6 Reasons Construction Companies Need Accounting Professionals

It's been a long day. You were up at 6:00 and at the construction site by 7:00. It's 10:00 pm, and you're trying to pull together a proposal for a huge construction project that is due tomorrow. Somehow, the numbers aren't coming together, plus you aren't sure what is the best revenue recognition approach to [...]

How Well Are You Managing Your 1099s?

How are you managing your 1099s these days? Every business owner knows the importance of strong financials. Without a solid balance sheet, it's difficult to receive loans or attract investors. Yet, many companies fail to realize how accurate tax reporting contributes to a financially sound organization. For example, failure to file non-employee compensation on form [...]

Best Accounting Practices for General Contractors

At the end of a year-long project, the CEO of a construction company joked that he loved it when a plan came together. Although the CEO was pleased that the project went as planned, he felt that the success was due as much to luck as to planning. After all, only 28% of construction projects come [...]

Construction Industry Job Costing Software: Knowify & simPRO

Knowify and simPRO platforms are both a customer service management tool as well as a job cost and job tracking tool. Both offer an all-encompassing cloud-based platform that can handle contractor projects from start to finish. Each of these tools offers the ability to organize leads and follow through to project completion. As an example, [...]

What Paperwork Do I Need to Keep for Taxes?

When it comes to paperwork, most business owners fall into one of two extremes. There are those who have huge boxes full of every receipt, invoice, carbon copy, and cocktail napkin they’ve ever come across (“just in case”), and those who hold onto almost nothing.  So, what do you REALLY need to keep for taxes, [...]

The Major Risks of Mixing Business and Personal Funds

When you own a business, it’s easy to think of the assets of the business as your assets. And while this is true to a point, it can cause a lot of problems if you start treating the business’ money as your own, using business accounts for personal purchases and vice versa. This is called [...]

How to Choose the Right Quickbooks Online Subscription For Your Company

Having the right Quickbooks Online subscription for your business is essential. You certainly don’t want to pay more than you need, nor do you want to cut yourself short. QBO subscriptions are available in a wide range of pricing, and although the cost might be a consideration, it shouldn’t be the sole determining factor. Each [...]

Can Your Accounting System Make it Easier to Run Your Business?

For many small business owners, bookkeeping and accounting can be summed up in one word… Compliance. You may have had another word in mind that I can’t share in this blog post. Either way, it comes down to your books being a necessary evil that you deal with as quickly and infrequently as possible. You [...]

Home Office Deductions 101

Do you run your small business out of home?  If so, you may be entitled to a significant number of tax deductions that can save you a lot of money, but only if you properly track and record them. Let’s take a look at some of the most common deductions for home offices, how to [...]

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