August 17, 2017
Have you ever won a bid for a construction project only to find after you’ve tallied all the bills and invoices, that the significant profit you had hoped to make wasn’t there? If so, you’ve encountered one of the biggest challenges in running a profitable construction company — job costing. Bidding on jobs without knowing the real costs is akin to driving a car while wearing a blindfold. It's what separates the successful construction companies from the hundreds that go under every year. Read on for our recommendations on job costing and how it can improve your business.
August 2, 2017
As a business owner, you've set long-term goals (you have, haven't you?), but you may not have considered the importance of quarterly planning. Setting aside time every quarter is a way to keep you and your team on track to meet those long-range goals. It gives focus to the next three months and allows you the opportunity to adjust your planning as needed.
Quarterly planning should include a meeting with your CPA or accountant. They'll be able to explain your numbers to you in ways you can easily understand, so you can make the right choices for growing your business. Don't think they can only help you with taxes and maximizing deductions. Your CPA should also cover the following items with you:
July 19, 2017
No matter what segment of the real estate industry you belong — owner of an agency, a property management team, or the owner of residential or commercial space that you lease — the accounting for this particular industry poses a different set of challenges from most businesses. We’ve found that the daily operations and accounting matters take too much energy and time away from the activities that grow the business. Read on for some of the biggest challenges in real estate accounting.
July 6, 2017
Nothing can put a bigger crimp in your business's cash flow like outstanding client invoices. According to one survey, nearly a quarter of the business owners surveyed say collecting on overdue invoices is the biggest challenge in their business. As if that wasn't bad enough, more than a third of receivables don't get paid on time. So what's a business owner to do? Here are our suggestions for handling late payments.
June 20, 2017
There comes the point in every business when it's time to hire a professional to handle the financial management. If this is where you are in your business, then congratulations! Your company has grown enough that you can now begin to hand off some of those many hats you wear as a business owner. While your first thought may be to add a full- or part-time bookkeeper to your staff, it's smart to also look at outsourcing your bookkeeping to a team of accounting professionals. It's true what they say: There is strength in numbers. And when it comes to your financial numbers, you can benefit from a team. Accounting firms thrive on teamwork. (They wouldn't make it through tax season if they didn't, believe us.) Here are some of the best reasons to consider hiring a team to handle your accounting.
June 7, 2017
Don't make the mistake many business owners make by waiting until the end of the year to worry about your taxes. Mid-year tax planning allows you to make changes and adjustments while you still can, saving you time, money, and surprises when tax season arrives. There's nothing worse than hearing your accountant say, "If you had only made this one adjustment, you could have saved (insert dollar amount here)."