Record Keeping For Taxes

DoubleJ

I just passed the GC test in Florida so now I'm forming up a new business building houses. I plan on contracting our everything. I have a partner who has the land and will be financing the homes. I'm just providing the General Contractor service and overseeing the job to make sure everything gets done on time.

I'm trying to decide what book keeping system to use. I looked at Quick Books and it seems to be more than I need since I'm contracting out everything. It's also pretty expensive. What do you use?

JMG1959

Quick Books Contractor Addition is Pricey, but it's nothing compared to the Headaches it can save you. The best person to ask about which system to use is your Accountant. If he/she doesn't use Quick Books you'll have to Print out everything anyway. Quickbooks isn't an overkill. It allows you to break down each Job easily. Also when checking out each package, Make sure it has all of the reports you want to Generate. Off the shelf Quickbooks is the best in my opinion. It's by far the most popular and supported.

MattCoops

If you're already planning on subbing out ALL the work on your builds,
why not sub out the work of accounting to a Certified Public Accountant.
It will take the stress off you. You know taxes will get done right each quarter. It will free up a whole lot more time for you to do work stuff rather than office stuff.

Just keep all your reciepts in their respective folders (i.e. Materials, Auto Expenses, Office Expenses, etc.) then hand them over to your accountant.

__________________
Matt with Cupan Custom Tile & Paint of Lowell, Massachusetts
Design and installation of ceramic tile and natural stone for floor, wall, and countertops
(978) 601-8774 | cupantile@gmail.com | view tile pictures and more

DoubleJ

Thanks for the input. After I sent this out I discovered my niece teaches Quick Books. She's working on her CPA. She recommeded using QuickBooks Pro ($159 to $199). It's less expensive than QuickBooks Contractor edition ($399) and will do everything I'll need. I also asked her about Quicken Home and Business and she still recommedned QuickBooks Pro. If I grow, I can always update to the Contractor's edition.

I plan on using an accountant for the taxes, but I wanted to ensure I had the info they need to do the taxes. That's why I wanted some accounting package to keep my records in an orderly fashion to give to the accountant.

Thanks for the input.

ultimatetouch

Double J I hope you plan on making some good money...a couple hundred bucks shouldnt break you I hope.

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Ultimatetouch
Illinois Remodeling Company, Kitchen Remodeling Chicago, Room Additions Illinois

MattCoops

you can buy the DOME weekly recordkeeping book for 15 bucks at Office Depot, Office Max, Staples, etc.

and you can get the required DOME auto mileage record book to keep in your glovebox
(that's if you want to have gas expenses as a deductible)

__________________
Matt with Cupan Custom Tile & Paint of Lowell, Massachusetts
Design and installation of ceramic tile and natural stone for floor, wall, and countertops
(978) 601-8774 | cupantile@gmail.com | view tile pictures and more

POOLMANinCT

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......Less with the jaw & More with the paw.....

POOLMANinCT

actually i use plain old excel, on my treo700wx (wm05 pocketpc)

set up my work books, make my entries at point of purchase...
record keeping has gone from a source of stress to a ocd hobby...

ray

__________________
......Less with the jaw & More with the paw.....

MattCoops

pen and paper requires much less equipment
don't have to worry about viruses
can be carried in a folder wherever you go

soon they'll have an invention to wipe your ass with too

__________________
Matt with Cupan Custom Tile & Paint of Lowell, Massachusetts
Design and installation of ceramic tile and natural stone for floor, wall, and countertops
(978) 601-8774 | cupantile@gmail.com | view tile pictures and more