19May 2010 by Nancy Smyth

QuickBooks Tips – Contractor Needs Part 2

Be A Better Bookkeeper, QuickBooks Setup & Cleanup, The "Sunburst" Website
Sam Subcontractor already uses QuickBooks, he has more complex job costing needs due to certified payroll reporting requirements, payments of prevailing wage fringe benefits and AIA billing.  High overhead costs,  specialized equipment, materials, labor charges are other things that must be taken into consideration. QuickBooks Estimating, Job Costing, and payroll  needs will vary depending on the type of contractor you will be dealing with, so if anyone dares to suggest that one “Chart of Accounts or bookkeeping method” will work for all contractors – well you just shouldn’t listen to them, and here’s why: Meet Sam Subcontractor: I have worked for a lot of “Sam’s” they are great people too.  They usually have the same basic philosophy as Harry the Handyman; however, because they have employees and bigger “operations” they…
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17May 2010 by Nancy Smyth

QuickBooks Tip – Working With Contractors – Part 4

Be A Better Bookkeeper, Construction News, QuickBooks Corner
Congratulations, you have just picked up your first construction client! As an Certified QuickBooks ProAdvisor, a "contractor" or a Bookkeeper/Office Manager has contacted you for a contractor because they need "help" with their QuickBooks file.  The chances are good that you have completed one of the various "New Client Interviews" that are readily available, you arrive at the contractor's office, and start to review their current QuickBooks setup only to find: A Chart of Accounts that is so long it could easily be considered a "book" OR one that is so short you wonder how they manage to keep accurate records. An Item List that is so long that it too could be considered a "book" OR one that consists of only a few items. A Payroll Item List that…
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14May 2010 by Nancy Smyth

QuickBooks Tip – Working with Contractors – Part 3

Be A Better Bookkeeper, Construction News, QuickBooks Corner
How contractors view business management covers a wide range of emotions; from a "necessary evil" to those who want and need their information "NOW" (or yesterday) in order to be able to make better day-to-day operating and financial decisions.For the most part, contractors are NOT "business people" - they are highly skilled craftspeople who prefer to work in the field doing what they do best....building things.  They hate being stuck in an office in front of a computer faced with a pile of paperwork; and while they may recognize that their current accounting method isn't optimal, if it's working well enough (in their opinion) they simply leave it alone.Although this group of contractors may not be actively looking to solve their financial pain, they can and do strongly identify with…
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10May 2010 by Nancy Smyth

Contractors Using QuickBooks Have Special Bookkeeping Needs

Be A Better Bookkeeper, QuickBooks Add-Ons, QuickBooks Setup & Cleanup
As we all know, having an accounting system is a vital piece of any successful business.  An accounting system provides an automated and easy way to track how much money is being made vs. how much money is being spent. Creating proper accounts in an accounting system to track business Assets, Liabilities, Equity, Income, Cost of Goods Sold, and Expenses will allow your construction client to see an overall picture of their company's worth or value from a financial standpoint - not only for themselves, but also when they apply for a loan, or have to be bonded. A construction company, like any other company, has numerous responsibilities - to their employees, customers, vendors, subcontractors, investors, and even the government. Contractor Business Needs: The construction industry has some very specific…
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