May 25, 2018
Everywhere there a Buzz Words and lots of people who say theyare Experts in their field. Question is What the Expert knows is ina topic that is useful to you?
Everyone wants to be paperless. It is not so much about saving aTree as saving Time. How can I get to My Bookkeeper, My Accountant,My Tax Accountant the information they need to develop thereports?
Most contractors tell me "Actually, I don’t want the reports Ionly want to know "scraps of information" so I can run My Businessbetter. If there is an easy way to get the job done; I want to knowit. There must be an App For That."
There are several apps and we have one just for ConstructionContractors. It does a lot but no app does everything.
One of the first questions I am asked is do Ihave to keep my receipts?
After all, I used my debit card, and it is all onthe bank statement
Bank Statements do not give all ofthe information needed to run your business. If you write acheck, it will say When and How Much but not the “Who” anddefinitely not on WHY you wrote a check. Debit card transactionshave Who, When and How Much; still no WHY.
My answer is Yes – Please. Many suppliers will take a productback IF you have a receipt. A few with your credit card will beable to find your transaction and be able to credit the purchaseback to the card. For everyone else; your receipt is the fastestway to document you actually made the purchase.
Stores return policy is as generous as they can be. But noteveryone can offer 100% refund for something that is obviously wornout, purchased from somewhere else or sometime long ago.
We have all heard stories where dress clothes (with tagsattached and hidden) are worn to a “fancy party” (New Year’s Eve’s)and next day returned to the store for a full refund. I don’t knowof anyone personally who has done it but reading on the internet –many stores have changed return policies because of this type ofcustomers (not clients). Kinda like being an “Unwelcome Pest”instead of a “Welcome Guest.”
I was in a store who refused to accept a return from thecustomer in front of me. The clerk told the customer they had madeToo Many Returns. We want to be the Welcomed Guest, be a goodneighbor, friend, the benefit to our community as we provide “Goodsand Services” to our friends and clients. Not everyone is a GoodClient or Customer.
Tax Accountants are someoneevery Contractor should have. Why, when Turbo Tax can do itall?
Turbo Tax is in simple terms an “AI” programmed to fill in theblanks based on the information you give it. So as an AI, thesoftware might be smarter than you and I; but remember that “TheComputer” does not win whenever playing against “Chess Masters” anda “Real Person” has done the programming.
Here are the Should Have, Ought To Have, Maybe, Because [fill inthe blank] with as many as you can think of and here are some more.You have already “Over Handled” your documents; especially if youare doing all of your own bookkeeping. I can’t afford to “Hire ItOut” Sometimes your budget is “Toast!”
Are you spending time doing the right things? The old saying“Sell Your Way Out Of A Problem” is true, but be sure you have donethe right job for the right client, and the right price can only beanswered when the accounting system has the proper information. Theanswer is a knowledgeable person between the keyboard and chairtouching the keys. Hint - There is a difference between Void andDelete.
Quicken could work as anovergrown checkbook. What would it tell you?
Wait, I took the easy step interview, synced to my bank; it haseverything it needs! Does It? or does it have everything YOUthink it needs to be based on what you know? If you are the SmartedPerson in the room – Fantastic.
Excited to meet someone who has read and understood everythingon the internet. All information is “Free, Perfect, Now!” Stilldoesn’t mean it is useful information to anyone and everyone whor*ads it versus just tons of general data. We each have differentopinions on “What Is Important.”
Questions to ask your New or Existing TaxAccountant
- Explain the differences in Sole Proprietorship, Partnership,Limited Liability Company, S-Corporation.
- Now, What is the Difference when it comes to Taxes Hint – SelfEmployment Tax
- Some Respected Attorneys do not understand the differencesbetween a Tax Point of View.
- Should I have my spouse as part of the company? Paid or Unpaid?
- Maybe I don’t need to add them if something happens to me[she|he] gets everything.
- I want to hire other Family Members to work in my company.
- Should I have them as an employee, part of management or own aportion of the company?
