Contractor’s Dilemma: Choosing the Right Bills to Pay First
As a contractor, managing your finances can often feel like a juggling act. With various expenses and bills piling up, it’s crucial to prioritize your payments effectively to maintain a healthy financial balance. In this blog post, we’ll explore some practical tips to help you determine which bills to pay first, ensuring that your business […]
The Amazing Benefits of Having a Bookkeeper
As a business owner, you have a lot on your plate. You’re managing employees, overseeing operations, and making critical decisions that impact the success of your business. However, one area that’s often overlooked is bookkeeping. Having a bookkeeper can make a significant difference in the success of your business, and here are some key differences between […]
Want to Hire? This Should Be Your First Step
When you’re growing a business it’s always hard to know when is the next step to take. Things like when to hire, when to open up a new office are hard to figure out. With hiring there are certain steps you want to take before you get to the point of finding the right person. […]
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. […]
When is the Most Effective Time to Hire a Bookkeeper?
You might be asking yourself, when should I hire a bookkeeper? That’s a great question! The best answer is when you feel ready. But here are some other instances that might force you to hire a professional: These are all good ideas of when it’s best to hire someone to do your bookkeeping, such as […]
What You Should Know About Tax Deductible Expenses
Do you know what types of expenses are deductible from your business taxes? A lot of factors can play into this, including what industry your business is in and whether you are a startup or not. The most common expenses that are deductible are any that are “ordinary and necessary.” Let’s dive into the different […]
How To Pay Yourself as a New Business Owner?
When you started your business, you knew the first few months would be hard. You might even have planned to end your first year with a loss (hopefully not!). But when your business starts to grow and the money stays in the bank, it might be time to start paying yourself. Wohoo! But how is […]
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 […]