What Are Your Beliefs On Keeping The Books?

healthyhomes

For all of the smaller contractors who work out of a home office:

How many of you do your own bookeeping, and how many sub it out? I am currently subbing it out, but am thinking in the back of my mind... should I really be outsourcing it when I really have never had any practical experience doing it myself?

Any advice would be appreciated

MALCO.New.York

Always "Two Sets"!

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threaderman

I've done my own for years and I'm getting a little burned out on it,but I like knowing all my numbers at any given time.Eventually I will have to have some help,some weeks are 60 hrs. or better,then you have all the paperwork to boot,it gets tiresome.
I do think knowing the procedure is important for an owner though,to answer your question.

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GregS

My book keeper works in my accountants office. So if there are ever any questions as to what has to go where and why, the answers are all there.

I make sure I resolve all my credit card statements and such before giving it over to them. I keep an eye on everything that comes and goes.

I pay them about $100/month to enter everything in the right spot and advise me on any shortcomings or taxes coming up.

Has been working out alright for the last 6 years.

rbsremodeling

I did mine at first to learn the program and the concepts to relay to others.

I taught my wifey/office manager how to use it.

Accountant checks over everything every 3 months and does taxes at the end of the year.

Probably easier to out source it as you grow, but you must know what the fuxk is happening at all times

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genecarp

Day to day stuff i do, the serious stuff, the accountant does. G

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Tiger

Likewise

ChainsawCharlie

And if you're married, three.

MALCO.New.York

Yessiree!!!!

__________________
Something to One may be Nothing to another!

Ultimate Wisdom---------
http://www.youtube.com/watch?v=OW-cnizLDEE

ChainsawCharlie

I do all my own, but turn it over to an expert quarterly and annually for verification and accuracy.

MALCO.New.York

That is how it is done.............And how one keeps from gettin' screwed!

Have someone else sign your Quarterlies!!!

__________________
Something to One may be Nothing to another!

Ultimate Wisdom---------
http://www.youtube.com/watch?v=OW-cnizLDEE

nlgutters

I have some one else do all of mine. But she can't sign checks and i still watch the bank.

BSmart

Ditto!!

WisePainter

This will be the first year I get serious about "books".

Gotta start sometime right?

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My advice: Hire a real painter to do it.

Mr. Wms

I have a small home office and I do it myself with a office manager a few
days a week. My accountant finalizes everything at the end of the year.

I like to be in the know. Try Quickbooks if you have'nt already.

SelfContract

For example, if an accountant makes $30 per hour, then by doing/learning/commiting a habit of 1 hour per day on booking, you can save or earn yourself $150/week, $900/month, or $10,800 (12x9) per year!

So, the question is in this bad economy :

1. Would you like to save more on your hard-earned money$!?

2. Would you like to find a second job (for supplement income)?

3. Would you like to earn second skills (while also be more efficient, & not lazy watching TV, playing XBOX, party all day, etc.)? J/K



If you answer "yes" to all the above, then spare yourself at least 1 hour per day and start do-it-yerself (DIY) man! After all, it's not that hard, isn't it??

smadax

New in the business, we used quickbooks and it's been great!

My hat goes off to you guys that 'do it all' ... paperwork and on the sites.
My wife does the books and I do the construction, don't think I could juggle both.

JTMcC

We are pretty small and our books are fairly simple, but we do them in house. My lovely bride handles most of it and I keep informed of what's going on. I like to know my numbers. It's not voodoo. My wife took a couple of classes when we started out to get up to speed.

When I talk to other guys similar in business size that farm it out, I always get the feeling they really don't know what's happening in their business.

Or they really don't know how to take advantage of the tax laws. They just believe whatever the accountant tells them. Some days I think their accountant attempts to make things more complicated than it really is, to create business for himself.

JTMcC.

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Tiger

IMO you're fooling yourself. My accountants are CPAs and keep current on IRS changes. IRS changes likely aren't any easier to keep up on than National Electrical Code changes. When I have a business decision to make, I often call my accountants for their input on tax consequences of the business decision.

The way you're running your business is like a client saying "I can replace that GFCI, anyone can replace a GFCI". I can almost guarantee if it has downstream wiring, or is on a multi-wire branch circuit, they'll mess it up.

JTMcC

You assume quite a bit based on that short post of mine.

If you are happy with your accountants and CPA, then that's probably the way you should go.
The year to year changes in tax law that affect my returns are not hard to stay on top of. Especially with good software. I do a lot of funny things, but I've never been one to "fool myself".
As I said, my business is relatively small, and simple. We like it that way, We designed it that way.
I'd rather not "call my accountants" when I need or want something, or want to make a decision. Feel free to do that yourself.
You seem to have the impression there is "your way", and the "wrong way".
Doing it our way has worked out well for us, we're happy in life, happy in business, having more fun than should be legal.

I know nothing about you, your business, how you run it, what you want out of it, why you do it or even what you do, so I won't make any quick judgements on you with no information to back my take

That last assumption, about how I run my business, and comparing me to your "less bright" customers attempts at electrical repairs, the comment pretty much stands on it's own for the world to see.

My take,
JTMcC.

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