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

Informações:

Synopsis

Back office support can make or break your contracting company and that is where we come in. We can move your contractor bookkeeping service off the roller coaster of pain onto the merry go round of peace of mind.Most of our clients come to us because they need help in one or more of these six areas:1. QuickBooks setup for construction was wrong 2. QuickBooks clean up to make the check register match the bank statement3. QuickBooks Receivables and Payables are not accurate.4. Job Costing Reports did not make sense5. Invoicing customers and getting paid6. Getting caught up on back tax returnsOnce we have your contractors bookkeeping issues under control you will be able to focus your time and energy on understanding financial and job costing reports and making money.Listening to The Contractors Success M.A.P. can help you overcome the challenges of Marketing, Accounting and Production by focusing on the keys to unlock your contracting companys natural inclination to generate consistently high cash flow and profits. Because your contracting company wants to generate passive income streams so you can have the freedom to do what you really want to do with your life.

Episodes

  • 568: The Power Of Core Values In Your Trade Business

    22/03/2024 Duration: 10min

    This Podcast Is Episode 568, And It's About The Power Of Core Values In Your Trade Business As a construction company owner, you're the architect of your business's vision and culture. But some of the foundation often needs to catch up in the hustle to improve services, chase sales, and keep the lights on. Core values—those guiding principles that shape your company's identity—are more than words on a wall or a statement in a handbook.   Getting leads and doing the work is only part of the answer. Not answering them and acting on the knowledge is why many construction companies wither and die. They focus on the wrong areas to innovate or improve. They focus on the wrong enemy and threat. As a result, they need to catch up on what they could be doing to succeed and prosper over time.   Is the elevator pitch you used a year ago – even six months ago – still accurate? Unless you are crystal clear on who you are as a construction company, whom you're here to serve, and what you hope to achieve in the next one to

  • 577: The Secrets To Stellar Client Service In The Construction Industry

    15/03/2024 Duration: 12min

    This Podcast Is Episode 567, And It's About The Secrets To Stellar Client Service In The Construction Industry Customer service is the heartbeat of any successful business. The unsung hero transforms a potential disaster into an opportunity and a mere transaction into a lifelong relationship. In the narrative of customer loyalty and retention, service is the protagonist.   Your approach to customer service has the power to attract and retain clients. As a construction business owner, client service is critical to your company's success. It is essential to understand what your clients want and how you can provide the best service possible to meet their needs.   Why stellar customer service is key The importance of customer service for loyalty and retention cannot be overstated. Positive experiences build stronger emotional connections with customers, leading to repeat purchases or the client hiring you again, enhanced brand loyalty, and positive word of mouth. Stellar customer service is the hallmark of su

  • 566: Marketing Your Construction Business- How To Make It Work For You

    08/03/2024 Duration: 11min

    This Podcast Is Episode 566, And It's About Marketing Your Construction Business: How To Make It Work For You Marketing your construction business is crucial for its growth and success. You can use various strategies to promote your business, such as creating a website, networking, social media marketing, and advertising. Additionally, sponsoring events and collaborating with other companies can help you reach a wider audience.    I understand how daunting it can feel for construction business owners like you; we've been there. Whether you're new to the game or have been in business for a while and haven't quite cracked the code, navigating the marketing world can be overwhelming. But it doesn't have to be. Your business deserves to be seen, heard, and thriving—with the proper guidance, you can make marketing work for you. Let's unravel the puzzle, starting from square one.   1. Defining your target audience Know thy client: the key to tailored marketing. Before you shout your brand from the rooftops, you

  • 565: DIY Construction Accounting Errors And Ways To Improve Your Practices

    01/03/2024 Duration: 12min

    This Podcast Is Episode 565, And It's About DIY Construction Accounting Errors And Ways To Improve Your Practices Many small construction business owners tend to handle their accounting and bookkeeping, especially when they've just started. However, keeping track of the finance side of the business– everything from income to expenses to tax compliance– can be overwhelming.   Mistakes can happen quite quickly and can have costly consequences for your business. Below are five of the most common Do-It-Yourself accounting errors you should avoid.   1. Unorganized Records It takes excellent organizational skills to do your bookkeeping and accounting right. You must record every transaction, keep receipts or digitize them for future reference, calculate taxes accurately, and more. If your records are not kept organized and updated, you'll likely miss something, which could get you into trouble during the tax season. 2. No Accounting Schedule As a construction business owner, there are many other things you need

