0241: Unique Highly Profitable Contractors Use Job Costing And Financial Reports

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

Content provided by Randal DeHart and Randal DeHart | Construction Accountant |PMP | QPA. All podcast content including episodes, graphics, and podcast descriptions are uploaded and provided directly by Randal DeHart and Randal DeHart | Construction Accountant |PMP | QPA or their podcast platform partner. If you believe someone is using your copyrighted work without your permission, you can follow the process outlined here https://player.fm/legal.

6+ y ago 25:32

MP3•Episode home

This Podcast Is Episode Number 0241, And It Will Be About Unique Highly Profitable Contractors Use Job Costing And Financial Reports Successful Contractors Find Keys To Growth And Profit In Their Accounting Halloween is the official Kickoff of the Holiday Season. Kids dress up as anything from Princesses to Pirates and every TV character in between. Time of smiles, giggles and lots of “pixie dust” and “magic wands.” Time for “Santa and his reindeer” to visit the malls with a fresh supply of Cookies and Candy.

Wait, let's not forget Thanksgiving with Turkey, Dressing, Yams, Mashed Potatoes, Gravy, Fruit Salad, Pumpkin Pie, Ice Cream and lots of Egg Nog. All of this leads to us in January wishing we ate less and exercised more in hopes to keep the pounds on and matched by the pounds off for a net gain of Zero.

Software and the desire to do everything with our phone is the “Grownup’s Version” of the Candy Store all year long.

With a couple of clicks on my phone, I want to Buy Something
Pay For Something
Get Paid Immediately From My Customer
Have all of the money go in or out of my bank account
Now how do I then make all the transactions magically go to an accounting system
Give me nice detailed reports
Help me make simple and complex decisions.

Begin with the end in mind. Construction Contractors want to know Job Costing on some projects but not on others. How does a Construction Contractor keep it simple to those around them who need to pick up all the loose pieces of paper (paper receipts or electronic documents)? Start by thinking about the source and how the supplier can help Home Depot, Lowes, Major Suppliers will email the priced invoice to you. On each of the invoices is a line with a for the Purchase Order. Purchase Order crosses over from Packing Slips to final priced invoice. If the Construction Contractor is willing to Tell The Order Desk something (example job name, customer name, customer address), then there is a foundation for job costing reports. Putting all of the receipts for a single job in a Job Folder or Job Envelope will help if you need to make a material return, find a part number, serial number, color used. Many online Project Management, Estimating, Invoicing or Scheduling Programs will allow pictures to be uploaded. Before and After pictures are great. Helps the Construction Contractor look back or the project for missing items that need to be billed. Resell value of the project to the customer. In a “Manual Accounting System” or an “Excel Based Accounting System,” all the loose receipt are being added up. If a Construction Contractor loses or files their recap sheet, it is then harder to figure out it a specific job made any money. All the notes are in the folder and who knows where the folder is.

A favorite tool of mine is TSheets

TSheets is an electronic timecard that can track employees in real time with GPS tracking.
Are employees on the Job Where You Expect Them To Be?
One tracking method inside TSheets is tied to Workers Comp requirements for your state.
Do you have to report hours by Plumbing, Electrical, Heating, Drywall, Framing, etc.?

Web Based Online Time Card For Construction Contractors Links To QuickBooks Job Costing

Click On The Image Below To Calculate Your Savings!

Fast Easy Accounting Your Certified TSheets Consultant

For Construction Contractors Across The U.S.A!

Finally! Construction Contractors have a way for your construction workers to submit accurate time cards chock full of the data needed to generate useful Job Costing Reports without the hassle of pen and paper and the excuse that it takes too long because it can be done on their smartphone!

Another method of tracking is tied to tasks that would help with future Estimating. Think instead of Kitchen, Master Bath, Main Bath, Powder Room, Deck, Family Room, Den, Man Cave, Patio, Roof, Sun Room, Gazebo, Cabana, Swimming Pool, Shop, Shed, Play Equipment, Landscaping, Rockery. Why am I saying track this way? Because when you talk to me about your jobs – You describe the room you were working on. In my experience, When you are looking for a new job you are thinking back on other projects by the room not by how many sheets of sheetrock you are going to be using.

It the new project larger, smaller, fancier, simpler than the previous job?
Is the new project you are estimating a combination of several other projects?

