Remove Equity Remove Foundation Remove Overhead Remove Profitability
article thumbnail

Service Agreements Can Improve Contractors Cash Flow And Profits

Contractor Bookkeeping

The Balance Sheet is the summary report which shows all of the assets minus the liabilities which equals the "Book Value" or owner''s equity. Owner’s equity is in theory what would be left over if you liquidated the company, sold the assets and paid all of the debts or liabilities. Service Agreements Place On The Financial Reports.

article thumbnail

Contractor Bookkeeping Vs. Regular Bookkeeping

Contractor Bookkeeping

Business Owners - Need three basic reports, Cash, Profit and Equity. Profit And Loss Report. Sales - Expenses) = Profit. Assets - Liabilities) = Equity. Expenses - Overhead required to maintain business operations. All Bookkeeping Methods Share The Same Accounting Equations. Cash On Hand.

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

Business Owners - Need three basic reports, Cash, Profit and Equity. Profit And Loss Report. Sales - Expenses) = Profit. Assets - Liabilities) = Equity. Expenses - Overhead required to maintain business operations. All Accounting Methods Share The Same Accounting Equations. Cash On Hand.

article thumbnail

QuickBooks Online Converted To QuickBooks Contractors Desktop Online

Contractor Bookkeeping

QuickBooks Online is a great program for small companies including some non-profit organizations but it is not suited for a serious construction contractor with more than two projects a month and generating more than $500 a year in sales. Profit & Loss statement anytime YOU want it! Profit And Loss Report. Cash On Hand.

article thumbnail

Latest Trend, Bookkeeper Works For Contractor That Goes Bankrupt

Contractor Bookkeeping

If your bookkeeper is an employee and they have no equity interest in your company they do not have the same concern about your construction company''s cash flow and bottom line profit that you do because when it fails they can blame you for "Not knowing how to run a business" and go wreak havoc elsewhere.

article thumbnail

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

Contractor Bookkeeping

Their primary function is to review the transactions, reclassify some of them as needed and prepare payroll, monthly tax returns, quarterly tax returns, basic Profit & Loss Reports and Balance Sheet Reports. Business Owners - Need three basic reports, Cash, Profit and Equity. Profit And Loss Report. Cash On Hand.

article thumbnail

Construction Bookkeeping Unique Features

Contractor Bookkeeping

Business Owners - Need three basic reports, Cash, Profit and Equity. Profit And Loss Report. Sales - Expenses) = Profit. Assets - Liabilities) = Equity. -. Expenses - Overhead required to maintain business operations. Job Profitability Reports. All Accounting Uses The Accounting Equation. Job Status.