  • 564: Common Construction Business Pitfalls And How To Overcome Them

    23/02/2024 Duration: 10min

    This Podcast Is Episode 564, And It's About Common Construction Business Pitfalls And How To Overcome Them Construction Company owners like you have probably experienced life-changing events in the past few years, as many of our clients did. Are you struggling to keep your construction business afloat? Do you find yourself facing the same issues over and over again? It's common for construction businesses to meet various challenges, but if you're not addressing them properly, they can quickly become pitfalls.    1. Poor Cash Flow Management    One of the biggest challenges for construction businesses is managing cash flow. You need cash to buy materials, pay workers, and keep your business running. However, you may be in a cash crunch if you don't correctly deal with your cash flow. To avoid this, you should create a cash flow forecast and regularly update it. This will help you anticipate cash flow issues and take steps to address them before they become a problem.    2. Failure to Adapt to Market Chan

  • 563: Unlocking New Construction Clients And Markets

    16/02/2024 Duration: 11min

    This Podcast Is Episode 563, And It's About Unlocking New Construction Clients And Markets For a business to thrive and grow, it needs a strategic plan and the ability to find new customers and continually tap into promising markets. However, this can be easier said than done in a highly competitive trade industry.   With time, the quality of your work will speak for itself, which is the most valuable testimonial of all. While your good reputation preceding you is undoubtedly essential, there are a few other ways that you'll want to market your services to ensure that you have a steady stream of work.   The untapped potential in existing markets   Start by re-evaluating your existing customer base. Profiling them will help you more accurately define your target consumers.    Strategic Marketing is essential for any business to attract new clients, and the construction industry is no exception. Effective marketing strategies can help you reach your target audience and showcase your expertise. Some of these i

  • 562: Improving Productivity And Leadership Mentality As A Contractor

    09/02/2024 Duration: 11min

    This Podcast Is Episode 562, And It's About Improving Productivity And Leadership Mentality As A Contractor As a construction business owner, improving productivity is essential to your company's success. But you may often find yourself pulled in different directions by competing responsibilities. At some point, we all experience that.   Classifying tasks and tackling the most time-consuming ones can feel daunting. But why is it so hard for us to start – or even finish – seemingly insignificant tasks? Why do these tiny tasks become the bane of our existence, tempting us into procrastination limbo?    Let's explore why we get stuck on even the most minuscule duties and how that might hold us back. Understanding the psychology behind procrastination Procrastination plagues many people. It's a common problem that often leaves people feeling frustrated with themselves. But what if we could understand the psychology behind procrastination and use that knowledge to overcome it? At its core, procrastination is li

  • 561: Easing Your Back Office Burden One Payroll At A Time

    02/02/2024 Duration: 11min

    This Podcast Is Episode 561, And It's About Easing Your Back Office Burden One Payroll At A Time As a construction business owner, you have a lot on your plate. You need to manage your employees, oversee projects, ensure compliance with regulations, and keep your clients happy. Amidst all this, you may be tempted to handle your payroll to save costs and maintain control.   At face value, it seems like a great idea. If you're a small business owner with just a few employees, you probably think hiring a payroll specialist is an expense you can avoid.   You feel that you can handle it yourself. You intend to keep your staff paid right and on time. What could go wrong, right? Well, lots, actually. And before you know it, it's now a costly mistake, and you need to spend more money to make it right.   Why doing your own company payroll is not a great idea:   1. Time-consuming   Payroll processing is a time-consuming task that requires attention to detail, knowledge of tax laws, and expertise in accounting. As a c

  • 560: Scaling And Adapting Business Strategies Amid The Cost Of Living Crisis

    26/01/2024 Duration: 12min

    This Podcast Is Episode 560, And It's About Scaling And Adapting Business Strategies Amid The Cost Of Living Crisis When you're ready to take your construction business to the next level, you might start thinking about "scaling." No, it's not just a fancy term for growth; it's about doing more with less. Scaling is about increasing your revenue without proportionately increasing your resources—fancy yet practical, right? It's like sending an email: your effort is the same whether you send it to 100 people or 100,000.    But, as of now, we also probably feel like we are in the thick of a cost-of-living crisis. This challenges entrepreneurs and is a nerve-wracking time for many small construction business owners.   If you've had sleepless nights worrying about how you'll pay your suppliers or support your staff, you're not alone. You've likely already considered where to cut costs, but it seems impossible when suppliers raise prices.    But don't despair just yet! There are strategies to stretch your dollar f

