construction bonds

Most contractors want better cost information about their jobs. They need it timely, they need it accurate, and they need it relevant to managing their jobs properly. Unfortunately, many contractors struggle in this area. How do you get it set up right so that you get what you need? We're sharing our tips on this week's episode.

Topics we cover in this episode include:

• The main categories to consider in a job cost accounting system
• The benefits of job costing for your business
• Common headaches with setting up job costing and how to address them
• How job cost accounting helps you get bonds
• Common misconceptions about job costing

LINKS

Visit the episode page at https://carpentercpas.com/jobcostaccounting for more details and a transcript of the show.

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Wade Carpenter, CPA, CGMA | CarpenterCPAs.com
Stephen Brown, Bonding Expert | SuretyAnswers.com

You got that dream job, but it needs be bonded. Can you get it bonded? Are you over your bonding capacity? Is there anything you can do to increase your bonding credit? Find out this week.

Topics we cover in this episode include:

• Draft and interim financial statements
• Cash, character, and capacity
• How to get bonding credit as a new contractor
• Bonds and personal collateral
• Start your relationship with a bonding company before you need a bond

LINKS

Visit the episode page at https://carpentercpas.com/capacity for more details and a transcript of the show.

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Find all episodes and related links at ContractorSuccessForum.com.

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Wade Carpenter, CPA, CGMA | CarpenterCPAs.com
Stephen Brown, Bonding Expert | SuretyAnswers.com

It can be challenging to get banks and bonding companies to want to work with contractors. What can you do about it? Can you stack the deck in your favor? Can you dress up your financial picture? Find out on this week's episode.

Topics we cover in this episode include:

• Why a good year-end  financial statement is important to bonding companies and banks
• Pay back Officer Loans  at the end of the year
• Inject capital at the end of the year
• Improve your working capital ratio
• Extend the terms of your line of credit
• Timing expenses and collections
• Be aware of bank covenants on your line of credit

LINKS

Visit the episode page at https://carpentercpas.com/banks for more details and a transcript of the show.

Find all episodes and related links at ContractorSuccessForum.com.

Join the conversation on our LinkedIn page: https://www.linkedin.com/company/CarpenterCPAs

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Wade Carpenter, CPA, CGMA | CarpenterCPAs.com
Stephen Brown, Bonding Expert | SuretyAnswers.com

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Wade Carpenter, CPA, CGMA | CarpenterCPAs.com
Stephen Brown, Bonding Expert | SuretyAnswers.com

Overbilling can be good for your cashflow, but it can also potentially cause problems if used in the wrong way. This week, we're breaking down the pros and cons of overbilling, and how to overbill without setting yourself up for future headaches and issues with your bond underwriter.

 Topics we cover in this episode include:

• What is overbilling?
• What scenarios may result in overbilling?
• When does overbilling become a bad thing and how do bond underwriters look at it?
• How human error can lead to overbilling

LINKS

Visit the episode page at https://CarpenterCPAs.com/overbilling for more details and a transcript of the show.

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Wade Carpenter, CPA, CGMA | CarpenterCPAs.com
Stephen Brown, Bonding Expert | SuretyAnswers.com

Let's talk about working capital. What exactly is it, what can be included, and why is it important to your bank and bonding company? We'll answer those questions and provide some tips to understand and increase your working capital on this week's episode.

 Topics we cover in this episode include:

• Definitions to know: asset, liability, and current
• Why working capital is important to bonding companies and banks
• Working Capital Ratio 
• What bonding companies take into account when adjusting working capital
• How to increase your working capital at the end of the year

LINKS

Visit the episode page at https://contractorsuccessforum.com/workingcapital for more details and a transcript of the show.

Get the free contractor's guide to understanding working capital

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Join the conversation on our LinkedIn page: https://www.linkedin.com/company/contractor-success-forum

Find all episodes and related links at ContractorSuccessForum.com.

