May 29, 2015
This Podcast Is Episode Number 0112 And It Will Be About Why Tax Accountants Are Hazardous Construction Bookkeepers
Don't Let Tax Preparers Destroy Your Construction Company
Profits
Tax Accountants - Can kill more cash flow and
profit in your construction business in less than an hour by
preparing your annual tax return using a messed up QuickBooks
file than you can make up for with hard work in several
months, if not years. This is because saving you money on your tax
bill is not what they are paid to do; they are paid to fill
out tax returns.
This Is Not A Bad Thing - Rather it is a simple fact of
business that people and companies do what they are paid to do. Tax
Accountants also do not frame second story additions, cantilevered
over an embankment in the dead of winter with a strong
Northwesterly wind blowing in their face for the same reason; that
is not what they are paid to do.
The Answer Is - Have your Construction
Accountant clean up QuickBooks before giving it to your
tax accountant or tax preparer. Read More...
All Professional Accountants - Are aware of
the relationship between QuickBooks and the Internal Revenue
Service, IRS. In most cases your tax preparer and your
construction accountant work together as a team to help you only
pay the correct amount of taxes. Read More about QuickBooks
and the IRS..
Tax Accountants - Are good people and have their place;
however, not involved with regular
accounting, bookkeeping or contractors bookkeeping and
accounting.
Construction Accountants - Should not be preparing annual tax
returns because nobody can serve two masters. Either be a tax
accountant and serve the interests of the tax collection agencies
or be a construction accountant and serve the interests
of contractors.
How Many Times Have You - Hired someone with the expectation
they knew how construction works and then you found out they did
not have a clue about it or your particular type of
construction? It happens all the time and the first thing
that crosses your mind cannot be posted on this blog. The next
thing you do is take action and fix it!
How Many Times Have Accounting Firms - Hired what appeared to
be a Professional Bookkeeper only to discover they had
all the traits of a Bad Bookkeeper? It happens all too
often and action is taken to fix the problem!
You Have Mastered Construction - So you knew what to look for
and very quickly you knew if someone has the skillsets you need or
not.
We Have Mastered Construction Accounting - So we
know what to look for and very quickly we know if someone has the
skillsets we need and we proceed accordingly.
You Know What Happens - When you send your best Rough
Carpenter that you pay piece work for framing spec tract
houses from the ground up in all kinds of weather and working
conditions to install some custom made cherry wood cabinets with
gold plated pulls and knobs in the home of your best client who
happens to live in the wealthiest neighborhood in your town and it
is not a pretty sight, is it?
Rough Carpenters - Know what they know which is why he will
arrive at your best client's home wearing muddy work
boots, wearing bib overhauls, smoking a cigarette, un-shaven,
with an attitude, and walk across the white plush carpet while
carrying a heavy duty fifty foot power cords, a five gallon bucket
full of rough carpentry tools including a worm-drive circular saw
and a sazall with an 18 tooth blade. He is exactly the person you
need to get spec tract houses framed, on time, on budget! Enough
said? For more on this see Construction Psychology.
Tax Accountants - Operate like Rough Carpenters because they
work fast and furious and they are paid piece work. The main
difference is they earn the bulk of their income for the year in
three and one-half months. This means they do not waste any time
going through your receipts to make certain you get all the
deductions you are entitled too.
The Dirty Little Secret - Is most tax
accountants have software that gets the numbers
from QuickBooks or whatever system you are using and it
puts it directly into the tax form.
Which Means - If your QuickBooks Is Setup
Properly and all the transactions are input correctly you
could save you some serious money on your tax bill because the tax
preparation software will find most if not all of the deductions
you are entitled too.
You Must Understand That Saving You Money - On your tax bill
is not what they paid to do; they get paid to fill out as many
tax returns as possible is shortest amount of time during the
harvest season between January 1 and April 15th.
If Your QuickBooks - Is a mess they might recommend
a Cheap Bookkeeping Service working out of their home who
will put everything into QuickBooks in a way
that makes it easy and quick for them to prepare the tax
return with little or no regard for saving you money on your
tax bill.
If They Really Care - About you they will recommend
a construction accounting firm like us. We get referrals from
professional tax accountants and we refer annual tax preparation
work back to them.
The Following Is From One Of Our Clients:
--------------------------------------------------
House Builder Mukilteo, WA
"Having paid another accountant machos bucks only to find a wacko
bottom line that even I knew wasn't accurate----I was elated after
working with Business Consulting and Accounting.
Randal is knowledgeable and friendly and I find his
expertise invaluable. He has been readily available and
happy to share stories in order to enrich my learning.
My books are now in tip-top shape, and I have ultimate confidence
in my bottom line. Too bad I didn't know about their services
earlier; I could have saved myself a lot of
grief." Read More...
--------------------------------------------------
We Do Not Prepare Annual Tax Returns - For two reasons.
Number one, we are focused on maintaining our status as
the premier contractors bookkeeping and accounting specialists
in the world. Number two we firmly believe in "Trust But Verify" by
keeping contractors bookkeeping and accounting separate
from tax preparation and having a Board of Advisors
watching over each other and your business. Read More..
Just So You - Don't think we are being too hard on tax
accountants please understand that we have great relationships with
a lot of tax accountants. In fact we have tax accountants review
our QuickBooks and prepare our business and personal returns for
over thirty years and we refer a lot of business to a variety of
tax accountants.
I trust this podcast helps you understand that outsourcing your contractors bookkeeping services to us is about more than just “doing the bookkeeping”; it is about taking 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 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
Thinking About Outsourcing Your Contractors Bookkeeping Services?
Click On The Link Below:
Need Help Now?
Call Sharie 206-361-3950
In closing, I want to caution you that we may or may not be a good fit for your contracting company. This guide will help you learn what to look for in outsourced construction accounting.
Thank you very much and I hope you understand we really 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.
Warm Regards,
Randal DeHart | Contractors Accountant