Podcasts about garbage in garbage out

Paul, Tom, Diane with Aaron Blumberg and special guest Connie Guglielmo (CNET) Transparency, AI, Garbage In Garbage Out, Open vs Closed AI Systems. Good for brainstorming. Disruptive to copyright. Protecting IP. Useful for older information depending on the service Neural Network within Large Language Model. The chatbots can give you a hallucination as an answer. Less likely now. The EU and Bletchley Park accords. tisfortraining.wordpress.com for notes

Without free and fair elections and widespread voter participation, you can't have a functioning democratic republic. Republicans know this: that's why they're trying to end free and fair elections. Also a black man was elected mayor in rural Alabama, but the white town leaders REFUSE to let him serve…WTF?? See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Have you ever heard the old saying, “GARBAGE IN-GARBAGE OUT”? It simply means that what you put into your mind is what goes into your heart-which in turn comes out of your mouth and lived out in your actions. Today, I want to show you-using a deceitful article and YouTube program that I responded to on the internet-that anything we write can be VALID but not always TRUTHFUL. This is why we must be discerning about what we put into our mind, because what we put into our mind goes into our heart. And what we put into our mind and heart is what comes out as formed thought, action, and ultimately what we speak, act and how we live out our lives as Christians.TWO IMPORTANT THINGS:1) Make sure to SUBSCRIBE to our Channel and hit that ALERT BELL!2) Join our Community at: STEVENGAROFALO.COM for community only devotionals, exclusive articles, short videos and more!

What if you could change your habits in as little as 21 seconds rather than 21 days? That's one topic that TEDx Speaker, Blaine Oelkers, will share with us in this episode!New Habits in 21 SecondsHave you heard these 3 common myths about creating daily positive habits? Myth #1: It takes 21 days to form a habit. Myth #2: You have to make big changes to see results. Myth #3: Willpower is the key to creating good habits. The truth is, forming habits is a complex process that requires intention, consistency, and self-awareness. Join us as guest speaker Blaine Oelkers shares the truth about creating daily positive habits that will improve productivity and mindset. Don't miss out on this opportunity to learn practical strategies for building sustainable habits that will transform your daily routine.In this episode, you will be able to:Delve into actionable strategies for self-improvement and see how to seamlessly integrate them into your routine.Realize the immense potential of positive thinking in shaping your life's trajectory and overcoming obstacles.Gain insights into building daily habits that encourage positivity and contribute to overall happiness.Master the art of prioritizing your goals and optimizing personal productivity for enhanced results.Tap into habit-forming techniques that ensure sustainable growth and change in all aspects of life.My special guest is Blaine OelkersMeet Blaine Oelkers, an accomplished coach and speaker who has dedicated his life to helping busy professionals establish daily habits that contribute to improved productivity and overall well-being. Blaine's TEDx talk on positivity and habit-building has made a lasting impact, inspiring many to seek out his guidance and expertise in creating meaningful change. His tried-and-true strategies for fostering positive habits have made him a trusted resource in the world of personal development, as countless individuals have benefitted from his wisdom and practical advice. Blaine's passion for empowering others is evident in his continuous efforts to share his wealth of knowledge and experience.Chapters00:02:55 - WYTAYBA - What You Think About You Bring About00:06:15 - Rewiring Your Brain for Happiness and Success00:09:01 - Mindset Shapes Perception00:11:50 - Secret to a Better Future00:13:08 - Mind Shower and Lens Cleaning00:16:16 - In the Moment Solutions00:20:13 - Pouring in the Positive00:22:29 - Removing Knots and Making Small Pivots00:25:00 - Small Hinges Swing Big Doors00:26:29 - Importance of Disconnecting00:27:15 - Memorable Moments with Loved Ones00:28:45 - 21-Second Habits00:29:58 - Habit Linking00:38:54 - The Importance of Consistency00:40:32 - Self-FluenceJoin Chief Excitement Officer Sha Sparks as she discusses the power of investing in people through leaders' experiences and helps you turn your trauma into triumph.Support the show

Definition of G.I.G.O. – A computer term meaning Garbage In Garbage Out. Do you ever tell yourself that you are not good enough, or smart enough?  Garbage!  Join the Kanes in Being Here and feel free to designate those ideas as trash.

Breaking Animal News, Anxiety, Shock Jock, The Year Of Our Lord, Garbage In/Garbage Out, Social Tip, 100 Years In The Past, Forgiveness, Household Tip, BONUS CONTENT: Dilemma Street…Befriending A Freshman; Quotes: “If you want to fear God you're actually finally safe.” “People need to appreciate the way it unraveled.” “You can control your thoughts.” “We still agree with ourselves”

We are a product of our thoughts, Our subconscious mind works like a computer (Garbage In Garbage Out). The good news is that whatever thoughts or programming that is not serving our good and the purpose of God in our lives can be changed. Listen to Pastor David Okpara as he teaches on "HOW TO RENEW YOUR MIND" --- Send in a voice message: https://anchor.fm/david-okpara/message

Self-care for claim professionals includes fueling the body with the right nutrients to foster health and optimal performance on the job.GIGO is an acronym signifying, "Garbage In - Garbage Out."Without diving deep into the arcane (and at times controversial) features of nutrition and diet, this podcast episode highlights the importance of fueling the nutritional engine of claim professionals to infuse them/us with the energy, health and stamina that we need to perform our demanding jobs day today.Snickers commercials talk about getting "hangry." A combination of hungry and irritable.What nutrition tips do you embrace in order to fuel your success?

Scripture_Talk_2020-09-02_64k.mp3 Scripture_Talk_2020-09-02_16k.mp3 Nona and special guest Brendan study Matthew 13:14-23 where Jesus expounds on the parable of the sower. The second hour Brendan discusses the concept of “Garbage In Garbage Out”, a programming term that applies to us as Christians. He gives practical advice on how to keep the garbage out so that our hearts can bring forth good fruits.

Covid 19 And On-Line Presentation Skills   GIGO is a useful acronym from the past, which we can employ for the current problem we have conducting business meetings and presentations on-line.  Garbage In Garbage Out on-line interactions is not what we want to be promoting in this current Covid-19 driven business and health crisis.  Note that I put business ahead of health in this discussion.  This is not to ignore or belittle the consequences for the health of those over 70 or with an existing health condition, who we know suffer the highest mortality rates.  I just want to make the point that the business impact of the current crisis affects billions of people, while the virus affects hundreds of thousands. Businesses locate people in their homes rather than offices, to try and contain the contagion of the virus, yet companies are ill prepared for the human dimension of conducting business remotely.   There are tech issues around on-line meetings, which impact how many people can be on-line together and the stability of the streaming systems.  There are also audio issues depending on whether you are using a headset with mic or just your computer mic.  Many home offices in Japan are the dining room table or whatever can be rigged to set up the computer and not so many have a printer at home.  Given the strong culture of working long hours at the office, the home office concept is relatively underdeveloped here.  In fact, not so many Japanese companies issue laptops to staff, because everyone normally spends their entire time in the office using desktops.    There are also cultural issues around appearing on-line.  Japanese homes were designated “rabbit hutches” back in the day, because of their small dimensions and crowded nature.  Not much has changed, as most people live in small apartments.  Turning on your camera to appear on-line, means you are now showcasing the family abode to everyone else.  I do a lot of video conferences with Dale Carnegie in the US.  One of the American meeting participants from Dakota, the land of endless vistas and big skies, noticed my camera background and asked me if I was doing the meeting in my closet.  How could I explain Japan to her, so I just said “yes!”.    The upshot is that many participants joining the on-line meeting won't want to show themselves and their homes to the other company members, so the ability to connect individually with everyone becomes more difficult.  All you see is their name on screen and no face. Also, when you have many participants on-line, even if they leave their cameras on, the sheer weight of numbers reduces the individual on-screen boxes to a very small size.  That means it is okay when you are talking, because your face is full screen, but everyone else looks like they are beaming in from Lilliput, where the people are six inches high.  It is very hard to get any visual feedback to what you are saying, as the screens are too small and there are too many tiny faces to be able to focus.   We are now talking to nobody and everyone at the same time.  We are speaking into a void, which can be very disconcerting.  Usually people taking part in meetings when they are face to face, are underwhelming as presenters, but now the problem is amplified.  They are dead dogs in person and become world champions at boring when they go on-line.  The meetings become lifeless, mundane and rarely satisfactory or motivating. Your business communication becomes as dull as dishwater.  Hardly a recipe for great work to be produced at home.   When we are on-line, we need to really power up our voice, use big gestures, bring energy to the screen and project our message with authority.  Actually, all the things we should be doing in a face to face presentation.  We have to go a bit harder than in person though, because we are reduced to a small screen version and that can minimise our messaging if we allow it.  Don't allow it.  So go big, certainly much bigger than normal.    It is hard to see audience reactions, so ask for feedback.  Most on-line systems have a chat box, so get people to write their feedback or questions there.  Some systems allow checkmarks or icons such as smiley faces or raising hands.  Get the audience to tell you when they have a question by raising a hand or that they are good to go with your message, with a reassuring check mark or a smiley face.  Make the most of the tech available to you.  As the presenter, you must remain the central focus though, just as you would in person. Keep people honed in on your message, by ramping up your presentation energy.   Free Live On Line Stress Management Sessions On a separate note, we are running public Live On Line Stress Management classes, which will be free to all attendees on March 19 (English) and 24th (Japanese) and April 16th (Japanese) and 17th (English).  We are also offering the same thing as an in-house programme, delivered Live On Line for our existing clients and for prospective clients.  This allows us to help our clients and our community.   The registration process for these free stress management sessions is being offered on our website, so please go to this specific page: http://bit.ly/dale_stress_e      

