Back office support can make or break your construction company and that’s where we come in. We can do you the most good by bringing order to your chaotic contractors bookkeeping mess! Most of our clients come to us because they believed they needed someone to straighten up their contractors bookkeeping services system, help them get current or quarterly payroll tax filings, sales tax returns and a variety of other tax issues. That is only the tip of the iceberg!

The real value in working with us is not just getting you out of trouble now but keeping you out of trouble in the future so that you can focus your time and energy where it will do you the most good…acquiring profitable and pleasant customers and clients and satisfying their needs.

Warm Regards,

Randal DeHart | Premier Contractors Accountant

This is one more example of how Fast Easy Accounting is helping construction company owners just like you 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:

www.FastEasyAccounting.com/hs

Need Help Now?

Call Sharie 206-361-3950

sharie@fasteasyaccounting.com

0233: Contractors Struggle To Save Paperwork Needed For Taxes

Sep 8, 2017

This Podcast Is Episode Number 0233 And It Will Be About Contractors Struggle To Save Paperwork Needed For Taxes

Tax Time! Corporate Income Tax Returns are due to the IRS by September 15th for S-Corp and LLC’s filing as an S-Corp

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.

Does your customer want copies of all receipts?
Does your customer want to nit pick the price of each 2x4, cost of temp? Service and every dump fee?
Does your customer Agree Verbally To Change Orders but give excuses when asked to confirm changes on paper or by email?
Does your customer hide when you ask for payment?

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 Remove Contractor's Unique Paperwork Frustrations

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.

You Deserve To Be Wealthy Because You Bring Value To Other People's Lives!

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

Contractor Bookkeeping Done For You!

Thinking About Outsourcing Your Contractors Bookkeeping Services?

Click On The Link Below:

www.FastEasyAccounting.com/hs

This guide will help you learn what to look for in outsourced construction accounting.

Need Help Now?

Call Sharie 206-361-3950

sharie@fasteasyaccounting.com

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

Our Workflow Removes Your Paperwork Frustrations

For Contractors Who Prefer

To Do Your Bookkeeping

Fast Easy Accounting Do-It-Yourself
Construction Accounting Store Is Open

Most Contractors Setup QuickBooks Desktop Version In One Of Three Ways:

#1 EZ Step Interview inside QuickBooks Setup
#2 Asked Their Tax Accountant To Setup QuickBooks
#3 They Attended A How To Setup QuickBooks Class Or Seminar

And QuickBooks Does Not Work The Way They Want It Too!

The Answer:

#1 Click Here To Buy An Entire QuickBooks Setup For Your Specific Contracting Company

#2 Click Here To Buy Just The Chart Of Accounts For Your Specific Contracting Company

Short List Of Construction Contractors We Serve

Asphalt Contractor Asphalt Contractor Brand New Contractor Brand New Contractor Brick And Stone Contractor Brick And Stone Contractor Cabinet Installation Contractor Cabinet Installation Contractor Carpentry Contractor Carpentry Contractor Carpet And Tile Contractor Carpet And Tile Contractor Commercial Tenant Improvement Contractor Commercial Tenant Improvement Contractor Concrete Contractor Concrete Contractor Construction Employees Construction Employees Construction Manager Construction Manager Construction Support Specialist Construction Support Specialist Custom Deck Contractor Custom Deck Contractor Custom Home Builder Custom Home Builder Demolition Contractor Demolition Contractor Drywall Contractor Drywall Contractor Electrical Contractor Electrical Contractor Emerging Contractor Emerging Contractor Excavation Contractor Excavation Contractor Finish Millwork Contractor Finish Millwork Contractor Flipper House Contractor Flipper House Contractor Flooring Contractor Flooring Contractor Foundation Contractor Foundation Contractor Framing Contractor Framing Contractor General Contractor General Contractor Glass Installation Contractor Glass Installation Contractor Gutter Contractor Gutter Contractor Handyman Contractor Handyman Contractor Hot Tub Contractor Hot Tub Contractor HVAC Contractor HVAC Contractor Insulation Contractor Insulation Contractor Interior Designer Contractor Interior Designer Contractor Land Development Contractor Land Development Contractor Landscape Contractor Landscape Contractor Lawn And Yard Maintenance Contractor Lawn And Yard Maintenance Contractor Masonry Contractor Masonry Contractor Mold Remediation Contractor Mold Remediation Contractor Moss Removal Contractor Moss Removal Contractor Painting Contractor Painting Contractor Plaster Contractor Plaster Contractor Plaster And Stucco Contractor Plaster And Stucco Contractor Plumbing Contractor Plumbing Contractor Pressure Washing Contractor Pressure Washing Contractor Remodel Contractor Remodel Contractor Renovation Contractor Renovation Contractor Restoration Contractor Restoration Contractor Roofing Contractor Roofing Contractor Siding Contractor Siding Contractor Spec Home Builder Spec Home Builder Specialty Contractor Specialty Contractor Stone Mason Contractor Stone Mason Contractor Stucco Contractor Stucco Contractor Subcontractor Subcontractor Swimming Pool Contractor Swimming Pool Contractor Swimming Pool And Hot Tub Contractor Swimming Pool And Hot Tub Contractor Tile And Carpet Contractor Tile And Carpet Contractor Trade Contractor Trade Contractor Tree Contractor Tree Contractor Underground Contractor Underground Contractor Utility Contractor Utility Contractor Waterproofing ContractorWaterproofing ContractorWindow Contractor Window Contractor

