The (Cyber)- Security of Contractor Bookkeeping
Between managing projects, deadlines, and finances, making sure your and your clients’ digital data is secure is usually pushed aside. But whether you’re a seasoned contractor or just starting, it’s important to understand the value of cybersecurity coupled with your recordkeeping to make sure the success and longevity of your contractor business. In this blog […]
What You Need to Figure Out Your Profit Margin
When scaling your business, the number one thing you want to keep in mind is your profit margin. Profit margins are how much you are making with each project minus any overhead costs. Percentages do vary with 4 to 6% for commercial contractors. It can also get up to 23% for residential contractors like remodelers. […]
Here’s How to Stop Getting Burned from Underestimating Jobs
Do you find you underestimating your jobs all the time? You might need to start getting help from your bookkeeper or figure out how to track your expenses. This is one way you can start getting a better understanding of what projects cost. You will then be able to better estimate your jobs. Let’s start […]
Three Invoicing Mistakes: How to Avoid Them
Not enough cash is the number one killer of small businesses, no matter what the industry. You can’t grow if you don’t have enough money to pay for supplies, marketing, and payroll. It’s worse with the trades industry. A lot of times clients are slow to pay or aren’t charged until the end of a project. […]
Not sure how to file a 1099? Use this checklist to speed up the process
Contractors are very common in construction and trades businesses. This means it’s important to file 1099-NEC forms for any work you paid for over $600 with check, cash, or ACH. This is not hard to do if you have a Quickbooks Online account. Remember the deadline to file them is January 31st. Let’s go through […]
What Successful Contracting and Trades Businesses have in Common
Since I specialize in contractors and tradesmen, I’ve seen a lot of similarities in my client’s successes. A lot of these things may seem obvious but some aren’t. I’ll go into more detail about what puts these businesses above the average. These are the five tips that I have noticed are the most common between […]
Always Losing Your Tools? Check Out These Bookkeeping Tips!
Are you always losing your tools, especially if you have several jobs going at once? It’s a costly problem that could be solved with a simple tool tracker. Here’s some tips on how to get started, with a great freebie attached! To get started, make a list of all the tools that you own, even […]
The Maddeningly Easy Way to Create a Business Budget
You know the importance of keeping a personal budget to keep your spending in check, but have you ever thought about your business? Business spending, especially if you are in the type of business that needs a lot of job supplies such as a contractor or tradesman, can run a business to the ground, and […]
How to Maintain Cash Flow and Protect Your Business from Failure
One of the biggest killers of businesses is cash flow, specifically when there isn’t enough to keep the business going. Cash is king, as they say but this is especially true when you are trying to keep a business alive. A lot of this comes down to paying attention to what expenses you have currently […]
How You Can Use Job-Costing for Successful Trades Business Growth
If your business is project-based, it can be hard to know exactly how much profit vs. expenses you make with each job. There may be times when expenses are purchased for several jobs at once or used over several projects. Clients have multiple invoices with incomplete payments, but you have a hard time keeping track […]