Recently, I've noticed I'm increasingly emotionally and spiritually toxic. I'm easily agitated and find I entertain fear and worry more than before. My usual hope-centered self has been clouded by gloom and doom. But why? How? Have I changed? Looking closely at this and asking God to help me understand what's going on inside, I've come to the answer I am infected. A present-day cultural disease has fundamentally affected my spirit, soul, and even my physical body. Therefore, I've decided to make some radical adjustments to my normal activities and exposures. I want to invite you to consider joining me on Project Detox: My 90-Day Quest for a Healthier Mind, Body, and Spirit. The Gist: We have so many mediums through which we contract our “informational infection”. A few of them are: News broadcasts Online news sites Television shows (featuring crime, death, degraded culture, etc.) Radio programs Billboards Fear-based advertising/marketing Talk shows Day-to-day conversations (with negative people or centered on negative topics) Workplace debates Changing The Rules Of The Game: Taking myself out of the field of play. Refusing to be a willing spectator any longer. Taking control of my mind and heart. Reclaiming sanctity of the environment I live in. Turning off the noise, and being intentionally selective of the inputs I allow into my spirit and mind. Remember G.I.G.O! (Garbage In – Garbage Out!) 3 Precursors to a Successful Detox: Recognize and acknowledge your current condition. Decide to no longer be a willing consumer of toxic inputs and agendas. Identify specific channels you must unplug from in order to achieve a spiritual and emotional detox. The Detox Rx: Detox involves both elimination and replacement. While purging the system of all the negative elements, it is essential to replace them with healthy, beneficial, nutrient-rich elements. The same is true in this kind of detox. For the next 90-days (and possibly beyond!) I will be eliminating the following items from my life: All news or journalistic inputs (TV, Radio, and Internet) All Radio Talk Show Programs All E-Mail Subscriptions/Updates that are unrelated to my business and personal life (I am unsubscribing!) All television shows (No TV for 90 days) All social conversations about politics, world affairs, the economy, etc. (I will NOT participate) All social interactions where I would be around negative, fear-driven people If necessary, suspend relationships with people who are themselves toxic As important is my plan for REPLACING these negative inputs with positive, life building ones. The Replacement Regimen: Here are the positive, beneficial elements I'll be refueling myself with instead: Daily Bible Reading: Audio Bible App Daily sermon (Andrew Wommack, Lance Wallnau, Bill Johnson, others) Worship Time Daily book reading (Audible/Kindle Combo) Daily personal development program (Jim Rohn, Les Brown, Earl Nightengale, Brian Tracy, others) Mastermind Input and Accountability Time with positive and balanced friends and family What About You? Are you immersed in toxic ramblings of the political world? Are you addicted to negative news cycles and consequently being intoxicated with fear, hopelessness, and strife? Are you constantly taking in visual or audible stimulation that causes your mind to dwell on the bad in this world? Are you escaping life by immersing yourself in television dramas and entertainment? How is your heart? How is your attitude? Are you being honest with yourself about your current mental, emotional, and spiritual state? Do you need a break? Are you in need of a real DETOX? Closing Thoughts: Remember Philippians 4:4-8: Rejoice in the Lord always; again I will say, rejoice! Let your gentle spirit be known to all men. The Lord is near. Be anxious for nothing, but in everything by prayer and supplication with thanksgiving let your requests be made known to God. And the peace of God, which surpasses all comprehension, will guard your hearts and your minds in Christ Jesus.Finally, brethren, whatever is true, whatever is honorable, whatever is right, whatever is pure, whatever is lovely, whatever is of good repute, if there is any excellence and if anything worthy of praise, dwell on these things.

THE MIND MATTERS. GARBAGE IN GARBAGE OUT. HOW DOES THIS EFFECT SEX EDUCATION? WATCH THIS VIDEO SOON BEFORE IT IS REMOVED!! If you missed sharing it with concerned parents, send them to jlorennorris . Com/podcast and search “the mind matters”. This is a serious issue regarding kids and content and needs to be top of mind for parents of school aged children in every state in the US. Watch the video Tell It Like It Is TV with J Loren Norris for #leadingleaderspodcast 10-21-19 LEADING LEADERS PODCAST with J Loren Norris providing daily leadership video lessons promoting faith, family and freedom for Tell It Like It Is TV . Blog & Online Courses - www.jlorennorris.com #leadingleaderspodcast Copyright 2019 Tell It Like It Is, Inc. All rights reserved. photos credited: https://www.nbcsandiego.com/news/local/Parents-Call-for-Opt-Out-Day-to-Protest-Sex-Ed-Curriculum-483663361.html --- Send in a voice message: https://anchor.fm/j-loren-norris/message

THE MIND MATTERS. GARBAGE IN GARBAGE OUT.  HOW DOES THIS EFFECT SEX EDUCATION? WATCH THIS VIDEO SOON BEFORE IT IS REMOVED!! If you missed sharing it with concerned parents, send them... Leadership Podcast by J Loren Norris: Daily video lessons for managers, employees and students​promoting faith, family and freedom. #leadingleaderspodcast​

I heard someone say once in regards to publishing - "If you don't take a swing you will never know". They have no idea how much that phrase has stuck with me but it resonated and has been pushing me ever since. Take a swing. Tony Robbins once said - "The ultimate failure is success that is unfulfilling". This week is Tool Week and today we are talking about Facebook. I used to think that it was only for my grandparents or parents now. I had a facebook account once long ago when it first started. I had over 1000 "friends" and I was not that active and I decided to suicide my account. That was quite the journey because most of my friends both in the 1000 variety as well as my in person friends thought I was stepping off onto the wrong path. In hindsight there was probably a better approach than the all or nothing way. That lesson has appeared numerous times in my life and I've handled it different ways multiple times since. Facebook is this awesome tool that anyone can use. Yes, like anything you have to learn how to navigate the BS to get out of it what you are looking for. Like most things in life - Garbage In / Garbage Out or Excellence in / Excellent out! Be sure to check out www.secondad.org as there is a free ebook you can down load that focuses on performance. One of the key elements in this ever broadening discussion. Also, I want to add an exciting opportunity to share with all of you to receive a hard copy book for FREE. Recently, I read a book by Russel Brunson called Expert Secrets. It talks about how to organize different types of storytelling that is truly remarkable in terms of its applicability across genres and situations. For example, after reading the book I can think of a particular situation when my wife and I were at a local restaurant and the women who works there is normal standoffish and cold. I was thinking about some of the tactics Russell talks about in terms of reframing beliefs of the other person and I tried it. Literally within seconds I saw the whole demeanor of this person turn on a dime. It was truly powerful. SO, I WOULD LIKE TO SHARE THIS WITH YOU. You can click the link below which will take you directly to the page to order yoru book. HAPPY READING! EXPERT SECRETS Until next time my friends! Have Fun, Stay Safe and will talk with you soon! --- Send in a voice message: https://anchor.fm/secondadbossshow/message Support this podcast: https://anchor.fm/secondadbossshow/support

Garbage In Garbage Out.. What are you not taking 100% responsibility for? When do you plan to start? ^^^^^^ Day 2 of 100 ^^^^^ 99 days to 2020 ^^^^^ #100daysofexecution

Player above not working? Either click here, or right-click and “Save Link” to download the episode. In this episode of Beyond CAD I talk about one of my greatest fears... Continue reading → The post 84 | Garbage In Garbage Out? appeared first on Civil FX now a division of Parametrix.

Player above not working? Either click here, or right-click and “Save Link” to download the episode. In this episode of Beyond CAD I talk about one of my greatest fears... Continue reading → The post 84 | Garbage In Garbage Out? appeared first on Civil FX.

"If you are struggling to get good results, focus on providing better input."   In today's episode I discuss how "Garbage In = Garbage Out applies to more than just computers.   Contractor's Business Evaluation Course   Want to speed up your path to success? Looking for some support for your business or career? Consider one of our coaching programs to get the support you need. Click below and complete the quick survey and we can schedule a call to discuss the benefits of working with me directly. Schedule a Coaching Review Call   Thanks for Listening! Have questions or comments? Leave a voice message here. Comment on our Facebook page here. Ask a question at Ask the Coach I would love your feedback: Leave a review on iTunes or Stitcher. 1 Star of 5 Star, I love your feedback and read every review. Leave a review on our Facebook page. Listen Anywhere! Subscribe on iTunes or Stitcher Listen on Alexa just say "Alexa, play The Contracting Coachcast podcast." Online at ContractingCoach.com or on your favorite Podcast Player Want More? Check out these other great resources: The Contracting Coach Academy The Contracting Coach Resources

Those of us with a few years on us remember the retort GIGO when we complain about the result of something.  It was used to describe why computers—which were supposed to be so advanced—could make such extraordinary errors.  The answer?  Garbage In Garbage Out.  So, are we the same as computers?  Is what comes out of us—thoughts, words, actions—the result of what goes in?  If so, what is the garbage we have to beware of?

This Podcast Is Episode Number 0218, And It Will Be About Multiple Contracting Companies In QuickBooks Leads To Catastrophic Ruin     Contractors, Bookkeepers and Tax Accountants are trying to keep everything all in one place. That is great. A single bank account on the surface is the answer in simplicity. Sharie’s Cash Management 101 Training I Teach Contractors Please Do Not Do This! Why – when putting everything in one bank account; it could be a FINANCIAL DISASTER.   Go to Home Depot, Lowes or any other larger store.   Use your debit card; Drop or lose your debit card, Someone finds it and buy stuff until he or she have spent all your money! (may be a little harder with the chip but how many places can you run your debit card as a credit card?)   The point is that within a short time – All the money could be GONE! ALL THE MONEY COULD BE GONE BEFORE YOU REALIZE THERE IS A PROBLEM All the money is all the money and losing it could put a company out of business Just as there are Common Sense rules about Sharie’s Cash Management 101Tips, there are common sense rules about mixing multiple companies in a single QuickBooks file: Does each company have its own Federal Tax ID number? If Yes, The Company needs its own QuickBooks File. Everyone can own Multiple Companies  Depending on the structure if the financial statements are on a Schedule C And 1040 or 1120S (S-Corp) or other return that in turn rolls up into The Contractors personal 1040 return. The annual tax return is pages and pages long (feels like a zillion if you have to make paper copies) Your banker wants the 1st two pages of your personal 1040 Annual Tax Return.  If you need commercial accounts, Dun & Bradstreet wants the 1st two pages of your business tax return.  Why because the 1st two pages is the summary of all the pages and worksheets that follow?   As a Construction Contractor, you need the details of the balance of the pages to run your business. How do you know how much money each company is making?    I can think of several examples of multiple companies being in a Single QuickBooks File. Husband has a Construction Company and Wife has a Non-Construction Company all mixed together.   Next example: Construction Company, Non-Construction Company plus a few Flipper houses for friends, and a few rental homes for themselves. Add in a few side jobs that are Professional Services. The word MEGA-MESS comes to mind: The Liability Insurance Company will take the easy way out.   What are Gross Sales for a specific date range? (all companies combined) The IRS will take the easy way out – You have one Federal Tax ID number Your Worker’s Comp Program will take the easy way out – What is the highest rate for the tasks? Apply that rate to all employees regardless of what their duties are (or which company) I know of a small company that everyone is charged the same Worker’s Comp rate because the combined office and shop space is small. In Washington State – Plumbers are at the field rate for workers comp even when they are cleaning their truck at the shop.  Why? Because Labor & Industries “Says – cleaning the truck is all part of the job.” No Lower Shop Rate is allowed.   Overhead is different for each of the following companies: Construction Company Non-Construction Company (could be day care, hair salon, espresso stand, etc.)    Construction Management Services for Flipper houses for friends Professional Services as a 1099 Contractor Flippers House turned into Rentals Flippers House Sold Rental homes Mixing Companies in a Single QuickBooks File: I can tell you "Please Don’t Do This!" Your Tax Accountant can tell you, "Please Don’t Do This!" Your Banker can tell you, "Please Don’t Do This!" The one person who won’t tell you not to do this is the In-House Bookkeeper. Why? They want to keep their job! The Construction Bookkeeper will try to keep your chaos straight and fight a losing battle with reality. What will not happen is good Financial Reports. The “What About’s” is just “White Noise” as The Contractor who insists on everything in a single QuickBooks file against all advice will benefit from “The Mess.”  (Notice I did not say benefit in a positive way) QuickBooks Desktop is fantastic for Construction Contractors to get good reports. (Remember, Garbage In = Garbage Out)   Reports cannot be better than the information given. Think Lumber – Standard & Better or Stud Grade is much better than the grade that is commonly referred to as airplane propellers. Specialty Lumber Yards have a variety of quality lumber.   A single project may have multiple grades of lumber. It’s a Science to use the right piece of lumber in the proper application to last the longest. Basics are that you can pound a nail in every kind of wood. Next Question – Which type of nail?   Everything about Accounting Especially Construction Accounting is the intertwined: There is a proper setup for Construction Contractors for good job costing reports. There is a proper setup for other Non-Construction related businesses Do you really want all the customers to all of the other business mixed into the Contractor QuickBooks file?   Do you really want to be paying a higher liability insurance because it’s easier for the insurance company? Do you really want to try to add | subtract | tweak | remember What does count? What doesn’t count; when trying to figure out if you are Making Money or Losing Money. And if so – Which business is the Good One, and you want to expand?   Which business are the Bad One and you need to let it go?   Are you trying to re-invent the Wheel? Are you just trying to Be Cheap? I would like to believe that you have a real desire to make changes that will make the lives around you easier and therefore you will get the financial and other job costing reports easily and efficiently. Of course, if you hired an Admin Assistant who is expected to act as your Office Manager |In-House Bookkeeper and has No Bookkeeping or QuickBooks Skills than you pick the phrase that best suits you.   My suggestion:  Sometimes More Is Better! Be open to Multiple Company QuickBooks files.   Each Company should have its own bank account and their own credit card accounts. Rental Property: Use QuickBooks or specialized software for Rentals. Rentals have different needs. With messy QuickBooks – each time money is moved between companies it usually Looks Like Income and by default treated as Income, and you could pay far more in taxes than you saved by mashing everything together. Government Agencies are always happy with messy books and over reporting of income and under-reporting of expenses. Your checkbook may not be so happy when it comes time to pay the taxes.       Annual Federal Income Taxes Self-Employment Taxes State & Local Taxes Licenses & Fees Sales Tax Looking forward to helping you make 2017 be a Better Year? Thinking Happy Thoughts.   Sharie 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 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 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. Warm Regards, Randal DeHart | The Contractors Accountant 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 Construction Contractors We Serve  Brand New Construction Company    Handyman Company Cabinet Installer    HVAC Contractor Carpentry Contractor    Insulation Contractor     Carpet And Tile Contractor    Interior Designer       Commercial Tenant Improvement Contractor   Land Development Company Concrete Contractor    Landscape Contractor     Construction Company   Masonry Contractor Construction Manager   Mold Remediation Company       Contracting Company    Moss Removal Company       Contractor   Painting Contractor       Custom Deck Builder    Plumbing Contractor       Custom Home Builder    Pressure Washing Company       Demolition Contractor    Remodel Construction Company       Drywall Contractor    Renovation Contractor       Electrical Contractor    Restoration Contractor       Emerging Contractor    Roofing Contractor       Excavation Contractor    Spec Home Builder       Finish Millwork Contractor    Specialty Contractor       Flipper House Contractor    Subcontractor Flooring Contractor    Trade Contractor       Framing Contractor    Underground Contractor       General Contractor    Utility Contractor       Glass Installation Contractor    Construction Employees     Gutter Installation Company    Construction Support Specialist 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 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_Multiple_Contracting_Companies_In_QuickBooks_Leads_To_Catastrophi

