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Secret Construction Definitions Unique To High Profit Contractors – “B”

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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 “B”

Bad BookkeeperWealth prevention tool keeping contractors from earning more than bookkeepers

Bad Bookkeeper Thinking Patterns - Some of the reasons they do what they do to drive contractors crazy

Bad Bookkeeping – Saving money in the wrong place and making decisions on garbage reports

Bad Numbers – Lead to bad decisions / cash shrinks / business unstable / bankruptcy or failure

Banker Agreement – Pledge to yourself in front of a mirror “Bankers do not do construction and I do not loan money”. Then always get job deposits before any work begins and regular construction draws. Preferably every week.

Bankruptcy – Result of saving money on bookkeeping and making decisions on garbage reports

BCA Business Coach – Someone who helps you raise your level of thinking and income

BCA Staff MemberCheerful, well paid, thinking, responsible adult, Mastermind Team member

BCG Matrix – Graphical representation of Cash Cows / Rising Stars / Question Marks / Dogs

Belly Button Accountability – The one person who is responsible for a deliverable on a construction project

Bid – A wild guess carried out to two decimal places

Bid Collector – Customer looking for cheap contractor

Bid Opening – A poker game in which the losing hand wins

Bilingual – Words for women because they enjoy reading and can easily form pictures and movies in their minds to understand concepts. Pictures for men because they are accustomed to looking at drawings and blueprints.

Black Box – Computer with construction accounting software operated by a trainee

Bookkeeper Fully Burdened Labor Costs – The total cost of having a bookkeeper in your office including the cost to fix mistakes, pay for training, drama and overhead

Bookkeeper Training Contractor – Bookkeepers, who train the boss to let them come in late, leave early, call friends and relatives, take long breaks, get paid more and do less and less.

BPMBusiness Process Management for construction company owners to grow passive income streams

Budget Bookkeeping – Listing all deposits from the bank statement as sales income and leads to contractor paying too much in taxes.

Business Failure – No meaningful financial and project management records in the calendar quarter preceding the failure

Business Life Cycle – Start small / grow big / lose shirt / shrink back to small business

Business Plan – A plan to have accurate financial reports to base long and short term decisions on

Business Process Management – Develop a construction business that generates passive income

Business Roundtable – Little round table in tavern with pitcher of beer and four contractors strategizing

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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