  • 559: Mastering Tone For Construction Company Connections

    19/01/2024 Duration: 10min

    This Podcast Is Episode 559, And It's About Mastering Tone For Construction Company Connections Mastering the right tone is critical when connecting and communicating with people in the construction business. Whether you're writing an email, making a phone call, or meeting in person, how you present yourself can make all the difference in building strong relationships with clients, colleagues, and partners.  Research suggests that as much as 93% of communication is non-verbal, so it's unsurprising that the tone and meaning of emails and messages are misinterpreted as much as half the time. For small construction businesses, email is frequently the preferred way to communicate with new leads, customers, and employees – but if you haven't mastered your tone, the meaning of your message may be lost. In the worst-case scenario, you may even unintentionally offend your audience. Follow these tips to improve your tone when writing emails or other business communications. 1. Adapt to your audience Tone reflects the

  • 558: Practical Tax Season Tips For Construction Business Owners

    12/01/2024 Duration: 11min

    This Podcast Is Episode 558, And It's About Practical Tax Season Tips For Construction Business Owners Tax season can be a bit overwhelming for construction business owners, especially with many things to keep track of in our industry. But don't worry; we're here to help! We know that construction businesses have unique tax considerations that can be tricky to navigate, such as complex accounting and bookkeeping challenges and issues related to payroll and sales taxes.    That's why staying informed about the latest tax laws and regulations is essential, as well as working closely with a qualified construction accountant and tax professional who can guide you through this process and ensure you comply with all applicable tax rules and regulations.    Preparing for tax season is a year-round endeavor. Tip number one for construction company owners is to update monthly financials using a streamlined software or cloud-based system.   This way, come tax time, everything you need is in one place. Well-organized sm

  • 557: Becoming A Better Project Manager By Improving Communication Skills

    05/01/2024 Duration: 11min

    This Podcast Is Episode 557, And It's About Becoming A Better Project Manager By Improving Communication Skills In the construction industry, communication takes many forms, including written reports, drawings, emails, and face-to-face meetings. Each form of communication has its own set of advantages and disadvantages. For example, written reports and illustrations provide a permanent record of information, but they may not be as effective in conveying complex ideas as face-to-face interactions.    Understanding how construction business owners and project managers, like you, if you do both (a one-person company), adapt to their environment, and facilitate procedures could make your company run smoother because there is no money in workplace chaos.   However, the thinking patterns and comfort zone of a well-trained staff or subcontractor are defined by the following: If it isn't broken, how can I ensure it stays that way? When it fails, I fix it, then I look for the root cause and work on that I maintain

  • 556: Rest And Reset For Construction Contractors And Business Owners

    29/12/2023 Duration: 11min

    This Podcast Is Episode 556, And It's About Rest And Reset For Construction Contractors And Business Owners To be in business and to remain in business, become a business person! To run a business, you must be business-like. It's not sufficient just to be very good at what you do. Many people who are 'very good at what they do' have failed. The familiar cry: "I'm far too busy for that" is no excuse. Are you 'too busy' to be a competent businessperson? If so, your construction business won't last long. You must continue to develop your business skills.   To be a businessperson, you have to make an effort to become something of an 'all-rounder,' not just a specialist player. You can offer outstanding goods or services, but if you don't develop sound business systems, you are not a fully rounded businessperson, and your business will be in danger of failing.   Having a system in place is your key to enjoying a stress-free holiday. There's no need to be overly anxious about your construction business during thi

  • 555: The Benefits Of Outsourcing For Construction Company Owners

    22/12/2023 Duration: 13min

    This Podcast Is Episode 555, And It's About The Benefits Of Outsourcing For Construction Company Owners Outsourcing can offer a range of advantages for small construction businesses in today's competitive market. Not only does it reduce costs and free up valuable time for owners to focus on growing their business, but it also provides access to skills and expertise that may be unavailable in-house. Small construction businesses can streamline operations, increase productivity, and scale faster than ever by working with external professionals or firms who work in certain areas.    Because a small business focuses on survival, you pay much attention to the bottom line. This makes much sense, but it also leads to being seriously overworked.   Contractors are under increased pressure to cut their prices to get enough work. And that means they need to reduce costs. New technologies and approaches in cloud computing for construction accounting give forward-thinking contractors a fantastic ability to get more for le

  • 554: Managing Work-Life Balance As A Construction Business Owner

    15/12/2023 Duration: 11min

    This Podcast Is Episode 554, And It's About Managing Work-Life Balance As A Construction Business Owner Wellness is an important aspect of life for everyone, especially construction contractors like you. Given the physically demanding nature of the work, contractors must prioritize their physical and mental health. Proper nutrition, exercise, and adequate rest are all necessary for maintaining a healthy body and mind. Additionally, taking breaks and managing stress can help prevent burnout and promote well-being. By prioritizing your health, contractors can feel better and perform better on the job.   However, maintaining a healthy work-life balance can be difficult for a small construction business owner, as most know. You may work long hours, sacrificing personal time and family obligations to keep your business running smoothly. The duties and responsibilities of running your own business often take priority, no matter how personal pursuits are essential for your well-being.    But, with the right strate