This Podcast Is Episode Number 0190 And It Will Be About Contractor CFOs Struggle To Achieve Valuable QuickBooks Reports Contractor CFO’s are in a constant struggle between having all of the documents needed for data entry and providing the tools for the Office Manager | Bookkeeper need to do the job. Owners want answers to the following questions Am I making any money? Where am I making any money? Why isn’t there a report that at the push of the button gives me all the answers? When Your Company Was New, The Answers Were Not As Important As They Are Now The CFO wants to provide the answers; goes to the Office Manager | Bookkeeper and asks why don’t we know the answers to these questions. Depending on the answers received whether the CFO goes away happy or just goes away. If the CFO is happy then goes back to the Owner and gives the explanation as to why the reports are accurate (based on information in QuickBooks) If the CFO may realize there is a problem and discusses with the Office Manager | Bookkeeper on changes needed to improve the reports presented to the owner. If the CFO realizes that the bottleneck in good reports is with the incoming documents; then the answer is going back to the Project Manager or other Field Staff to make changes. “Garbage In = Garbage Out.” The Office Manager | Bookkeeper cannot provide reports when the incoming receipts are not coded to a specific job or time cards are sloppy and excess time is spent trying to figure out when and where the field staff spent their time. It is very frustrating to try and read scribbled time cards or guessing. Newer phones have a schedule feature, so most employees always know to the minute how many hours have been worked in any given time period. It is only the Office Manager | Bookkeeper who is in the dark. A Good CFO Has To Make The Business Case That Better Equipment Will Save Time And Money Good equipment for the Office Manager | Bookkeeper will help make their job easier and more productive. An example is a newer computer, with large dual or triple monitors, dedicated scanner and a printer with built-in memory. Most Televisions can act as computer monitors. Larger screen saves on eye strain and headaches which makes staff more productive which makes you money and increases cash flow. Software should include the current version of QuickBooks, Adobe Software, Microsoft Office, Cloud-based CRM and Cloud based Construction Time Cards For Smart Phones. Payroll is a project that needs to be done accurately and can take hours to complete. We recommend T-Sheets for time cards; because when used properly it will produce historical data on jobs. T-Sheets can eliminate the chaos to employee timecards. Employees enter from any phone. For Construction Contractors Across The U.S.A! When Are You, The Contractor Part Of The Problem Instead The Solution? It’s too easy for an Owner to think that office tools as “Just An Expense” and are not needed to be upgraded. The computer is not broken, there not need to upgrade QuickBooks (it never changes). Let’s not forget that squeaky chair that won’t turn and the 19” computer still works (ignore the green tint) Why Do You Have A Smart Phone Instead Of The Old Flip Phone? Field tools are a given. The truck has a rack for ladders and lumber. Vans have shelves and bins; is tall enough to stand up in which will save wear and tear on employee's knees. Less strain on knees can save or postpone possible Worker’s Compensation claims. Worker Comp claims lead to increased premiums. Once the Tools and Equipment are updated, then it is much easier to see which employees are productive. In the Field – Who is bringing their jobs in on time, under budget is good. Jobs without any warranty work and having signed billable change orders adds to the bottom line. A Good CFO Can Determine Which Employees Are Worth Investing In Additional Training Office Managers | Bookkeepers, fall into several categories: Productive Employees: 1. Appreciate the company is willing to update, upgrade tools, equipment, and software to make their job easier and invest in training to help the Office Manager | Bookkeeper is able to be more efficient. 2. Willing to invest their own time and effort to keep up with technology and improve their skills. Overloaded Employees: 3. Works efficiently but still have more work to do and is falling behind. The company has grown, and workload has increased. The employee needs additional help (tools, technology, an assistant) to be able to keep up. One tiny change at a time could make a huge difference. Resistant To Change Employees: 1. Fear, learning new things is a challenge because afraid they are unable to learn new technology 2. They want to keep everything the same. Avoid change and therefore over time become a “Bad Bookkeeper” where the most important thing is “Control” over everything and everyone. The People Who Got You Where You Are Can Take You Where You Are Going Only If They Continue Learning And Growing Themselves. - Randalism Simple Efficiency is a “Win-Win” for everyone. The Contractor Owner receives the reports needed to make good, proactive decisions. The CFO has a smooth running operation and is able to focus on the “Money Management” duties necessary to run the business. The Office Manager | Bookkeeper is able to efficiently enter the day to day paperwork into the QuickBooks file, Answer the phones and complete other daily tasks without frustration The Field Staff know they have turned in all their paperwork (paper and digital) in a timely fashion with limited stress and are greeted warmly by the Office Manager | Bookkeeper. Everyone is ending their day on a “Happy Friendly Note” and looking forward to tomorrow. Everyone Wins When: 1. The Contractor Owner knows the accounting records are accurate and can make decisions 2. The CFO is able to be confident customers are billed, and no one is being paid twice 3. The Office Manger | Bookkeeper, is able to easily track Job Costing and Timecards 4. The Field Staff stays on top of the job and gets signed Changes Orders 5.The Customer is happy with a nice job without any warranty work. And Everyone Goes Home Happy Isn’t That What We All Want? I trust this podcast helps you understand that outsourcing your contractors bookkeeping services to us is about more than just “doing the bookkeeping”; it is about taking 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 this far please do me the honor of commenting and rating this podcast at 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 really 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. Warm Regards, Randal DeHart | Contractors Accountant Our Workflow Removes Your Paperwork Frustrations                                   Contractors_Success_MAP, Contractors_Success_Marketing_Accounting_Production, Contractor_Bookkeeping_Services, QuickBooks_For_Contractors, QuickBooks_For_Contractors,Contractors_Success_Map_Contractor_CFOs_Struggle_To_Achieve_Valuable_QuickBooks_Reports

