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Devil in the Details - The Construction Industry
I just did a QuickBooks training this morning with a young couple who just recently moved to the Houston area, who were on the road to energizing their company focusing in the construction industry. Working with a variety of construction clients in the past, from small businesses who have just one person working, versus those making several million dollars, this was the MOST organized client I have ever had the pleasure of working with. From the complexity of the details set up in their Excel spreadsheets, to the capabilities they exude when talking about the industry itself. I was truly blown away.
The construction industry is one of the most difficult areas to manage from the accounting standpoint, and this couple, without question, know what they're doing when it comes to tracking their cost margins, their profit margins, subcontractors, etc. as well as knowing what it takes to get the job done. From the bid process to seeing the job completely through, everything is documented every step of the way. If these same principles could be applied to any business management team, people like me would definitely be out-of-work, since I'm the one people usually call upon to be the clean-up man. I am looking forward to working with this couple in seeing their business grow into the powerhouse I predict it will become, as long as they never lose sight of the details.