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How To Make $100,000 A Year

This is a guest post from Randal DeHart at FastEasyAccounting.com.

I have been involved with construction beginning in the mid 1960’s as a kid working in the family construction company through the present time.

Over the decades I have gathered and documented a comprehensive list of terms that describe construction. Some of them are meant to bring a smile to your face, some are serious and the rest I hope are simply entertaining.

This Article Contains Definitions That Begin With The Letter “S,T,U,V,W,X,Y,Z”

Salt Of The Earth Contractor – Has up to three construction workers and is one of the Four Types Of Contractors

Salesperson – Amateur sorter

Sales Process – Documented system for acquiring new clients for the Firm

Shoe Salesman Contractor – Someone skilled in servicing, repairing and being a handyman for houses, commercial buildings and other structures

Signer– Someone other than the business owners with access to your bank account to pay bills or make tax payments….NEVER EVER A GOOD IDEA because everyone runs short of cash and the temptation to “Borrow” with the “Intention” of putting it back is having a high calorie snack with the intention of exercising later to get rid of it!

Simple Plans – Drawings showing what the finished product would look like if it were built in Heaven.

Solution – Properly setup and maintained QuickBooks For Contractors file

Sorter – Professional Rain Maker

Spending Vs. Investing – Poor contractors spend money and wealthy contractors invest money. Why spend money on bad bookkeeping when you can invest money on professional contractors bookkeeping services and in the process learn how to increase sales and profits for years to come. Don’t just spend money of fuel for your equipment and vehicles understand when it makes financial sense to replace them.

Strategic Bookkeeping Services – Bookkeeping services for construction that understands and applies principles of profit and growth strategies

Strategy of Preeminence – Contractor with the clients best interests in mind

Strike – An effort to increase egg production by strangling the chicken

Success – A few simple disciplines practiced everyday

SWOT – Knowing the company’s Strengths / Weaknesses / Opportunities / Threats and what to do about it

Tax Preparer Doing Construction Bookkeeping – QuickBooks setup to make doing tax returns easy while greasing the rails for the contractor to go broke focusing only on reducing taxes not cash flow and profitable jobs.

Tenant Improvement – Bid, award contract, work day and night, pressure, pressure, pressure, done!

The Contractors Accountant – Someone who cares about contractors and their well-being, Randal DeHart

The Contractors Cash Management Accountant – Shares keys to peace of mind by showing you how to optimize your cash flow by properly managing receivables, payables, payroll, payroll tax reports, Washington State sales tax reports, Department of Labor and Industry returns, 941 quarterly returns, 940 annual returns, W-2 and W-3 returns in your construction business regardless of the economy, Sharie DeHart.

The Contractors Profit And Growth Accountant – Shares the keys peace of mind by showing you how to optimize your bottom line profits by spending five minutes a day reviewing the Five Key Performance Indicators (KPI) of your construction business performance. And by regular phone and/or in person strategic consulting sessions where we focus on what your company needs to do to help you achieve your definition of success, Randal DeHart

TSheets.Com – A Time Card Calculator That Actually Works

Unlicensed Contractor – Someone who thinks they can save their customer money by scamming the system with supposedly lower overhead than likened contractors. All too often they provide FREE labor and material because they cannot sue customers for payment.

Warranty Work – The project that never ends

Wealth Prevention Tool - Bad Bookkeeper who does everything possible to make certain business owners a paid the same or less than the Bad Bookkeeper.

Wealthy Contractors – Work on building relationships and innovating (faster/better/cheaper)

Wealthy Contractors – Have million dollar conversations with their mentors

Wealth – Not working because you have enough cash to live the rest of your life

Working On Wrong Stuff – You can’t get rich with your head in the ditch

World Of What Is – We live in a world of what is, not what should be

You Can Be Right Or Rich, Pick One – You cannot be both. You pick one on purpose or by default. The more you want to right the less you will be rich and the reverse is true

 

About The Author:

Randal DeHart

Randal DeHart, PMP, QPA The Construction Accountant. Randal DeHart, PMP, QPA is the co-founder of Business Consulting And Accounting in Lynnwood Washington and Fast Easy Accounting. He is the leading expert in outsourced construction bookkeeping and accounting services for small construction companies across the USA. He is experienced as a Contractor, Project Management Professional, Construction Accountant, Intuit ProAdvisor, QuickBooks For Contractors Expert and Xero Accounting Specialist and Bill.Com Certified Guru. Visit http://www.fasteasyaccounting.com/ to learn more. Follow Randal on Google+

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This is a guest post from Randal DeHart at FastEasyAccounting.com.

