QuickBooks Tip – Working With Contractors – Part 1

Be A Better Bookkeeper, QuickBooks Setup & Cleanup
An infusion of federal infrastructure funding through the American Recovery and Reinvestment Act (ARRA) have had and will continue to put more contractors and their employees back to work.  Federal investment in Public Works projects will create jobs throughout the country and not just construction jobs. While additional public infrastructure projects will allow the construction industry to maintain their current workforce and will even necessitate hiring more workers.  You will also see contractors who have previously worked on other types of construction projects (residential and/or commercial) begin bidding on newly created Public Works projects. This will also encourage contractors to purchase equipment, thus preserving and creating manufacturing jobs. As a Certified QuickBooks ProAdvisor or Accounting Professional who is working with construction clients - you are entering into a very challenging…
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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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What’s So Different About Accounting for Contractors?

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 you are making vs. how much money you are spending. Creating proper accounts  in your accounting system to track your businesses Assets, Liabilities, Equity, Income, Cost of Goods Sold and Expenses will allow you to see an overall picture of your company's worth or value from a financial standpoint - not only for yourself but also when you 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.This is where the similarities end!The construction industry has some very specific accounting…
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Successful Small Business Contractors Invest More in Time and Money to Pursue Federal Contracts : Innovation :: American Express OPEN Forum

Construction News
Successful Small Business Contractors Invest More in Time and Money to Pursue Federal Contracts : Innovation :: American Express OPEN Forum. Apr 16, 2010 - The first American Express OPEN Victory in Procurement (VIP) Small Business survey was released, reporting on findings from more than 1,500 business owners listed in the Federal Procurement Data System (FPDS) and registered on the Central Contractor Registration (CCR), the primary vendor database for the federal government. Including active contractors, currently inactive, and non-contractors1, the survey revealed compelling best practices for small businesses to succeed in government contracting.  The two most important pieces of advice that successful contractors offered are to start with small contracts since they can lead to larger opportunities and to be persistent. Active contractors made an estimated $86,000 investment in time…
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Government stimulus projects include prevailing wage requirements

Certified Payroll/Prevailing Wage, Construction News
{from an Associated Press article} A note from Sunburst Software Solutions, Inc. - Prevailing Wage requirements also require the submission of "certified payroll reports" on a weekly basis. Gov't stimulus projects include wage requirements By SCOTT BAUER - 23 hours ago MADISON, Wis. (AP) - Welders, bricklayers and other construction workers under the U.S. government's $787 billion stimulus law would earn significantly higher wages in some areas than crews on private, non-stimulus projects. Wage rules in the law are a potential bonus to workers' wallets but they're upsetting contractors who say it will increase their costs and reduce the numbers of projects that can be funded. Tucked within the 407-page law is a requirement that laborers and mechanics employed on government stimulus projects be paid "prevailing wages," which is defined…
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