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New Services For Contractors At Fast Easy Accounting

We are continually searching for more and better ways to remove time wasting paperwork chores so you can focus on what you do best, running your construction company.

Change occurs every day in our lives. (Hint: Only wet babies like change). Fast Easy Accounting must adapt to the needs of our Clients in a world that is mobile. Ten years ago, we only worked with clients in Washington State. Now our clients are all over the USA. With the addition of Fast Easy Accounting Store, we have helped Construction Contractors outside of the US. Contractors all over the world have common issues. QuickBooks and Xero Customized Setup, Chart of Accounts, Items Lists – We Can Help A Little or A Lot depending on your needs.

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Successful Contractors Find Keys To Growth And Profit In Their Accounting

Wait, let's not forget Thanksgiving with Turkey, Dressing, Yams, Mashed Potatoes, Gravy, Fruit Salad, Pumpkin Pie, Ice Cream and lots of Egg Nog. All of this leads to us in January wishing we ate less and exercised more in hopes to keep the pounds on and matched by the pounds off for a net gain of Zero.    

Software and the desire to do everything with our phone is the “Grownup’s Version” of the Candy Store all year long.

• With a couple of clicks on my phone, I want to Buy Something
• Pay For Something
• Get Paid Immediately From My Customer
• Have all of the money go in or out of my bank account
• Now how do I then make all the transactions magically go to an accounting system
• Give me nice detailed reports
• Help me make simple and complex decisions

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The Ripple Effect Of Not Counting All Your Income Happens When You Go To The Bank For A Loan

You need to be able to show the bank that you have enough sales to pay back the loan. For most contractors, an excessive amount of profit is NOT an issue.

There are always more than enough expenses that happen naturally in your Construction Company. And there are always tools that need to be purchased, repaired or replaced.

As 2017 tax season is finishing, I have heard from owners and employees who say. This Income or That Income doesn’t count. The fact is it all Counts.

The underground economy may be there but don’t count on the information being a secret. Between Memberships, rewards cards and using a credit card purchases are being tracked everywhere by somebody. (Some contractors think buying a truck for cash is not traceable).

Play it straight, report all of your construction company income and if your QuickBooks setup is done right and the bookkeeping entries are clean more often than not you may get a big fat tax refund!

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Experts Have Increased Knowledge And Skills. This is true whether you are talking about general bookkeeping, tax accountants, your mechanic, your doctor or other business professionals.

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What You Should Expect From Your Bookkeeping System

First Important Principle In Construction Accounting:

Everything starts with Cash because Cash Is Fact; Profit Is An Opinion. All transactions in the bank account of your construction accounting system no matter if it is QuickBooks or Xero must be assigned to the proper accounts:

• Income
• Job Deposits
• Payroll
• Taxes
• Cost of Goods Sold (Direct and Indirect Costs including Labor, Material, Other and Subcontractors.
• Other costs including permits, plans, bills from suppliers and purchases on your personal credit cards.
• Overhead

Second Important Principle In Construction Accounting:  

Tracking Income properly, Knowing how, when and where to put Customer Estimates, Customer Invoices, Customer Job Deposits and any Retainage Withheld, Vendor Refunds and Rebates.

Good Construction Accounting Is All About the Details

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Outsourcing Your Construction Bookkeeping Works Best When:

• Your construction company is small with 1-10 employees and doesn't need a full-time bookkeeper.
• You need someone with more skills than the receptionist or office manager can provide.
• You need someone skilled in construction accounting who knows how to handle job deposits, progress billings, etc.
• You don't have the time, energy or money to setup an office, hire a bookkeeper and babysit them!
• If the bookkeeper is out on maternity leave, or if there will be a vacancy of several months.
• You need a Contractor Champion who is your advocate helping make certain things get done!

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So You Are Starting A Construction Company. Perhaps yours will be House Builder, Handyman Company, Specialty Contractor like a Plumber, Electrician, HVAC, Concrete Contractor or Landscape Company. Whatever it is congratulations you have or will be taking a big step toward being the Master of Your Own Destiny!

I Trust This List of Five Accounting Tips For Contractor Startups Will Help You

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From The Brand New Contractor To The Specialty Contractor, General Contractor, HandyMan and Spec Builder We Know What You Need QuickBooks To Do!

We spent over 20 years owning and operating construction companies including service and remodel firms. We sold our last construction company in the year 2000 which means we are not your competitor, rather the opposite. We are experienced contractors helping contractors get more from their accounting system.

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It's Because They Don't Need It

To Fill Out The Annual Tax Return!

Contractors like you regularly ask us if there is a way to have Job Costing Reports and have their annual tax return prepared and the answer is Yes!

99.99% of the time we find out the same company that is providing the contractor bookkeeping services is providing the annual tax preparation services. As you may or may not know there is a whole lot more money in preparing tax returns than there is in providing contractor bookkeeping services. 

So if an accounting firm provides both contractor bookkeeping services and annual income tax service or if they have a related company which they STRONGLY RECOMMEND then you use to prepare your income tax return then you can bet your bottom dollar they will do everything possible in QuickBooks or Xero to make filling out the annual tax return as quick and painless as possible no matter what it costs you in the long run.

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