Contractor Success M.A.P.

0212: Contractors Get Better Results When QuickBooks Is Cleaned Before Filing Taxes


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This Podcast Is Episode Number 0212 And It Will Be About Contractors Get Better Results When QuickBooks Is Cleaned Before Filing Taxes Contractors who ask for help in Cleaning Up their QuickBooks File before filing taxes have better results. Because The Tax Accountant is happier because the QuickBooks file is clean and easier to work with, they will likely find more deductions which can save you money and in some cases mean the difference between success and failure in your construction company. Because QuickBooks file is clean, the Tax Accountant will have fewer questions of the busy contractor.   Because QuickBooks file is clean, the Tax Accountant can easily find the reports needed to file the tax return Because QuickBooks file is clean, the Tax Accountant can focus on saving you money You are the Happiest because taking a trip to the Dentist for many contractors is less painful than going to the Tax Accountant. Once a Tax Accountant is “Broke In” you hate to change them. It shouldn’t have to be that way. Like a new pair of shoes – All is well and a Happier Experience, once the Tax Accountant and The Contractor understand the needs and expectations of the other.   Bad Experiences Just Spiral Down Tax Accountant does not want to see a Box of Receipts, Twelve Bank Statements and a see you later; call me when it’s done. You reply "I wanted my refund yesterday." It Is Tax Time, And The Tax Accountant Gets To Choose What Client To Work On Next The condition of your financials (or lack of financials) may put you at the bottom of the pile. From time to time Tax Accountants will find paperwork or a QuickBooks file in such awful condition that they Refuse To Do The Taxes until changes have been made. Contractors who are serious about their business need to be actively involved. A little bit of effort goes long ways to document that their company “Is A Business” and not “A Hobby.” A Good Start Is An Accounting System Based On Construction Accounting   Next, is keeping all the receipts. Pay all expenses by check, debit card or credit card. Creating Customer Invoices. Putting all the Income into the Bank. Hire a Construction Bookkeeper! Outsource to someone who understands your needs and Construction Accounting The Thought That “Anybody Can Do It” Is Not Quite Right. Contractors Need People Who Specialize And Understand Construction Accounting. With all of the taxes and reports, due bookkeeping should be someone who knows what they are doing. Most Bookkeepers specialize in an area. Restaurants, Medical and Construction all need bookkeepers. Just not the same Bookkeeper. Several General Bookkeepers have recently called saying they are the “New Bookkeeper” and are asking for help because they know the QuickBooks file is messy. The Question is: Can We help? Short Answer – Yes, We Can Help! Bookkeepers want Help in setting up a New QuickBooks file Bookkeepers want Help cleaning up the mess of the previous Bookkeeper. Bookkeepers want Training on What To Do after the QuickBooks file is cleanup Provide a One Hour Consultation and Free Review of Your Existing QuickBooks File. We recommend you have someone review your financial statements before going to the Tax Accountant. Remember this is the busiest time for Tax Accountants. They do not have The TIME or The ENERGY to look over all your transactions. Tax Accountants look for high-level numbers and what can they easily move to fill out the tax return. Good Idea to clean up the QuickBooks file before visiting Tax Accountant or Your Banker. Know the difference between what a good Tax Accountant does, and a good Construction Accountant does.  Tax Accountants Are Paid To Fill Out Tax Returns Not Save You Money Or Be Your Mentor ------------------------------------------------------------- We Are Paid To Do Your Contractor Bookkeeping And Be Your Profit And Growth Mentor What about this?   What about that?...
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Contractor Success M.A.P.By Randal DeHart, PMP, QPA