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How High Profit Jobs Send Contractors Into Bankruptcy

Contractor Bookkeeping

You have what appears to be a high profit job and now you are thinking you have it made and I hope you are right! The most common situation is when a residential remodel contractor who has built a reputation and a substantial company generating profits of 15% or more decides to start building custom homes.

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Can We Make Home Building a Little Less ‘Interesting?’

Pro Builder

Pandemic Exposed Deep Housing Issues, Says Harvard Report. At the beginning of the COVID-19 pandemic, every analyst, pundit, and prognosticator predicted the housing market would tank, possibly even to 2009 levels during the great crash. Process Perils and Profit for Home Builders. Volatile Markets and Interesting Times.

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Seven Things to Do When an Owner Doesn’t Pay

Constructonomics

I kinda felt like I came home from work one day and my house was burnt to the ground. So while we are still not resolved, I have learned a few things about dealing with non-payment and I figured I’d share a few of them so maybe you can do a little better then next time your figurative house burns down.

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Bookkeeper Vs. Accountant Vs. C.P.A. For Your Construction Company

Contractor Bookkeeping

Their primary function is to review the transactions, reclassify some of them as needed and prepare payroll, monthly tax returns, quarterly tax returns, basic Profit & Loss Reports and Balance Sheet Reports. Business Owners - Need three basic reports, Cash, Profit and Equity. Profit And Loss Report. Regular Accounting.

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Unique Construction Company Financing Secrets Revealed

Contractor Bookkeeping

1 Your Profit & Loss and Balance Sheet Reports do not conform to financial industry standards. #2 Just like house builders love chatting with sub-contractors and building material suppliers because you all speak the same language. In particular, your construction company Profit & Loss and Balance Sheet.

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Serious And Funny Construction Definitions Contractors Enjoy Reading

Contractor Bookkeeping

Bad Numbers - Lead to bad decisions / cash shrinks / business unstable / bankruptcy or failure. Bankruptcy - Result of saving money on bookkeeping and making decisions on garbage reports. Insanity - Hiring and firing cheap in-house bookkeepers over and over and over expecting useful reports. Hard Work - Expressway to Retired.

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Outsourced Holistic Contractors Bookkeeping Services

Contractor Bookkeeping

Get this part right and you win, get it wrong and you will not know it until you are standing in bankruptcy court trying to figure out what went wrong. Which means the construction company will be in a position to transition to an in-house construction accounting team.'