surety bonds

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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.

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

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.

Find all episodes and related links at ContractorSuccessForum.com.

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

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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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

If you're a contractor wanting to increase the amount of bonds you can get, don't miss this episode. Stephen shares his top strategies for increasing your bondability on this week's episode.

 Topics we cover in this episode include:

• The three things bonding companies care about most
• How to start putting together your bond application
• Completing the Contractors' Questionnaire
• Sharing references and key employees
• How to work up to the next level of bonding
• Indemnity agreements and personal guarantees
• The most common challenges contractors run into when trying to get bonds

LINKS

Visit the episode page at https://CarpenterCPAs.com/bondability 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

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

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

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.

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

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.

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 Work In Progress report is a powerful tool: it can increase your bonding capacity, help you manage costs, and give you an accurate picture of both your working capital and the status of your current jobs. This week, we're talking about why the WIP is crucial and how to do it right.

Topics we cover in this episode include:

• How a WIP report affects your bonding capacity
• The importance of consistency when tracking job costs and why WIP numbers are not always intuitive
• Common mistakes contractors make on their first WIP report
• Addressing stored materials on the WIP report
  
  

LINKS

Visit the episode page at https://contractorsuccessforum.com/WIP 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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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

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

Did you receive funds from the government as part of the COVID relief efforts? Are you unsure how that money will affect your bonding capacity now? Get up to speed on PPP loans, EIDL loans, and the ERTC on this week's episode.

Topics we cover in this episode include:

• Why it's important to talk to your bond agent about the PPP or other COVID-related government funds you've received
• A crucial cash-saving tip for classifying the employees that you pay with PPP funds
• The loans and grants that have been helpful to contractors and how to address them now
• The importance of obtaining forgiveness letters for taxes and bonding
• How accepting government funding affects your bonding capacity
  
  

LINKS

Visit the episode page at https://contractorsuccessforum.com/PPP 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 US ONLINE
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

This week we're joined by special guest Mike Michalowicz! Mike is the best-selling author of Profit First and Fix This Next. We talk with him about the Profit First cash management method, the behavioral science behind it, and why it works for contractors.

We also discuss how Profit First helps contractors get bonds, why checking on the balance in your bank account is not a good way to measure profitability, and why you should consider working with a Profit First Professional to get the most out of the system.

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

Check out the video of Wade and Rob rescuing Mike from the bears here!

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

Find all episodes and related links at ContractorSuccessForum.com.

FIND US ONLINE
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

In this week's episode, Stephen, Wade, and Rob cover one of the three C's of getting bonds: Character.

We talk about how it's measured by bond underwriters, how your agent can help you put your best foot forward, and how to build a bond team of deeply trusted allies, rather than fair-weather friends.

Make sure you tune in next week for a very special guest! And subscribe to hear about the last C of bonding: Cash.

Visit the episode page at contractorsuccessforum.com/character for more details and a transcript of the show. Subscribe to for free resources and to be notified of future episodes at contractorsuccessforum.com/subscribe.

Don't forget to subscribe so you don't miss future episodes! Find all episodes and related links at ContractorSuccessForum.com.

FIND US ONLINE
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

In this week's episode, Stephen, Wade, and Rob discuss what you can do to increase your bonding capacity - and what things could work against you.

We cover the responsibility of your bond agent vs. the responsibilities of you as the contractor, why it's crucial to work with a CPA to have good financial records, how much liquidity you need, how past jobs can help boost your bonding capacity, and the importance of good relationships in the process. Wondering how your personal net worth factors into your bond capacity? We cover that question, too. 

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

Don't forget to subscribe so you don't miss future episodes! Find all episodes and related links at ContractorSuccessForum.com.

FIND US ONLINE
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