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

Contractors Want Money; Banks Want To Lend Money, What's The Problem? Think of all the times: You loaned money to a friend or relative Provided labor and material for construction project without any deposit Did change order work that you never got paid for doing and never will Gave employees advances on their paycheck and never got paid back Multiply That By 100,000 And You Will Begin To Understand Why Banks Seem So Tight Fisted About Loaning Money Banks stay in business is by loaning money and earning interest. They work hard to find people and businesses and contractors that are good credit risks they can loan money too and get paid back in a timely fashion, with all of the interest due to them. Do your best to avoid raising any red flags. Five Red Flags To Avoid: #1 Your Profit & Loss and Balance Sheet Reports do not conform to financial industry standards #2 The financials tell the banker your bookkeeper doesn't understand Construction Accounting #3 The preparer's signature on the annual tax return