Additional QuickBooks Templates, Resources, And Services

QuickBooks Set Up Templates Solopreneur QuickBooks Chart Of Accounts Free Stuff QuickBooks Item Lists Templates Consulting

We Serve Over 100 Types Of Contractors So If Your Type Of Company Is Not Listed

Please Do Not Be Concerned Because If You Are A Contractor

There Is A Good Chance We Can Help You!

Call Now: 206-361-3950

Additional QuickBooks Templates, Resources, And Services

QuickBooks Set Up Templates Solopreneur

QuickBooks Chart Of Accounts Free Stuff

QuickBooks Item Lists Templates Consulting

We Serve Over 100 Types Of Contractors So If Your Type Of Company Is Not Listed

Please Do Not Be Concerned Because If You Are A Contractor

There Is A Good Chance We Can Help You!

Call Now: 206-361-3950

If you are a blogger, who writes about construction we would like to hear from you.

https://www.fasteasyaccounting.com/guestblogger

Contractors_Success_MAP, Contractors_Success_Marketing_Accounting_Production, Contractor_Bookkeeping_Services, QuickBooks_For_Contractors, QuickBooks_For_Contractors,Contractors_Success_Map_Contractors_Struggle_To_Save_Paperwork_Needed_For_Taxes

0233: Contractors Struggle To Save Paperwork Needed For Taxes

This Podcast Is Episode Number 0233 And It Will Be About Contractors Struggle To Save Paperwork Needed For Taxes

Tax Time! Corporate Income Tax Returns are due to the IRS by September 15th for S-Corp and LLC’s filing as an S-Corp

We Remove Contractor's Unique Paperwork Frustrations

You Deserve To Be Wealthy Because You Bring Value To Other People's Lives!

Contractor Bookkeeping Done For You!

Our Workflow Removes Your Paperwork Frustrations

For Contractors Who Prefer

To Do Your Bookkeeping

Fast Easy Accounting Do-It-Yourself Construction Accounting Store Is Open

Most Contractors Setup QuickBooks Desktop Version In One Of Three Ways:

And QuickBooks Does Not Work The Way They Want It Too!

The Answer:

#1 Click Here To Buy An Entire QuickBooks Setup For Your Specific Contracting Company

#2 Click Here To Buy Just The Chart Of Accounts For Your Specific Contracting Company

Short List Of Construction Contractors We Serve

Additional QuickBooks Templates, Resources, And Services

We Serve Over 100 Types Of Contractors So If Your Type Of Company Is Not Listed

Please Do Not Be Concerned Because If You Are A Contractor

There Is A Good Chance We Can Help You!

Call Now: 206-361-3950

Additional QuickBooks Templates, Resources, And Services

We Serve Over 100 Types Of Contractors So If Your Type Of Company Is Not Listed

Please Do Not Be Concerned Because If You Are A Contractor

There Is A Good Chance We Can Help You!

Call Now: 206-361-3950

If you are a blogger, who writes about construction we would like to hear from you.

https://www.fasteasyaccounting.com/guestblogger

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