QuickBooks Desktop will give you easily Job Profitability Reports.
Did the job make a profit or was it non-profitable?
Key things between profitable are the basics.
Did you change sales tax if required
Did you charge for Change Orders
Did you collect a Deposit and apply it properly

Did you give Notice To The Owner and preserve your lien rights. At the end of the job is not the time to think about it as the window has already passed. If you have Job Accounts or a primary supplier that delivers to the job they will send a Notice To The Owner to preserve their lien rights for material. if not consider zlien.

zlien

ZLIEN secures fair payment on every project by making lien rights easy. No printing out forms, no checking mail orders, and no reading tedious legal documents. "Mechanics lien and bond claim rights are connected to $960 billion in construction payments every year. We help material suppliers, lenders, and everybody in between easily manage these rights. By making lien rights simple, zlien facilitates successful projects, smooth payments, and happy people. Our mission is to enable all project stakeholders to protect their finances and succeed in their jobs, all without a drop of stress"

Click here to learn more about zlien, The Mechanics Lien & Construction Payment Platform.

____________________

We recommend using your Phone and apps to track your scheduling and send invoices to your customers. But do not expect a Phone App to replace a Construction Accounting System and give you proper reports. Any time a software says it will do everything it won’t. Perfect Example is MS Office is a full suite of useful software that we all use every day. For all of the ways Excel is used; it does not replace a formal Construction Accounting System but instead, works with Construction Accounting Systems. Many QuickBooks Desktop Reports can export to Excel and reverse is true many Excel Lists can be imported into QuickBooks Desktop. QuickBooks Desktop does not do everything which is why many Construction Contractors will have an Estimating Software with the Building Trades specific tasks and pricing or Dispatch Software with a Time Card feature like T-Sheets which imports into QuickBooks Desktop. We use an Intuit Approved Commercial Host to provide you with access to QuickBooks Desktop in a mobile environment. This is one of the applications modern contractors need in today’s world. With remote desktop application, internet connection and a tablet, notebook, etc.

Many Construction Contractors can work from their mobile office (front seat of their truck). If their tablet or notebook go traveling without them and their data is safe in the cloud. After Hurricane Sandy, I heard many stories where Construction Contractors had their servers in the basement. What got flooded; their basement! When it is time to leave in a hurry; the last thing that is on the short list to remember to take is the server with the accounting data located in the basement. Back to happier thoughts, we embrace Cloud-Based products, because many of them can be easily accessed from the phone, tablet, notebook, choice of PC, Mac, and Windows, Android or iPhones. Our Document Management Systems links to your bank and credit card company.

You manage what documents and data we receive by keeping the feeds up and working. We want to do what we do best – Enter the receipts, invoices, customer payments properly into a Construction Accounting System. For Fast Easy Accounting, this is QuickBooks Desktop Version. Our Goal is to get everything possible out the data provided, so you the Construction Contractor have information to run your business effectively and make a profit. Help us help you grow. Without proper information – You are just guessing. We are here to help!

About The Author:

https://www.fasteasyaccounting.com/free-one-hour-consultation-bookkeeping

Sharie DeHart, QPA is the co-founder of 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 and offers insights on how to manage the remaining cash flow to operate and grow their construction company sales and profits so they can put more money in the bank. http://www.fasteasyaccounting.com/sharie-dehart/ 206-361-3950 or sharie@fasteasyaccounting.com

I trust this podcast helps you understand that outsourcing your contractor's bookkeeping services to us is about more than just “doing the bookkeeping”; it is about taking a holistic approach to your entire construction company and helping support you as a contractor and as a person.

We Remove Contractor's Unique Paperwork Frustrations

We understand the good, bad and the ugly about owning and operating construction companies because we have had several of them and we sincerely care about you and your construction company!

That is all I have for now, and if you have listened to this far please do me the honor of commenting and rating the Podcast www.FastEasyAccounting.com/podcast Tell me what you liked, did not like, tell it as you see it because your feedback is crucial and I thank you in advance.

You Deserve To Be Wealthy Because You Bring Value To Other People's Lives!

I trust this will be of value to you and your feedback is always welcome at www.FastEasyAccounting.com/podcast

This Is One more example of how Fast Easy Accounting is helping construction company owners across the USA including Alaska and Hawaii put more money in the bank to operate and grow your construction company. Construction accounting is not rocket science; it is a lot harder than that, and a lot more valuable to construction contractors like you so stop missing out and call Sharie 206-361-3950 or email sharie@fasteasyaccounting.com

Contractor Bookkeeping Done For You!

Thinking About Outsourcing Your Contractors Bookkeeping Services?

Click On The Link Below:

www.FastEasyAccounting.com/hs

This guide will help you learn what to look for in outsourced construction accounting.

Need Help Now?

Call Sharie 206-361-3950

sharie@fasteasyaccounting.com

Thank you very much, and I hope you understand we do care about you and all contractors regardless of whether or not you ever hire our services. Bye for now until our next episode here on the Contractors Success MAP Podcast.

