Contractor Success Map With Randal Dehart | Contractor Bookkeeping And Accounting Services

This Podcast Is Episode Number 0202 And It Will Be About How Contractors Maximize Lines Of Credit To Grow Their Businesses  Contractors that want to grow their businesses have only a few funding options. Friends and/or family members offer a low-stress way to secure funding. Taking out a small business loan from the Small Business Administration (SBA) is another viable funding alternative. Of course, banks offer a wide variety of loans to help small businesses raise cash. However, most contractor requests for funding are for the little things that make a business hum, such as more inventory and a new point of sale system. This is when lines of credit offer the best funding source for contractors to grow their businesses. Overview of Credit Lines Small business credit lines provide a sound method for funding the expenses required to start a business. Opening a line of credit represents a common way small businesses purchase inventory and pay off construction costs. Credit lines give contractors access to cash

This Podcast Is Episode Number 0201 And It Is About Contractors Are Confused About Bookkeeping Many of you may begin with the thought; I am just a contractor I don’t want to be in business; I just want to do the work That is what is important. Yes, doing the work is important. Keeping track of your hard costs, soft costs, general expenses and overhead is the difference between making a profit or having a loss. Ignoring the costs do not make them go away; it just avoids putting them on the tax return. Any missed expenses make your profit on the job look higher than it really is and causes you to pay more income taxes because all net profit is taxable. All businesses need to keep track of their company expenses, including the material and much more. Contractors usually go from one extreme (doing nothing) to the other (trying to count every bean, every paperclip, all the nails and, the scraps of 2x4’s). The balance is somewhere in the middle. Labor is the biggest cost you will face. As an owner / operator you'r

This Podcast Is Episode Number 0200 And It Will Be About The Definitive Guide to Online Marketing for Contractors  Today's Guest Article Is From Joseph Hughes Founder Of Contractor Dynamics Joseph Hughes was interviewed for the Contractors Success M.A.P. Podcast and was very generous with his time and provided some extremely valuable insights for how you can market your Contracting Company. The article below is a recap of some of the precious gems he shared on the podcast. As a construction company owner or manager, you’ve undoubtedly faced some frustration with marketing your business effectively. Maybe you’ve invested in marketing and web services, but haven’t gotten the results that you expected or were promised. Or perhaps you are so overwhelmed with the amount of information out there, often conflicting, that you haven’t decided what you want to do yet. Trust me, feel the pain. I spent over a decade in the construction industry prior to starting Contractor Dynamics. Word of mouth is great, personal ref

This Podcast Is Episode Number 0199 And It Will Be About Contractors Are Self Motivated To Be Successful A person makes the decision to become a contractor. It’s easy. Now you are the boss; no one to tell you what to do, how to do it when to do it. Yes – It’s easy.  It’s Morning, Are you ready? In Washington State being a contractor is fee-based. If you are not choosing one of the mechanical trades, there are usually no addition tests or licensing. Each state has different rules. Some states have a General Contactor’s test that confirms you have the most basic construction skills. Others states start most contractors out under a Handyman License.     What are some of the things you thought about being when you grew up and out on your own? From a small child, preschooler, then from grade school kid to the teenager to the adult.   I suspect you and your friends you never played contractor and customer; and yet life happened. Most people pick up a few “Handy Skills” from living in a house, condo or apartment.

This Podcast Is Episode Number 0198 And It Will Be About Contractors Ready Start Go Happy New Year New Year’s Day is the day to make New Year’s Resolutions and a start fresh. It is a reset button for every Contractor business on January 1st of every year. The previous tax year ends on December 31st. Final expenses for December will be coming in by email or US Mail. What is New? What is The Plan? What is Next Target? Did you meet Last Years Goals? What is Different From Last Year? Is there anything you Plan On Changing? Did You Take The Polar Challenge? “Polar Challenge” has a whole new meaning when someone says “Go Jump In The Lake”.  Many look at the Polar Challenge as a way to cleanse the body and have a fresh start to the New Year. Others yet just want to do something fun and wacky with their friends. New Year’s Resolutions I have ever seen have been was all about doing More of This and Less of That To Have More Things or To Reduce The Stuff You Already Have A To Do List and A I’m Going To Stop Doing Th

