Remove Banking Remove Income Remove Remodeling Remove Resource
article thumbnail

Contractor Bookkeeping Vs. Regular Bookkeeping

Contractor Bookkeeping

Bank Balance - Un-cleared Checks) = Cash. Breakeven - Is fairly easy to calculate because there is a direct relationship between income and expenses on every item. Think of it like shooting a movie on location without all the glamour, resources and money to go with it. All Bookkeeping Methods Share The Same Accounting Equations.

article thumbnail

Construction Bookkeeping Unique Features

Contractor Bookkeeping

Bank Balance - Un-cleared Checks) = Cash. Breakeven - Is fairly easy to calculate because there is a direct relationship between income and expenses on every item. Think of it like shooting a movie on location without all the glamor, resources and money to go with it. Bank Account - Escrow Deposits. Other Income Tracking.

professionals

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

article thumbnail

Contractor Accounting Vs. Regular Accounting

Contractor Bookkeeping

Bank Balance - Un-cleared Checks) = Cash. Breakeven - Is fairly easy to calculate because there is a direct relationship between income and expenses on every item. Think of it like shooting a movie on location without all the glamour, resources and money to go with it. All Accounting Methods Share The Same Accounting Equations.

article thumbnail

Construction Bad Debt What To Do About It

Contractor Bookkeeping

You are not a bank so never, ever use your high interest credit cards and supplier accounts to provide financing to your customers in the form of providing a lot of labor, material, subcontractors and rental equipment hoping to get paid later on down the road. 1 Annual sales of $250,000 with $45,000 net income including your salary. #2

Debt 49
article thumbnail

The Most Important Employee In Your Construction Company Is You!

Contractor Bookkeeping

I’m hoping you had “A Lot” and a high net income as that is the purpose of being in business for yourself. As A Sole Proprietor All Your Net Income Is Subject To Payroll Tax! The most common method used by contractors and annual tax preparers is to add up all the deposits on your bank statement.

Income 48
article thumbnail

You Are The Most Important Employee In Your Construction Company

Contractor Bookkeeping

I’m hoping you had “A Lot” and a high net income as that is the purpose of being in business for yourself. As A Sole Proprietor All Your Net Income Is Subject To Payroll Tax! The most common method used by contractors and annual tax preparers is to add up all the deposits on your bank statement.

Income 48
article thumbnail

Bookkeeper Vs. Accountant Vs. C.P.A. For Your Construction Company

Contractor Bookkeeping

Their primary function is to read the incoming paperwork (electronic and hard copy) and follow a pre-determined set of rules and guidelines to put each transaction where it needs to go in QuickBooks or Xero Accounting Online depending on which accounting software the construction contractor is using. Bank Balance - Un-cleared Checks) = Cash.