Developing Accounting Systems That Work

Through the gate to running a profitable construction company

Through the gate to running a profitable construction company

You need an accounting system for your construction contracting or service business because you need data. There are three basic reasons you need data.

  • Because the federal as well as state and local governmental entities require it. And, let’s face it, running your construction contracting business from a prison cell would be much harder than any issues you’re currently facing.

 

  • Because banks or lending institutions, as well as bonding businesses require it. Loan officers have a certain protocol for approving a loan and without accurate, current records getting a loan could be like trying to find a warm, sunny beach at the north pole.

 

  • Because growing or scaling your business depends on how accurate your financial information is. Knowing the financial position of your construction business, what some call understanding “the language of business,” sets you apart from the large number of construction business owners who fail.

 

Having accurate information, things like cost and earnings, liabilities and assets, profit and loss gives you the business guidance you need to either stay the course or take corrective measures. Well, sort of.

When records and reports aren’t enough

We’ve found that many construction contractors know well the systems required in their select industry, yet when they begin dealing with the systems necessary to manage their financial data, they feel as if they’ve run into a brick wall.

Even those who’ve managed to chip away at the brick wall creating windows of financial understanding have usually only gotten to “records” and occasionally “reports,” thus they’re lacking the “analysis” portion of the financially healthy equation.

Crunching the numbers

That’s when including a professional from the accounting world becomes necessary for the welfare of your business.

These pros make sure you understand the meaning of the financial information. They’re interpreters of a sort. They help you learn “the language of business.” They’re great at helping you develop the systems which are necessary to put you in the driver’s seat.

Putting a gate in the wall

Guiding you to create a system for measuring and summarizing business activities, interpreting financial information, and communicating the results is how your professional accounting team puts a gate in that brick wall. A few of the things you can expect to gain from a capable accounting pro are:

  • Guiding you through the SaaS options
  • Developing a tech stack best suited to your needs
  • Determining where you may be losing money
  • Showing you which types of clients are offering the biggest returns on your efforts
  • Enhancing your decision-making capabilities through better understanding of the numbers

Going beyond the brick wall

Because Schulte and Schulte, LLC is a professional accounting service specializing in working with construction contractors, we help our clients develop and use accounting systems which serve both their legal and their managerial needs in the wild and wooly world of construction contracting. And, because we’re a Profit First certified firm we take them beyond having a nice set of records and put them on the path to having a vibrant and profitable business.

You can reach us Toll Free: 866-629-7735 or get in touch the easy way right here.

The Top 5 Critical Problems Schulte and Schulte Solves for Owners of Construction Contracting Companies

 

When you first became a construction contractor or construction service business owner it was pretty simple – get a job, do the job, get paid, see how much money you made. Now, things are different. You have people working for you, people who rely on you in order to make a living.

Knowing the whats, hows, and whys of construction accounting has become much more difficult.

Following are 5 critical problems Schulte and Schulte solves for clients on a regular basis.

Not knowing how to maintain cash flow

“Projecting future cash flow is something I’ve never understood how to do.”

Solution: Once the system is implemented you’re “in the know” daily concerning all the angles of cash flow.

Not having proper records for the IRS and for other potential needs – like proving credit worthiness

“I’m not even sure what I should keep, much less how to keep it.”

Solution: Your records are brought up-to-date and kept current so you’re always ready for both the IRS as well as for investors or loaning institutions.

Constantly having to chase work to build revenue

“It seems if I’m going to make money I always have to find new work (some I don’t even want to do) and it drains my time, energy, and capital. There’s got to be a better way.”

Solution: You’re taught smarter ways of maximizing revenue rather than the eternal work chase.

Not understanding their job costs

“I know it is more than just what I pay my people and how much I paid for supplies, but I’m not sure what all goes into job costing.”

Solution: You know what the job costs are for each job and for each type of job, giving you valuable insight concerning future jobs.

Not having enough time in the day to do it all as a small business owner

“I don’t hardly have time to breathe, much less time for figuring out all the ins and outs of construction business accounting.”

Solution: You’re relieved of trying to “figure it out.” The Schulte and Schulte pros take away much of the “drudge” of bookkeeping while informing you regularly about the financial health of your construction contracting or service business.

Solution: Maximizing Your Profits.

Now that you know we offer solutions for your critical problems, it is time to stop messing around and trying to figure it out yourself. Reach us through this number 480-442-4032 or get in touch here.