Managing Finances for Construction Business Owners
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Timothy Wingate Jr is the founder, and president of G+F Business & Financial Consulting, a licensed Enrolled Agent, and a construction accountant. Timothy provides specialised accounting and tax services helping business owners gain a better understanding of their finances and costs, allowing them to win better, more profitable bids. With first-hand knowledge of the construction industry, Timothy offers tools and financial guidance to improve his client’s understanding of their finances and cash flow. He has a proven track record of success, including increasing a client’s gross revenue by 75%, helping a new construction company finance Big CAT equipment in less than a year, and helping a client avoid criminal charges for over $500,000 in back payroll taxes.
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In today’s episode, Gary Wilbers talks to Timothy Wingate Jr., a licensed enrolled agent and founder of G Plus F Business and Financial Consulting, about how to effectively manage finances for construction business owners.
Small Business Answer Man Show Notes:
- Timothy shares his approach to managing finances for construction business owners, highlighting the importance of understanding cost codes, estimating jobs correctly, and having a system in place for recording receipts.
- He discusses the need for business owners to have a good understanding of their financials, including accounts payable, accounts receivable, and cash flow, in order to make informed decisions about their business.
- He emphasises the importance of having a good accountant and working closely with them to ensure that financial planning and tax planning are aligned.
- Timothy provides practical tips and strategies for construction business owners to overcome common challenges such as missed scheduling, lack of focus, and financial stress.
- Timothy recommends using a cloud storage system like DEXT to manage receipts and track financial documents.
- He also suggests having a strategic conversation with your accountant starting in October to plan for tax season.
- Get access to Timothy’s resources on financial management and consulting for construction business owners.
- Check out Timothy’s website for more resources on financial management and consulting for construction business owners.
Timothy’s Advice for Construction Business Owners:
- Understand your cost codes and estimate jobs correctly to ensure accurate financial projections.
- Have a system in place for recording receipts to track cash flow.
- Work closely with your accountant to ensure financial planning and tax planning are aligned.
- Focus on managing your thoughts and staying organised to reduce stress and increase productivity.
Connect with Timothy Wingate
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