Running a business for general contractors like you is an overwhelming yet fulfilling task because there are so many things only the company owner can and should do. In most cases, when the owner's spouse contacts us, it is because they are trying to help with the business, but they know they need outside assistance, so there is more quality time with the family.

Most contractors, and small business owners, in general, haven’t realized that what you don’t know can keep you up at night. Instead of focusing your efforts in maintaining your relationship with your past clients and building a new one, you were up wondering whether you’re making or losing money. Today more than ever, it is necessary to have a properly set-up accounting and bookkeeping file and maintain it. Someone with the knowledge and training combined with an understanding of construction to Set-Up, Clean-Up, Tidy-Up, and manage your bookkeeping system.

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In Construction, hiring Independent Contractors can get very expensive, very fast!

The Internal Revenue has a defined set of rules on what is the difference between an "Independent Contractor" and "Employee". With all the documentation in place, a person could still be classified in the eyes of the Internal Revenue Service as an "Employee."

When you hire 1099 contractors

You need to know that their state contractor's license, bond, and insurance are active. During audits, state agencies are now looking to check the bond and insurance. Anytime a contractor's license is suspended, the State may reclassify that person as an employee on your job.

Because all fifty states are working with other agencies looking to be sure employee rights are covered, and the state, local and federal payroll taxes are paid. As an employer among your responsibilities are these:

• Pay workers’ compensation

• Meet wage and hour requirements

• Pay unemployment tax

• Maintain a safe workplace

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Many contractors with expensive high-end construction software are re-examining if QuickBooks for Contractors is all they really need and if switching over to it makes sense.

The first thing we ask is which of The Four Types of Contractors best describes your company?

Salt of The Earth

Dog And Pickup Truck

Professional

Enterprise Level

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 of the free online bookkeeping programs; I have arrived at the conclusion 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 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 good about finding and fixing the issues as evidenced by the number of contractors using it compared to their competitors.

 

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The calls, emails, messages, and walk-ins that our company deal with every day come from construction contractors, spouses or significant other, construction bookkeepers, advisors, students, and financial planners among others. I do my best to offer support even if it does not lead to an immediate request for our services.

The pressures of running a construction company are tremendous. Incoming money is usually unknown, but expenses and bills are due now. You are not alone; many contractors feel the same way. Owning a construction company is so much different from just working for another construction contractor, and in most cases, new contractors had no idea what is involved in the business end of the operation before they started.

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One of the biggest struggles contracting business owners deal with is the overwhelming amount of paper they have to organize as part of their everyday tasks. Invoices, receipts, bills, contracts, client records, pay applications, insurances, licenses - are just among the few in the seem to be never ending "etc". Keeping important 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? At Fast Easy Accounting, we no longer need to print and save every document in file folders and keep adding new file cabinets. Our paperwork processes ensures your happiness and peace of mind knowing that your papers can be retrieved electronically at any time in the future.

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I would like to start my blog post by asking you to reflect on your WHY. Pause for a while and think about the reason or reasons why you started your business. I highly doubt that your answer is rooted in accounting tasks or involved any type of bookkeeping project at the slightest. It is apparent that you’re passionate about what you do and you love working in the construction industry, be your own boss, and have the freedom you’ve dreamed of.

I admit, small business owners - like myself, have learned to make the most of the resources we have. And as an entrepreneur, tend to take on the challenge of wearing multiple hats. Marketing your business, answering phone calls, responding to emails, scheduling appointments – to name a few. However, I am reminding you now that being a company owner and doing your accounting and bookkeeping requires a totally different skill set from being a construction expert in your field. When it comes to your financials, it would be wise to take a step back and let someone who specializes in bookkeeping do it for you. Not just any accountant or bookkeeper, but see to it that they are Construction Bookkeeping and Accounting Professionals.

 

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