This Podcast Is Episode Number 0151 And It Will Be About Why Successful Contractors Use Professional Bookkeeping Services What You Should Expect From Your Bookkeeping System? The first and most important principle in Construction Accounting is everything starts with Cash because Cash Is Fact; Profit Is An Opinion. All transactions in the bank account of your construction accounting system no matter if it is QuickBooks or Xero must be assigned to the proper accounts: Income Job Deposits Payroll Taxes Cost of Goods Sold (Direct and Indirect Costs including Labor, Material, Other and Subcontractors. Other costs including permits, plans, bills from suppliers and purchases on your personal credit cards. Overhead Second Important Principle In Construction Accounting Tracking Income properly, Knowing how, when and where to put Customer Estimates, Customer Invoices, Customer Job Deposits and any Retainage Withheld, Vendor Refunds and Rebates. Good Construction Accounting Is All About the Details Payroll entered into QuickBooks (Employee, Check and Tax Detail depends on the Payroll Service used). Bank Reconciliations, Credit Card Reconciliations including Home Depot and Lowes, Vendor Statements verified and matched against invoices. The Answers You Need To Operate And Grow Your Construction Company Are In Reports To get accurate reports the paperwork details must be entered into your QuickBooks by following The Construction Accounting Method NOT The Regular Accounting Method. The old saying “Garbage In = Garbage Out” is 100 times more true when it comes to Construction Accounting. When your bookkeeper takes shortcuts in the data entry, for example entering bulk numbers from credit statements for expenses in bulk instead of entering each transaction your Financial and Job Costing Reports are totally worthless. You Need To Know Who is your customer, how much have you billed them, are there unbilled change orders? If you do not tell your bookkeeper and they do not put the information into QuickBooks how will you ever know, let alone get paid? Who do you owe money unless you tell your bookkeeper? Who did you purchase material, labor, subcontractors, other items from, when and was it paid with cash, check, credit card or put on the charge account? If you do not tell your bookkeeper and they do not put the information into QuickBooks how will you ever know what the Job Costs are let alone Job Profitability? QuickBooks needs to know how to allocate the costs (money spent) to give accurate Job Costing reports. foundation of data has been entered properly.Balance Sheet Report reflects the heath of the business – again QuickBooks can only report on the information given.   What kind of Basic Financial Reports can using Fast Easy Accounting’s Customized Setup Provide?   Every Contractor Should Have These Reports No Matter Who Is Doing The Bookkeeping. The Next Layer of Construction Accounting. Here is where someone who knows Construction Accounting should be doing the bookkeeping.  Many bookkeepers say they know Construction Accounting but are “Clueless About Doing Construction Accounting”. Just like many people know about being a passenger on a commercial jumbo jet but people “Clueless About Piloting A Jumbo Jet”. Hint: a good clean, easy to understand QuickBooks setup does not need class tracking unless your construction company has multiple locations.What kind of Job Costing Reports can using Fast Easy Accounting’s Customized QuickBooks Setup For Contractors Provide? Job Profitability Summary Summarizes the profits your Construction Company earned from serving each construction customer within the date range you selected on the report. The Key Column Is the Percentage (%) of Difference. This tells you which customers and clients are profitable and which ones are not. In this example it is Sam Hill is in the top twenty percent (20%) and Henry Mancini is in the bottom eighty percent (80%).In Most Cases When I run this report for a contractor, after we have finished cleaning up QuickBooks, the contractors are amazed because more often than not their "Friends and Family" are the least profitable and the customers who make very little fuss or cause problems are the most profitable.Profit & Loss by Job Shows you how much cash and profit you are making or losing on each job depending on the date range you selected. The Key Column Is the Percentage (%) of Income. This tells you which of your customers are most profitable and least profitable. In this example it is Sam Hill is in the top twenty percent (20%) of the income scale and Henry Mancini is in the bottom eighty percent (80%).Unbilled Costs by Job Report shows you a list of costs assigned to a specific customer or job that has not been billed.The Key Column Is the "Billing Status" because as new costs are added this report will grow and as existing costs are Billed this report will shrink. Also any jobs that are Fixed Bid that appear in the "Billing Status" will need to be opened and fixed otherwise this report will become cluttered and useless.Every Ninety Days Or Less Replace your least profitable customer and replace them with someone who is like the people in the Top Twenty Percent (20%) and watch your profits soar!Fast Easy Accounting website can have so much detail that people get lost on it. So here is the short version of What We Do: We Setup QuickBooks For All Kinds Of Contractors Handyman, Home Builders, Commercial Tenant Improvement And Specialty Contractors  Brand New Contractors    HVAC Contractors       Carpentry Construction     Insulation Contractors       Carpet Installers    Interior Designers        Commercial T. I. Contractors    Land Development Contractors       Concrete Contractors     Landscape Contractors        Construction Managers     Masonry Contractors        Custom Deck Contractors    Mold Remediation Contractors       Custom Home Builders    Painting Contractors        Demolition Contractors     Plumbing Contractors        Drywall Contractors     Pressure Washing Contractors       Electrical Contractors     Remodel Contractors       Emerging Contractors    Renovation Contractors        Excavation Contractors     Restoration Contractors        Finish Millwork Contractors    Roofing Contractors        Flipper House Contractors    Spec Home Builders       Flooring Contractors    Specialty Contractors       Framing Contractors     Subcontractors       General Contractors     Trade Contractors       Glass Installation Contractors    Underground Contractors       Gutter Installation Contractors    Utility Contractors       Handyman Contractors         We provide QuickBooks Cleanup of existing transactions, enter Missing Transactions and provide ongoing Contractors Bookkeeping Services. We have a vendor who hosts QuickBooks (Desktop Version) in the Cloud Environment using a Commercial Host approved by Intuit (makers of QuickBooks).Using 3rd Party Software that is user friendly to QuickBooks (not all 3rd Party Software works as well as advertised) we make the data collection of receipts and sending bank and credit card statements easy for our clients.  With our web based financial reporting tool, our clients are able to review their financial statements 24/7; it comes with explanations in an easy to understand language with format (words, pictures and graphs) for the busy contractor without an accounting background to quickly review and make sense of the number.  More detailed Job Costing Reports are available inside QuickBooks.     Why you need a Good Accounting System is to provide more answers than what the TAX Accountant needs to do your annual Federal and State Taxes. By the way NEVER EVER LET YOU TAX PREPARER DO YOUR CONTRACTOR BOOKKEEPING. Click here to learn why.All construction contractors should be profitable....and IF and job is Not it is because the Construction Contractor made the informed decision to give the customer “A Bargain; because…..” not that they gave the customer a “Wild Guess” and had to take money out of their personal household funds to pay for the expenses of the job.I hope this podcast helps you understand that outsourcing your contractors bookkeeping services to us is about more than just “doing the bookkeeping”; it is about taking holistic approach to your entire construction company and helping support you as a contractor and as a person.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! I trust this podcast helps you understand that outsourcing your contractors bookkeeping services to us is about more than just “doing the bookkeeping”; it is about taking 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 this far please do me the honor of commenting and rating 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 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 really 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. Warm Regards, Randal DeHart | Contractors Accountant We Remove Contractor's Unique Paperwork Frustrations

Do This ONE Thing To Crush It Every Day! - ITSA #033 Hey gang ... Thanks for tuning in to this episode of "In the Sales Arena"! We have a great show as we talk about the "one thing" we can do to make every day awesome and we are going to focus in on the part having a great attitude plays in how successful we are.  I love this old quote by Zig Ziglar - "your attitude, not your aptitude, will determine your altitude"! I even do a lousy job of trying to imitate how Zig used to say that in his audio programs. I even say him live and heard him share this quoy=te as a young sales rep way back in 197?????. Who cares! I am going to share a number of ideas about how to develop, maintain and protect a positive attitude like: Practicing positive responses Understanding the principal of Garbage In-Garbage Out (als known as GIGO) and how important that is Being careful about who we hang out with and the influence that has one us But the "one thing" I have come to experience that can have the greatest influence on our attitude, and our lives, is getting in the habit of listing "The 10 Things I Am Thankful For". We spend a bit of time on this and I think you will get a lot out of listening to it but even more out of making a commitment to yourself to do it! Hope you enjoy it ...  Listener Question of the Week - What do you think are the 3 biggest mistakes sales people make? Quote of the Week - Everything can be taken from a man but one thing:the last of human freedoms - to choose one's attitude in any given circumstances, to choose one's own way! Viktor E. Frankl Have a great week gang! Jim Jacobus            

This week: why we started a podcast, our favorite TV shows and movies, Garbage In/Garbage Out, and the best and worst pilot episodes in television history. 

