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Tracking Jobs Expenses/revenue Etc

 
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Old 10-17-2018, 04:08 PM   #1
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Tracking Jobs Expenses/revenue Etc


Hi,

I was looking at getting quickbooks to maybe track every job we have and every dollar that goes in and out per job. Its not like we have a ton of jobs going on at once though. A lot of contractors I know do a lot of jobs for cash so they dont really use any software to track all that stuff. Curious to see if you guys use a basic spreadsheet to keep track or some software.
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Old 10-17-2018, 05:54 PM   #2
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Re: Tracking Jobs Expenses/revenue Etc


I use an excel spreadsheet I made to keep track of materials, subs and hours during the job to make sure I'm staying on track and my bookkeeper does a more thorough breakdown when I submit my receipts

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Old 10-17-2018, 06:05 PM   #3
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Re: Tracking Jobs Expenses/revenue Etc


I am using streetinvoice and hate it. been meaning to switch over to quick books. Have heard good things.

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Old 10-17-2018, 06:25 PM   #4
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Re: Tracking Jobs Expenses/revenue Etc


QuickBooks

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Old 10-17-2018, 09:30 PM   #5
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Re: Tracking Jobs Expenses/revenue Etc


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Originally Posted by mkb View Post
Hi,

A lot of contractors I know do a lot of jobs for cash so they dont really use any software to track all that stuff. .
Because they are cheating the tax system. I don't like where our tax dollars go at all either, but I and most here play by the rules much to our chagrin and disgust.

Sounds like you are contemplating going under the radar as well. Hopefully not.

Regardless, here is a thread that might help you come up with a system.

https://www.contractortalk.com/f16/es...outube-129319/

Otherwise, Quickbooks Contractor is the way to go!!! Perfect program IMO..
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Old 10-18-2018, 09:08 AM   #6
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Re: Tracking Jobs Expenses/revenue Etc


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Originally Posted by rselectric1 View Post
Because they are cheating the tax system. I don't like where our tax dollars go at all either, but I and most here play by the rules much to our chagrin and disgust.

Sounds like you are contemplating going under the radar as well. Hopefully not.

Regardless, here is a thread that might help you come up with a system.

https://www.contractortalk.com/f16/es...outube-129319/

Otherwise, Quickbooks Contractor is the way to go!!! Perfect program IMO..
I will look into quickbooks contractor

I know so many contractors who "go under the radar". The amounts of cash they carry is crazy. Definitely plan on doing things legit, how do so many GC's I see pick up helpers at Home Depot and pay for cash account for that? There must be a lot of under the radar things that go on in this industry. We're fairly new so still learning the ropes.
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Old 10-21-2018, 07:33 PM   #7
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Re: Tracking Jobs Expenses/revenue Etc


Money under the table is crap compared to money over the table.

Illegal work means your contract is unenforceable by law. There are most def. people who know this and will trick you into doing work and then stiffing because they know you have no legal recourse.

Illegal work means you cant buy real estate because your reported income is miniscule.

Illegal work means the irs will come looking for you if your numbers are weird, unsustainable etc and they WILL BE PAID or YOU WILL GO TO PRISON.

Illegal work means your advertising sucks and your sales pitch sucks. There literally millions of businesses who play by the rules with customers who pay rates that sustain taxes and profit. Why cant you? See the first sentence of this paragraph.

Nothing in this world is as hard as easy money.



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Old 10-22-2018, 06:57 AM   #8
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Re: Tracking Jobs Expenses/revenue Etc


Quote:
Originally Posted by sparehair View Post
Money under the table is crap compared to money over the table.

Illegal work means your contract is unenforceable by law. There are most def. people who know this and will trick you into doing work and then stiffing because they know you have no legal recourse.

Illegal work means you cant buy real estate because your reported income is miniscule.

Illegal work means the irs will come looking for you if your numbers are weird, unsustainable etc and they WILL BE PAID or YOU WILL GO TO PRISON.

Illegal work means your advertising sucks and your sales pitch sucks. There literally millions of businesses who play by the rules with customers who pay rates that sustain taxes and profit. Why cant you? See the first sentence of this paragraph.

Nothing in this world is as hard as easy money.



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Old 10-22-2018, 09:19 AM   #9
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Re: Tracking Jobs Expenses/revenue Etc


Quote:
Originally Posted by sparehair View Post
Money under the table is crap compared to money over the table.

