As the new year begins, it’s essential to get your construction company’s year-end accounting in tip-top shape to set the stage for a successful year ahead. Proper bookkeeping not only helps you monitor your company’s financial health but also ensures that you stay compliant with regulations and make informed decisions. Here is a year-end accounting…
During account reconciliation, you compare your credit card statements and bank statements with the ledgers in your books to make sure everything is accurate and matches with your reported operating expenses. Just like balancing your checkbook, you should make sure that you reconcile these accounts frequently to ensure that they match up to your real-life…
Accurate bookkeeping for your contracting business helps you make better business decisions. Your books are the financial records that indicate the health and state of your company. However, it’s not only the numbers that matter. You also need to make sure that you have clean financials if you want to be able to make data-driven…
Are your contractors employees or 1099 contractors? Contractors need to know that simply signing an independent contractor agreement with a worker or sending them a Form-1099 does not mean that the IRS will agree. The IRS may decide that the individual classified by your business as an independent contractor is actually a W-2 employee. IRS…
Individuals working in the construction industry enjoy lots of perks. However, one of the perks that is often overlooked or under-utilized is the tax deductions that construction workers and construction contractors have available to them. The typical nine-to-five employee has few deductions available, whereas construction workers can deduct everything from hard hats and gloves to…
Construction Bookkeeping Tips Looking for construction bookkeeping tips? Here’s one – don’t. Contractors are not bookkeepers. We’ve had many clients come to Apparatus asking for bookkeeping help. At minimum, these guys are spending at least four hours a week on their books. Even if you’re spending just an hour a week on your books, it’s…
How Delegators Save Time, Gain Focus, and See Success How is your business running? More importantly, which of the four business roles are you playing to keep it running? The 4 Business Roles Are you a Laborer, Contributor, Supervisor, or Delegator? I’m willing to bet 80% of our readers fall into one or more of the…
CRM for Contractors and Project Management Tools CRM for contractors, or Customer Relationship Management tools, are becoming more popular than ever in the construction and contracting industries. This trend is partially due to the wide accessibility of digital technology and smart phones. It’s also a result of the number of contractors getting serious about refining their…
How Referrals Can Boost Your Business A great referral program can end up delivering a huge portion of your overall sales. Even better, once set up, this lucrative marketing engine runs almost entirely on its own. This frees up your precious time for other activities and initiatives. Unfortunately, many small contracting companies get lost when…
The Basics of Contract Writing Successful contractors recognize when the time comes to operate using written contracts instead of simple handshakes. Contract writing is not for everyone, and even those who do it well don’t necessarily enjoy it! Nevertheless, contracts are a crucial part of your contracting business. Contracts legally protect your work performed. They…
