Are your accounting records haphazard or outdated? It’s more than just a hassle—it’s a liability. At The Profit Constructors, we offer a 90-Day Remodel service to begin the process of moving your financials from liability to asset.
Contractor Bookkeeping – Done Right, It’s an Asset
Stop! If you haven’t read our previous article, Bookkeeping Services for Construction – Three Legs of Accounting Stability, take a few minutes to read it so you’ll know what a 90-Day Remodel consists of.
One reason The Profit Constructors offers the 90-Day Remodel service is to give our clients a head start on avoiding liability.
For example, Paul W Carlson of Law Firm Velocity says, “Businesses have to follow strict reporting guidelines to stay compliant with the Internal Revenue Service (IRS) and other federal organizations. Unreported income is a form of tax fraud that can lead to penalties and fines by the IRS. If a company can’t keep track of its profits and report them accurately, then it is committing fraud — even if it is unintentional.”
So, yes, avoiding the hassle of dealing unfavorably with the IRS is one asset the 90-Day Remodel helps bring to the table.
Contractor Bookkeeping – Avoid Other Liabilities
Avoiding compliance issues, as mentioned above, is undoubtedly essential. However, other liabilities must be avoided in connection with having haphazard or outdated accounting records.
Making Poor Financial Decisions
Without proper attention to your construction business’s financial standing, you won’t be able to make the best possible decisions. Additionally, supposedly small financial decisions can have a domino effect, leading to continuing difficulty.
Proceeding with a Lack of Goal Clarity
You need to know how much you owe and how much is owed to you before you can set proper profitability goals. You can’t determine which goals are appropriate without knowing what responsibility is assigned to each of your dollars.
Developing Overspending Habits
When the method you use to see what cash is on hand is to take a casual glance at your bank balance, you aren’t able to see the whole picture and may be tempted to spend more than is truly available.
Missing Out on Growth Opportunities
You risk missing out on potentially beneficial opportunities without clearly understanding your financials. Expansion, new customers, specialized offerings, and other favorable circumstances may not be taken advantage of when you’re unsure how much cash is available. Further, when you spend time trying to get organized and correct your recording mistakes, you have less time to spend working on your business growth.
Cultivating Strained Business Relationships
Relationships are strained when either collecting debt or paying invoices becomes a haphazard standard for your construction business. When others don’t know what is expected of them or how you respond to their expectations, uneasiness develops, and tension grows.
Producing Reputational Harm
When poor financial accounting becomes a pattern, your construction company can develop a bad reputation. When vendors, subs, clients, and employees are left guessing because of your uncertainty over cash issues, it can’t help but risk your company’s reputation.
Contractor Bookkeeping – Strategical Accounting Threshold
Are your finances on track, or could they use the attention of a construction-centric accounting firm? Do you need to move your financials from liability to asset?
Transforming your finances begins with our 90-Day Remodel service. Feel free to get in touch today to schedule a complimentary discovery call. 866-629-7735
Ambitious Construction Contractors look to The Profit Constructors to provide advocacy in dealing with:
Clients and customers
Employees and subcontractors
Vendors and service providers
Governmental entities
Working with The Profit Constructors gives Construction Contractors the means to organize their operations in ways that help them:
Remain informed
Avoid hassles
Reduce risks
Be future-ready
Ready for action? Or want to know more? Get in touch today to schedule a complimentary discovery call. 866-629-7735
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