- I want my friends to be part of the company; we have a greattime on Friday night.
- We all agree that they would be an asset. (Does the part “WeAll Agree” include your spouse?
- Occasionally Spouses find being supportive becomes a “FullTime” unpaid position.
Is there a tax benefit to hiring my Teenage or College ChildrenPart-time?
Your Tax Accountant’s role is to roll up your business life,personal life (including spouse, children, assets, home, retirementaccount, stock market accounts, odds and ends of side income) andfile your business and personal income taxes. Some states do nothave an Income Tax (Washington) but have numerous other taxes. SodaTax, Sales tax, Vehicle tax, Property taxes that continue toincrease and more.
Have you ever played “Where’s Waldo” or walked through a “CornMaze” to get in the spirit of Halloween? Being in business ischallenging every day. There are no shortage demands on yourtime.
- Who is working for Who?
- What type of contractor do you want to be?
- General Contractor or Specialty Trade Contractor?
- Do you provide Design and Install or just Design or justInstallation?
- Are you working directly with the Home Owner?
- Do you work as a Specialty Trade Contractor for a GeneralContractor?
- Are you being paid by the Owner or by the GeneralContractor”?
- Having employees can seem like You Are Working For Them Insteadof Them Working For You (except you are paying in cash, loss oftime, taxes, and other Cash and Non-Cash Benefits (which takescash).
- Do you have W-2 employees?
- Are you paying them to watch you work (under the premise ofteaching them)?
- Do you have Specialty Trade Contractors work for you?
- Are they Bonded, Insured, carry their own Worker’s Comp policy?
- Are you treating your employees as 1099 contractors so avoidcollecting and paying taxes?
- Hint – Use a Labor Service or Payroll Service. State Labor Lawscan be complicated
It's AllAbout Getting Paid
You KnowHow To Do The Work
Are YouGetting Paid For It?
- Do you have a written contract or invoice that the Clientsigns?
- Do you set the payment schedule in your contracts?
- Do you receive Job Deposits on larger projects?
- Is the payment schedule set by Others?
- Have you given the owner of the property a “Notice To TheOwner?”
- Followed by a “Notice Of Intent To Lien” if they decide you bedoing “free work?”
- With a Specialty Contractor with a “Pay When Paid” clause?
Are you working New Construction, Residential Remodels, SmallCommercial Projects (TI’s)? They are each different. As aConstruction Contractor, you understand the difference between thetype of work you do.
It is important to verify that your Tax Accountant has a clueabout what you do. As a Construction Contractor, you have manyexpenses that an “Independent Traveling Sales Person” would nothave. It is by exception that a Construction Contractor completes aproject without having any Leftover Stuff.
Outside Sales People tend to lease their vehicle and miles areusually freeway miles so taking a mileage deduction makes sense.The wear and tear on your vehicle are huge. Almost Always takingactual expenses is better.
You haul stuff from the supplier to the job site. You create amess in the process of remodeling a house. That mess needs to berecycled, reused or taken to the dump. Scraps of lumber, cardboard,packing are just more stuff that makes a tour of your truck, van ortrailer. Even if you have an On-Site Dumpster – There is still“Stuff” to be dealt with. Hint - Hopefully you can return the“Extras” to the supplier.
Many marketing firms will also offer to be your Business Coach.Again, this person needs to understand about your business. Numbersare great! Your Banker is your numbers best friend and understandsthe numbers on the Tax Return you receive from your Tax Accountant.Tax Accountant adds credibility that you did not do the jobyourself. In other words, you are not making them up (or reducingthem down).
The same thing applies when Bank requests Homeowner to HIRE ALICENSED CONTRACTOR to do the project, and the Bank pay theContractor direct. Why, because with a set of prints the LicensedConstruction Contractor knows What To Do and How To Do It!Construction Contractors cringe when they see on the news anybuildings that collapse when Building Codes with good workmanshipit could be prevented.
The first Question is: Has your Business Coach, Tax Accountant,or Banker ever worked with a Construction Contractor? If you aretheir First Construction Contractor Client; great as long as youknow it!
