction industry is immense. By harnessing financial modeling tools and techniques, construction companies can gain invaluable insights into their financial landscape, make informed decisions, and proactively manage financial risks. Ultimately, the ability to develop accurate and insightful financial models is a crucial differentiator for construction companies looking to achieve financial resilience, profitability, and sustainable growth in a friendly, competitive, and dynamic industry.

PS

We offer free resources to help you save time and money that you can download and print now.

About The Author:

Sharie DeHart, QPA, co-founded Business Consulting And Accounting in Lynnwood, Washington. She is the leading expert in managing outsourced construction bookkeeping and accounting services companies and cash management accounting for small construction companies across the USA. She encourages Contractors and Construction Company Owners to stay current on their tax obligations. She offers insights on managing the remaining cash flow to operate and grow their construction company sales and profits so they can put more money in the bank. Call 1-800-361-1770 or [email protected]

This Podcast Is Episode 577, And It's About Mastering Construction Business Finances Through QuickBooks Desktop

The power of effective bookkeeping using QuickBooks Desktop - plus an Important Update from Intuit.

Keeping track of sales, earnings, expenses, and purchases is fundamental to your construction business's overall health and sustainability. Effective bookkeeping produces the data you need to evaluate your current practices, anticipate challenges, and set attainable future goals.

Many business owners dread bookkeeping and accounting tasks despite their proven importance. In fact, 40% of surveyed entrepreneurs claim that bookkeeping is one of the worst parts of running a business!

Is it worth the aggravation?

Here are three reminders of how effective bookkeeping is the cornerstone of small business success:

Keeping track of reimbursable expenses

A reliable system for tracking reimbursable expenses ensures you reap all the benefits you're entitled to when filing your taxes. Expenditures sorted into categories, such as "food," "travel," and "office supplies," can be cataloged quite simply with online bookkeeping software.

Using a dedicated credit card for business expenses and updating your records every month will put money back in your pocket come tax time.

Measuring profitability and planning for the future

To grow your business, you must be able to track and compare its finances from one year to the next.

In addition to reconciling the books and bank statements every month, effective bookkeeping generates records you can use to gain a comprehensive overview of your business. This data can help you:

• Measure year-over-year profits;
• Identify opportunities to cut costs;
• Plan for major expenses (such as new office space, equipment, or staff) and
• develop data-based strategies for expansion.

Preparing for tax season

Few things are more stressful for business owners than scrambling to prepare poorly maintained financial records for tax season. In addition to the panic of last-minute filing, inaccurate or incomplete documentation can lead to severe penalties, fines, and an audit.

In the United States alone, 40% of small businesses pay an average penalty of $845 per year for late or incorrect filings!

Sound bookkeeping can save you money and give you peace of mind. You'll be assured of compliance with regulations and receive a reliable estimate of amounts owing long before your tax bill is due.

If you've been following us over the years, you know that we are raving fans of Intuit, the makers of QuickBooks, and have used QuickBooks since the first version was released in 1992. In fact, in 2005, we moved our entire client base, including our own accounting firm's QuickBooks files, to an Intuit-approved commercial hosting environment so we could offer our clients all of the benefits of the full desktop version of QuickBooks accessible online 24/7, and it has been a huge success!

We've always encouraged our contractor clients to use QuickBooks Desktop as QuickBooks Online does not offer the full features of QuickBooks. We know that QB Desktop in the Cloud is one area where you can reduce your overhead and increase productivity quickly and easily.

It is a powerful tool that can streamline your accounting processes and provide valuable insights into your company's financial health. Here are some reasons why using QuickBooks Desktop is crucial for your construction business:

1. Industry-Specific Features: QB Desktop offers industry-specific features tailored to the needs of construction businesses. You can track job costs, create estimates, and manage progress invoicing, which is essential for staying on top of your projects' financial aspects.

2. Robust Reporting: QB Desktop provides robust reporting capabilities, allowing you to generate customized reports to analyze your business's performance. You can track profitability by project, compare actual costs to estimated costs, and monitor cash flow to make informed financial decisions.

3. Integration with Third-Party Applications: QBDesktop integrates with various third-party applications commonly used in the construction industry, such as project management software and time-tracking tools. This integration can help you streamline your workflows and eliminate the need for manual data entry.

4. Job Costing: Job costing is a critical aspect of construction accounting, and QB Desktop offers comprehensive job costing features. You can allocate expenses to specific projects, track labor costs, and monitor overhead expenses to ensure that each project remains profitable.

5. Compliance and Security: QB Desktop is designed to help you maintain compliance with industry regulations and ensure the security of your financial data. You can set user permissions to control access to sensitive information and generate audit trails to track changes made to your financial records.

Using QuickBooks Desktop for your construction business can significantly improve your financial management processes and give you the tools to make informed business decisions. However, change is inevitable, and as someone with responsibilities, I have little time to waste; I have learned that sometimes I have to deliver challenging news. (In case you missed our Tuesday email):

For those using QuickBooks Desktop 2021 software, it will be discontinued after May 31, 2024. (You may have received this notice from Intuit through your email). This includes all 2021 versions of QuickBooks Desktop Pro, QuickBooks Desktop Premier, QuickBooks Desktop for Mac, and QuickBooks Enterprise Solutions v21. Other Intuit products are affected by the software discontinuation.

If you don't upgrade your QuickBooks Desktop 2021 by May 31, 2024, you won't have access to live technical support if you run into problems or any other Intuit services that can be integrated with QB Desktop. This includes QB Desktop Payroll, QB Desktop Payments, and online bank feeds. Discontinued versions won't receive the latest critical security patches and updates. (More info from Intuit)

Final tip: This is the time to ask for help

There's a good reason why most small businesses outsource at least one accounting function to help manage tasks like payroll, closing the books each month, and managing accounts receivable. With all the changes coming to QuickBooks software, it would be best and all the more reason to ask for support.

Most entrepreneurs are passionate about developing new business ideas – not crunching numbers. Employing or outsourcing a professional construction bookkeeper, even part-time or as-needed, can help optimize your accounting and increase profitability. It's well worth it. Invest in effective bookkeeping and build a solid foundation for a resilient, forward-moving construction business.

Feel free to contact me if you need specific guidance on using QuickBooks Desktop for your construction bookkeeping and accounting needs. And, of course, subscribe to our newsletter so you won't miss out on important industry news, events, and updates.

PS

We offer free resources to help you save time and money that you can download and print now.

About The Author:

Sharie DeHart, QPA, co-founded Business Consulting And Accounting in Lynnwood, Washington. She is the leading expert in managing outsourced construction bookkeeping and accounting services companies and cash management accounting for small construction companies across the USA. She encourages Contractors and Construction Company Owners to stay current on their tax obligations. She offers insights on managing the remaining cash flow to operate and grow their construction company sales and profits so they can put more money in the bank. Call 1-800-361-1770 or [email protected]