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Does Cheap Outsourced Contractor Bookkeeping Services Save Money?

Posted by Randal DeHart on Mon, May 13, 2013

Contractors Often Ask Us A Simple Question:

We have read Who We Help, researched you on LinkedIn, and at least a dozen other places on the web, read your customer reviews and are convinced you can help us; but, can't we get the same thing from leveraging a hungry bookkeeper working from home and save Money?

Outsourced Contractors Bookkeeping Services Lynnwood Washington

That is a great question and an important one too for anyone that is looking for way to outsource contractor bookkeeping services. And because we get this question so very much, today we decided to write an article explaining to you the potential pros and cons of outsourcing.

The short answer is they can get about 80% of what they need for about 50% of what it will cost to have us do it. In this economy everybody needs to save money whenever and wherever they can. So in the short run it may be possible to save money.

The problem is that 20% they do not get can really hurt bottom line profits and possibly cause the contractor to pay more in taxes than the saved in contractor bookkeeping services fees.

Fast Easy Accounting 206 361 3950 Spec Builder Outsourced Accounting Services

If you don't know what you are looking for everything looks the same and the only difference is price. So we have put together a short list of things contractors take for granted that most bookkeepers are not aware of unless they have been trained in Construction Bookkeeping.

Do yourself a favor and pick the items on this list and ask your contractors bookkeeper about how they are handled, tracked and reported on:

Download Contractors Bookkeeping Checklist

QuickBooks Options:

  • QuickBooks Automatic Backup On Remote Server
  • All Expenses And Costs Recorded In Chart of Accounts, Not Items
  • All Work In Process Recorded in Chart of Accounts, Not Items
  • Retention Hold By Your Customers
  • Retention Hold For Subcontractors
  • Job Deposits From Customers
  • Employee Type Tracking - Field
  • Employee Type Tracking - Admin
  • Employee Type Tracking - Sales
  • Employee Type Tracking - Operations
  • Employee Type Tracking - Officers
  • Employee Loans - Field
  • Employee Loans - Admin
  • Employee Loans - Sales
  • Employee Loans - Operations
  • Employee Reimbursements - Field
  • Employee Reimbursements - Admin
  • Employee Reimbursements - Operations
  • Employee Reimbursements - Sales
  • Employee Reimbursements - Officers
  • Payroll Preperation - Field
  • Payroll Preperation - Admin
  • Payroll Preperation - Sales
  • Payroll Preperation - Operations
  • Payroll Preperation - Officers
  • Payroll Tax Reporting – 941
  • Payroll Tax Reporting - 940
  • Payroll Tax Reporting - 940
  • Payroll Tax Reporting - W-2
  • Payroll Tax Reporting - W-3
  • Insurance Audit Reporting
  • Insurance Audit Support (Business Consulting And Accounting Office)
  • Bank Reconciliations
  • Credit Card Reconciliations
  • State Business And Occupation Tax Reporting
  • City Business And Occupation Tax Reporting
  • State Sales Tax Reporting
  • Petty Cash
  • Fixed Assets
  • Depreciation
  • Intercompany Transfers
  • Security Deposits
  • Loans To Shareholders
  • Loans To LLC Members
  • Loans To Partners
  • Cost of Goods Sold - Direct Costs
  • Cost of Goods Sold - Indirect Costs
  • Schedule of Values - CSI Cost Codes
  • Schedule of Values - Job Costing
  • Schedule of Values - General Construction
  • Schedule of Values - Commercial T.I. Projects
  • Schedule of Values - Special Projects
  • Schedule of Values - Spec Homes With Bank Draws
  • Schedule of Values - Spec Homes Without Bank Draws
  • Payment Application - Single Payment
  • Payment Application - Multiple Payments Without Change Order Tracking
  • Payment Application - Multiple Payments With Change Order Tracking
  • Prevailing Wage Reports
  • Work-In-Process Reporting
  • Tool Lease Tracking
  • Vehicle Lease Tracking
  • Equipment Lease Tracking
  • Heavy Equipment Allocation
  • Occupancy Expense - Office
  • Occupancy Expense - Shop
  • Marketing Cost Tracking
  • Vehicle Costs - Admin
  • Vehicle Costs - Sales
  • Vehicle Costs - Operations
  • Vehicle Costs - Officer
  • Other Income Tracking
  • Other Expense Tracking
  • Investment Property Tracking

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The Short Video Below Tells The Whole Story

QuickBooks Expert Specializing In Construction Bookkeeping Services

 

About The Author:

Randal DeHart, PMP, QPA The Construction AccountantRandal DeHart, PMP, QPA is the co-founder of Business Consulting And Accounting in Lynnwood Washington. He is the leading expert in outsourced construction bookkeeping and accounting services for small construction companies across the USA. He is experienced as a Contractor, Project Management Professional, Construction Accountant, Intuit ProAdvisor and QuickBooks For Contractors Expert. This combination of experience and skillsets provides a unique perspective which allows him to see the world through the eyes of a contractor, Project Manager, Accountant and construction accountant. This quadruple understanding is what sets him apart from other Intuit ProAdvisors and accountants to the benefit of all of the construction contractors he serves across the USA. Visit http://www.fasteasyaccounting.com/randal-dehart/ to learn more.

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