I have been involved with construction beginning in the mid 1960’s as a kid working in the family construction company through the present time.

Over the decades I have gathered and documented a comprehensive list of terms that describe construction. Some of them are meant to bring a smile to your face, some are serious and the rest I hope are simply entertaining.

This Article Contains Definitions That Begin With The Letter “P,Q,R”

PAM – Production / Accounting after checks bounce and letters for back taxes / Marketing word of mouth

Personal Assistant – Someone who works part time with big red “S” on back of their cape (Superman / Superwoman) able to run personal and business errands, answer phones, make deliveries, clean restrooms, take messages, memorize a verbal list of to-do items from contractor without writing any of them down, schedule jobs, listen to customer and staff complaints, babysit children and pets, wipe runny noses, clean up spills, make and serve coffee, pay bills, open the mail, go make bank deposits, work on tiny desk, no air conditioning in summer, limited heat in winter, bad lighting, fix broken computers and printers and do the bookkeeping for multiple companies

Peter Principle In Construction – Promoting a journeyman to Project Manager or working foreman without formal training. Leads to Construction Train Wrecks.

People Dependent Vs. Process Dependent – Construction contractors who insist on getting control of people, employees, vendors, suppliers and stakeholders are like Sisyphus doomed to “Push a heavy rock up a hill for all eternity or until the go out of business. Construction contractors who are process dependent are more likely to enjoy the finer things of life that money and freedom can buy.

Pioneer – Contractor with flaming arrows in the back from asking the bookkeeper for accurate reports

Poor Contractors – Have hundred dollar conversations with their mentors and attend the business round table

Process – System to produce predicable quality results and reap dividends for the owners

Process Development – Do it, Document it, and Delegate it

Professional Contractor – Serious construction business owner with construction strategy and definitely in construction business to earn a worthwhile profit. One of the Four Types Of Contractors

Profit – Cash is a fact and profit is an opinion. One will put a roof over your head, clothes on your body and groceries on the table. The other one will impress your banker. Keep your priorities straight.

Project Manager – The conductor of an orchestra in which every musician is in a different union

Project Management – Combination of skills and construction project software

Purpose Of Your Construction Company – Acquire clients, satisfy their needs and repeat as often as possible to increase cash flow and profits.

QuickBooks For Contractors – Accounting software for construction companies

Rain Maker – The person in the contractors firm that acquires new clients

Real Money – In Construction the real money is made in the office; not in the field.

Remodel Process – Forming (Honeymoon), Storming (demolition), Norming (Rough-In), Performing (Paint)

Retail Bookkeeper – Worked at store somewhere, thinks all accounting is the same, expensive lesson for contractors

Retired – Means you got tired of them, or they got tired of you

Rich – Income exceeds outgo

Right Vs. Rich – Right Vs. Rich is all about giving your customer or client what they want, not what you think is best

ROI – Risk of Incarceration; in most cases the business owner is responsible for unfiled taxes and missed payments, not the bad bookkeeper.

About The Author:

Randal DeHartRandal DeHart, PMP, QPA The Construction Accountant. Randal DeHart, PMP, QPA is the co-founder of Business Consulting And Accounting in Lynnwood Washington and Fast Easy Accounting. He is the leading expert in outsourced construction bookkeeping and accounting services for small construction companies across the USA. He is experienced as a Contractor, Project Management Professional, Construction Accountant, Intuit ProAdvisor, QuickBooks For Contractors Expert and Xero Accounting Specialist and Bill.Com Certified Guru. Visit http://www.fasteasyaccounting.com/ to learn more. Follow Randal on Google+

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This is a guest post from Randal DeHart at FastEasyAccounting.com.

I have been involved with construction beginning in the mid 1960’s as a kid working in the family construction company through the present time.

Over the decades I have gathered and documented a comprehensive list of terms that describe construction. Some of them are meant to bring a smile to your face, some are serious and the rest I hope are simply entertaining.

This Article Contains Definitions That Begin With The Letter “M,N,O”

Mastermind Team – BCA Staff and Clients who mentor BCA contractor clients

Makers Vs. Takers – Makers believe it is better to make than to take; whereas Takers believe it is better to take than to make.