Illegal work means your contract is unenforceable by law. There are most def. people who know this and will trick you into doing work and then stiffing because they know you have no legal recourse.

Illegal work means you cant buy real estate because your reported income is miniscule.

Illegal work means the irs will come looking for you if your numbers are weird, unsustainable etc and they WILL BE PAID or YOU WILL GO TO PRISON.

Illegal work means your advertising sucks and your sales pitch sucks. There literally millions of businesses who play by the rules with customers who pay rates that sustain taxes and profit. Why cant you? See the first sentence of this paragraph.

Nothing in this world is as hard as easy money.



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How would this structure work though? We are a sole prop and sub out work. We basically sell a job and get a sub to handle all the labor and get any additional helpers etc that are needed. If the customer pays me a check for let's say $10k and $7k I pay to the sub (He does whatever he wants with that money as long as the job is done). He should get a 1099 for $7k? We pay taxes on the $3k. We don't do payroll because its a small business, but there seems to be a lot of back end admin work to keep clear. Any advice from all you experienced guys out there? I know there are a lot of people out there doing jobs under the radar, but the problem is you have no income to report.
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Old 10-22-2018, 11:55 AM   #10
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Re: Tracking Jobs Expenses/revenue Etc


Quote:
Originally Posted by sparehair View Post
Money under the table is crap compared to money over the table.

Illegal work means your contract is unenforceable by law. There are most def. people who know this and will trick you into doing work and then stiffing because they know you have no legal recourse.

Illegal work means you cant buy real estate because your reported income is miniscule.

Illegal work means the irs will come looking for you if your numbers are weird, unsustainable etc and they WILL BE PAID or YOU WILL GO TO PRISON.

Illegal work means your advertising sucks and your sales pitch sucks. There literally millions of businesses who play by the rules with customers who pay rates that sustain taxes and profit. Why cant you? See the first sentence of this paragraph.

Nothing in this world is as hard as easy money.



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Did you see the part where he says he's doing things legit? The part where he said he knew a lot happened under the table, but didn't say HE was going to do business that way?

Either way, it's not on you to preach to anyone else....lighten up Francis.

I know we all think that everyone on here is totally above board and legit, and for the most part that's probably true. But the odds of 131,000+ members ALL being totally 100% legit and 100% honest on their taxes are slim to none...and I'd forget about slim.
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Old 10-22-2018, 04:00 PM   #11
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Re: Tracking Jobs Expenses/revenue Etc


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Originally Posted by jproffer View Post
Did you see the part where he says he's doing things legit? The part where he said he knew a lot happened under the table, but didn't say HE was going to do business that way?

Either way, it's not on you to preach to anyone else....lighten up Francis.

I know we all think that everyone on here is totally above board and legit, and for the most part that's probably true. But the odds of 131,000+ members ALL being totally 100% legit and 100% honest on their taxes are slim to none...and I'd forget about slim.
I can't see anyone in this business being 100% legit no matter how much you want to be. I'm sure I'm probably wrong, but I've seen so many jobs and so many contractors do things cash only or a majority of the job is done without any reporting. Maybe it's just what I've seen, but if everyone does it by the books, can someone explain how the helpers that get picked up at Home Depot daily are reported and paid? Just saying, I'm trying to learn as much as I can about doing things by the book. Not worried about paying taxes etc. It is what it is. Just looking for different points of view when it comes to construction and how people view it in terms of doing things by the book vs under the radar.
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Old 10-22-2018, 05:38 PM   #12
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Re: Tracking Jobs Expenses/revenue Etc


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can someone explain how the helpers that get picked up at Home Depot daily are reported and paid?
I can't. I can only guess. The "contractor" gets paid in cash, then pays those people in cash. The contractor saves income tax, payroll matching like FICA and UI, and the person they bought at Home Depot saves all the tax money and puts it all in their pocket.

It's only a matter of time until one of them gets injured. The "contractor" surely won't have WC so the person will sue the clients HO insurance policy.

Then all of us who are legitimate get to pay for all of these shenanigans again via increased insurance premiums and through taxes. I say again because this system is usually why legitimate contractors get under cut by half since their overhead is zilch.

With my GC hat on, nobody who doing this will ever work one one of my projects.

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