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Well, I made it through my first summer and didn't go in the red. I call that a win for now.

I learned though that I am not very good at book keeping, and even worse at quarterly taxes. So I think it's time to find someone to take care of that for me so I can stick to the work side of things longer.

I don't have a ton of expenditures going out or payments coming in at a time because it is only me, but it is still enough to give me a headache.

How should I start to seek out someone to help, should I look for a firm, or an indivual? Any qualifications I should look for, obviously I want them to be able to file taxes for me as well.

Do you pay by the week, month, year? And what is a fair price?

I've contacted a few local firms with no responses yet.

Thanks for any insight.
 

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Chief Reporter of Spam
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I found a local firm, kinda small but a really good accountant. I usually turn in 3 months of books at a time and then they send me a bill after its entered. I still go through my statements etc... and categorize everything out on a mock schedule C form because it will take them less time to enter it and keep the price down... My wife does all of that now and she organized stuff a lot better... (Go figure, :laughing: )
Everything is very organized and they send 3 nicely detailed reports per year.
Keep calling because busy season is starting and they're most likely working on year-end preparation for businesses
 

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crane brook inc
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Sounds scary. I used to post receipts everyday, now only 2 days a week. No matter how small your company is, how would you know if what you were doing was on budget or running out of control. I use QuickBooks to manage and track everything. I enter an estimate, post all materials and labor to those "items " and create invoices from the estimate. This tracks everything including account receivables. If you don't have the time to do all yourself, hire some one that has experience in the software of your choice, you set up the estimate for them to follow, you itemize the receipts and have your person post it. Watch over everything closely. It's your money. I know it sounds like a root canal, but it's actually a very important part of your business. I battle with my guys everyday on why it's important to track costs. I need to know how much it actually costs to perform a task so the next time I sell that item I have charged correctly for it. Otherwise you could lose $$over and over and not know it until you hit the wall. You can also see if you or your crew is slacking off if off track or there are problems with the job. I do use a payroll service, the rest do inhouse and in a controllable time frame that works for you.
Sorry to preach, wish I had known all of this when I started 28 yrs ago. Good luck! from someone who has been there.
 

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sitdwnandhngon said:
Well, I made it through my first summer and didn't go in the red. I call that a win for now.

I learned though that I am not very good at book keeping, and even worse at quarterly taxes. So I think it's time to find someone to take care of that for me so I can stick to the work side of things longer.

I don't have a ton of expenditures going out or payments coming in at a time because it is only me, but it is still enough to give me a headache.

How should I start to seek out someone to help, should I look for a firm, or an indivual? Any qualifications I should look for, obviously I want them to be able to file taxes for me as well.

Do you pay by the week, month, year? And what is a fair price?

I've contacted a few local firms with no responses yet.

Thanks for any insight.
You want to go in the red your first year. Your accountant can make that happen. :laughing:
 

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Who ever you choose you must feel very comfortable with them & you're gonna trust them with your hard earned money.

Make certain they are familiar with construction & how you operate.

I prefer an individual. I've had my accountant since 1976.
 

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Sounds scary. I used to post receipts everyday, now only 2 days a week. No matter how small your company is, how would you know if what you were doing was on budget or running out of control. I use QuickBooks to manage and track everything. I enter an estimate, post all materials and labor to those "items " and create invoices from the estimate. This tracks everything including account receivables. If you don't have the time to do all yourself, hire some one that has experience in the software of your choice, you set up the estimate for them to follow, you itemize the receipts and have your person post it. Watch over everything closely. It's your money. I know it sounds like a root canal, but it's actually a very important part of your business. I battle with my guys everyday on why it's important to track costs. I need to know how much it actually costs to perform a task so the next time I sell that item I have charged correctly for it. Otherwise you could lose $$over and over and not know it until you hit the wall. You can also see if you or your crew is slacking off if off track or there are problems with the job. I do use a payroll service, the rest do inhouse and in a controllable time frame that works for you.
Sorry to preach, wish I had known all of this when I started 28 yrs ago. Good luck! from someone who has been there.
I like the idea of using quickbooks you make it sound simple ?
Or is it more time consuming and complicated then that ? Im sure even if it is simple, I could complicate it :blink::blink:
 

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She must have good qualities and most importantly a positive attitude. Here is a little example to help you get started with your search :thumbsup:




I had a heck of a time keeping that stuff in line so I thought I solved my problem by marrying my bookkeeper.
Now it NEVER gets done!:rolleyes:
 

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TimNJ,

I understand...at least you know where to find your bookkeeper....

