Project accounting can be difficult to manage, especially if it includes tracking billable expenses on the go. When employees travel to a client’s location to install software or equipment, transportation and living expenses are billed to the client. While the client may not require documentation for every cup of coffee, the IRS does. Getting employees to document their expenses can be a struggle. Keeping track of receipts for on-the-go expenses can be a challenge. When employees are rushing to catch a flight, they may stuff the cab ride receipt in a pocket. If they pay for tolls, do they ..read more

When you first started your business, bookkeeping was 15 minutes at the end of the day. Maybe you updated a spreadsheet and tossed a few receipts in a drawer. When tax time came around, you sent the drawer of receipts and the spreadsheet to your accountant. As the business grew, you had less time for bookkeeping, but more of it to do. You decided to move everything to QuickBooks. The only problem was the process didn’t seem to go any faster. You were still spending too much time after hours keeping the books. The DIY QuickBooks idea wasn’t working out like you thought. Giving you more time to ..read more

Financial advisors are continually recommending retirement plans to business owners. They often make that recommendation every tax year and wonder why the owners never do. When asked, about 40% of small business owners do not believe they have enough money to invest in a retirement plan for themselves or for their employees. Almost 75% believe that retirement plans are too expensive, and 61% lack the resources to administer a program. Even though business owners may listen to the advice, they don’t have the time to research which retirement plan is the best for their company. With mu ..read more

It’s been a long day. You were up at 6:00 and at the construction site by 7:00. It’s 10:00 pm, and you’re trying to pull together a proposal for a huge construction project that is due tomorrow. Somehow, the numbers aren’t coming together, plus you aren’t sure what is the best revenue recognition approach to use. Maybe, it’s time to think about accounting professionals or a firm with construction experience to help. How is Construction Accounting Different? Most businesses organize their financials around products that last decades. Updated versions may be released, but it’s still the sam ..read more

How are you managing your 1099s these days? Every business owner knows the importance of strong financials. Without a solid balance sheet, it’s difficult to receive loans or attract investors. Yet, many companies fail to realize how accurate tax reporting contributes to a financially sound organization. For example, failure to file non-employee compensation on form 1099 can result in penalties ranging from $50 to $270 per form up to a maximum of $556,500 per year. Suppose the IRS finds that a company intentionally failed to meet the 1099 requirement. In that case, they can assess a minimum pen ..read more

At the end of a year-long project, the CEO of a construction company joked that he loved it when a plan came together. Although the CEO was pleased that the project went as planned, he felt that the success was due as much to luck as to planning. After all, only 28% of construction projects come in on time or budget. A 2020 survey found that construction businesses blame delays on:: Change orders (62%), Weather (60%), Poor project coordination (54%), Delayed payments (12%). Delayed projects impact more than a schedule. The delays ripple through a general contractor’s finances as we ..read more

It’s been a long day. You were up at 6:00 and at the construction site by 7:00. It’s 10:00 pm, and you’re trying to pull together a proposal for a huge construction project that is due tomorrow. Somehow, the numbers aren’t coming together, plus you aren’t sure what is the best revenue recognition approach to use. Maybe, it’s time to think about accounting professionals or a firm with construction experience to help. How is Construction Accounting Different? Most businesses organize their financials around products that last decades. Updated versions may be released, but it’s still the sam ..read more

At first glance, it may seem like all accounting professionals fit in the same box and offer the same skillset. In reality, it’s not that simple. So, how do you know who you should work with and what your company really needs? Let’s talk about four major roles and the differences between them.  Bookkeeper The role of the bookkeeper is the foundation for all the rest. Bookkeeping is the process of recording business activity in the books, including revenue, expenses, and any other transactions. The bookkeeper is responsible for making sure these entries are made into the correct accounts a ..read more

Knowify and simPRO platforms are both a customer service management tool as well as a job cost and job tracking tool. Both offer an all-encompassing cloud-based platform that can handle contractor projects from start to finish.   Each of these tools offers the ability to organize leads and follow through to project completion. As an example, once a bid has been completed it can be e-mailed to the customer with the click of a button. The customer can digitally sign to approve and then return it. Once the contractor receives the green light, supplies can be ordered and the job can be s ..read more

When it comes to paperwork, most business owners fall into one of two extremes. There are those who have huge boxes full of every receipt, invoice, carbon copy, and cocktail napkin they’ve ever come across (“just in case”), and those who hold onto almost nothing.  So, what do you REALLY need to keep for taxes, and how long do you need to keep it?  Crucial Documents to Keep The purpose of keeping documents for taxes is to prove your income, expenses, etc. were what you claim on your tax return. Failure to provide documentation can cost you deductions or cause you to pay penalties or a ..read more