When working with subcontractors and outside service providers, it is important that you obtain a Form W9 from them so that you can are in compliance come tax time. Many contractors don’t want to complete one because they don’t want to report the income. But don’t let them convince you that not getting one is…
Project accounting is one of the most important financial tracking methods for construction companies. Often referred to as job costing, it is the process of tracking all of your costs and revenues towards a project or job. This is often the key reason why business owners have low or no profitability. Because not tracking all…
From the outside looking in, running a business seems easy. But don’t let social media fool you; it’s hard. It can be even harder to run a profitable one. There are many things that you need to be aware of and stay on top of to ensure your business is a profitable one. Here is…
Pricing your products and services is one of the hardest things for a business owner to do. It’s not hard physically, but mentally. It is the one thing that can make or break your business. Pricing is not a task; it’s an art. In order to do it properly you have to be very in…
Understanding profitability is a key task associated with managing the finances in your business. You need to understand it at a deeper level than just total revenue minus total expenses. You need to know your profitability on a per project or per customer basis. Just like many other business owners, you are going about your…
I hate paper. Unless it is green with pictures of presidents on it. Don’t judge me – you feel the same way too. But seriously – I hate paper and how it takes control of my desk, my dresser and my kitchen table. We, and by we, I mean you and me, consume so much…
About a month ago, I did a #techtalktuesday tip on how to run financial reports in QBO. Well this week I am going to share a video on how to run financial reports in Xero. As I mentioned before, one of the questions I get most often asked is “can you send me the most…
Today we are going to talk about the last pillar – Financial Strategy which focuses on analytics, pricing and strategies to grow your business. See most people think that you can just put up a shingle and poof business will come. But it’s just not that simple. So if you think that’s the way it’s going to…
One of the great things about working in the cloud is that it makes it super easy to collaborate with others. Being able to work in your file simultaneously is a big time saver. Your accountant no longer has to come to your office for simple easy questions or even training. Once they have you…
This is the third week now that we are talking about the 4 Financial Pillars of Success™. These pillars are what I believe are the foundation for your businesses financial success. We have talked about pillar one which was Financial Record Keeping and pillar two was Financial Management. This week we are talking about…
