Managing Finances for Construction Business Owners | Ep: 344 Timothy Wingate

Timothy Wingate Jr is the founder, and president of G+F Business & Financial Consulting, a licensed Enrolled Agent, and a construction accountant. Timothy provides specialized 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. What problem do we solve? 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's Shownotes: 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 emphasizes 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 organized to reduce stress and increase productivity.  Connect with Timothy Wingate: Website  Instagram Facebook Linkedln Youtube Take the FREE Business Owners' Life Domain Assessment HERE Clarity Navigator Discovery Session – Sign Up HERE Learn more about Gary's Mastermind group at goascend.biz/the-mastermind-solution