Specialty Bookkeeping for Contractors & Tradesmen
Bookkeeping for contractors and tradespeople require professionals familiar with the construction industry's intricacies.
Proper bookkeeping helps contractors monitor profitability, manage cash flow, track time and remain compliant with industry-specific regulations.
Key components of bookkeeping services for contractors and tradesmen:
- Job Costing
- Allocating costs to specific projects or jobs to track profitability.
- Monitoring overhead, materials, labor, and other direct costs.
- General Ledger Management
- Maintaining and updating the general ledger to keep accurate records of financial transactions.
- Reconciliation of bank, loan, and credit card accounts.
- Expense Tracking
- Cataloging and categorizing expenses such as tools, equipment, and travel.
- Keeping tabs on overhead costs like rent, utilities, and insurance.
- Financial Reporting
- Preparing income statements, balance sheets, and cash flow reports.
- Creating project-specific financial reports to analyze profitability.
- Quarterly or annual financial summaries.
- Tax Preparation and Compliance
- Calculating and filing estimated monthly or quarterly sales taxes.
- We work with your tax accountant to facilitate year end tax return filing.
- Equipment Tracking and Depreciation
- Recording the purchase and sale of equipment.
- Recording depreciation for tax purposes based upon your tax accountant's asset schedule.
- Inventory Management
- True up year end inventory levels based on client's annual inventory audit.
- Loan and Financing Management
- Tracking loan balances, interest, and repayments.
- Assisting in the preparation of financial statements for loan applications.
- Compliance and Regulatory Reporting
- Preparing reports for regulatory agencies, as needed.