Construction Bookkeeping for Contractors

Construction Bookkeeping for Contractors
4 Tips to setting up your business financials so you can Know Your Numbers. Don't get blindsided by unforeseen money problems in your construction business.
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ABOUT DEREK ISAAC - FOUNDER OF RAPID RESULT CREATORS
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Derek is a seasoned business systems consultant specializing in supporting construction contractors. With two decades of experience in construction contracting and real estate investing, Derek understands the unique challenges and opportunities faced by those in the construction industry. In 2018, he leveraged his deep expertise to start coaching and developing tailored online training courses specifically designed for construction contractors.
Derek is passionate about empowering construction contractors to boost profitability, streamline operations, and achieve the freedom they desire in their businesses. His coaching and training programs are meticulously crafted to provide contractors with practical tools, strategies, and insights that drive success in this competitive field. Trust Derek to help you turn your passion for building into a thriving and sustainable business.
Getting your construction business bookkeeping financial system set up and as automated as possible should be the number one priority for any business owner. It is so essential to ensure your not heading into dark waters and debt that you can not recover from.
Benefits & Pitfalls
Sailing blind
Decisions
Save money
Automation
Hire a bookkeeper
Connect accounts
Payroll & time tracking
Cost codes & estimating??
Key Financials
Profit & Loss
Balance Sheet
Cash Flow
Overhead
COGs
Personal Budgeting
Essential to wealth building
Run your household, run your business
Live within your means (easy)
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#bookkeeping #constructionbookkeeping #quickbooks #bookkeepingtips #bookkeepingservices

[@sedrickblakeney7074]

Awesome video my bookkeeping is not structured at all I needed this

[@rapidresultcreators]

Hey Sedrick, glad your working on getting your books organized. Feel free to connect directly for personalized advice. Links in the description. Cheers

[@dumitrulunga7336]

Great contet, great energy, your performance is getting better

[@rapidresultcreators]

For sure, appreciated!

[@josephlemus8307]

Thanks 🙏

[@rapidresultcreators]

Anytime. What was the best part for you?

[@josephlemus8307]

@@rapidresultcreators you explaining why it is important for decision making

[@rapidresultcreators]

Definitely, as you grow the key decisions you make create the biggest impact long term.

[@johnmanuelmaramba7129]

Do you recommend Qbo software for construction businesses?

[@rapidresultcreators]

Yes I recommended QBO for most contractors. It’s widely used and integrates well with many other construction software.

[@amhreantaso]

would you recommend to keep 2 separate bank accounts for head office expenses and another for project expenses?

[@rapidresultcreators]

Using separate bank accounts for allocating expenses is a good idea. How many different accounts depends on your business and how you operate. For a larger company I would recommend splitting the expense accounts as you mentioned. For a smaller company it is not necessary.

[@illustrassy]

What accounting software do you recommend to get a good line of sight on the financials?

[@rapidresultcreators]

Great question, QuickBooks would be the industry standard and what I would recommend. I would check with your accountant and or bookkeeper for other options and what they could recommend for your specific business.

[@nm3547]

@@rapidresultcreators Do you also use quickbooks for your personal finances?

[@rapidresultcreators]

I use QBs for my business finances and Wave for my personal finances.

[@goeth89b]

I wish you would show not tell. This is a video of a guy instead of a method

[@rapidresultcreators]

Got it, thanks for the feedback. This video was designed as an overview of bookkeeping and financial concepts for contractors. Maybe I’ll publish a more nuts and bolts video in the future.