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There are three times a year that we like to focus on cash management in a commercial construction company: Late fall – tax planning and the winding down in the workload require some additional cash management. Early spring – we survived the winter and there is a...
Are you on track to hit your 2019 goals? May is the month to do a checkup of your financial performance to check your progress. Why May? May is a shoulder month. It’s past the first quarter but it hasn’t gotten CRAZY busy like the summer months. We now have 1/3...
It is time for Spring Cleaning! Now is the time of year when we clear out old records, organize the system and start fresh. This month’s Monthly Mission is about organizing and retaining the right records for the right amount of time in your business. After 20 years...
It’s that time of year! Larger jobs are on the horizon and the goal is building backlog. Many of these jobs require bonding and many contractors are surprised to learn they can’t bond “the job” that fits perfectly in their schedule. The reason, they discover, is...
In this month’s Monthly Mission, the goal was to calculate your break-even point and compare calculated revenue to your backlog to see if you are starting the year on solid ground (30% of your goal revenue is already in backlog/under contract). The break-even...
Job costing is the accounting function that tracks revenues and costs by job. Why is this important? It allows you to analyze actual job performance compared to your estimate. This means you have actual results to better compare job revenue and cost data to help...
Warning: This post contains math! How much revenue do I need to break even? This is one of the top 10 questions we get from business owners. (However, if you are one of our clients doing forecasting with Shane, you already know the answer. You know who you are. :-))...
The work in progress job schedule is a critical report to review at year end. The WIP can affect your current year end financial results, via the under and over billings adjustment, and it can help set up the coming year for success. All it takes is a little bit of...
Does anyone really get excited about doing a budget? Doing a budget takes time. Doing a budget takes effort. Doing a budget sets limits and boundaries. You are already busy. Life, work doesn’t wait for you to do a budget. Transactions do not stop occurring so...
Build Your Own CFO is our way to help answer the questions every contractor has concerning the financial health of their business and how to manage it. How It All Began Build Your Own CFO started way back in 2012 as a way to solve a problem involving time and space. ...
Many of you know my Dad is a physician. When I was little and I'd get sick he would tell me the same thing every time: Eat well, sleep well, get a little sun. Sometimes he'd also recite a little poem to me called The Best Six Doctors by Wayne Fields. Since it's so...
Retention...ugh. Retention (or Retainage) is a four letter word for a lot of contractors because it can have such a negative impact on cash flows. Learn why in this video.
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