This Podcast Is Episode Number 0092 And It Will Be About Reducing Your Construction Company Start Up Stress We Are QuickBooks Experts Specializing In Construction New Contractor's Have horrendous Levels of Stress Did You Quit Your Job - And start your own construction company only to discover you need a contractor’s license and bond. Suddenly you realize it costs real money? Now that can be stressful!Did You Ask A Friend Or Relative - To loan you some start-up capital and they agreed on condition you become equal partners in your construction company. The idea was you would do all the work they would get half the profits and you politely refused, or not? This is getting very stressfulDid You Go To Your Bank - And they offered to give you a line of credit. They don't want to be partners they just want everything you own used for collateral. You say O.K. and then find out the interest rate is 24% (more or less) and they can call the loan due if you ever miss a payment and take everything you own?. This is getting extremely stressfulDid You Use Your Personal Credit Cards - And supplier accounts to finance your new business and perhaps you were not careful about what you bought? What To Do Next - You have never run a business. The only thing you know is your old boss was a terrible business manager and anyone could do better than that! But now that you are the boss you don't know where to start NOW THAT'S EXTREMELY PAINFUL STRESS!Are You Spending Time To Set Up - Your construction company properly so that it will save you grief, time, money and pay you dividends in the future? Or are you "Winging It"?Are You Taking Steps To Protect Yourself - With a Subchapter S-Corp (Sub S) to help protect your business and personal assets?Get Organized - We strongly recommend a Subchapter S-Corp for tax advantages, protecting your personal assets in the event of a claim or lawsuit against your company and for future expansion. Consult with a construction attorney and follow their advice.Tax Advantages For LLC or a Sub S - If you do not setup your corporation correctly the profit or loss from your business will be passed through to the owners as normal income. Since the LLC or Sub S does not pay state or federal income tax (as separate business entities), you may be able to save money over a Sole Proprietorship; eliminate double taxation.Partnerships Are The Only Ships - Designed to sink. We recommend stay away from them like the plague.Construction Bookkeeping Service - That understands construction is best when you start because they can setup QuickBooks correctly in the beginning for your construction company and take care of the accounting until you are ready to take over.Bank Accounts - Set up two bank accounts in your company name. All large income and expenses go through one account and keep the debit card in your personal safe. The second bank account is for your debit card you keep in your wallet and has no more than $500 or whatever you need for small purchases during the week.Never Ever Co-Mingle - Personal and business money or you could lose the tax benefits and personal protection of your corporation.Put Money In And Take Money Out - Of your business is O.K. if it is done correctly. Your bookkeeping service can advise you on how to do it so that it is recorded in QuickBooks properly. Understand When A Transaction Is Income - And when it is not incomeInsurance - Is critical to your construction company. General Liability and Auto/rental equipment insurance can help protect you and your company against claims for personal injury and property damage, and may provide you with legal defense of those claims. Talk to an insurance agent that understands construction about your insurance needs.Architectural or Engineering Designs - Similar services are good reason to get Professional Liability (Errors and Omissions) insurance to help protect you and your company from claims arising out of mistakes in designs and calculations.Contractor's Licenses - Information changes rapidly so check online for your local county or contact us and we can help 206-361-3950 or email sharie@fasteasyaccounting.com.Performance Bonds - If you are doing public sector work, you will probably be required to provide a performance bond to ensure that you complete the work in accordance with terms of the contract. Bonds or guarantees are provided by surety companies. Getting your construction company qualified is a process because the surety company will go through a due diligence process on your company to determine how much money they will write or guarantee for your bonds.Business Planning And Strategy Development - Is the blueprint for your business to succeed. You get out of them what you put into them. Garbage In = Garbage Out! Your business plan is a living breathing document that you will change and update as needed. It provides the baseline and milestones for your business and lets you make decisions in advance in the calm environment of your office instead of "on the fly" while driving, talking on your cell, eating lunch, and putting together a bid. It is a must have to borrow money from a bank.Paperwork - Begin the habit of putting all paperwork into manila envelopes which you write the job name on both sides in big letter. If you are thinking of doing your own construction bookkeeping think again, your time is more valuable in managing your business, getting customers and keeping them happy. Let us take care of your construction accounting.Estimating Process - There is no one right answer. You can develop your own estimating and pricing process or use a software estimating program like UDA.Contracts - We recommend seeking the advice of a qualified construction attorney to put together a contract that fits your specific needs. Your contracts need a well-defined scope of work, clear payment terms, a reasonable schedule and a good change order clause. No work should ever be performed based on verbal agreements. Get everything in writing, always, no exceptions! Invoicing - For small projects we have a Free Invoice Template you can download and for larger projects with multiple deposits, change orders, progress payments check out our Pay Application.Do Not Offer Financing - Your customer or client's project by providing a substantial amounts of labor, material, subcontractors and rental equipment hoping to get paid later on down the road. Follow McDonald's restaurant model: Step #1 Customer places order, Step #2 Customer pays, Step #3 Customer gets food. I have owned and operated several construction businesses and have clients who do it now and always work on "Other People's Money (O.P.M.). Nothing will kill your business and your hopes and dreams faster than running out of money.Marketing | Accounting | Production M.A.P. - Is a process that never stops. Selling convinces your customer or client to buy your construction services and it comes after the marketing step. Knowing how to write proposals for customers or respond to a request for proposal (RFQ). What makes your company different than the competition? What are your construction company's Strengths, Weaknesses, Opportunities and Threats? Perform a SWOT Analysis. Never ever bad-mouth your competition; it's temping but unprofessional and they might actually do a better job than you do. Year Over Year In Any Economy One Thing Never Changes20% Of The Contractors Earn And Keep 80% Of The ProfitsThey Have A Business Process Management StrategyTo Know Where To Focus Their Limited Resources   The 80/20 Rule Combined With Business Process ManagementCan Improve Your Life In Ways You Never Dreamed Possible!Fast Easy Accounting  The 80 20 Rule For Construction   Join Trade Organizations - This is a great place to meet new customers and get lots of referrals because construction is deep and wide and no company does it all. The best one we have found is The Master Builders Association. And spend time learning about Networking For Contractors. This organization is good for all construction and related industries. Labor - Can include yourself in the beginning, construction workers, subcontractors and labor pools like Madden Industrial Contractors. Subcontractors are specialty trade contractors that you can delegate certain portions of the work you intend to perform. Make sure they have appropriate experience, properly licensed, bonded and insured. It is important in order to maintain future long term relationships that pay dividend to pay your subcontractors on time and treat them well.Employees - Bring lots of flexibility and responsibility. Flexible because you can allocate resources as need and scheduling is in your direct control. Responsibility because someone has too process payroll and the payroll tax returns. You need to manage cash flow to have money for their wages, benefits you offer and any applicable state and federal withholding taxes related to their wages, such as Social Security, income tax withholding, workers Compensation and unemployment insurance. In addition you may be responsible for employee benefits such as vacation pay, health insurance, and contributions to a retirement program. With labor Pools they take care of all of that and you pay a fixed cost per hour or whatever you negotiate with the service. Check with your construction attorney and your liability insurance agent to make certain you are covered. Lessons You Will LearnThe Easy Way OrThe Hard Way Lesson #01 - A new contractor meets an experienced customer and money changes hands and not the way you expect itThe Contract Screwing - This is typical of what happens when you first get started. You bid on a project and you are the low bidder. You are given the client's standard contract, which contains the client's favorite set of commercial terms and conditions, to sign as a condition of getting the project. You close your and sign the contract because you don't want to ask for changes in the terms or consult your construction attorney. You put the signed contract in your bottom desk drawer and pray hard nothing will happen during the course of the project that will cause you to ever have to read the contract again.That Is Not What Happens This Is What Usually Happens:Poorly defined scopes of work create claims and disputes.The completion schedule is too short and exposes you to monetary damages for failure to finish on time.Payment terms put you in never ending negative cash flow by loaning the customer money at 0% and borrowing on your credit cards at 24%The customer keeps 5% to 10% of the contract price as retention for up a year or more after the entire project is finished which could be all your profit in the project.Indemnity clauses could make you financially responsible for bodily injury and property damage claims caused by customer negligence.Indemnity clauses could make you pay the customer's attorney fees and costs.Your insurance company may be required to provide additional insured coverage for the project giving the customer free insurance and full access to the policy coverage and limits.Oftentimes the term and coverage of the warranty is beyond normal industry standards.Dispute resolution clauses that require arbitration first and then litigation, probably the two worst ways ever invented to resolve disputes.The client's pre-printed final waiver of lien document (necessary for contractor to receive final payment) waives all contractor's rights to recover unpaid extra work and to pursue any claims that arose during the course of the project.Your Construction Attorney - Is your friend and ally and can save you a lot of grief. Most contracts are easy to read and understand.Scope of Work - Description in the contract is of key importance and a well-defined scope of work with details that outlines specific work to be performed by you, the contractor.  The scope of work needs to also define work that is excluded and all work to be done by others, including the owner, which may interface with the contractor's scope of work. Never worry about too much detail; that detail will significantly help with the avoidance or resolution of claims and disputes that may arise out of the scope of work.Schedule And Gantt Chart - Make sure you have enough time in the schedule to perform the scope of work. This is where every minute spent developing your Work-Breakdown-Structure (WBS) is worth an hour or more in time needed to do the work. Add Contingency To Your Schedule - Minor delays, weather, equipment problems, etc. always happen and do not expect the customer to be sympathetic and allow more time for delays. This is extremely important if the contract has liquidated money penalty damages for late completion.Payment Terms - Should need to add positive cash flow. Get cash coming in early and often. Paid when paid and paid if paid terms are ridiculous and we recommend not signing them ever! Clients who want these types of payment terms all have access to plenty of money and can pay you. Remember cash is king!Retention - Instead of retention being withheld from your progress payment invoices consider providing a warranty guaranty instead but check with your construction attorney first! Indemnities - Can be an open door to your cash reserves and everything you own, be careful! Indemnities typically cover claims for bodily injury, death of persons and property damage. The broad and intermediate form indemnities may require you to pay for bodily injury, death and property damage claims caused by the client, and you could be liable for the customer's attorney's fees and costs. Indemnity in contracts can be a dangerous risk transfer if enforced in a court of law could possibly bankrupt your company for something you didn't do. Again your construction attorney is the person to ask and don't be afraid to walk away from a project. Three types of indemnities: Broad Form:  A broad form indemnity contractually obligates you, the contractor, to be responsible for claims arising out of any amount of the client's negligence, including his sole negligence.  The 100% indemnity.Intermediate Form:  An intermediate form indemnity contractually obligates you, the contractor, to be responsible for claims arising out of the client's negligence, excluding only those claims arising out of the client's sole negligence.  The 99.9% indemnity.Limited Form:  A limited form indemnity contractually obligates both the contractor and the client to be responsible only to the extent they are negligent for a claim.Additionally Insured - Is a typical requirement in a contract that means something like: "Contractor will name customer as an additional insured on his General Liability Insurance policy." Understand that when you name your customer as an additional insured to your general liability insurance policy (bodily injury and property damage coverage) he receives full access to the policy monetary limits and coverage provided by the policy at no cost, FREE, $0.00! The customer may also receive the legal defense of a claim because your general liability policy for FREE!Warranty - Is a good thing because it shows your commitment to stand behind your work and fix or replace defective parts or workmanship. Standing behind your work with a good warranty will give you a very good reputation. However, warranties don't have to go on forever and you don't need to marry the project, one year is about right and perhaps you could offer extended warranties as well. Your warranty should exclude things like normal wear and tear, corrosion, improper usage, etc.  Make sure your warranty is specific as to what it includes and excludes, when it starts and when it ends.Dispute Resolution- Well defined and documented dispute resolution clause in all your contracts that outlines the process to try and resolve disputes with negotiation as the starting place and if negotiation fails, then mediation. If that will not work provide for a senior executive in each organization to try and resolve the dispute. If all else fails arbitration and/or litigation is the end and both parties will lose.Lien Waiver - Do not ever give a lien waiver in advance of the check clearing the bank. All 50 states have lien laws that provide contractors with some limited protection against customers that refuse to pay. Make sure your construction attorney reviews the original contract looking for the customer's final lien wavier that could be hidden deep in the contract documents. Some final lien waivers also waive your rights to collect outstanding change orders and/or bodily injury or property damage claims against your employees or property caused by the negligence of the customer so be careful.Board Of Advisors - Finally one of the best things you can do at very little cost is put together your own Board of Advisors to help guide you. Finally Find A Mentor - Someone who has been were you want to go and can guide you. We would like to be that person for you. Fill out the form on the right or call Sharie 206-361-3950 or email sharie@fasteasyaccounting.com and schedule your no charge one-hour consultation I hope this podcast helps you understand that outsourcing your contractors bookkeeping services to us is about more than just “doing the bookkeeping”; it is about taking holistic approach to your entire construction company and helping support you as a contractor and as a person. 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 this far please do me the honor of commenting and rating 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. We Remove Contractor's Unique Paperwork Frustrations For Construction Company Owners who do not need the full power of QuickBooks for contractors and want 24/7 online access we offer Xero Accounting Online and we have custom setup for construction companies. I hope this podcast helps you understand that outsourcing your contractors bookkeeping services to us is about more than just “doing the bookkeeping”; it is about taking holistic approach to your entire construction company and helping support you as a contractor and as a person. 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 this far please do me the honor of commenting and rating 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 Thinking About Outsourcing Your Contractors Bookkeeping Services? Click On The Link Below: www.FastEasyAccounting.com/hs Need Help Now? Call Sharie 206-361-3950 sharie@fasteasyaccounting.com In closing, I want to caution you that we may or may not be a good fit for your contracting company. This guide will help you learn what to look for in outsourced construction accounting. Thank you very much and I hope you understand we really 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. Warm Regards, Randal DeHart | Contractors Accountant We Remove Contractor's Unique Paperwork Frustrations