  • 553: How To Avoid Year-End Construction Bookkeeping Chaos

    08/12/2023 Duration: 10min

    This Podcast Is Episode 553, And It's About How To Avoid Year-End Construction Bookkeeping Chaos As the year comes to a close, it's important to start thinking about your bookkeeping tasks to ensure a smooth transition into the new year. Deadlines are fast approaching, but it doesn't have to be stressful.    Have you given your bookkeeper, wife, partner, accountant, or tax accountant the information needed to complete your reports? Accountants need good information to create detailed reports and save money on your taxes.   Here is where the expression "Garbage In Equals Garbage Out" comes into play. It is impossible to create Job Costing Reports when all anyone knows is the deposit amount 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 prepare his documents for the Tax Accountant. Are you in this cycle? I have great news for you - it is preventable. 1. Review your accounts:  Make sure all your accounts are reconciled and up-t

  • 552: Why Online Reviews Matter And Ways To Deal With Negative Feedback

    01/12/2023 Duration: 10min

    This Podcast Is Episode 552, And It's About Why Online Reviews Matter And Ways To Deal With Negative Feedback In today's digital age, online reviews hold immense power and influence over the success of small construction companies. With easy access to social media, Google reviews, and review websites, customers can easily voice their opinions and experiences with your business online. Most people searching for a local construction company - whether they need a plumber, painter, or general contractor, will check their online reviews before deciding.    Positive reviews can help establish credibility, build trust, and attract new customers. Conversely, negative reviews can damage a company's reputation and deter potential customers. Given the importance of online reviews, small construction companies should aim to provide excellent service and encourage satisfied customers to leave positive reviews.   As a small business owner, you must understand the importance of online reviews, as they will impact your brand

  • 551: Recognizing The Value Of Construction Contractors In Our Daily Lives

    24/11/2023 Duration: 13min

    This Podcast Is Episode 551, And It's About Recognizing The Value Of Construction Contractors In Our Daily Lives I was taking a moment to reflect on the challenges for the Pilgrims coming to America. They decided to make the journey with no guarantee of success. To build homes, plant crops, and take care of animals. Then, later, everyone chose to move West by wagon train, horse, or on foot. I am grateful for them! I think about my Grandparents and my Great Grandparents. What was life like when they were children? Where did they come from, and how did they get to where they were? The family's oral history seems so inadequate. My father shared so much, but now it looks like so little. Be glad for the simple things we take for granted: Going to the grocery store, deli, or restaurant for dinner Living indoors with electricity and indoor plumbing Driving a car Crossing the water on a bridge or ferry Modern times. I am all for living in the city with the gas station and grocery store just down the street. I app

  • 550: Becoming A Better Construction Leader By Practicing Generosity

    17/11/2023 Duration: 10min

    This Podcast Is Episode 550, And It's About Becoming A Better Construction Leader By Practicing Generosity If you have been lucky enough to encounter generous people, you understand they have a unique gift for garnering the respect and admiration of individuals around them. When you are a leader, having a positive relationship with the people who follow you is a huge asset you cannot put a price on.    In the construction business, generosity and helpfulness are two fundamental traits that can make a business successful. When contractors are willing to share their knowledge and expertise with others, it creates a sense of community and fosters growth and success for everyone involved. Additionally, when contractors are generous with their time, resources, and even their finances, it can significantly impact the success of other businesses and individuals.    t is the right thing to do and being generous because it is something you value are two different things. If you want your generosity to be compelling,

  • 549: Construction Company Budget Vs. Cash Flow

    10/11/2023 Duration: 11min

    This Podcast Is Episode 549, And It's About Construction Company Budget Vs. Cash Flow Finding some certainty can make all the difference in the unpredictable construction business world. While the future remains a mystery, budgeting and cash flow forecasting tools can significantly reduce uncertainty, allowing you to anticipate challenges, learn from past events, and enhance your ability to navigate your business. Budget vs. Cash Flow: The Crucial Distinction A common misconception is that a budget and cash flow are interchangeable. A budget is a projection of future possibilities, enabling you to consider various sales and expense scenarios. On the other hand, a cash flow provides a record of actual expenses and sales revenue that flow into and out of your business each month. Although they often deal with the same data, their applications differ. Budget and cash flow are both essential concepts in construction management. However, they serve different purposes and are used in different ways. A budget is a

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