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Scam Artists Are Calling Contractors Claiming To Be From The IRS

Contractor Bookkeeping

Scammers are calling all kinds of people and business owners claiming to be from the IRS. This has been a popular and from all indications a very profitable swindle because it appears to be getting worse. From our experience as construction accountants, any contractor who cheats on their taxes ends up cheating themselves in the end.

IRS 48
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Job Costing Accounting Vs. Regular Accounting

Contractor Bookkeeping

There is some confusion about the differences between job costing accounting and regular accounting which leads some contractors to believe they can get what they need from any bookkeeper and the cheaper the better. Two Basic Types Of Accounting. #1 Tax Accountants are good people and have a place in the accounting world.

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House Builders Want Unique Construction Accounting

Contractor Bookkeeping

Builder Accounting begins with a proper QuickBooks setup For Spec Home Builders. Understand to get good, usable information out of any accounting system that they need to be an active participant and code the paperwork. Accountants do not have a crystal ball and or a magic wand…It Is True – Garbage In = Garbage Out.

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Unique Construction Company Financing Secrets Revealed

Contractor Bookkeeping

1 Your Profit & Loss and Balance Sheet Reports do not conform to financial industry standards. #2 2 The financials tell the banker your bookkeeper doesn''t understand Construction Accounting. #3 4 You have no access to a construction accountant, not even for quarterly check-ups. #5 Five Red Flags To Avoid. #1

Finance 48
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Why Your Construction Company Needs Bookkeeping

Contractor Bookkeeping

There is a lot of information to be gained when you compare this year’s Profit & Loss to the prior year because it will alert you to trends early enough to respond rather than reacting after it is too late and help establish profit and sales goals. See more at: [link].

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Unique Tips For Managing Cash Flow In Your Contracting Company

Contractor Bookkeeping

Construction Company cash flow is the movement of money in and out of your Construction Company; these movements are known in accounting circles as inflow and outflow. Note: A construction accountant is the best person to help you learn how your cash flow statement works. Is Cash Flow The Same As Profit?

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New Legislation Could Change How Contractors File and Pay Taxes

Construction Law Monitor

.” Under current law, construction contractors cannot use the completed contract method (CCM) of accounting if average annual gross receipts exceed $10 million – a figure that has not been adjusted for inflation since the threshold’s inception in 1986. We’ll monitor this bill and report any updates.