Penny Lane, a construction accounting expert, discusses the importance of designing a simple yet effective chart of accounts and cost coding system for contractors. She emphasizes using these financial tools to track profitability, make informed pricing decisions, and ultimately run a more successful construction business.

https://jobcosting.com/

Construction accounting, chart of accounts, and cost coding with a specialist. (0:00)

Chart of accounts for contractors, including types of accounts and how they relate to financial reports. (3:50)

Job costing and accounting for direct and indirect costs. (9:50)

Accounting for construction costs, including cost of goods sold and indirect costs. (14:59)

Simplifying accounting systems for contractors, focusing on cost codes and chart of accounts. (21:42)

Breaking down job costs into subcategories for easier tracking and analysis. (25:57)

Organizing financial accounts for contractors to track profitability. (30:58)

Profit margins, markups, and cost structure for contractors. (35:13)

Construction accounting basics and how to use financial data to make better business decisions. (39:57)

Find Our Hosts:
Reece Barnes
Matt Calvano

Podcast Produced By:
Motif Media

Bryan Uhler, of Pioneer Builders, shares his insights on managing cash flow and building a successful speculative home building business, emphasizing the importance of rational decision-making, financial management, and building homes with integrity.

Bryan Uhler

https://pioneerbuildersonline.com/

Running a healthy speculative building business with a guest builder. 0:00

Building and construction, from accounting background to spec homes. 2:53

Spec home building risks and strategies for success. 8:49

Managing risk and cash flow for a spec home builder. 13:59

Real estate investing and building homes with integrity. 21:38

Financial management for construction businesses, including tracking financials, costs, and accounting. 27:37

Building custom homes, financial management, and decision-making. 33:43

Find Our Hosts:
Reece Barnes
Matt Calvano

Podcast Produced By:
Motif Media

Today on Builders Budgets and Beers we discuss the pros and cons of cost-plus vs. fixed-price building models in the construction industry. Builders Brad Robinson and Scott Bland debate the merits of each approach, considering factors like risk, profit potential, overhead, client satisfaction, and quality control.

Brad Robinson
https://www.bradfordremodels.com/

Scott Bland

https://jimblandhomes.com/

Cost plus vs. fixed price contracts in construction. 0:00

Cost-plus vs fixed-price building models. 4:45

Cost-plus contracts in construction industry. 9:51

Cost plus vs fixed price pricing models in construction, with a focus on risk and reward. 13:19

Fixed-price vs cost-plus contracts in construction, with a focus on risk management and profit potential. 17:34

Build cycle, pre-construction process, and client satisfaction. 20:46

Cost-plus vs fixed-price contracts in home building, with emphasis on managing client expectations and avoiding disputes. 26:42

Cost-plus and fixed-price contracts in construction, with emphasis on client communication and risk management. 31:03

Client expectations and quality control in construction projects. 37:56

Cost plus vs fixed price contracts for custom home building, with emphasis on quality and consistency. 41:37

Construction cost markups and margins. 45:37

Pre-construction contracts and cost estimation. 52:42

Building a legacy through quality home construction. 57:44

Builder culture, marketing, and TV shows. 1:04:36

Find Our Hosts:
Reece Barnes
Matt Calvano

Podcast Produced By:
Motif Media

Adam Martin shares cost management strategies for profitable construction projects, emphasizing the importance of thorough pre-planning, accurate cost tracking by line item, and real-time approvals to manage budgets and drive accountability.

Find Our Guest:
https://www.buildmartin.com/

Show Notes:

• (0:00) Construction costs and budgeting with a guest from Martin Building Group.
• (3:25) Luxury homebuilding with a focus on creativity and customization.
• (9:00) Managing creativity and flexibility in construction projects, with a focus on the importance of pre-planning to avoid costly mistakes.
• (15:04) Construction project allowances and budgeting.
• (21:55) Cost estimation and budgeting in construction, with a focus on the importance of accurate quantity takeoffs and historical cost data.
• (27:21) Managing costs and tracking line items for construction projects.
• (32:46) Managing construction costs, change orders, and real-time approvals.
• (36:41) Cost transparency and granularity in construction projects.
• (41:20) Using workflow approvals to manage costs and drive accountability in construction projects.

Find Our Hosts:
Reece Barnes
Matt Calvano

Podcast Produced By:
Motif Media

Kalpana Oommen joins Builders, Budgets, and Beers to share her journey from millions of dollars in losses to $5 million in revenue. She discusses how diligently tracking finances helped her business transform client experiences, increase profits, and attract top talent through trust and transparency.

Find our guest:
https://www.evercraftllc.com/
https://www.linkedin.com/in/kalpana-oommen-088856/

Coffee preferences and ranking at a Manhattan office. (0:00)

Career path and success in construction industry. (3:53)

Home building experience with budget overages and poor communication. (11:03)

Unethical contract practices in the construction industry. (14:27)

Managing construction financials using Excel spreadsheets. (21:10)

Managing finances and building a successful business in the construction industry. (25:49)

Profitability and growth in a real estate business. (30:20)

Real estate investing, financial stability, and budgeting. (35:07)

Tracking construction accounting and financials leads to 92% conversion rate. (40:57)

Managing client expectations and finances in construction projects. (45:54)

Find Our Hosts:
Reece Barnes
Matt Calvano

Podcast Produced By:
Motif Media

Builders Budgets and Beers

Reece Barnes and Matt Calvano discuss financial management for construction businesses with industry expert Zack Kelly, explaining the importance of work in progress (WIP) reports, managing costs and cash flow, tracking actual expenses versus estimates, and choosing the right pricing model to ensure repeatable profits.

Find our guest:
https://www.linkedin.com/in/zqk/

Show notes:
Financial management for construction businesses. (0:00)

Work in progress (WIP) for construction companies, IRS requirements, and accounting methods. (5:09)

Construction project financial management using WIP reports. (11:03)
percentage complete and billings. (16:25)

Managing unexpected costs and billing frequency in construction projects. (19:40)

Project cost management, profit margins, and accurate forecasting. (24:24)

Financial reporting for construction businesses, including profit and loss statements, balance sheets, and journal entries. (29:01)

Job costing, actuals vs. estimates, and the importance of tracking invoices and costs in real-time. (37:01)

Making high profits in real estate through speculative home sales. (41:27)

Construction pricing models and their impact on repeatability and risk tolerance. (46:12)

Find Our Hosts:
Reece Barnes
Matt Calvano

Podcast Produced By:
Motif Media

Builders Budgets and Beers

Mark Williams, a third-generation builder, joins Builders Budgets and Beers to discuss his career building high-end custom homes and shares lessons he has learned from both profitable and unprofitable projects, emphasizing the importance of client relationships and financial management.

Find Our Guest:
https://www.mdwilliamshomes.com/

Find Our Hosts:
Reece Barnes
Matt Calvano

Podcast Produced By:
Motif Media