Let Us Help Reduce Construction Business Start Up Stress New Contractor's Levels of Stress You Quit Your Job - And started a construction business only to discover you need a contractor’s license and bond. Suddenly you realize it costs real money. Now that's stressful. Ask A Friend Or Relative - To loan you some start-up capital and they agree on condition you are partners in the business and each have an equal share. You do all the work they get half the profits and you politely refuse. This is getting very stressful Go To Your Bank - And they offer you a line of credit. They don't want to be partners they just want everything you own used for collateral. You say O.K. and then find out the interest rate is 24% and they can call the loan due if you miss a payment and take everything you own. This is getting extremely stressful Use Credit Cards - And supplier accounts to finance your new business and be very careful about what you buy. What To Do Next - You have never run a business. The only thing you know is your old boss was a terrible business manager and anyone could do better than that. But now that you are the boss you don't know where to start NOW THAT'S STRESS! Spending Time To Set Up - Your construction company properly will save you grief, time, money and pay you dividends in the future. In addition you will do a better job protecting your business and personal assets. Get Organized - Pick a company name that says something about what you are doing. We strongly recommend a Subchapter S Corp (a Sub S) for tax advantages, protecting your personal assets in the event of a claim or lawsuit against your company and for future expansion. Consult with a construction attorney and follow their advice. Tax Advantages For LLC or a Sub S - The profit or loss from your business is passed through to the owners as normal income. Since the LLC or Sub S does not pay state or federal income tax (as separate business entities), you may be able to save money over a Sole Proprietorship; no double taxation. Partnerships Are The Only Ships - Designed to sink. We recommend stay away from them like the plague. Bookkeeping Service - That understands construction is best when you start because we can setup QuickBooks correctly in the beginning and take care of the accounting until you are ready to take over. Bank Accounts - Set up two bank accounts in your company name. All large income and expenses go through one account and keep the debit card in your personal safe. The second bank account is for your debit card you keep in your wallet and has no more than $500 or whatever you need for small purchases during the week. Never Co-Mingle - Personal and business money or you could lose the tax benefits and personal protection of your corporation. Put Money In And Take Money Out - Of your business is O.K. in done correctly. Your bookkeeping service can advise you on how to do it so that it is recorded in QuickBooks properly. Insurance - Is critical to your construction company. General Liability and Auto/rental equipment insurance can help protect you and your company against claims for personal injury and property damage, and may provide you with legal defense of those claims. Talk to an insurance agent that understands construction about your insurance needs. Architectural or Engineering Designs - Similar services are good reason to get Professional Liability (Errors and Omissions) insurance to help protect you and your company from claims arising out of mistakes in designs and calculations. Contractor's Licenses - Information changes rapidly so check online for your local county or contact us and we can help 206-361-3950 or email sharie@fasteasyaccounting.com. Performance Bonds - If you are doing public sector work you will probably be required to provide a performance bond to ensure that you complete the work in accordance with terms of the contract. Bonds or guarantees are provided by surety companies. Getting your construction company qualified is a process because the surety company will go through a due diligence process on your company to determine how much money they will write or guarantee for your bonds. Business Planning And Strategy Development - Is the blueprint for your business to succeed. You get out of them what you put into them. Garbage In = Garbage Out! Your business plan is a living breathing document that you will change and update as needed. It provides the baseline and milestones for your business and lets you make decisions in advance in the calm environment of your office instead of "on the fly" while driving, talking on your cell, eating lunch, and putting together a bid. It is a must have to borrow money from a bank. Paperwork - Begin the habit of putting all paperwork into manila envelopes which you write the job name on both sides in big letter. If you are thinking of doing your own bookkeeping think again, your time is more valuable in managing your business, getting customers and keeping them happy. Let us take care of your accounting. Estimating Process - There is no one right answer. You can develop your own estimating and pricing process or you can use something like UDA. Contracts - We recommend seeking the advice of a qualified construction attorney to put together a contract that fits your specific needs. Your contracts need a well-defined scope of work, clear payment terms, a reasonable schedule and a good change order clause. No work should ever be performed based on verbal agreements. Get everything in writing, always, no exceptions! Invoicing - For small projects we have a Free Invoice Template you can download and for larger projects with multiple deposits, change orders, progress payments check out our Pay Application. No Financing - Your customer or client's project by providing a substantial amounts of labor, material, subcontractors and rental equipment hoping to get paid later on down the road. McDonald's restaurant model: #1 Customer places order #2 Customer pays #3 Customer gets food. I have owned and operated several construction businesses and have clients who do it now and always work on "Other People's Money (O.P.M.). Nothing will kill your business and your hopes and dreams faster than running out of money. Marketing Then Sales - Is a process that never stops. Selling convinces your customer or client to buy your construction services and it comes after the marketing step. Knowing how to write proposals for customers or respond to a request for proposal (RFQ). What makes your company different than the competition? What are your strengths, weaknesses, opportunities and strengths? Perform a SWOT Analysis. Never ever bad-mouth your competition; it's temping but unprofessional and they might actually do a better job than you do. Join Trade Organizations - This is a great place to meet new customers and get lots of referrals because construction is deep and wide and no company does it all. The best one we have found is The Master Builders Association. And spend time learning about Networking For Contractors. This organization is good for all construction and related industries. www.FastEasyAccounting.com/mba Labor - Can include yourself in the beginning, construction workers, subcontractors and labor pools like Madden Industrial Contractors. Subcontractors are specialty trade contractors that you can delegate certain portions of the work you intend to perform. Make sure they have appropriate experience, properly licensed, bonded and insured. It is important in order to maintain future long term relationships that pay dividend to pay your subcontractors on time and treat them well. Employees - Bring lots of flexibility and responsibility. Flexible because you can allocate resources as need and scheduling is in your direct control. Responsibility because someone has too process payroll and the payroll tax returns. You need to manage cash flow to have money for their wages, benefits you offer and any applicable state and federal withholding taxes related to their wages, such as Social Security, income tax withholding, workers Compensation and unemployment insurance. In addition you may be responsible for employee benefits such as vacation pay, health insurance, and contributions to a retirement program. With labor Pools they take care of all of that and you pay a fixed cost per hour or whatever you negotiate with the service. Check with your construction attorney and your liability insurance agent to make certain you are covered. Lessons You Will Learn The Easy Way Or The Hard Way Lesson #01 - A new contractor meets an experienced customer and money changes hands and not the way you expect it The Contract Abuse - This is typical of what happens when you first get started. You bid on a project and you are the low bidder. You are given the client's standard contract, which contains the client's favorite set of commercial terms and conditions, to sign as a condition of getting the project. You close your and sign the contract because you don't want to ask for changes in the terms or consult your construction attorney. You put the signed contract in your bottom desk drawer and pray hard nothing will happen during the course of the project that will cause you to ever have to read the contract again. That Is Not What Happens This Is What Usually Happens: Poorly defined scopes of work create claims and disputes. The completion schedule is too short and exposes you to monetary damages for failure to finish on time. Payment terms put you in never ending negative cash flow by loaning the customer money at 0% and borrowing on your credit cards at 24% The customer keeps 5% to 10% of the contract price as retention for up a year or more after the entire project is finished which could be all your profit in the project. Indemnity clauses could make you financially responsible for bodily injury and property damage claims caused by customer negligence. Indemnity clauses could make you pay the customer's attorney fees and costs. Your insurance company may be required to provide additional insured coverage for the project giving the customer free insurance and full access to the policy coverage and limits. Oftentimes the term and coverage of the warranty is beyond normal industry standards. Dispute resolution clauses that require arbitration first and then litigation, probably the two worst ways ever invented to resolve disputes. The client's pre-printed final waiver of lien document (necessary for contractor to receive final payment) waives all contractor's rights to recover unpaid extra work and to pursue any claims that arose during the course of the project. Your Construction Attorney - Is your friend and ally and can save you a lot of grief. Most contracts are easy to read and understand. Scope of Work - Description in the contract is of key importance and a well-defined scope of work with details that outlines specific work to be performed by you, the contractor.  The scope of work needs to also define work that is excluded and all work to be done by others, including the owner, which may interface with the contractor's scope of work. Never worry about too much detail; that detail will significantly help with the avoidance or resolution of claims and disputes that may arise out of the scope of work.Schedule And Gantt Chart - Make sure you have enough time in the schedule to perform the scope of work. This is where every minute spent developing your Work-Breakdown-Structure (WBS) is worth an hour or more in time needed to do the work. Add Contingency To Your Schedule - Minor delays, weather, equipment problems, etc. always happen and do not expect the customer to be sympathetic and allow more time for delays. This is extremely important if the contract has liquidated money penalty damages for late completion. Payment Terms - Should need to add positive cash flow. Get cash coming in early and often. Paid when paid and paid if paid terms are ridiculous and we recommend not signing them ever! Clients who want these types of payment terms all have access to plenty of money and can pay you. Remember cash is king! Retention - Instead of retention being withheld from your progress payment invoices consider providing a warranty guaranty instead but check with your construction attorney first! Indemnities - Can be an open door to your cash reserves and everything you own, be careful! Indemnities typically cover claims for bodily injury, death of persons and property damage. The broad and intermediate form indemnities may require you to pay for bodily injury, death and property damage claims caused by the client, and you could be liable for the customer's attorney's fees and costs. Indemnity in contracts can be a dangerous risk transfer if enforced in a court of law could possibly bankrupt your company for something you didn't do. Again your construction attorney is the person to ask and don't be afraid to walk away from a project.  Three types of indemnities: Broad Form:  A broad form indemnity contractually obligates you, the contractor, to be responsible for claims arising out of any amount of the client's negligence, including his sole negligence.  The 100% indemnity. Intermediate Form:  An intermediate form indemnity contractually obligates you, the contractor, to be responsible for claims arising out of the client's negligence, excluding only those claims arising out of the client's sole negligence.  The 99.9% indemnity. Limited Form:  A limited form indemnity contractually obligates both the contractor and the client to be responsible only to the extent they are negligent for a claim.Additionally Insured - Is a typical requirement in a contract that means something like: "Contractor will name customer as an additional insured on his General Liability Insurance policy." Understand that when you name your customer as an additional insured to your general liability insurance policy (bodily injury and property damage coverage) he receives full access to the policy monetary limits and coverage provided by the policy at no cost, FREE, $0.00! The customer may also receive the legal defense of a claim because your general liability policy for FREE! Other Things To Be Aware Of: Warranty - Is a good thing because it shows your commitment to stand behind your work and fix or replace defective parts or workmanship. Standing behind your work with a good warranty will give you a very good reputation. However, warranties don't have to go on forever and you don't need to marry the project, one year is about right and perhaps you could offer extended warranties as well. Your warranty should exclude things like normal wear and tear, corrosion, improper usage, etc.  Make sure your warranty is specific as to what it includes and excludes, when it starts and when it ends.Dispute Resolution- Well defined and documented dispute resolution clause in all your contracts that outlines the process to try and resolve disputes with negotiation as the starting place and if negotiation fails, then mediation. If that will not work provide for a senior executive in each organization to try and resolve the dispute. If all else fails arbitration and/or litigation is the end and both parties will lose. Lien Waiver - Do not ever give a lien waiver in advance of the check clearing the bank. All 50 states have lien laws that provide contractors with some limited protection against customers that refuse to pay. Make sure your construction attorney reviews the original contract looking for the customer's final lien wavier that could be hidden deep in the contract documents. Some final lien waivers also waive your rights to collect outstanding change orders and/or bodily injury or property damage claims against your employees or property caused by the negligence of the customer so be careful. Board Of Advisors - Finally one of the best things you can do at very little cost is put together your own Board of Advisors to help guide you. Find A Mentor - Someone who has been were you want to go and can guide you. We would like to be that person for you. Call Sharie 206-361-3950 or email sharie@fasteasyaccounting.com and schedule your no charge one-hour consultation For Construction Company Owners who do not need the full power of QuickBooks for contractors and want 24/7 online access we offer Xero Accounting Online and we have custom setup for construction companies. Click Here For More. This is one more example of how Fast Easy Accounting is helping construction company owners just like you 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 Thinking About Outsourcing Your Contractors Bookkeeping Services? Click On The Link Below: www.FastEasyAccounting.com/hs Need Help Now? Call Sharie 206-361-3950 sharie@fasteasyaccounting.com

