This Article Will Focus On helping Plumbing and Mechanical Contractors to lower their tax bills.
Your Tax Bill Is Based – On reports produced from your accounting system. The old saying garbage in = garbage out is absolutely true here. Only it means Garbage In QuickBooks = Your Plumbing And Mechanical Company Overpaid The Taxes!
If Your Bookkeeper – Is not properly trained in Construction Accounting, attended a QuickBooks bookkeeping seminar, watched some videos,
took an online class, spent a few months working in an accounting firm or is self-taught and believes in learning by experience (this means when they make a mistake you get to pay for it) then your Plumbing and Mechanical Company is very likely paying a lot more taxes than it should.
According To Malcom Gladwell – Author of the book “Outlier” it takes 10,000 hours of practice to master a skill. In his book there are many examples including the Beatles who played nearly 10,000 hours together in Germany before the emerged as “The Beatles”. He describes how Tiger Woods invested 10,000 hours on the golf course before he turned 21 and describes in detail how Bill Gates as a kid put in 10,000 on his PC and many other examples.
Professional Bookkeepers – Are people who have invested at least 10,000 hours in practicing and learning their trade because that is what it takes at least that long to become a master bookkeeper.
Marketing – Accounting – Production (MAP)
Foundation Of Successful Plumbing and Mechanical Contractors
- You Would Not – Hire the cheapest amateur to handle your marketing and lead generation
- You Would Not – Hire the cheapest amateur to handle your accounting and bookkeeping
- You Would Not – Hire the cheapest apprentices to handle your production
Putting Receipts – In QuickBooks is easy! Putting them in the right account and coded to the correct item and the correct job so the reports are accurate is another thing altogether.
You Need Financial Reports – You can trust and know that when the Monthly, Quarterly and Annual tax returns are calculated and filed that you are paying the right amount, which is the least amount and that one of the areas professional bookkeepers, earn their money.
If Your Bookkeeper – Put all receipts in as expenses you could be overpaying your taxes by at least 5% and probably more.
If You Think Your Tax Preparer – Will catch any bookkeeping errors think again! That is not what they are paid to do! Tax preparers are paid to prepare tax returns as fast as possible! It is human nature not to do work we are not paid to do which means most of them will not spend the time and effort to review the details of hundreds or thousands of transactions to make sure the amounts have been put in the right accounts. Read More…
You Work Hard For Your Money – Don’t let a Bad Bookkeeper give it away! One of the first things we do for a new outsourced bookkeeping client is look for signs they are paying too much in state, Federal and local taxes.
Contact Sharie 206-361-3950 for a no charge one hour consultation to find out if we can help you.
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 people like you and me so stop missing out! Call Sharie email@example.com
Profitable Contractors and Construction Company owners have known about the value of outsourced bookkeeping services and contractor coaching services like ours for a long time and now you know about it too!
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About The Author:
Randal DeHart, PMP, QPA is the co-founder of Business Consulting And Accounting in Lynnwood Washington, www.FastEasyAccounting.Com He is the leading expert in outsourced construction bookkeeping and accounting services for small construction companies across the USA. He is experienced as a Plumbing Contractor, General Contractor, Project Management Professional, Construction Accountant, Intuit ProAdvisor, QuickBooks For Contractors Expert and Xero Contractor Accounting Specialist, Bill.Com Guru and Tsheets ProAdvisor. Check out our Contractor Success Map Podcast on iTunes and Follow Randal on Google+
I leave you with this heartfelt blessing – “You are an inspiration to those around you even though most of the time nobody says anything to you and that is because as a contractor you are like the Lion King with a serious look on your face as you continually scan your environment in search of threats and opportunities. Take heart knowing you are never alone. The Universe knows your needs and is aware of the support you provide to those around you including some you have not met. Just trust that It will continually supply and support you now and for all eternity.”
Randal L. DeHart, PMP, QPA