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”
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 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
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, 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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