This Podcast Is Episode Number 0197 And It Will Be About Contractors Last Minute Payroll Deadline For 2016 Happy New Year 2017!   It’s almost the end of the year and time to decide if your employees deserve a Bonus. You may call it a Generic Employee Bonus, Christmas Bonus, Holiday Bonus or Year End Bonus Giving An Employee Bonus Comes Down To Cash Flow Here Are Some Key Questions To Ask Yourself: Can I afford to give a bonus? Can I afford to give a Bonus to my employees? Do I want to give a Bonus to each of my employees? How do I decide how much Bonus should I give? Reality Check - Is Bonus Taxable? Starting with the last question first. In most cases, it may be taxable. All forms of Income including Bonus is income to your employee. All income is subject to State, Federal Payroll Taxes and is part of the employee’s W-2.   The most common are to give your employee a set amount known as a ‘Net Check”. It would not quite seem the same to say here is your bonus for $200.00 but the actual check received is

This Podcast Is Episode Number 0196 And It Will Be About Merry Christmas From One Contractor To Another Merry Christmas from One Contractor To Another Merry Christmas to all.  Everyone celebrates the Holiday Season in his or her own way. Even the “Bah Hum Bug” people get pleasure out of their “Bah Hum Bug”ness.  Enjoy, Embrace, Be Glad, Be Joyful and maybe a Little Sad. (No one is up and happy a 100% of the time)  Do something nice for others. A smile is easy; it’s always with you, and it’s FREE. It can be a simple thing.  Perfect Example. Last weekend a young man waited specifically to open the door at the Post Office.  Did he have to? No.  Did I need the door opened? No.  Were my arms full of packages? No. But he turned and waited patiently for me to cross the parking lot so he could open the door.  Why? That act of kindness was important to him.   Why? My reaction was to thank him politely. And I smiled in appreciation.  My reaction could have been different, nasty, snarky; but it wasn’t    Getting my door

This Podcast Is Episode Number 0195 And It Will Be About Assisted Do-It-Yourself Construction Accounting   Fast Easy Accounting Do-It-Yourself Construction Accounting Store Is Open For Business Most Contractors Setup QuickBooks Desktop Version In One Of Three Ways: #1 EZ Step Interview inside QuickBooks Setup #2 Asked Their Tax Accountant To Setup QuickBooks #3 They Attended A How To Setup QuickBooks Class Or Seminar And they all run into the same problem QuickBooks does not work the way they want it too. The Answer: #1 Click Here To Buy An Entire QuickBooks Setup For Your Specific Contracting Company #2 Click Here To Buy Just The Chart Of Accounts For Your Specific Contracting Company Or Keep Reading And Find Out Why QuickBooks Is Not Working And How Our Do-It-Yourself Solution May Be The Answer You have been searching for long and hard. Our QuickBooks Setup and Stand Alone Chart of Accounts Store For Construction Contractors has packages with 200 to 1100 accounts specifically designed for Contractors all a

This Podcast Is Episode Number 0194 And It Will Be About How To Find Your Ideal Customer Profile As A Contractor Today's Guest Article Is From Hannah West Representing Modernize.Com When it comes to branding your contracting business, you probably have a checklist that includes a logo, a website, print advertising, and customer outreach. But these essential efforts are in vain if you don’t deeply consider the audience you’re attempting to reach. Customer profiles are the perfect tool for understanding the people who will seek your services and what they want from you as a contractor. Home Improvement Leads offers advice for fleshing out those profiles in order to market your business more effectively.   Think about What You Offer Before you can know your customers, you have to know yourself. Consider your services and your mission. What sets you apart from other contracting companies? Do you offer eco-friendly construction and renovation services? Do you specialize in luxury homes? Do you work primarily on

This Podcast Is Episode Number 0193 And It Will Be About Leveraging Credit Increases Your Contracting Company Cash Flow Accepting Credit Cards Can Immediately Increase Sales And Profits* Contractors Accepting Credit Cards Make More Money *We do not provide merchant services. We suggest you start by contacting you bank and doing your own research. I know from many years while we were contractors it paid off handsomely so I am simply passing on a mere "scrap of information" to help you get more cashflow and profit. Unplanned Emergencies - Are stressful now add "how am I going to pay for this" to the mix and the anxiety increases exponentially! For most people cash in short supply which leaves using a credit card, getting a bank loan or selling something to raise cash as their best options? For Example - Homeowner with leaking roof is going to get it fixed right away because rain water is damaging the interior of their home including some irreplaceable sentimental treasures including items passed down from p