As a New, Seasoned, or Returning Contractor if you are beingcompared to that Espresso Stand down the street that is a big deal.Hint – You have Cost of Goods Sold (COGS) and by exceptionInventory.
We are currently offering Online Classes. More classes tofollow. Visit FastEasyAccountingStore.com for ourOnline Products for our friends in the United States, Canada, andother International Locations.
Looking forward to being ofassistance. In the meantime; Read Our Blogs, Listen To OurPodcasts.
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About TheAuthor:
https://www.fasteasyaccounting.com/free-one-hour-consultation-bookkeeping
Sharie DeHart, QPA is theco-founder of Business Consulting And Accounting in LynnwoodWashington. She is the leading expert in managing outsourcedconstruction bookkeeping and accounting services companies and cashmanagement accounting for small construction companies across theUSA. She encourages Contractors and Construction Company Owners tostay current on their tax obligations and offers insights on how tomanage the remaining cash flow to operate and grow theirconstruction company sales and profits so they can put more moneyin the bank. http://www.fasteasyaccounting.com/sharie-dehart/206-361-3950 or sharie@fasteasyaccounting.com
I trust this podcast helps you understand that outsourcing yourcontractor's bookkeeping services to us is about more than just“doing the bookkeeping”; it is about taking a holistic approach toyour entire construction company and helping support you as acontractor and as a person.
We Remove Contractor's Unique PaperworkFrustrations
We understand the good, bad and the ugly about owning andoperating construction companies because we have had several ofthem and we sincerely care about you and your constructioncompany!
That is all I have for now, and if you have listened to this farplease do me the honor of commenting and rating the Podcastwww.FastEasyAccounting.com/podcastTell me what you liked, did not like, tell it as you see it becauseyour feedback is crucial and I thank you in advance.
You Deserve To Be Wealthy Because You Bring ValueTo Other People's Lives!
I trust this will be of value to you and your feedback is alwayswelcome at www.FastEasyAccounting.com/podcast
This Is One more exampleof how Fast Easy Accounting is helping constructioncompany owners across the USA including Alaska and Hawaii put moremoney in the bank to operate and grow your construction company.Construction accounting is not rocket science; it is a lot harderthan that, and a lot more valuable to construction contractors likeyou so stop missing out and call Sharie 206-361-3950 or emailsharie@fasteasyaccounting.com
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ThinkingAbout Outsourcing Your Contractors BookkeepingServices?
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This guide will help you learn what to look for in outsourcedconstruction accounting.
Need HelpNow?
Call Sharie206-361-3950
sharie@fasteasyaccounting.com
Thank you very much, and I hope you understand we do care aboutyou and all contractors regardless of whether or not you ever hireour services.
Bye for now until our next episode here on the Contractors SuccessMAP Podcast.
Enjoy your day.
Sharie
About TheAuthor:
https://www.fasteasyaccounting.com/free-one-hour-consultation-bookkeeping
Sharie DeHart, QPA is theco-founder of Business Consulting And Accounting in LynnwoodWashington. She is the leading expert in managing outsourcedconstruction bookkeeping and accounting services companies and cashmanagement accounting for small construction companies across theUSA. She encourages Contractors and Construction Company Owners tostay current on their tax obligations and offers insights on how tomanage the remaining cash flow to operate and grow theirconstruction company sales and profits so they can put more moneyin the bank. http://www.fasteasyaccounting.com/sharie-dehart/206-361-3950 or sharie@fasteasyaccounting.com
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Additional QuickBooks Templates,Resources, And Services
QuickBooks Set UpTemplates Solopreneur
QuickBooks Chart Of Accounts FreeStuff
QuickBooks Item Lists Templates Consulting
We Serve Over 100 Types Of ContractorsSo IfYour Type Of Company Is Not Listed
Please Do Not Be Concerned Because If You Are AContractor
There Is A Good Chance We Can HelpYou!
CallNow:206-361-3950
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