Join the conversation on our LinkedIn page: https://www.linkedin.com/company/CarpenterCPAs

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Wade Carpenter, CPA, CGMA | CarpenterCPAs.com
Stephen Brown, Bonding Expert | SuretyAnswers.com

Building a bond program is not just about being able to go after bigger jobs. A partnership with a bonding company you trust provides valuable information on the jobs you're bidding and is an important piece of your strategic growth plan. This week, Stephen shares some useful advice for building your bond program.

 Topics we cover in this episode include:

• Partnering with a great bonding agent is key
• Be proactive and honest with your bonding agent
• Listen to your bonding agent's perspective on potential jobs
• Year-end planning for your bond program
• Start getting financial statements before you need bonds
• Newer contractors can get bonds based on personal credit

LINKS

Visit the episode page at https://contractorsuccessforum.com/bondprogram for more details and a transcript of the show.

Find all episodes and related links at ContractorSuccessForum.com.

Join the conversation on our LinkedIn page: https://www.linkedin.com/company/contractor-success-forum

Find all episodes and related links at ContractorSuccessForum.com.

Join the conversation on our LinkedIn page: https://www.linkedin.com/company/CarpenterCPAs

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Wade Carpenter, CPA, CGMA | CarpenterCPAs.com
Stephen Brown, Bonding Expert | SuretyAnswers.com

When done properly, a cashflow projection or forecast can not only help you secure bonds and banking, but it can also serve as a roadmap to building a great business. This week, we're offering some practical advice on this useful tool: who should do it, how often it should be done, and how it might look different for construction companies.

 Topics we cover in this episode include:

• Why you might need a cash flow forecast (even if you have a lot of money in the bank)
• How far out and how frequently you should do a forecast or projection
• Using long-term cash flow projection as a planning tool
• How to boost your bonding capacity with accurate cash flow projections
• Cash flow projection considerations unique to the construction industry

LINKS

Visit the episode page at https://contractorsuccessforum.com/forecast for more details and a transcript of the show.

Find all episodes and related links at ContractorSuccessForum.com.

Join the conversation on our LinkedIn page: https://www.linkedin.com/company/contractor-success-forum

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Wade Carpenter, CPA, CGMA | CarpenterCPAs.com
Stephen Brown, Bonding Expert | SuretyAnswers.com

The year is coming to an end, and for many contractors, that means working with your CPA to get financial statements. These statements can be done at four different financial assurance levels with various indications for your business. Learn about each on this week's episode.

 Topics we cover in this episode include:

• What is a financial assurance level and why might I need one?
• Reasons contractors may need an audit 
• Why you should do your research before paying for an audit
• Term Audit
• Review level
• Compilation level
• Preparation level

LINKS

Visit the episode page at https://contractorsuccessforum.com/assurancelevels for more details and a transcript of the show.

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Join the conversation on our LinkedIn page: https://www.linkedin.com/company/contractor-success-forum

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Wade Carpenter, CPA, CGMA | CarpenterCPAs.com
Stephen Brown, Bonding Expert | SuretyAnswers.com

What's going on in the surety industry? Is now a good time to try to get bonded? Stephen has some useful insights and updates for you, including thoughts on why now is a great time to work on building a relationship with a bonding agent if you haven't already.

 Topics we cover in this episode include:

• Whether we're in a soft or hard surety market right now
• What a hard surety market is and what causes it
• When is the best time to build a relationship with a bonding company
• How to get started if you want to get bonded 

LINKS

Visit the episode page at https://contractorsuccessforum.com/suretyindustry for more details and a transcript of the show.

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Join the conversation on our LinkedIn page: https://www.linkedin.com/company/contractor-success-forum

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Wade Carpenter, CPA, CGMA | CarpenterCPAs.com
Stephen Brown, Bonding Expert | SuretyAnswers.com

While performance bonds ensure a job gets completed, payment bonds guarantee that subcontractors and suppliers get paid for their services and materials. This week, we're covering everything you need to know about filing a payment bond claim: when to do it, what information to include, and what happens once the claim is filed.

