What About Book Keeping?

D Craig

As a contractor who does not particulary enjoy book keeping and who is not big enough to hire even a part time book keeper, I was wondering what other options there are to consider. In addition to having things like bills and payroll taken care of I would like to be provided with a monthly financial summary report so that I could better evaluate my performance for that period. Does any body else have the same question or even suggestions?

Mr. Corporate

There are a lot of companies that do this for a monthly fee, usually around $300 if you're very small company (revenue of a few hundred grand). They'll enter all your bills and payments into accounting software, tally everything up, issue essential reports, even print your cheques if you ask them to. Just google "accounting services" in your city - you'll find dozens. The Yellow Pages also has many as well.

ElliottDoor

Quickbooks software, it makes it easy.

dirt diggler

If you set aside just 10 minutes a day (or in the evening) - and just keep your records updated constantly - it won't seem like such a bear ... as opposed to letting weeks pass by with an unkept ledger and receipts.

financial statements, these can be done fairly quickly.


P/L statements, cash flow management - stay on this daily as well. When you know how much you have (or don't have) - you can plan your days more effectively

ElliottDoor

For expenses all I do is keep a Cost of Goods Sold folder and an Expense folder. I just sort the receipts in either as i get them. Then (whenever im ready) I input them into QB (or any bookeeping ledger/software) 1 by one. After that i put the expense receipts in a different file cabinet for the appropriate month. I also have a small file cabinet labeled for each customer for the c.o.g.s. Its really not as hard as everyone says it is. Just get a system down and it makes it easy.

Income statements, billing, invoicing and the like are also done through the same program. I would recommend using "some" type of business software if you can because it really makes things easier.

Luke

Along with the comments posted previously, the one thing I would highly recommend is having a payroll service complete your payroll. The cost is minimal and they take care of all tax forms, deposits to cover taxes and monthly/quarterly/annual reports. Even if you are issuing only one or two checks it makes sense. Purchase quickbooks, take a quickbooks class at your local community college and then when you are starting get a bookeeper to come in and tie things up a couple of times a month until you get acclimated with the system.

Metcon

Quickbooks Pro for Contractors. A lil pricing but so worth it

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POOLMANinCT

excel is the best way to cut your teeth & I'm sure you already have it.
make your own headers & your cool.
I have a windows based phone, so I have excel w me everywhere.

on storage card I have a sheet for expenses, income, mileage, & daily diary. I make entries as the occur. put it on sd card, email it to myself every now & then for back up... & when time to deal w bean counter I just forward the sheets.
though I do invoices @ the desktop......

& in vans there are ballot boxes... if you spend drop reciept in the out & when a payment is made drop it in the in box....
& I hold all the box keys...

ray

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

Brian

I completely agree with this. I've used this approach for years, and it makes it very easy. I don't wind up with huge piles of receipts and such to enter. And I constantly know where I stand financially.

Once a quarter I print some reports and give them to my accountant. He reviews everything, tells me what corrections to make, keeps the tax records up to date, etc. Tax time is very easy on me this way.

Brian Phillips

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Houston Interior Painting
Houston Exterior Painting
Houston Painting Contractor

liltrainerboy

i have a contractors edition on a cd if any1 is interested...