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QuickBooks Clean Up To Reduce Taxes And Fees For Contractors

Posted by Sharie DeHart on Fri, Apr 01, 2022

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.

QuickBooks Clean Up To Reduce Taxes And Fees For Contractors

You are the Happiest because taking a trip to the Dentist for many contractors is less painful than going to the Tax Accountant. Once a Tax Accountant is "Broke In," you hate to change them.

It shouldn't have to be that way. Like a new pair of shoes – All is well and a Happier Experience, once the Tax Accountant and The Contractor understand the needs and expectations of the other.

Bad Experiences Just Spiral Down

Tax Accountant does not want to see a Box of Receipts, Twelve Bank Statements and a see you later; call me when it's done. You reply, "I wanted my refund yesterday."

It Is Tax Time, And The Tax Accountant Gets To Choose What Client To Work On Next

The condition of your Financial Statements (or lack of Financial Statements) may put you at the bottom of the pile. From time to time, Tax Accountants will find paperwork or a QuickBooks file in such awful condition that they refuse to do the taxes until changes have been made.

Contractors who are serious about their business need to be actively involved. A little bit of effort goes a long way to document that their company "Is A Business" and not "A Hobby."

A Good Start Is An Accounting System Based On Construction Accounting

The Thought That "Anybody Can Do It" Is Not Quite Right

Contractors need people who specialize and understand Construction Accounting. With all of the taxes and reports due, a bookkeeping specialist should be someone who knows what they are doing.

Most Bookkeepers specialize in an area. Restaurants, Medical, and Construction all need bookkeepers. Just not the same Bookkeeper. Several General Bookkeepers have recently called saying they are the "New Bookkeeper" and are asking for help because they know the QuickBooks file is messy.

The question is: Can we help you or your Bookkeeper? Short Answer – Yes, We Can Help!

  • Bookkeepers want help in setting up a New QuickBooks file
  • Bookkeepers want help cleaning up the mess of the previous Bookkeeper.
  • Bookkeepers want Training on What To Do After the QuickBooks file is cleanup
  • Provide a One-Hour Consultation and Free Review of Your Existing QuickBooks File.

We recommend you have someone review your financial statements before going to the Tax Accountant. Remember, this is the busiest time for Tax Accountants. They do not have the time or the energy to look over all your transactions.

Tax Accountants look for high-level numbers and what they can quickly move to fill out the tax return. Good Idea to clean up the QuickBooks file before visiting your Tax Accountant or banker. Know the difference between what a good Tax Accountant and a good Construction Accountant do.

Tax Accountants Are Paid To Fill Out Tax Returns Not Save You Money Or Be Your Mentor

We Are Paid To Do Your Contractor Bookkeeping And Be Your Profit And Growth Mentor

  • What about this?
  • What about that?
  • Who owes you money?
  • Who do you owe money to?
  • Do you know your Customers?
  • Do you know your Net Income?
  • Do you know your Gross Income?
  • Are your vehicle loans in QuickBooks?
  • Have all of your bank accounts been reconciled?
  • Have all of your credit card accounts been reconciled?

Construction Bookkeeping Is Answering The "What About" Questions Sooner Rather Than Later Or Not At All

  • Without the details entered into QuickBooks, it is IMPOSSIBLE to create useful reports.
  • Without customer Invoices, there are no Accounts Receivable Reports.
  • Without Accounts Receivable Reports, you don't know if the customer has paid in full.
  • Without customer Names in QuickBooks, there is no way to create Job Profitability Reports.

I agree – Day to day bookkeeping can be boring, tedious, or moments of sheer terror when you discover that all the money in the bank is already spent. It is NO fun not to be able to buy a new truck with that Job Deposit you just collected.

I want the fun stuff, not the hard stuff. Day-to-day bookkeeping is complicated. One simple reason is that your brain replays all of the activity of each Job every time it sees a receipt for that Job. Can you say "Ground Hog Day" over and over and over again? There are "No Stories, No Baggage." They are just numbers tied to a specific customer to us. Because of this, we can enter the transaction quickly.

In that respect, Outsourced Accounting For Contractors Like You will free your mind to look for new jobs, focus on existing jobs, remember the previous jobs (good parts), and file the bad parts away for reference on what not to do; again in the same way.

We Clean Up QuickBooks Files (Desktop Version). We Maintain QuickBooks Files For Contractors Like You All Across The USA, Including Alaska And Hawaii

Some old, new, existing, and previous clients have never owned QuickBooks. With our system, it is not a requirement that our Clients own, review, or try to learn QuickBooks.

Some clients want access to their QuickBooks file and are comfortable entering the customer invoice directly into the file. For those clients, we welcome their participation.

We teach them how to use the Icon Bar to pull the reports that are important to them.

We do the rest (entering the transactions from the receipts provided, bank statements, and credit card statements).

What we NEVER DO is pay your bills for you. We touch your account (to auto receive our fees), but we do not pay bills, pay payroll, pay taxes, pay loans, pay credit cards.

We never want any Government Agency to get the impression that we are decision-makers on whom you should pay, when you should pay, and how much you should pay.

As our Client, you have the peace of mind that we will not do something improper with your money. It is your money. We are Paper Managers, a Production Shop. We want our clients to have lots of customers and make a profit on every Job. We want the numbers to add up nicely.

We understand that you are always looking for the most efficient way to enter your data into QuickBooks to give you valuable reports at a reasonable price and services that benefit both sides.

Are We The Most Expensive? No, We Try To Be Reasonable But We Are Not Free

Free, Perfect, Now - the business model of Internet Search Engines. But even the Search Engines have figured out how to have "Add-On Fee-Based Sales" The world works better when everyone buys something from a cup of coffee, tools, and equipment to that brand new truck or movie and dinner with someone special.

We welcome the following businesses: Brand New Contractor, Weekend Warrior, Handyman, Trade Contractor, Custom and Home Builders, Commercial Contractors, and other Construction Industry Professionals.

I encourage Contractors and Owners like you to stay current on your tax obligations and offer insights on managing your remaining cash flow so you can put more money in the bank to operate and grow your Construction Company. Looking forward to helping your Contracting Company to be more successful!

About The Author:

Sharie_DeHart_President_Fast_Easy_Accounting_Serving_Contractors_All_Across_The_USA_Including_Alaska_And_Hawaii-1Sharie 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

 

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

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