Let Us Help Reduce Construction Business Start Up Stress New Contractor's Levels of Stress You Quit Your Job - And started a construction business only to discover you need a contractor’s license and bond. Suddenly you realize it costs real money. Now that's stressful. Ask A Friend Or Relative - To loan you some start-up capital and they agree on condition you are partners in the business and each have an equal share. You do all the work they get half the profits and you politely refuse. This is getting very stressful Go To Your Bank - And they offer you a line of credit. They don't want to be partners they just want everything you own used for collateral. You say O.K. and then find out the interest rate is 24% and they can call the loan due if you miss a payment and take everything you own. This is getting extremely stressful Use Credit Cards - And supplier accounts to finance your new business and be very careful about what you buy. What To Do Next - You have never run a business. The only thing you know is your old boss was a terrible business manager and anyone could do better than that. But now that you are the boss you don't know where to start NOW THAT'S STRESS! Spending Time To Set Up - Your construction company properly will save you grief, time, money and pay you dividends in the future. In addition you will do a better job protecting your business and personal assets. Get Organized - Pick a company name that says something about what you are doing. We strongly recommend a Subchapter S Corp (a Sub S) for tax advantages, protecting your personal assets in the event of a claim or lawsuit against your company and for future expansion. Consult with a construction attorney and follow their advice. Tax Advantages For LLC or a Sub S - The profit or loss from your business is passed through to the owners as normal income. Since the LLC or Sub S does not pay state or federal income tax (as separate business entities), you may be able to save money over a Sole Proprietorship; no double taxation. Partnerships Are The Only Ships - Designed to sink. We recommend stay away from them like the plague. Bookkeeping Service - That understands construction is best when you start because we can setup QuickBooks correctly in the beginning and take care of the accounting until you are ready to take over. Bank Accounts - Set up two bank accounts in your company name. All large income and expenses go through one account and keep the debit card in your personal safe. The second bank account is for your debit card you keep in your wallet and has no more than $500 or whatever you need for small purchases during the week. Never Co-Mingle - Personal and business money or you could lose the tax benefits and personal protection of your corporation. Put Money In And Take Money Out - Of your business is O.K. in done correctly. Your bookkeeping service can advise you on how to do it so that it is recorded in QuickBooks properly. Insurance - Is critical to your construction company. General Liability and Auto/rental equipment insurance can help protect you and your company against claims for personal injury and property damage, and may provide you with legal defense of those claims. Talk to an insurance agent that understands construction about your insurance needs. Architectural or Engineering Designs - Similar services are good reason to get Professional Liability (Errors and Omissions) insurance to help protect you and your company from claims arising out of mistakes in designs and calculations. Contractor's Licenses - Information changes rapidly so check online for your local county or contact us and we can help 206-361-3950 or email sharie@fasteasyaccounting.com. Performance Bonds - If you are doing public sector work you will probably be required to provide a performance bond to ensure that you complete the work in accordance with terms of the contract. Bonds or guarantees are provided by surety companies. Getting your construction company qualified is a process because the surety company will go through a due diligence process on your company to determine how much money they will write or guarantee for your bonds. Business Planning And Strategy Development - Is the blueprint for your business to succeed. You get out of them what you put into them. Garbage In = Garbage Out! Your business plan is a living breathing document that you will change and update as needed. It provides the baseline and milestones for your business and lets you make decisions in advance in the calm environment of your office instead of "on the fly" while driving, talking on your cell, eating lunch, and putting together a bid. It is a must have to borrow money from a bank. Paperwork - Begin the habit of putting all paperwork into manila envelopes which you write the job name on both sides in big letter. If you are thinking of doing your own bookkeeping think again, your time is more valuable in managing your business, getting customers and keeping them happy. Let us take care of your accounting. Estimating Process - There is no one right answer. You can develop your own estimating and pricing process or you can use something like UDA. Contracts - We recommend seeking the advice of a qualified construction attorney to put together a contract that fits your specific needs. Your contracts need a well-defined scope of work, clear payment terms, a reasonable schedule and a good change order clause. No work should ever be performed based on verbal agreements. Get everything in writing, always, no exceptions! Invoicing - For small projects we have a Free Invoice Template you can download and for larger projects with multiple deposits, change orders, progress payments check out our Pay Application. No Financing - Your customer or client's project by providing a substantial amounts of labor, material, subcontractors and rental equipment hoping to get paid later on down the road. McDonald's restaurant model: #1 Customer places order #2 Customer pays #3 Customer gets food. I have owned and operated several construction businesses and have clients who do it now and always work on "Other People's Money (O.P.M.). Nothing will kill your business and your hopes and dreams faster than running out of money. Marketing Then Sales - Is a process that never stops. Selling convinces your customer or client to buy your construction services and it comes after the marketing step. Knowing how to write proposals for customers or respond to a request for proposal (RFQ). What makes your company different than the competition? What are your strengths, weaknesses, opportunities and strengths? Perform a SWOT Analysis. Never ever bad-mouth your competition; it's temping but unprofessional and they might actually do a better job than you do. Join Trade Organizations - This is a great place to meet new customers and get lots of referrals because construction is deep and wide and no company does it all. The best one we have found is The Master Builders Association. And spend time learning about Networking For Contractors. This organization is good for all construction and related industries. www.FastEasyAccounting.com/mba Labor - Can include yourself in the beginning, construction workers, subcontractors and labor pools like Madden Industrial Contractors. Subcontractors are specialty trade contractors that you can delegate certain portions of the work you intend to perform. Make sure they have appropriate experience, properly licensed, bonded and insured. It is important in order to maintain future long term relationships that pay dividend to pay your subcontractors on time and treat them well. Employees - Bring lots of flexibility and responsibility. Flexible because you can allocate resources as need and scheduling is in your direct control. Responsibility because someone has too process payroll and the payroll tax returns. You need to manage cash flow to have money for their wages, benefits you offer and any applicable state and federal withholding taxes related to their wages, such as Social Security, income tax withholding, workers Compensation and unemployment insurance. In addition you may be responsible for employee benefits such as vacation pay, health insurance, and contributions to a retirement program. With labor Pools they take care of all of that and you pay a fixed cost per hour or whatever you negotiate with the service. Check with your construction attorney and your liability insurance agent to make certain you are covered. Lessons You Will Learn The Easy Way Or The Hard Way Lesson #01 - A new contractor meets an experienced customer and money changes hands and not the way you expect it The Contract Abuse - This is typical of what happens when you first get started. You bid on a project and you are the low bidder. You are given the client's standard contract, which contains the client's favorite set of commercial terms and conditions, to sign as a condition of getting the project. You close your and sign the contract because you don't want to ask for changes in the terms or consult your construction attorney. You put the signed contract in your bottom desk drawer and pray hard nothing will happen during the course of the project that will cause you to ever have to read the contract again. That Is Not What Happens This Is What Usually Happens: Poorly defined scopes of work create claims and disputes. The completion schedule is too short and exposes you to monetary damages for failure to finish on time. Payment terms put you in never ending negative cash flow by loaning the customer money at 0% and borrowing on your credit cards at 24% The customer keeps 5% to 10% of the contract price as retention for up a year or more after the entire project is finished which could be all your profit in the project. Indemnity clauses could make you financially responsible for bodily injury and property damage claims caused by customer negligence. Indemnity clauses could make you pay the customer's attorney fees and costs. Your insurance company may be required to provide additional insured coverage for the project giving the customer free insurance and full access to the policy coverage and limits. Oftentimes the term and coverage of the warranty is beyond normal industry standards. Dispute resolution clauses that require arbitration first and then litigation, probably the two worst ways ever invented to resolve disputes. The client's pre-printed final waiver of lien document (necessary for contractor to receive final payment) waives all contractor's rights to recover unpaid extra work and to pursue any claims that arose during the course of the project. Your Construction Attorney - Is your friend and ally and can save you a lot of grief. Most contracts are easy to read and understand. Scope of Work - Description in the contract is of key importance and a well-defined scope of work with details that outlines specific work to be performed by you, the contractor.  The scope of work needs to also define work that is excluded and all work to be done by others, including the owner, which may interface with the contractor's scope of work. Never worry about too much detail; that detail will significantly help with the avoidance or resolution of claims and disputes that may arise out of the scope of work.Schedule And Gantt Chart - Make sure you have enough time in the schedule to perform the scope of work. This is where every minute spent developing your Work-Breakdown-Structure (WBS) is worth an hour or more in time needed to do the work. Add Contingency To Your Schedule - Minor delays, weather, equipment problems, etc. always happen and do not expect the customer to be sympathetic and allow more time for delays. This is extremely important if the contract has liquidated money penalty damages for late completion. Payment Terms - Should need to add positive cash flow. Get cash coming in early and often. Paid when paid and paid if paid terms are ridiculous and we recommend not signing them ever! Clients who want these types of payment terms all have access to plenty of money and can pay you. Remember cash is king! Retention - Instead of retention being withheld from your progress payment invoices consider providing a warranty guaranty instead but check with your construction attorney first! Indemnities - Can be an open door to your cash reserves and everything you own, be careful! Indemnities typically cover claims for bodily injury, death of persons and property damage. The broad and intermediate form indemnities may require you to pay for bodily injury, death and property damage claims caused by the client, and you could be liable for the customer's attorney's fees and costs. Indemnity in contracts can be a dangerous risk transfer if enforced in a court of law could possibly bankrupt your company for something you didn't do. Again your construction attorney is the person to ask and don't be afraid to walk away from a project.  Three types of indemnities: Broad Form:  A broad form indemnity contractually obligates you, the contractor, to be responsible for claims arising out of any amount of the client's negligence, including his sole negligence.  The 100% indemnity. Intermediate Form:  An intermediate form indemnity contractually obligates you, the contractor, to be responsible for claims arising out of the client's negligence, excluding only those claims arising out of the client's sole negligence.  The 99.9% indemnity. Limited Form:  A limited form indemnity contractually obligates both the contractor and the client to be responsible only to the extent they are negligent for a claim.Additionally Insured - Is a typical requirement in a contract that means something like: "Contractor will name customer as an additional insured on his General Liability Insurance policy." Understand that when you name your customer as an additional insured to your general liability insurance policy (bodily injury and property damage coverage) he receives full access to the policy monetary limits and coverage provided by the policy at no cost, FREE, $0.00! The customer may also receive the legal defense of a claim because your general liability policy for FREE! Other Things To Be Aware Of: Warranty - Is a good thing because it shows your commitment to stand behind your work and fix or replace defective parts or workmanship. Standing behind your work with a good warranty will give you a very good reputation. However, warranties don't have to go on forever and you don't need to marry the project, one year is about right and perhaps you could offer extended warranties as well. Your warranty should exclude things like normal wear and tear, corrosion, improper usage, etc.  Make sure your warranty is specific as to what it includes and excludes, when it starts and when it ends.Dispute Resolution- Well defined and documented dispute resolution clause in all your contracts that outlines the process to try and resolve disputes with negotiation as the starting place and if negotiation fails, then mediation. If that will not work provide for a senior executive in each organization to try and resolve the dispute. If all else fails arbitration and/or litigation is the end and both parties will lose. Lien Waiver - Do not ever give a lien waiver in advance of the check clearing the bank. All 50 states have lien laws that provide contractors with some limited protection against customers that refuse to pay. Make sure your construction attorney reviews the original contract looking for the customer's final lien wavier that could be hidden deep in the contract documents. Some final lien waivers also waive your rights to collect outstanding change orders and/or bodily injury or property damage claims against your employees or property caused by the negligence of the customer so be careful. Board Of Advisors - Finally one of the best things you can do at very little cost is put together your own Board of Advisors to help guide you. Find A Mentor - Someone who has been were you want to go and can guide you. We would like to be that person for you. Call Sharie 206-361-3950 or email sharie@fasteasyaccounting.com and schedule your no charge one-hour consultation For Construction Company Owners who do not need the full power of QuickBooks for contractors and want 24/7 online access we offer Xero Accounting Online and we have custom setup for construction companies. Click Here For More. This is one more example of how Fast Easy Accounting is helping construction company owners just like you 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 Thinking About Outsourcing Your Contractors Bookkeeping Services? Click On The Link Below: www.FastEasyAccounting.com/hs Need Help Now? Call Sharie 206-361-3950 sharie@fasteasyaccounting.com