:thumbup:

Warm Regards,

Randal
 

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General Contractor
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I had a heck of a time keeping that stuff in line so I thought I solved my problem by marrying my bookkeeper.
Now it NEVER gets done!:rolleyes:
I hear you Tim,

My does my books also, and I'm having the same problems... I guess they all the same. No wonder they say you can't live with them or without them.:laughing::thumbsup:
 

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Do the community colleges in your area offer bookkeeping classes?

We find more money is made and lost due to accounting and bookkeeping than can be made or lost in the field.

"Business is like war in one respect. If its grand strategy is correct, any number of tactical errors can be made and yet the enterprise proves successful." General Robert E. Woods

:thumbup:
 

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Hey, I Got a chuckle out of this. I married my accountant/ office Mgr. as well and now it's: We need more money, and better cash Flow and you need to get a better ROI. I Have learned not to refer to her as a bean counter.
 

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I found the best way to keep my records clean was to keep my personal and business accounts completely separate. Dont use the debit card they give you with the checking account. Take a smaller draw/paycheck then you bring in and every quarter give yourself a bonus. Use a payroll service for your helpers. Get good at quickbooks and keep up with it or your accountant is going to charge you a hundred bucks an hour to sort through your shoebox.
 

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JBM,

I certainly agree with you about keeping your business and personal accounts separate.

Are you operating as an LLC, Sub-S or C-Corp?
 

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Was an S Corp in Florida, right now just a sole prop. now that im in mass. In florida I only did maybe 5% of the work, here I do 95% :rolleyes:
 

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JBM,

It appears you have thought it through; especially since you have experience with S-Corp and Sole Prop; so what you are doing makes sense.

There are benefits and drawbacks to all forms of construction business entity: Sole Prop, S-Corp, C-Corp, LLP, Partnerships, Joint Ventures, and LLC

For what it is worth, there is no one right answer because there are several factors involving your personal wealth building strategy and your Construction Business Strategy that need to be taken into consideration before making the final decision.

Anyone that can operate in two states at one time, 95% and 5% has to be fairly astute in business.

You certainly have my respect!
 

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JBM,

It appears you have thought it through; especially since you have experience with S-Corp and Sole Prop; so what you are doing makes sense.

There are benefits and drawbacks to all forms of construction business entity: Sole Prop, S-Corp, C-Corp, LLP, Partnerships, Joint Ventures, and LLC

For what it is worth, there is no one right answer because there are several factors involving your personal wealth building strategy and your Construction Business Strategy that need to be taken into consideration before making the final decision.

Anyone that can operate in two states at one time, 95% and 5% has to be fairly astute in business.

You certainly have my respect!
Thanks for the kind words, I should clarify that I was operating in Florida, but moved back to mass, shutting down the Florida company.
 

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JBM,

Well no matter, you are a contractor and having owned and operated several construction businesses I know exactly what you are dealing with every day which means you and every other contractor has my respect.

:thumbsup:

Here is wishing you and yours a Very Merry Christmas and a Happy Prosperous New Year
 

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I actually use my mom... she takes care of the day to day /monthly book work... I apy the bills... and then we have our family tax guy go over everything to make sure everything is correct. This way I dont get seriously burned, and mom has something to do... sounds odd, but mom asked me if she could take over my book work... what am I gonna say? no? LOL I'm very new at this and its nice to have two brains working on this crap...
 
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