This Podcast Is Episode Number 0191 And It Will Be About Special Thank You To All Contractors This Thanksgiving Holiday The time flies between each of the holidays. It is a time to reflect on the years so far and catch up.    The magical time of year begins with Halloween, Thanksgiving, Christmas then finally New Year’s Eve. Halloween is a time to see Happy Children out trick or treating. Randal and I go to the local Mall, sit at the Food Court and watch babies, toddlers, and bigger kids enjoy the night of Trick or Treating. Fantastic to see parents dressed up and having as much fun as the kids.   Thanksgiving is when we give Thanks for being an American.   Taking a moment to think back to the challenges for the Pilgrims coming to America. They decided to make the journey with no guarantee of success. To build homes, plant crops, take care of animals. Then later everyone who decided to move West by wagon train, horse or on foot. I am Grateful For Them! I think about my Grandparents, my Great Grandparents (

This Podcast Is Episode Number 0191 And It Will Be About Contractors Need Bookkeeping Beyond Get-Me-By Picking A Get Me By Contractor’s Bookkeeping Solution in many cases is using an Excel Spreadsheet and a shoebox, file folders all dumped into a file box and looking at the Online Banking once in a while. This accounting method is the “I still got money so I must be okay.” When You Are Using Today’s Job Deposit To Pay For the material, labor and subcontractors from the last job. It is also known as “Rob Peter To Pay Paul” Cash flow is never a problem until the sales stop; then it doesn’t matter if it is the economy (you customers get laid off), domino effect (their customer didn’t pay them) or you are unable to work due to being hurt on the job or get sick (flu or a more serious illness).    Problems Arise When You Want To Do Any One Of The Following: Get a Line of Credit at the bank to expand or buy equipment Attempt to get a commercial lease for equipment Setup a 30 Day account at a major supplier Buy a

This Podcast Is Episode Number 0190 And It Will Be About Contractor CFOs Struggle To Achieve Valuable QuickBooks Reports Contractor CFO’s are in a constant struggle between having all of the documents needed for data entry and providing the tools for the Office Manager | Bookkeeper need to do the job. Owners want answers to the following questions Am I making any money? Where am I making any money? Why isn’t there a report that at the push of the button gives me all the answers? When Your Company Was New, The Answers Were Not As Important As They Are Now The CFO wants to provide the answers; goes to the Office Manager | Bookkeeper and asks why don’t we know the answers to these questions. Depending on the answers received whether the CFO goes away happy or just goes away. If the CFO is happy then goes back to the Owner and gives the explanation as to why the reports are accurate (based on information in QuickBooks) If the CFO may realize there is a problem and discusses with the Office Manager | Bookkeeper

This Podcast Is Episode Number 0189 And It Will Be About Office Manager Becomes Overworked Contractor's Bookkeeper Who Cuts Corners You are a small contractor and needs someone to answer the phone. You hire someone for the office. Calls are coming in and the Admin Assistant has some free time between calls you want to make use of that famous Standby Time so you ask them to do a little more. Being nice; you now give them the new title of Office Manager.  As the Office Manager; that person is in control of the bookkeeping, customer invoices, vendor payments and more. As the contractor, you are excited because you are handing off responsibility of the day to day activities. From your side; you have checked off the box called Office Manger DONE, phones DONE, bookkeeping DONE and material pickup and delivery person DONE. Everything is solved. Good now you can go back to work and start doing the work. This is the part you are good at and like to do.  Are you expecting Too Much from your Office Manager? Does the Off

This Podcast Is Episode Number 0188 And It Will Be About The Top Marketing Tactics Every Contractor Should Be Utilizing If you are on our present blog post, you’ll find that today’s guest Hannah West of Home Improvement Leads.com offered a few essential pieces of advice for how to be more visible to potential customers, how to strengthen your brand, and how to garner more business. If you haven’t been to our site yet, it’s fasteasyaccounting dot com forward slash blog and the latest post is right on the top. She mentioned about Using Social Media Platforms that Make Sense. And I couldn’t agree more! Today, I will talk about three fast and easy marketing platforms that I think every construction company owner should sign up for. All you need is a smartphone and three social media accounts. Keep your credit and debit cards away because creating business profiles for these platforms doesn’t cost a thing. You heard that right, I said three. In doing this, consistency is key. I promise to be less technical. Let’s

