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 customers 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 through your computer or tablet, freeing you up to focus on your clients.
With the following recommendations, even when a digital disaster strikes, your accounting data is secure because it is backed up daily on remote servers, which means, again, buying another computer, setting it up, and being back in business.
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Get a subscription to Box or DropBox and regularly scan important documents and store them there. It will take some effort to set up a file structure and maintain it, but it will be worth it when you lose your work or personal computer.
- Xero
Unless you're an accountant, anything to do with finances probably isn't on your list of fun activities. You don't want to spend your time writing up invoices and chasing down clients for payment or tracking and reviewing your expenses. Instead, you want your energy to go to an exciting project or finding a solution to a client's problems.
Xero lets you do just that. It offers a user-friendly invoicing system that allows you to accept payments through the software. In addition, you can connect Xero to your bank account, so transactions are imported to your Xero account daily, meaning you don't have to enter them manually. You can even manage your inventory and conduct bank reconciliation through the program.
All those stressful accounting tasks are taken care of with minimal effort from you.
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- You can review reports from home after hours.
- You can work on a Bid, Estimate, Change Order
- You can check your payables and pay bills
- If there is a problem – much easier to take proactive action and Lock The File Down.
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How much of your time do you spend hunting down financial documents, poring over spreadsheets, and tracking expenses? Searching for and trying to integrate scattered data makes it nearly impossible to quickly and efficiently close out the monthly books. Manage your business finances faster and more accurately by moving them to the cloud. QuickBooks Desktop In The Cloud has several benefits, including:
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- Integration with all your other construction operational systems for the quick retrieval of the most current data;
- Automation of daily financial processes so you can step away from spreadsheets;
- Efficient expense tracking that improves accuracy and reduces revenue leakage; and
- Secure collaboration with team members and stakeholders.
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Why do I like using Cloud-Based Servers?
For all the same reasons, every Contractor has web access to their bank is to see "The Numbers!"
Money In: Have my Deposits posted and cleared?
Money Out: What checks have cleared?
What's Left Over: How much money is in The Bank?
Most business owners like you find that working regular hours of 9 to 5 is not realistic. Being a contractor, your hours are dictated by your prospects, customers, and clients' needs.
This means as a Contractor, you may be creating an estimate, proposal, invoice, paying bills, or making an electronic deposit to your bank before 9:00 AM or after 5:00 PM (Monday - Friday). You are working in the early mornings, evenings, weekends before breakfast or after dinner, on Saturdays or Sundays. Usually, some time is devoted to business when you are on vacation.
Challenges for contractors with staff can be solved with QuickBooks Desktop In The Cloud:
- You can review reports from home after hours.
- You can work on a Bid, Estimate, Change Order
- You can check your payables and pay bills
- If there is a problem – much easier to take proactive action and Lock The File Down.
Backing up essential documents on a separate hard drive is necessary, whether you're using cloud computing or not. But in the case of a natural disaster that denies you access to your premises, QuickBooks Desktop In The Cloud can be advantageous.
Final thoughts
Because you can access your documents anywhere, there's an Internet connection; cloud computing can be vital to ensure business continuity. The last thing on your mind is packing up your business records and computer. Accessing our cloud server is available to outsource and do-it-yourself clients.
About The Author:
Sharie DeHart, QPA, is the co-founder of Business Consulting And Accounting in Lynnwood, Washington. She is the leading expert in managing outsourced construction bookkeeping and accounting services companies and cash management accounting for small construction companies across the USA. She encourages Contractors and Construction Company Owners to stay current on their tax obligations and offers insights on how to manage the remaining cash flow to operate and grow their construction company sales and profits so they can put more money in the bank. Call 1-800-361-1770 or sharie@fasteasyaccounting.com
OUTSOURCED ACCOUNTING FOR
THE BUSY CONTRACTOR
IN A MOBILE ENVIRONMENT
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