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Bettering Our Business

 
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Old 07-26-2015, 09:19 PM   #1
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Bettering Our Business


Hi y'all I am a residental contractors wife? What are some ways that I can help run our business from home in an efficient organized way? We are a very small business currently ny husband and his partner do most of field work, as in going to do the bids, doing the actual work and so forth. We do have a few people that work but not consistently yet. Any advice would be appreciated.

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Old 07-26-2015, 10:52 PM   #2
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Re: Bettering Our Business


What role do you play?
My wife answers the phone, runs qb, and does some scheduling. Constant communication and Google calendar have helped a lot. Have a routine. If you do accounting then daily or weekly you guys should review receipts, job costing, etc. A lot depends upon what you do, size of projects, etc

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Old 07-26-2015, 10:54 PM   #3
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Re: Bettering Our Business


I have stepped back a lot as we recently had a baby. I use to work in field, and help with bids. I am wanting to step up my role to relieve stress off of him.
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Old 07-26-2015, 10:56 PM   #4
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Re: Bettering Our Business


I just don't know where to begin really. We need a system to keep our business organized. And something I plan on implementing when I find the right tools
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Old 07-26-2015, 11:29 PM   #5
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Re: Bettering Our Business


What accounting system do you use?

Tell your hubby and partner to label all receipts to the job they are for, and have them track and log all their hours by job. Tell them to turn them in daily. Then compile the information and keep a report going and share with them every other week. Let them know what the profitability is.

Make a letter head and invoice all of the clients by contract stage through email.

Figure your total overhead for the year. Your salary, insurances, trucks, maintenance, fuel, tools, ect.... and then you can better figure the overhead portion of the mark up.

Ill think of more tomorrow. Getting profitability and efficiency up always releives stress.

What size projects? How many going at one time?
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Old 07-27-2015, 07:27 AM   #6
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Re: Bettering Our Business


Here's a way to help him ...put a message on his phone that you take his calls , and put your # on the message and all cards . text him pertinent info and that will take a load off . Also you can shop material, set up orders, set up appointments and research products .

You can handle his schedule , make bank deposits and handle returns , mis orders, overcharges and credits ..all from home .

You can e mail quotes and set up sales appointment s
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Old 07-27-2015, 12:04 PM   #7
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Re: Bettering Our Business


Quote:
Originally Posted by Jaws View Post
What accounting system do you use?

Tell your hubby and partner to label all receipts to the job they are for, and have them track and log all their hours by job. Tell them to turn them in daily. Then compile the information and keep a report going and share with them every other week. Let them know what the profitability is.

Make a letter head and invoice all of the clients by contract stage through email.

Figure your total overhead for the year. Your salary, insurances, trucks, maintenance, fuel, tools, ect.... and then you can better figure the overhead portion of the mark up.

Ill think of more tomorrow. Getting profitability and efficiency up always releives stress.

What size projects? How many going at one time?

Projects vary from bathrooms to drywalling several rooms just for examples. We don't have an accounting system in place. That's something I want to implement. We do email our invoices and such through joist

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Old 07-27-2015, 12:05 PM   #8
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Re: Bettering Our Business


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Here's a way to help him ...put a message on his phone that you take his calls , and put your # on the message and all cards . text him pertinent info and that will take a load off . Also you can shop material, set up orders, set up appointments and research products .

You can handle his schedule , make bank deposits and handle returns , mis orders, overcharges and credits ..all from home .

You can e mail quotes and set up sales appointment s
Thank u
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Old 07-27-2015, 12:18 PM   #9
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Re: Bettering Our Business


You really do need an accounting system in place. If not you may well miss federal and state tax liabilities and deadlines. I recommend QuickBooks Contractor Pro. Once set up, and as long as you faithfully enter everything on a timely basis, it will alert you to up-coming tax liabilities so that you can plan for them. I think a system like QuickBooks is worth it just for that when you're getting started.

But, it will do SO MUCH more for you once the learning curve has passed and you are utilizing all of its features. A software suite like QB, can help you in all aspects of your business. Even payroll if you set it up for it.
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Old 07-27-2015, 12:38 PM   #10
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Re: Bettering Our Business


I had no idea that quick books had specific contractor program. That would help tremendously. Is this what you are talking about? Quickbooks originally made me a little nervous because I read reviews saying it was complicated. After more research and learning about this program I think with a little practice and studying it I could definitely learn to implement this program successfully.
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Old 07-27-2015, 02:42 PM   #11
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Re: Bettering Our Business


You may find that if you incorporated and all parties drew a paycheck with taxes taken out it would be much easier. Esp. IF you use a payroll service. Its something im debating going back to doing. A little more money that way, but peace of mind eh?

You would also find it a must to not co mingle monies. Nothing from the biz. account is spent on anything personal. No running loose with the debit card. Incorporating would help alleviate this issue I think as you will have a paycheck on friday that is sufficient, live within your means and all that.

Some goals would be to have 3 months operating expenses in the biz. account as well as the personal account. Money in the personal account, less chance of co-mingling.

Find a CPA around town, he will more then likely come to your house and show you how to use QB's
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Old 07-27-2015, 03:40 PM   #12
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Re: Bettering Our Business


Yup.... like JBM says, a good accountant will set up your QB for you and show you how to use it. That way, you're all on the same page. Stuff gets paid on time and they can project your business expenses and earnings in advance for you.... so that you can adjust your pricing or cut expenses if need be, to stay profitable.

A good business accountant will know what to look for and how to guide you through your growth. Again, they may "seem" expensive at first, but well worth more than their weight in gold.

Your accountant can tell you which version is right for you.
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Old 07-27-2015, 03:47 PM   #13
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Re: Bettering Our Business


Awesome thank y'all so Much
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Old 07-27-2015, 06:00 PM   #14
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Re: Bettering Our Business


You can do the books on a business that size with a spiral notebook....sit down and look at how to make him more productive so he can come home at a decent time. If he's a working contractor his phone is his biggest asset and biggest problem ..or will be . Mine got up to 10,000 minutes a month.
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Old 07-27-2015, 06:11 PM   #15
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Re: Bettering Our Business


Quickbooks (or any other accounting program) is a necessity if you want to maintain a profitable business. I have no idea how anyone can run a business without keeping accurate records of their finances.

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