Profit First: Is It Right for Your Contractor Business?
Running a successful contractor business requires careful financial management and a focus on profitability. One method that has gained popularity in recent years is the Profit First method. This approach, developed by author and entrepreneur Mike Michalowicz, aims to prioritize profit in your business by changing the way you allocate your funds. In this article, […]
Contractor Income Statements: What To Focus On?
As a contractor, understanding your income statements is crucial for managing your finances and ensuring the success of your business. Your income statement provides a snapshot of your business’s financial performance over a specific period. In this blog post, we will delve into the key components of contractor income statements and what contractors should focus […]
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. […]
Cash or Accrual Basis: What You Need to Know
Have you heard your accountant or bookkeeper toss the phrases accrual or cash basis? What does it actually mean? How does it apply to you and your business? It’s important to know the difference because it changes how you run your business. Let’s get into the differences. Let’s say you make an invoice for $1,000 to […]
Think you can hold off on hiring a bookkeeper? Let me change your mind!
It can be hard to justify hiring a bookkeeper, especially when your cash is low. What you might not know is that it can be more expensive to hold off with getting a bookkeeper. This is especially true if you are months off or your books are a mess. Let’s explore exactly why it’s important […]
Why You Really Need Both a Bookkeeper and Accountant
It might seem redundant to have both a bookkeeper and an accountant for your business. But there are important reasons to have both on your team. Each brings a different skill to the table, working together to help you grow your business. Your bookkeeper works in your books on a weekly to daily basis, meaning […]
The Most Important Difference between Bookkeepers and Accountants
Have you ever wondered what the difference is between an accountant and a bookkeeper? While they have a lot of overlap, most of them specialize in one type of service. For the most part, accountants have a Bachelor’s degree in accounting. Bookkeepers may or may not have an accounting degree. Let’s get into more detail […]
How to Keep Your Business Budget With Black Friday
Ah Black Friday! Basically the free ticket to spend, spend, spend. It’s hard enough sticking to a budget throughout the year but the holiday season with all the sales makes it even harder. What can you do to stick to a budget? Obviously, there will be purchases that you want to get. So make a […]
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 […]