Contractors who ask for help in Cleaning Up their QuickBooks Files before filing taxes have better results than those that do not. The Tax Accountant is happier because the QuickBooks file is clean and easier to work with. They will likely find more deductions that can save you money and, in some cases, mean the difference between success and failure in your construction company.
- Because the QuickBooks file is clean, the Tax Accountant will have fewer questions for you.
- Because the QuickBooks file is clean, the Tax Accountant can easily find the reports needed to file your tax return.
- Because the QuickBooks file is clean, the Tax Accountant can focus on saving you money.
Topics: The Contractors Account, Invoicing, Cloud Based Bookkeeping Services, Outsourced Accounting For Contractors, Systems And Processes, Construction Company Cash Flow, QuickBooks Construction Accounting, accounts receivable for contractors, Contractor Guidance
Topics: The Contractors Account, Invoicing, Cloud Based Bookkeeping Services, Outsourced Accounting For Contractors, Systems And Processes, Construction Company Cash Flow, QuickBooks Construction Accounting, accounts receivable for contractors
Most construction business owners who use accounting software quickly master the basics. They automate processes like invoicing and payroll, track expenses, and view real-time financial reports to manage cash flow and make better business decisions.
What three reports do you need for your construction business?
#1 Cash On Hand - This report shows you how much cash you have in your checking accounts, savings accounts, payroll accounts, hip national bank (your wallet), and petty cash box in your office.
#2 Cash Coming In - This report shows you how much cash your customers and clients owe you and how much of it will be likely to receive in the next 30-60-90 days.
#3 Cash Going Out - This report shows you how much cash you owe yourself, suppliers, employees, and the taxman and how much of it will be likely to pay out in the next 30-60-90 days.Read More
Typically, in the first month of the year, many contractors with expensive high-end construction software are re-examining if QuickBooks for Contractors is all they need and if switching over to it makes sense.
I chat with Contractors every day. You tell me your stories - about your challenges in running a business, keeping up with the bookwork, estimating and bidding jobs, doing the work and collections from clients, and having or not having employees and paying their taxes.
The first thing we ask is which of The Four Types of Contractors best describes your company?
Having used several high-end construction software programs costing over $60,000 and a few low-cost programs under $500 like QuickBooks and Peachtree, and some free online bookkeeping programs, I have concluded that for contractors with annual sales volume under $5,000,000, the only answer is QuickBooks For Contractors. For an in-depth comparison of QuickBooks versions, click here.
We started using QuickBooks when it was first released in the DOS version in the early 1990s and had been raving fans of it ever since. It's had problems and growing pains; however, Intuit, the parent company of QuickBooks, is right about finding and fixing the issues as evidenced by the number of contractors using it compared to their competitors.Read More