MAP – Marketing / Accounting / Production / formula for success

Maximize – The process of building and running your construction business to generate highest possible profits for short run so you can spend it all quickly and go broke. Similar to running your pickup truck on the race track as fast as it will go without proper maintenance so it lasts for about ten hours and 1,000 miles before it is destroyed

Money Is Made – In the office; not in the field. Strategy vs. Tactics

MR>MC – Wherever marginal revenue exceeds marginal cost do the job

Nepotism Is Relative – Construction company owner hires and promotes his relatives who proceed to chase off qualified field technicians and office staff in an effort to level the contractor down and out of business.

No Financial Reports – Driving on the highway, at night, windows blacked out and being surprised by the crash

Non-Construction Accountant – Dim-bulb wanna be bookkeeper without any construction bookkeeping skills trying to jam retail accounting methods into construction accounting

Not Listening – Contractor who gives their clients what the contractor likes not what the client wants

OSHA – A protective coating made by half-baking a mixture of fine print, red tape, split hairs and baloney

Optimize – The process of building and running your construction business to generate normal and economic profits for the long haul and provide you with a substantial income for current living expenses and a comfortable retirement. Similar to running your pickup truck on the roads and highways at normal safe speeds with proper maintenance so it lasts for ten years and 200,000 miles or more

O.P.M. – Other People’s Money! Cash flow and bad bookkeepers are the #1 and #2 reason construction companies go out of business, bankrupt or worse. When doing a construction project do not be the banker! Invoice early and often and get change orders signed.

OSHA – A protective coating made by half-baking a mixture of fine print, red tape, split hairs and baloney

About The Author:

Randal DeHartRandal DeHart, PMP, QPA The Construction Accountant. Randal DeHart, PMP, QPA is the co-founder of Business Consulting And Accounting in Lynnwood Washington and Fast Easy Accounting. He is the leading expert in outsourced construction bookkeeping and accounting services for small construction companies across the USA. He is experienced as a Contractor, Project Management Professional, Construction Accountant, Intuit ProAdvisor, QuickBooks For Contractors Expert and Xero Accounting Specialist and Bill.Com Certified Guru. Visit http://www.fasteasyaccounting.com/ to learn more. Follow Randal on Google+

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What Is A Carpenter?

The Merriam-Webster dictionary defines a carpenter as “a person whose job is to make or fix wooden objects or wooden parts of buildings.” But in reality, that only describes a portion of what a carpenter does (and it expands far beyond wood). Carpenters are the masterminds behind pretty much any building, from residential houses to the skyscrapers you see peppering skylines. They ensure walls stand straight, floors are level, and everything is installed properly and up-to-code.

Carpenters mainly construct and repair building frameworks and structures, such as stairways, doorways, partitions, rafters, etc. Common tasks for carpenters include following blueprints set forth by clients; measuring, cutting and shaping materials to fit; installing fixtures like windows and molding; erecting and leveling framework using cranes, rigs and other equipment; mounting cabinets, drywall and siding; and instructing other construction workers.

According to the Department of Labor, employment of carpenters is expected to rise 6 percent in the years leading up to 2024, which is on pace for occupational averages across all industries. This surge will stem from population increases that will cause higher need for new-housing construction (the largest employment sector for carpenters), as well as increasing demand for home and building repair/improvements as the economy continues to recover.

What Does It Take To Become A Carpenter?

Most carpenters complete a 3- to 4-year apprenticeship program to learn the basic skills necessary to become a carpenter, like blueprint-reading, mathematics, building code requirements and safety practices. Unions, contractor associations and even individual contractors may offer their own carpentry apprentice programs, which usually require 144 hours of technical training and 2,200 hours of on-the-job training. Before beginning to work on their own, all carpenters must also pass 10- and 30-hour safety courses administered by the Occupational Safety and Health Administration.

Basic qualifications to begin a carpenter apprenticeship are as follows:

  • At least 18 years of age.
  • High school degree or equivalent.
  • Physical ability to do the work.
  • Pass a substance-abuse screening.

