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.
  

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Topics: QuickBooks Cleanup, QuickBooks Contractors Financial Reports, Construction Bookkeeping And Accounting, QuickBooks Construction Accounting, Contractor Guidance

It’s been another excellent year for Fast Easy Accounting. We appreciate your support for those of you who have been with us through all these years; without our contractor clients, template customers, construction accounting academy students, email subscribers, podcast listeners, blog readers, and social media followers, we wouldn’t get to where we are today.

 

As we look back on our 2021, I hope your fondest memories will include the time you’ve spent with all the things you love and are passionate about. And because we love what we do and we are passionate about serving our contractor friends - for us, this year was all about empowering your contracting business by continually providing you with outstanding products, high-quality services, and dependable resources for your bookkeeping and accounting needs.

 

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Topics: The Contractors Account, Outsourced Accounting For Contractors, Systems And Processes, QuickBooks Construction Accounting, Happy New Year

As a Construction Contractor, much of your world is Outside The Box. You make what seems impossible and turn it into a finished product; the whole house remodel, kitchen or bath remodel, new roof, install an attic fan, replace windows, deck, patio, hot tub, swimming pool, children's backyard playhouse. 

 

The Handyman Contractor fixes "Things," which are very important to the clients who need them—fixing a door, hanging a closet rod, moving something, removing something. Compared to a Whole House Remodel, it may seem like you are not doing anything. The reality is that to the person who needed the work done that a few simple little things may change their whole world for the better. Your Work as a Handyman Contractor brings joy to their life. Be Proud of it. No job is insignificant, and no construction business is too small for us.

 

I want to be the person who says Merry Christmas! You have earned it. 

 

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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

If you've been considering making a move to a cloud-based accounting system, you're not alone. Cloud technology has impacted many business functions, including efficiently managing your business's financial aspects.

 

Cloud-based accounting moves your accounting from being hosted on your computer's hard drive to an online platform. Cloud-based platforms like QuickBooks and Xero offer important features that save you time and money, freeing you to focus on other essential construction business activities.  

 

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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.

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Topics: QuickBooks Product Information, Xero, What Is Xero Accounting Online, QuickBooks Construction Accounting, Contractor Tips

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?

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 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.

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Topics: QuickBooks Product Information, The Contractors Account, Systems And Processes, QuickBooks Construction Accounting, Contractor Tips

Without proper tracking and matching of income and expenses, most construction companies never know if they made a profit until the job is over. Due to your work's nature, as construction contractors provide services on a per-job operation, issuing invoices make it all the more challenging and complicated than it has to be. The good news is that it doesn't have to stay that way. 

 

What should you include on your invoices to get paid faster? Even if you've been running your business for a while, you might be missing other information that you should include. So here is a step-by-step guide on what to include on your invoices.

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Topics: Payment Collect, Invoice With Smart Phone, Invoice With Tablet, QuickBooks Construction Accounting, payment issues

If you have a task that you don't like to do, there's an app or software program to take care of it for you. It might take a few moments of your time to learn and understand how the software or app works, but doing so will save you valuable time and precious energy. It will also free you up to spend time on the tasks you love to do, not on all the paperwork and record-keeping that go along with running a business.

When you run your own contracting or trade business, your life involves many long days being on job sites while managing projects, staff, and clients. There probably are not enough hours in the week for you to deal with all the issues that arise while keeping your clients happy and taking time out of your schedule to manage your business is probably the last thing you want to do.

Thanks to a variety of online software companies, running your business is now a lot easier. You can efficiently manage your projects, employees, finances, and records all through your computer or tablet, freeing you up to focus on your clients.

 

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Topics: TSheets, TSheets Construction Time Card Calculator, Xero For Construction Companies, KPI, QuickBooks Construction Accounting, Contractor, hubdoc, receipt bank

Being in your own business can be the best time in your life. Alternatively, the worst time! No one starts a business, especially a contracting business, and have it rolling perfectly with a profit every step of the way. Between regulations, economic uncertainty, and other outside forces; always a learning curve.

Picking a Get-Me-By Contractor's Bookkeeping Solution in many cases is using an Excel Spreadsheet and a shoebox, file folders all dumped into a file box and looking at the Online Banking once in a while. This accounting method is the "I still got money, so I must be okay."

When you use today's Job Deposit To Pay For the material, labor, and subcontractors from the last job, it is also known as "Rob Peter To Pay Paul." Cash flow is never a problem until the sales stop; then it doesn't matter if it is the economy (your customers get laid off), domino effect (their customer didn't pay them), or you are unable to work due to being hurt on the job or get sick (flu or more serious illness).

 

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Topics: QuickBooks Construction Reports, Key Performance Indicators, KPI, QuickBooks Construction Accounting, Contractor, finance

Some applications make almost everything easy, including accounting software. Too many contractors find out too late the adage "You get what you pay for" still applies.

 

Hundreds of contractors and regular bookkeepers have told us how simple QuickBooks is to use, yet they cannot understand why QuickBooks for Contractors is so hard to use, and it is getting harder every year. I agree with them.

 

Making a lot of money as a contractor is easy if you know what to do, and I don't mean your ability to produce more fieldwork than anyone else, although that does help.

 

Each contractor type has unique construction accounting needs, which means if the QuickBooks process is custom-fitted to each construction company's needs, it is a beautiful thing.

 

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Topics: QuickBooks Construction Reports, Profit And Loss Reports, QuickBooks Construction Accounting, Contractor, finance