Let Us Help Reduce Construction Business Start Up Stress New Contractor's Levels of Stress You Quit Your Job - And started a construction business only to discover you need a contractor’s license and bond. Suddenly you realize it costs real money. Now that's stressful. Ask A Friend Or Relative - To loan you some start-up capital and they agree on condition you are partners in the business and each have an equal share. You do all the work they get half the profits and you politely refuse. This is getting very stressful Go To Your Bank - And they offer you a line of credit. They don't want to be partners they just want everything you own used for collateral. You say O.K. and then find out the interest rate is 24% and they can call the loan due if you miss a payment and take everything you own. This is getting extremely stressful Use Credit Cards - And supplier accounts to finance your new business and be very careful about what you buy. What To Do Next - You have never run a business. The only thing you know is your old boss was a terrible business manager and anyone could do better than that. But now that you are the boss you don't know where to start NOW THAT'S STRESS! Spending Time To Set Up - Your construction company properly will save you grief, time, money and pay you dividends in the future. In addition you will do a better job protecting your business and personal assets. Get Organized - Pick a company name that says something about what you are doing. We strongly recommend a Subchapter S Corp (a Sub S) for tax advantages, protecting your personal assets in the event of a claim or lawsuit against your company and for future expansion. Consult with a construction attorney and follow their advice. Tax Advantages For LLC or a Sub S - The profit or loss from your business is passed through to the owners as normal income. Since the LLC or Sub S does not pay state or federal income tax (as separate business entities), you may be able to save money over a Sole Proprietorship; no double taxation. Partnerships Are The Only Ships - Designed to sink. We recommend stay away from them like the plague. Bookkeeping Service - That understands construction is best when you start because we can setup QuickBooks correctly in the beginning and take care of the accounting until you are ready to take over. Bank Accounts - Set up two bank accounts in your company name. All large income and expenses go through one account and keep the debit card in your personal safe. The second bank account is for your debit card you keep in your wallet and has no more than $500 or whatever you need for small purchases during the week. Never Co-Mingle - Personal and business money or you could lose the tax benefits and personal protection of your corporation. Put Money In And Take Money Out - Of your business is O.K. in done correctly. Your bookkeeping service can advise you on how to do it so that it is recorded in QuickBooks properly. Insurance - Is critical to your construction company. General Liability and Auto/rental equipment insurance can help protect you and your company against claims for personal injury and property damage, and may provide you with legal defense of those claims. Talk to an insurance agent that understands construction about your insurance needs. Architectural or Engineering Designs - Similar services are good reason to get Professional Liability (Errors and Omissions) insurance to help protect you and your company from claims arising out of mistakes in designs and calculations. Contractor's Licenses - Information changes rapidly so check online for your local county or contact us and we can help 206-361-3950 or email sharie@fasteasyaccounting.com. Performance Bonds - If you are doing public sector work you will probably be required to provide a performance bond to ensure that you complete the work in accordance with terms of the contract. Bonds or guarantees are provided by surety companies. Getting your construction company qualified is a process because the surety company will go through a due diligence process on your company to determine how much money they will write or guarantee for your bonds. Business Planning And Strategy Development - Is the blueprint for your business to succeed. You get out of them what you put into them. Garbage In = Garbage Out! Your business plan is a living breathing document that you will change and update as needed. It provides the baseline and milestones for your business and lets you make decisions in advance in the calm environment of your office instead of "on the fly" while driving, talking on your cell, eating lunch, and putting together a bid. It is a must have to borrow money from a bank. Paperwork - Begin the habit of putting all paperwork into manila envelopes which you write the job name on both sides in big letter. If you are thinking of doing your own bookkeeping think again, your time is more valuable in managing your business, getting customers and keeping them happy. Let us take care of your accounting. Estimating Process - There is no one right answer. You can develop your own estimating and pricing process or you can use something like UDA. Contracts - We recommend seeking the advice of a qualified construction attorney to put together a contract that fits your specific needs. Your contracts need a well-defined scope of work, clear payment terms, a reasonable schedule and a good change order clause. No work should ever be performed based on verbal agreements. Get everything in writing, always, no exceptions! Invoicing - For small projects we have a Free Invoice Template you can download and for larger projects with multiple deposits, change orders, progress payments check out our Pay Application. No Financing - Your customer or client's project by providing a substantial amounts of labor, material, subcontractors and rental equipment hoping to get paid later on down the road. McDonald's restaurant model: #1 Customer places order #2 Customer pays #3 Customer gets food. I have owned and operated several construction businesses and have clients who do it now and always work on "Other People's Money (O.P.M.). Nothing will kill your business and your hopes and dreams faster than running out of money. Marketing Then Sales - Is a process that never stops. Selling convinces your customer or client to buy your construction services and it comes after the marketing step. Knowing how to write proposals for customers or respond to a request for proposal (RFQ). What makes your company different than the competition? What are your strengths, weaknesses, opportunities and strengths? Perform a SWOT Analysis. Never ever bad-mouth your competition; it's temping but unprofessional and they might actually do a better job than you do. Join Trade Organizations - This is a great place to meet new customers and get lots of referrals because construction is deep and wide and no company does it all. The best one we have found is The Master Builders Association. And spend time learning about Networking For Contractors. This organization is good for all construction and related industries. www.FastEasyAccounting.com/mba Labor - Can include yourself in the beginning, construction workers, subcontractors and labor pools like Madden Industrial Contractors. Subcontractors are specialty trade contractors that you can delegate certain portions of the work you intend to perform. Make sure they have appropriate experience, properly licensed, bonded and insured. It is important in order to maintain future long term relationships that pay dividend to pay your subcontractors on time and treat them well. Employees - Bring lots of flexibility and responsibility. Flexible because you can allocate resources as need and scheduling is in your direct control. Responsibility because someone has too process payroll and the payroll tax returns. You need to manage cash flow to have money for their wages, benefits you offer and any applicable state and federal withholding taxes related to their wages, such as Social Security, income tax withholding, workers Compensation and unemployment insurance. In addition you may be responsible for employee benefits such as vacation pay, health insurance, and contributions to a retirement program. With labor Pools they take care of all of that and you pay a fixed cost per hour or whatever you negotiate with the service. Check with your construction attorney and your liability insurance agent to make certain you are covered. Lessons You Will Learn The Easy Way Or The Hard Way Lesson #01 - A new contractor meets an experienced customer and money changes hands and not the way you expect it The Contract Abuse - This is typical of what happens when you first get started. You bid on a project and you are the low bidder. You are given the client's standard contract, which contains the client's favorite set of commercial terms and conditions, to sign as a condition of getting the project. You close your and sign the contract because you don't want to ask for changes in the terms or consult your construction attorney. You put the signed contract in your bottom desk drawer and pray hard nothing will happen during the course of the project that will cause you to ever have to read the contract again. That Is Not What Happens This Is What Usually Happens: Poorly defined scopes of work create claims and disputes. The completion schedule is too short and exposes you to monetary damages for failure to finish on time. Payment terms put you in never ending negative cash flow by loaning the customer money at 0% and borrowing on your credit cards at 24% The customer keeps 5% to 10% of the contract price as retention for up a year or more after the entire project is finished which could be all your profit in the project. Indemnity clauses could make you financially responsible for bodily injury and property damage claims caused by customer negligence. Indemnity clauses could make you pay the customer's attorney fees and costs. Your insurance company may be required to provide additional insured coverage for the project giving the customer free insurance and full access to the policy coverage and limits. Oftentimes the term and coverage of the warranty is beyond normal industry standards. Dispute resolution clauses that require arbitration first and then litigation, probably the two worst ways ever invented to resolve disputes. The client's pre-printed final waiver of lien document (necessary for contractor to receive final payment) waives all contractor's rights to recover unpaid extra work and to pursue any claims that arose during the course of the project. Your Construction Attorney - Is your friend and ally and can save you a lot of grief. Most contracts are easy to read and understand. Scope of Work - Description in the contract is of key importance and a well-defined scope of work with details that outlines specific work to be performed by you, the contractor.  The scope of work needs to also define work that is excluded and all work to be done by others, including the owner, which may interface with the contractor's scope of work. Never worry about too much detail; that detail will significantly help with the avoidance or resolution of claims and disputes that may arise out of the scope of work.Schedule And Gantt Chart - Make sure you have enough time in the schedule to perform the scope of work. This is where every minute spent developing your Work-Breakdown-Structure (WBS) is worth an hour or more in time needed to do the work. Add Contingency To Your Schedule - Minor delays, weather, equipment problems, etc. always happen and do not expect the customer to be sympathetic and allow more time for delays. This is extremely important if the contract has liquidated money penalty damages for late completion. Payment Terms - Should need to add positive cash flow. Get cash coming in early and often. Paid when paid and paid if paid terms are ridiculous and we recommend not signing them ever! Clients who want these types of payment terms all have access to plenty of money and can pay you. Remember cash is king! Retention - Instead of retention being withheld from your progress payment invoices consider providing a warranty guaranty instead but check with your construction attorney first! Indemnities - Can be an open door to your cash reserves and everything you own, be careful! Indemnities typically cover claims for bodily injury, death of persons and property damage. The broad and intermediate form indemnities may require you to pay for bodily injury, death and property damage claims caused by the client, and you could be liable for the customer's attorney's fees and costs. Indemnity in contracts can be a dangerous risk transfer if enforced in a court of law could possibly bankrupt your company for something you didn't do. Again your construction attorney is the person to ask and don't be afraid to walk away from a project.  Three types of indemnities: Broad Form:  A broad form indemnity contractually obligates you, the contractor, to be responsible for claims arising out of any amount of the client's negligence, including his sole negligence.  The 100% indemnity. Intermediate Form:  An intermediate form indemnity contractually obligates you, the contractor, to be responsible for claims arising out of the client's negligence, excluding only those claims arising out of the client's sole negligence.  The 99.9% indemnity. Limited Form:  A limited form indemnity contractually obligates both the contractor and the client to be responsible only to the extent they are negligent for a claim.Additionally Insured - Is a typical requirement in a contract that means something like: "Contractor will name customer as an additional insured on his General Liability Insurance policy." Understand that when you name your customer as an additional insured to your general liability insurance policy (bodily injury and property damage coverage) he receives full access to the policy monetary limits and coverage provided by the policy at no cost, FREE, $0.00! The customer may also receive the legal defense of a claim because your general liability policy for FREE! Other Things To Be Aware Of: Warranty - Is a good thing because it shows your commitment to stand behind your work and fix or replace defective parts or workmanship. Standing behind your work with a good warranty will give you a very good reputation. However, warranties don't have to go on forever and you don't need to marry the project, one year is about right and perhaps you could offer extended warranties as well. Your warranty should exclude things like normal wear and tear, corrosion, improper usage, etc.  Make sure your warranty is specific as to what it includes and excludes, when it starts and when it ends.Dispute Resolution- Well defined and documented dispute resolution clause in all your contracts that outlines the process to try and resolve disputes with negotiation as the starting place and if negotiation fails, then mediation. If that will not work provide for a senior executive in each organization to try and resolve the dispute. If all else fails arbitration and/or litigation is the end and both parties will lose. Lien Waiver - Do not ever give a lien waiver in advance of the check clearing the bank. All 50 states have lien laws that provide contractors with some limited protection against customers that refuse to pay. Make sure your construction attorney reviews the original contract looking for the customer's final lien wavier that could be hidden deep in the contract documents. Some final lien waivers also waive your rights to collect outstanding change orders and/or bodily injury or property damage claims against your employees or property caused by the negligence of the customer so be careful. Board Of Advisors - Finally one of the best things you can do at very little cost is put together your own Board of Advisors to help guide you. Find A Mentor - Someone who has been were you want to go and can guide you. We would like to be that person for you. Call Sharie 206-361-3950 or email sharie@fasteasyaccounting.com and schedule your no charge one-hour consultation For Construction Company Owners who do not need the full power of QuickBooks for contractors and want 24/7 online access we offer Xero Accounting Online and we have custom setup for construction companies. Click Here For More. This is one more example of how Fast Easy Accounting is helping construction company owners just like you 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 Thinking About Outsourcing Your Contractors Bookkeeping Services? Click On The Link Below: www.FastEasyAccounting.com/hs Need Help Now? Call Sharie 206-361-3950 sharie@fasteasyaccounting.com

Spring has sprung, and with the season comes the annual ritual, for many, to clean and clear out!   While the practice of Spring Cleaning is traditionally about the space where we live or work, clutter exists in our minds as well. Join Michele at 2pm ET as she talks about Garbage In/Garbage Out and creating space in mind, body and spirit! If you would like to participate or comment in today's show, send email to Connect@MicheleMattia.com, post on her Life Design Facebook page, or call the studio at 714.333.3349.