Other important qualities for carpenters to possess include:

  • Business basics: Self-employed carpenters, especially contractors, are required to not only provide carpentry labor, but must also run their business and manage finances. As such, a foundational understanding of business is imperative.
  • Dexterity: Carpentry involves a lot of handiwork and hand-eye coordination in order to complete tasks safely.
  • Management skills: For carpenters who employ a team of other workers, good leadership and delegation traits are a must.
  • Problem-solving: Projects and blueprints may change at any time, so carpenters need to be able to adapt and solve complicated issues as they arise without getting flustered.

While most carpenters choose to enter apprenticeships directly, some start out as assistants to certified carpenters. In addition, carpentry certificates that offer training before an apprenticeship are also available that cover information in eight different carpentry facets, including painting. An example of one such training program is Pre-Apprenticeship Certificate Training, offered by the Home Builders Institute.

What Do Carpenters Do? (Specific Types of Carpenters)

Just like with any other occupation, carpenters may specialize in certain areas of construction. Below are a few of the different types of construction carpenters:

  • Trim carpenters specialize in molding and trim, including doors and windows, mantels, baseboards and other ornamental work.
  • Finish carpenters focus on finishing-touch carpentry, such as cabinetry, furniture-making and woodworking where minimal margins of error are needed.
  • Cabinetmakers, as the name implies, also perform fine and detailed work in the form of making cabinets, wardrobes, dressers, etc.
  • Framers are responsible for the skeletal framework and underlying structure of

For general contractors, a background in carpentry is a lucrative step toward a solid future as a general contractor or remodeling business owner. Carpenters possess the basic (and sometimes advanced) skills contractors need to get their start in the home improvement business. And because carpenters are involved in all phases of construction, they usually have more opportunities for advancement than other workers. If you dream of being your own boss, becoming a carpenter is certainly a good first step toward that goal.

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This is a guest contribution from Randal DeHart of FastEasyAccounting.com.

I have been involved with construction beginning in the mid 1960’s as a kid working in the family construction company through the present time.

Over the decades I have gathered and documented a comprehensive list of terms that describe construction. Some of them are meant to bring a smile to your face, some are serious and the rest I hope are simply entertaining.

This Article Contains Definitions That Begin With The Letter “G,H,I,J,K,L”

Green Growing Contractor Vs. Ripe Rotting Contractor – Green growing contractors continue learning, questioning and discerning. Ripe contractors have a hardening of the attitudes, know everything and are rotting. Age is not a factor.

Hard Work – Expressway to Retired

Hustle – The expectation of getting 40 hour of work done in 20 hours

If You Know The Answers The Questions Will Not Bother You – In school when you sat for an exam or a test and you knew the material forwards and backwards it was fast and easy. The exams and tests for the classes you struggled with were the opposite. Having a Business Process Management Plan provided you with the answers for the questions about how to run your business because it is something you developed. Not something someone else did and handed to you.

Income – Working for daily money

Insanity – Hiring and firing cheap in-house bookkeepers over and over and over expecting useful reports

Inexpensive – Goods or services that do work beyond the warranty period

It’s Not What You Know, It’s Not Who You Know That Counts, It’s Who Knows You – The value you bring to your network is directly related to who will take your phone call or return your email

KPI Key Performance Indicators if viewed daily and understood leads to wealth

Lawyer – Person who goes in after the auditors to strip the bodies

Leveling – When two or more people spend time together the group will level to the strongest personality

Listening – Contractor who asks their client what materials and results they want and give it to them

Little Leaks – Sink the construction business because they are easy to ignore like what ten minutes is costing your company

LMOS – The four big cost buckets,  Labor, Material, Other Costs and Subcontractors, used by Fast Easy Accounting to assist construction contractors in determining Job Costing, Job Profitability and Job Costing Services Reports.

Liquidated Damages – A penalty for failing to achieve the impossible

Low Bidder – A contractor who is wondering what he left out

 

About The Author:

Randal DeHartRandal DeHart, PMP, QPA The Construction Accountant. Randal DeHart, PMP, QPA is the co-founder of Business Consulting And Accounting in Lynnwood Washington and Fast Easy Accounting. He is the leading expert in outsourced construction bookkeeping and accounting services for small construction companies across the USA. He is experienced as a Contractor, Project Management Professional, Construction Accountant, Intuit ProAdvisor, QuickBooks For Contractors Expert and Xero Accounting Specialist and Bill.Com Certified Guru. Visit http://www.fasteasyaccounting.com/ to learn more. Follow Randal on Google+

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