Why Do You Need To Make A Profit?
By Michael StoneDon’t confuse profit with salary or hourly wages. Making a profit isn’t optional: Your business needs profit to survive.
Taxes and Profit and Markup
By Michael StoneMichael addresses a few different questions we’ve heard recently, primarily dealing with taxes and profit and calculating your markup.
Know Your Numbers: Current Ratio
By Michael StoneThere is a measure you can use to determine how financially solid your company is at any given point in time. It’s called the current ratio, and it’s a good idea to check it regularly.
Estimating, Labor Burden, and Cost of Goods Sold
By Devon StoneWhen you own a small business you wear a lot of hats. Understanding the numbers might not be your favorite hat, but numbers are important because they show where you stand financially.
What Should You Do With Your Profit?
By Michael StoneThe best way to avoid paying taxes is to not make a profit at all, but it’s a rough way to live.
Profit and Loss and Markup
By Michael StoneWhen your books are set up properly, it’s easy to calculate your markup, and it’s also easy to compare your actual results to your estimates.
Calculating for Taxes
By Michael StoneTaxes are the price you pay for being profitable. It’s a good thing when your business is in the black and you need to pay taxes on it. It’s not good when you’re taken by surprise.
Construction Business Safeguards: Fraud and Embezzlement
By Michael StoneWe hear many stories from business owners who have had to recover from the theft of funds by their own employees. Today we’re sharing a list of things you can do to protect yourself and your business.
Setting Funds Aside
By Michael StoneAn Operating Capital Reserve Account helps keep you and your family free from financial worries, which helps you sleep better.
Job Costs and Overhead
By Michael StoneI’ve seen contractors try to apportion overhead on a daily, weekly, monthly or per job basis when compiling their estimates. I don’t recommend any of those approaches.
Long-Term Business Survival
By Michael StoneHow well you manage your money when business is good impacts how easily you’ll survive when business is tough.
A Collection of Thoughts: Bookkeeping, Markup, Taxes, Advertising . . .
By Michael StoneThis week I want to catch up on a few things that have been bothering me.
Accounting – Keeping Track of Your Jobs
By Michael StoneIt’s easy to know if you’ve made a profit when every transaction is complete in a day. It isn’t as easy in construction, where a job might take a week, a month, or even more than a year to complete.
Paying Yourself
By Michael StoneYou’re in business to provide a service and make a profit doing it. Having the financial info you need to make decisions is critical for your business success.