Enjoy your day. Sharie

About The Author:

https://www.fasteasyaccounting.com/free-one-hour-consultation-bookkeeping

Our Workflow Removes Your Paperwork Frustrations For Contractors Who Prefer To Do Your Bookkeeping Fast Easy Accounting Do-It-Yourself Construction Accounting Store Is Open

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 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

Short List Of Construction Contractors We Serve Asphalt Contractor Asphalt Contractor Brand New Contractor Brand New Contractor Brick And Stone Contractor Brick And Stone Contractor Cabinet Installation Contractor Cabinet Installation Contractor Carpentry Contractor Carpentry Contractor Carpet And Tile Contractor Carpet And Tile Contractor Commercial Tenant Improvement Contractor Commercial Tenant Improvement Contractor Concrete Contractor Concrete Contractor Construction Employees Construction Employees Construction Manager Construction Manager Construction Support Specialist Construction Support Specialist Custom Deck Contractor Custom Deck Contractor Custom Home Builder Custom Home Builder Demolition Contractor Demolition Contractor Drywall Contractor Drywall Contractor Electrical Contractor Electrical Contractor Emerging Contractor Emerging Contractor Excavation Contractor Excavation Contractor Finish Millwork Contractor Finish Millwork Contractor Flipper House Contractor Flipper House Contractor Flooring Contractor Flooring Contractor Foundation Contractor Foundation Contractor Framing Contractor Framing Contractor General Contractor General Contractor Glass Installation Contractor Glass Installation Contractor Gutter Contractor Gutter Contractor Handyman Contractor Handyman Contractor Hot Tub Contractor Hot Tub Contractor HVAC Contractor HVAC Contractor Insulation Contractor Insulation Contractor Interior Designer Contractor Interior Designer Contractor Land Development Contractor Land Development Contractor Landscape Contractor Landscape Contractor Lawn And Yard Maintenance Contractor Lawn And Yard Maintenance Contractor Masonry Contractor Masonry Contractor Mold Remediation Contractor Mold Remediation Contractor Moss Removal Contractor Moss Removal Contractor Painting Contractor Painting Contractor Plaster Contractor Plaster Contractor Plaster And Stucco Contractor Plaster And Stucco Contractor Plumbing Contractor Plumbing Contractor Pressure Washing Contractor Pressure Washing Contractor Remodel Contractor Remodel Contractor Renovation Contractor Renovation Contractor Restoration Contractor Restoration Contractor Roofing Contractor Roofing Contractor Siding Contractor Siding Contractor Spec Home Builder Spec Home Builder Specialty Contractor Specialty Contractor Stone Mason Contractor Stone Mason Contractor Stucco Contractor Stucco Contractor Subcontractor Subcontractor Swimming Pool Contractor Swimming Pool Contractor Swimming Pool And Hot Tub Contractor Swimming Pool And Hot Tub Contractor Tile And Carpet Contractor Tile And Carpet Contractor Trade Contractor Trade Contractor Tree Contractor Tree Contractor Underground Contractor Underground Contractor Utility Contractor Utility Contractor Waterproofing Contractor Waterproofing Contractor Window Contractor Window Contractor Additional QuickBooks Templates, Resources, And Services

QuickBooks Set Up Templates Solopreneur QuickBooks Chart Of Accounts Free Stuff QuickBooks Item Lists Templates Consulting

We Serve Over 100 Types Of Contractors So If Your Type Of Company Is Not Listed Please Do Not Be Concerned Because If You Are A Contractor There Is A Good Chance We Can Help You! Call Now: 206-361-3950

Additional QuickBooks Templates, Resources, And Services

QuickBooks Set Up Templates Solopreneur

QuickBooks Chart Of Accounts Free Stuff

QuickBooks Item Lists Templates Consulting

If you are a blogger, who writes about construction we would like to hear from you. https://www.fasteasyaccounting.com/guestblogger

Contractors_Success_MAP, Contractors_Success_Marketing_Accounting_Production, Contractor_Bookkeeping_Services, QuickBooks_For_Contractors, QuickBooks_For_Contractors,Contractors_Success_Map_Unique_Highly_Profitable_Contractors_Use_Job_Costing_And_Financia

572 episodes

#Business News #Marketing #Contractoraccountingandbookkeepingservices #Contractorbookkeepingservice #Contractorsbookkeeping #Contractorsbookkeepingandaccountingservices #Contractorsuccessmap #Quickbookscontractors #Quickbooksforcontractors #Randal DeHart #News #Randal DeHart | Construction Accountant |PMP | QPA #Accounting #Business #Business Disciplines #QuickBooks