Sep 8, 2017
Other types of corporations may be in a fiscal year with varied
due dates.
The only exception is any emergency extensions granted due to
hurricanes (Harvey) or others.
Personal Income Tax Returns are due to the IRS by October 15th
which falls on the weekend and extended to Monday, October
16th.
Keeping Paper Documents is necessary. Most contractors go from one
extreme to the other.
One extreme is saving everything for decades, and the other is
tossing everything out.
What To Save?
What To Toss Out?
We no longer need to print and save every document in file folders
and keep adding new file cabinets.
Happiness is every document that can be retrieved electronically at
any time in the future.
Sharie's Seven Paper Tips...
Sharie’s Paper Tip
101
Save your receipts. If you have it in paper Get a file box and toss
in all the gas, food, misc receipts paid by credit card. Make
a note on the receipt. You have the receipt for backup. I remember
a story where someone needed to prove where they were. Charges on
the credit card statement weren't enough.
Sharie’s Paper Tip
201
Make individual file folders for your state taxes, quarterly
payroll reports, W-2’s, 1099’s.
Other helpful folders are for your Bond, Liability Insurance,
Worker’s Comp Insurance, Tools, Office Equipment and Cell Phones.
All the statements you may need to reference over and over again
and Receipts with extended warranties.
Sharie’s Paper Tip
301
Print a copy of the Contract with your client (electronic
signatures is fantastic) use a service that will time and date
stamp in case you have an issues. Contracts are great in case of
dispute. If all goes well, then The Signed Contract is just another
piece of paper. I have heard stories of customers altering the
contract, and the contractor did not double check. Magically things
happen with software. Be sure what the client signs are the same
copy of the contract you sent them and expected to be signed.
Sharie’s Paper Tip
401
Take credit cards. Use multiple services if that is what is
available. If you use a service to send your contracts for
signature and they have a Merchant Services; then sign up for it.
Everything that happens seamlessly is the best. Approval Now +
Authorization of Payment means you have real money (their money) to
start the job.
OPM (means using Other Peoples
Money – meaning you are using the Client’s money to
start, continue and finish the job). Build in the Merchant Services
Fee into your pricing. Cost of doing business.
Many contractors lost money on Groupon Coupons as customers only
would do the One or Two Rooms as was prepaid on the coupon.
(Example Carpet Cleaning – Drywall Patching)
Sharie’s Paper Tip
501
Use an invoice built on Excel. Word is pretty and is needed for all
the descriptions. But to properly get the money, you expect to be
paid Contractors need a form that adds up the money.
Do not call all the payments a Job Deposit all the way from
beginning to end. Call it a Statement, Progress Invoice, once work
is approved it is no longer an Estimate or a Work Order. If you are
in a sales tax state (Washington State) and need to collect sales
tax; then be sure to add sales tax to every invoice.
Customers have selective memory. Be sure to use “Plus Applicable
Sales Tax” on the Estimate, Contact and all future billings. If
sales tax increases you need to be able to pass the increases on to
the customer.
Sharie’s Tip
601
Contractors who are doing remodel projects like to have job
costing. To achieve basic job costing reports the accounting
software needs to know what job the expenses should apply to.
Many contractors will create a single file folder and drop all of
the individual receipts in it.
This is handy if they have outsourced their bookkeeping and needed
to give their bookkeeping to others to enter into an accounting
software (QuickBooks)
One simple way to add more detail for bookkeeping is to have
accounts with the primary supplier. The person at the counter will
ask you if you have a PO (Purchase Order). Purchase Order does not
need to be complicated. Job Name and Job Address. Why both name and
address?
Because the name that pays the bill may not be the same as the Nick
Name that you know your client as.
Examples: Bob, Bobby, Rob, Robby, Robert or Bill, Billy, Will,
William may be the same person to you but not to the bank, credit
card company.
Always exciting when Spouse, Family member or good friend helps pay
your invoice. From Accounting side; next week, next month, next
year will you remember which job the individual receipts are tied
to?
Sharie’s Tip
701
For larger projects – file folder for each invoice especially if
you are billing Time & Material or Cost Plus.
Keep good records; customers will randomly want to confirm the cost
of some or all of the items.
To be better able to assist, we have added our FastEasyAccountingStore.com for the convenience of
clients who want to do their bookkeeping and need additional Chart
of Accounts and Items Lists to make their QuickBooks File work more
efficiently. Option available for Contractors using QuickBooks
Desktop (US Version) using our server and continue to do their
bookkeeping.
Contractors who want more hands on help to Set Up QuickBooks and want to consider
Outsourced Accounting Services using QuickBooks Desktop (access
optional) We have a process that begins with chatting about your
needs, how and what you are currently doing with your
bookkeeping.
Clients range from Brand New Contractor to Seasoned Contractor
whether you are currently using Shoe Box, Excel Sheets, QuickBooks
Desktop, QuickBooks Online or nothing at all we can help.
Looking forward to being of assistance.
Enjoy your day.
Sharie
About The
Author:
https://www.fasteasyaccounting.com/free-one-hour-consultation-bookkeeping
Sharie DeHart, QPA is the co-founder of Business Consulting And Accounting in Lynnwood Washington. She is the leading expert in managing outsourced construction bookkeeping and accounting services companies and cash management accounting for small construction companies across the USA. She encourages Contractors and Construction Company Owners to stay current on their tax obligations and offers insights on how to manage the remaining cash flow to operate and grow their construction company sales and profits so they can put more money in the bank. http://www.fasteasyaccounting.com/sharie-dehart/ 206-361-3950 or sharie@fasteasyaccounting.com
I trust this podcast helps you understand that outsourcing your contractor's bookkeeping services to us is about more than just “doing the bookkeeping”; it is about taking a holistic approach to your entire construction company and helping support you as a contractor and as a person.
We understand the good, bad and the ugly about owning and operating construction companies because we have had several of them and we sincerely care about you and your construction company!
That is all I have for now, and if you have listened to this far please do me the honor of commenting and rating podcast www.FastEasyAccounting.com/podcast Tell me what you liked, did not like, tell it as you see it because your feedback is crucial and I thank you in advance.
I trust this will be of value to you and your feedback is always welcome at www.FastEasyAccounting.com/podcast
This Is One more example of how Fast Easy Accounting is helping construction company owners across the USA including Alaska and Hawaii put more money in the bank to operate and grow your construction company. Construction accounting is not rocket science; it is a lot harder than that, and a lot more valuable to construction contractors like you so stop missing out and call Sharie 206-361-3950 or email sharie@fasteasyaccounting.com
Thinking About Outsourcing Your Contractors Bookkeeping Services?
Click On The Link Below:
This guide will help you learn what to look for in outsourced construction accounting.
Need Help Now?
Call Sharie 206-361-3950
Thank you very much, and I hope you understand we do care about
you and all contractors regardless of whether or not you ever hire
our services.
Bye for now until our next episode here on the Contractors Success
MAP Podcast.
Enjoy your day.
Sharie
About The
Author:
https://www.fasteasyaccounting.com/free-one-hour-consultation-bookkeeping
Sharie DeHart, QPA is the co-founder of Business Consulting And Accounting in Lynnwood Washington. She is the leading expert in managing outsourced construction bookkeeping and accounting services companies and cash management accounting for small construction companies across the USA. She encourages Contractors and Construction Company Owners to stay current on their tax obligations and offers insights on how to manage the remaining cash flow to operate and grow their construction company sales and profits so they can put more money in the bank. http://www.fasteasyaccounting.com/sharie-dehart/ 206-361-3950 or sharie@fasteasyaccounting.com
#1 EZ Step Interview inside QuickBooks Setup
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