Do You Feel a Migraine Coming On? Plumbing Contractor Bookkeeping
This Article Will Focus On identifying and find relief the five primary reasons your Plumbing Contracting company is not optimizing cash flow and profits.
Headache #1 Tax troubles are the trickiest and can stop your Plumbing And Mechanical Company dead in its tracks. Every Plumbing And Mechanical Company I have known in the past 25+ years has experienced tax troubles. Some of them forgot to file a tax form, some did not know about a tax form they needed to file and some Plumbing And Mechanical Contractors simply did not enough money to pay the taxes.
Headache #2 Invoicing which is your ticket to getting paid so you can pay yourself and then your employees, suppliers
and other bills, in that order. You need all your costs in QuickBooks so that your invoices are accurate. Your customers want an invoice that is easy to understand yet it has to show the original contract price, percent that is complete, change orders, deposits and more so you end up trying to force QuickBooks to do it, using a G702 / G703 or attempting to develop a custom pay application in Excel.
Headache #3 Payroll Making sure it is done right and on time including any payroll checks that have to be generated outside the normal payday, filing the tax reports, keeping track of the loans to employees and the end of the year W-2’s and W-3 and other reports including 1099’s.
Headache #4 All Of The Other Tax Reports and there are a bunch of them, especially for contractors. If your Plumbing And Mechanical Company is in area of the U.S.A. that requires you to collect, sales tax from your customers and clients and then file a Sales Tax Return then you have another set of headaches. A little known fact is most state and local tax agencies prefer all contractors not just Plumbing And Mechanical Contractors file late because the effective annual interest rate they charge you to “borrow money” starts around 51% for being one day late and goes up to 166% after the 66th day and then it gets real ugly!
contracting activity profits come from 20% of your customers.
We Remove Contractor’s Unique Paperwork Frustrations
The Answer To The Five Bookkeeping Headaches Plumbing And Mechanical Contractor Contractors have listed above and a whole lot more is simple, but not easy:
Option #03 Hire a contractor bookkeeping service
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 206-361-3950 or email@example.com and schedule your no charge one-hour consultation
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 – “Contractors like you are what make civilization possible for everyone and we all sincerely appreciate each and every one of you and may goodness and mercy be ever present in your life and the lives of your loved ones”
Randal L. DeHart, PMP, QPA