 Topics we cover in this episode include:

• When are payment bonds required?
• When should you file a payment bond claim?
• What information to provide when filing a payment bond claim
• Why contractors should take payment bond claims seriously

LINKS

Visit the episode page at https://contractorsuccessforum.com/claim for more details and a transcript of the show.

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Rob Williams, Profit Strategist | IronGateESS.com
Wade Carpenter, CPA, CGMA | CarpenterCPAs.com
Stephen Brown, Bonding Expert | McWins.com

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Wade Carpenter, CPA, CGMA | CarpenterCPAs.com
Stephen Brown, Bonding Expert | SuretyAnswers.com

This week, special guest Ariela Wagner from SunRay Construction Solutions joins us to talk about liens, bonds, and getting paid. Ariela shares some amazing tips to help you confidently manage your lien and bond claim rights and avoid costly mistakes.

 Topics we cover in this episode include:

• Preliminary Notice Requirements 
• Lien differences across state lines
• Federal vs. State Requirements
• Working with a company like SunRay to manage lien and bond claim rights
• How to avoid waiving your lien rights
• The power of communication and documentation

LINKS

Visit the episode page at https://contractorsuccessforum.com/ariela for more details and a transcript of the show.

Visit https://SunRayNotice.com to learn more about Ariela and the services her company offers.

Visit https://www.sunraynotice.com/resources to access the 50 States Lien Laws and other free resources.

Find all episodes and related links at ContractorSuccessForum.com.

Join the conversation on our LinkedIn page: https://www.linkedin.com/company/contractor-success-forum

Find all episodes and related links at ContractorSuccessForum.com.

Join the conversation on our LinkedIn page: https://www.linkedin.com/company/CarpenterCPAs

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Wade Carpenter, CPA, CGMA | CarpenterCPAs.com
Stephen Brown, Bonding Expert | SuretyAnswers.com

A good bonding program and an established surety relationship are signs that your construction company is moving in the right direction. But how do you get started with surety bonding? This week we're covering the basics of bonds: why you might need one, the different types of bonds, and how you can start setting yourself up now to qualify for one.

Topics we cover in this episode include:

• What a bond is and why you might need one
• How to get bonds and why you shouldn't be intimidated by the process
• Bid bonds vs. performance bonds
• The Three C's of Bond Underwriting
• How to start preparing to get bonds before you need them

LINKS

Visit the episode page at https://contractorsuccessforum.com/bondingbasics for more details and a transcript of the show.

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Rob Williams, Profit Strategist | IronGateESS.com
Wade Carpenter, CPA, CGMA | CarpenterCPAs.com
Stephen Brown, Bonding Expert | McWins.com

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Join the conversation on our LinkedIn page: https://www.linkedin.com/company/CarpenterCPAs

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Wade Carpenter, CPA, CGMA | CarpenterCPAs.com
Stephen Brown, Bonding Expert | SuretyAnswers.com

Working with a good construction-oriented insurance agent can save you a lot of money and headaches as a contractor. On this week's episode, we're getting some of those money-saving tips straight from our bonding and insurance expert himself: Stephen Brown.

Topics we cover in this episode include: 

• Ten ways to save money on your insurance
• Five money-saving strategies you should definitely avoid
• Why you shouldn't shop your insurance every year
• How to make insurance carriers hungry for your business

LINKS

Visit the episode page at https://contractorsuccessforum.com/insurance for more details, the article Stephen referenced, and a transcript of the show.

Subscribe for free resources and to be notified of future episodes at contractorsuccessforum.com/subscribe

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Rob Williams, Profit Strategist | IronGateESS.com
Wade Carpenter, CPA, CGMA | CarpenterCPAs.com
Stephen Brown, Bonding Expert | McWins.com

Find all episodes and related links at ContractorSuccessForum.com.

Join the conversation on our LinkedIn page: https://www.linkedin.com/company/CarpenterCPAs

FIND US ONLINE
Wade Carpenter, CPA, CGMA | CarpenterCPAs.com
Stephen Brown, Bonding Expert | SuretyAnswers.com