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This is a guest contribution from Randal DeHart of FastEasyAccounting.com.
I have been involved with construction beginning in the mid 1960’s as a kid working in the family construction company through the present time.
Over the decades I have gathered and documented a comprehensive list of terms that describe construction. Some of them are meant to bring a smile to your face, some are serious and the rest I hope are simply entertaining.
This Article Contains Definitions That Begin With The Letter “B”
Bad Bookkeeper – Wealth prevention tool keeping contractors from earning more than bookkeepers
Bad Bookkeeper Thinking Patterns - Some of the reasons they do what they do to drive contractors crazy
Bad Bookkeeping – Saving money in the wrong place and making decisions on garbage reports
Bad Numbers – Lead to bad decisions / cash shrinks / business unstable / bankruptcy or failure
Banker Agreement – Pledge to yourself in front of a mirror “Bankers do not do construction and I do not loan money”. Then always get job deposits before any work begins and regular construction draws. Preferably every week.
Bankruptcy – Result of saving money on bookkeeping and making decisions on garbage reports
BCA Business Coach – Someone who helps you raise your level of thinking and income
BCA Staff Member – Cheerful, well paid, thinking, responsible adult, Mastermind Team member
BCG Matrix – Graphical representation of Cash Cows / Rising Stars / Question Marks / Dogs
Belly Button Accountability – The one person who is responsible for a deliverable on a construction project
Bid – A wild guess carried out to two decimal places
Bid Collector – Customer looking for cheap contractor
Bid Opening – A poker game in which the losing hand wins
Bilingual – Words for women because they enjoy reading and can easily form pictures and movies in their minds to understand concepts. Pictures for men because they are accustomed to looking at drawings and blueprints.
Black Box – Computer with construction accounting software operated by a trainee
Bookkeeper Fully Burdened Labor Costs – The total cost of having a bookkeeper in your office including the cost to fix mistakes, pay for training, drama and overhead
Bookkeeper Training Contractor – Bookkeepers, who train the boss to let them come in late, leave early, call friends and relatives, take long breaks, get paid more and do less and less.
BPM – Business Process Management for construction company owners to grow passive income streams
Budget Bookkeeping – Listing all deposits from the bank statement as sales income and leads to contractor paying too much in taxes.
Business Failure – No meaningful financial and project management records in the calendar quarter preceding the failure
Business Life Cycle – Start small / grow big / lose shirt / shrink back to small business
Business Plan – A plan to have accurate financial reports to base long and short term decisions on
Business Process Management – Develop a construction business that generates passive income
Business Roundtable – Little round table in tavern with pitcher of beer and four contractors strategizing
About The Author:
Randal DeHart, PMP, QPA The Construction Accountant. Randal DeHart, PMP, QPA is the co-founder of Business Consulting And Accounting in Lynnwood Washington and Fast Easy Accounting. He is the leading expert in outsourced construction bookkeeping and accounting services for small construction companies across the USA. He is experienced as a Contractor, Project Management Professional, Construction Accountant, Intuit ProAdvisor, QuickBooks For Contractors Expert and Xero Accounting Specialist and Bill.Com Certified Guru. Visit http://www.fasteasyaccounting.com/ to learn more. Follow Randal on Google+
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My name is Jeff and I created this blog in 2007 to help and inspire contractors and home service providers. It’s come a long way since then.