This Podcast Is Episode Number 0187 And It Will Be About Construction Contractors Mad Dash To The Year End Mad Dash To The End Of The Year And I Can’t Remember Last Week Let Alone January, April, July’s Stuff! The year is almost over. It is now the (4th) Quarter and year end deadlines are approaching. Have you given your bookkeeper, wife, partner), accountant or tax accountant the information need to complete your reports. Accountants need good information to be able to create detailed reports and save money on your taxes. Here is truly where the expression “Garbage In Equals Garbage Out” comes into play.  It is impossible to create QuickBooks Job Costing Reports when all anyone knows is the amount of a deposit on the bank statement.      It’s the Mad Dash To The End Of The Year as a contractor recently described their Year End Madness to get his documents ready for the Tax Accountant. Are You In This Cycle Of Chaos Too? It’s Preventable! Paper, Paper, and More Paper Bookkeepers and Accountants are unable

This Podcast Is Episode Number 0186 And It Will Be About When Being A Licensed Contractor Is Not Enough When You Hire A 1099 Contractor They May Actually Be Your Unplanned Employee! Having a contractor’s license is not proof enough you are a business versus an employee. If you hire a 1099 Contractor (Specialty or Trade Contractor), they just become your employee in the eyes of the tax agencies. When you hire 1099 contractors, you need to know that their state contractor’s license, bond, and insurance are active. If you are doing construction work in Washington State You can start here https://fortress.wa.gov/lni/bbip/Search.aspx When a being a licensed contractor is just not enough! During audits state, agencies are now looking to check about the bond and insurance.  Anytime a contractor’s license is suspended the state may reclassify that person as an employee on your jobs. Contractor's License Suspensions Are Computer Generated Did you mail your renewal to the wrong mailing address? Did you send your liabi

This Podcast Is Episode Number 0185 And It Will Be About Handyman Marketing Machine With Dan Perry Today's podcast guest is Dan Perry, founder of HandymanStartup.com Tell us about your background and how you came to be where you are now. I started my handyman business back in 2011 and was a complete novice when it came to business. But, I was determined to learn because I didn’t want to have to go back and get another 9-5. So, I invested in learning sales and marketing from other industries since the stuff for handyman and contractors seemed outdated. I applied and tested these strategies in my own handyman business, and got great results and quickly had a full schedule while charging a premium. Since, I’ve continued to learn, but I’ve turned a lot of my focus to helping other handymen and contractors through online training, so they can apply these strategies to grow their profits. What are some differences between you and your competitors? There are very few people doing what I’m doing for the handyman

This Podcast Is Episode Number 0184 And It Will Be About Unique Tips To Avoid Bookkeepers Who Will Destroy Your Construction Company This podcast was recorded in late September 2016 in response to a trend we see all across the USA including Alaska and Hawaii. It is likely happening everywhere in the world. When the world economy collapsed beginning in 2008, a lot of companies went out of business, and one of the hardest hit sectors was construction. Thousands of bookkeepers were suddenly out of a job, and many of them began to freelance taking on a few clients in order to pay rent and keep food on the table. As the economy continues to improve a lot of them are finding jobs with contractors like you because of the security that comes with having a stable income. The problem is they have been accustomed to having lots of free time during office hours to chat on their cell phones, surf the web, spend time on Facebook and other social media sites; not buckling down and getting work done, right and on time. In ad

This Podcast Is Episode Number 0183 And It Will Be About The Truth Behind Our Live Chat With Construction Contractors   I have been working as a Webmaster at Fast Easy Accounting for over a year now and I can truthfully say, I enjoy my job. I have been exposed to researching and reading all about the construction industry and were given the right tools and resources to expand my skillset. You, our visitors coming from this trade, must be thinking what do I know about this profession considering I am a web developer (if you haven't listened to Randal's podcast with me or would like to read my pilot blog post, please click here). Since my working hours are primarily dedicated to our online business presence - mainly website and social media, I took over our live online help for a couple of months. This experience, although not new to me, is something I look forward to and appreciate doing. It made me realized the purpose of my work in maintaining the website. I welcomed visitors and established a firsthand rela