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

This Podcast Is Episode Number 4890, And It's About How To Raise Your Prices: Value Over Price As prices continue to rise, you've likely noticed that your cost of doing business has increased as well. After all, the main point of any business is to make money, and you can't do that if you're no longer breaking even. It's inevitable in every industry – you must raise your prices to continue making a profit. Many factors decide how much to charge, all of which are dynamic. The rising cost...

This Podcast Is Episode Number 489, And It's About Construction Company Employee Compensation And A Note On Taxes There are a few different methods that employers use to pay their employees, and while they may have similarities, they each also have implications for your construction business and employees. On top of that, there may be a blended model at play, in which you offer two types of compensation at once, such as a wage and bonuses. When paying employees, laws and the IRS have...

This Podcast Is Episode Number 488, And It's About Ways To Get Rid Of Construction Accounting And Bookkeeping Confusions Doing something different is hard. Do you feel like everyone else is the most brilliant person in the room, and you just don't get it? Getting into a rut and repeatedly doing the same things is easy. If those things work, then yes, continue to do them repeatedly. The problem is when something is not working, and you continue down the same path expecting a different...

This Podcast Is Episode Number 487, And It's About Five Effective Ways To Retain Employees And Keep Your Company Healthy Traditionally, employers have relied on giving employees raises to retain their staff and reward them for being hard-working and loyal. Raises can get expensive, and there is often an upper limit for what you can offer regarding increasing salaries and wages. Keeping your employees happy makes business sense. You want to keep your good employees, and it costs money to...

This Podcast Is Episode Number 486, And It's About Are You Charging Enough? Why You Should Raise Your Prices There comes a time for every small business to raise its prices. While it may seem scary, remember that it's your job to keep costs fair for you and your customers. That means you have to charge prices that work for you and allow you to remain in business. Am I Not Charging Enough? Knowledge leads to profits and cash flow. What makes knowledge powerful? Use of knowledge. In this...

This Podcast Is Episode Number 485, And It's About Six Tips To Respond Effectively To Construction Client Complaints Complaints are an unfortunate part of running a business, but they happen. No matter how hard you work to please your clients, eventually, someone will have something negative to say. However, with the right approach, you can turn complaints into a valuable tool to strengthen your business. When reviews are great, that's a fantastic thing. But unfortunately, when you get...

This Podcast Is Episode Number 484, And It's About Power Up Your Construction Company Payroll Processes Payroll is one of those things that starts quite simple. You build your construction business, hire a few employees, and things tick along pretty well. It’s straightforward enough to keep everything in line at first, but what happens to most companies is that they grow! However, having an employee is different than when it’s just you meeting the client, doing the work, and collecting...

This Podcast Is Episode Number 483, And It's About The Value Of Client Happiness And Ways To Keep Your Construction Clients Happy Construction business owners know that to find a loyal client base, they must stand out from their competitors. One of the best and easiest ways to do that is to have outstanding customer service. How you treat your customers reflects your entire business. People think positively about companies that treat their customers and clients well. Unfortunately,...

This Podcast Is Episode Number 482, And It's About How To Prevent Employee Theft In Your Construction Company Recent employee theft statistics are increasing, and small business owners are more vulnerable to the problem. The most common embezzlement methods include billing fraud, cash on hand, and check tampering. You may not know how employees can steal from you as a construction business owner. Some standard methods include: redirecting company checks to personal accounts and altering...

This Podcast Is Episode Number 481, And It's About Common Construction Contractor Bookkeeping Issues With Accounts Payable Accounts Payable keeps track of the bills owed to a supplier or subcontractor. A proper Construction Contractor Bookkeeping System uses the Accounts Payable feature to track unpaid bills. The bank wants to get paid, and unlike the contractor who is embarrassed to call an old customer, the bank is very willing to call early and often for any outstanding payments due....

This Podcast Is Episode Number 480, And It's About How To Make Xero Accounting Work For Your Construction Business The key to making Xero Accounting Online work is ensuring your account is correctly set up and maintained. Perhaps you own a service and repair firm specializing in plumbing, electrical, HVAC, or maybe a handyman service or someone who does small construction projects that last from a few hours to a few days, and you only need to give your customer or client one...

This Podcast Is Episode Number 479, And It's About Ways Reasons Why Contractor Startups Fail And How To Avoid Them Many surveys and reports show that nearly half of all new construction companies close their doors within the first five years of opening them. When we speak with contractors who failed, most say it was due to a lack of cash flow. It was pretty obvious, yet when questioned, all of them said they were "Blind-Sided" and were not aware they were running out of cash until it was...

This Podcast Is Episode Number 476, And It's About What Every Contractor Needs To Remember When Negotiating Contracts Several aspects of the construction business can only be learned through experience. One of them is negotiating contracts. Most people fear the negotiation procedure because it is an intrinsically uncomfortable process. Asking for more money or making personal demands doesn't come naturally to everyone. But with the right toolkit, you can breeze through contract...

This Podcast Is Episode Number 477, And It's About Ways To Sustain The Life Line Of Your Construction Company Cash flow refers to the movement of money into and out of your business. It's based on the amount of money you bring in minus the amount you spend. A positive cash flow means bringing in more than you're spending. A negative cash flow means you aren't bringing in enough to cover your expenses. Your construction company can run into problems by not charging enough for goods or...

This Podcast Is Episode Number 476, And It's About How High-Profit Jobs Can Make Or Break Your Construction Company Knowing which jobs have the highest probability of success and profit before getting involved moves your construction company from an unpredictable roller coaster to a peaceful merry-go-round. You have what appears to be a high-profit job, and now you think you have it made, and I hope you are right! The problem is that high-profit jobs can turn into low or no-profit...

This Podcast Is Episode Number 475, And It's About Proven Construction Business Processes When Creating Your To-Do List When you're a construction business owner, your to-do list is often long and constantly growing longer. You need to do many things, and it can feel like they're all urgent. In such cases, it's easy to push essential tasks to the side and focus on less-vital activities, but that often means you miss deadlines, make mistakes or always feel as though you're trying to catch...

This Podcast Is Episode Number 474, And It's About Bad Business Practices In Construction Bookkeeping One of the biggest challenges construction company owners like you have with an in-house bookkeeper is training them to work for your best interest, not theirs, and deliver consistent results and the reports you can trust daily, year after year. Having been involved with construction and construction accounting and bookkeeping for over thirty years, we have seen a consistent pattern...

This Podcast Is Episode Number 473, And It's About How Technology Helps Construction Businesses Save Money The use of technology in construction has come a long way. Many articles have already been written about how construction has been sluggish in adopting new advancements in technology compared to other business sectors. However, more and more companies, especially small construction businesses, have been open to using technology to improve their operations. Any change is...

This Podcast Is Episode Number 472, And It's About Unconventional Ways To Market Your Construction Business One of your greatest fears is wasting money on a less than good lead. They may or may not have any genuine desire for services. Sometimes a person is committed to collecting three bids when they already have someone picked out to do the work. They may be looking for a "temporary friend" to do them a favor, or by the time you have completed the form, they have changed their mind...

Every day you make financial decisions about your company, which affect how successful and sustainable your construction business is. If you're responsible for the bookkeeping and all the paper management (bills, receipts, estimates, invoices), you could be making errors that affect your decisions. Because of an incorrect decimal place, you may think that you have more money in the bank than you do. Or you may not fully understand how a decision today affects your business...