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28: This Could Be The Solution To Your Bookkeeping Problems with Randal DeHart
Published 8 years, 8 months ago
Description
Most contractors just don’t like to deal with the bookkeeping side of their businesses and end up either hiring someone unqualified or worse. In today’s interview, we talk about focusing on your strengths and working around your weaknesses by outsourcing your bookkeeping.
What you’ll hear in this episode:
- The importance of setting up a financial dashboard with Five Key Performance Indicators (Randal covered these in depth back in Episode 3)
- “Five at Five for Five”: cash, accounts receivable, accounts payable, profit/loss, and balance sheet
- Sell work, Do work, and Keep score
- SWOT: strengths, weaknesses, opportunities, and threats
- Examples from “John” and “Michael” and their fictional companies
- The biggest problem for contractors: not wanting to invest in quality office equipment and bookkeeping
- Why roofing contractors’ accounting needs are different from other businesses
- Why you should outsource your bookkeeping
- How the outsourcing of accounting system works with Fast Easy Accounting
- How you know you can trust an outsourced firm for accounting
- “Good, the enemy of great”
- Why job costing is important
- Your board of advisors should include: tax preparer, construction accountant, commercial banker, financial planner, and Dave
Resources:
Find out more about Randal and his business: www.fasteasyaccounting.com
Email to receive Randal’s Five KPI’s installed for FREE on your Quickbooks, or call Sharie directly and say you heard Randal on The Roofer Show: sharie@fasteasyaccounting.com or 206-361-3950
Find The Contractor’s Success Map podcast to hear more from Randal