Outsourcing Bookkeeping for Contractors: How Sunday Bookkeeping Can Help
Contractors have enough to manage. Projects, employees, subcontractors, materials, invoices, customers, job costs, and deadlines can keep you busy from morning to night. Then there is the bookkeeping. When financial records fall behind, it can become harder to understand which jobs are profitable, where money is being spent, and whether your business is prepared for tax season.
Why Contractors May Outsource Bookkeeping
Outsourcing bookkeeping can help contractors:
Save TimeSpend less time dealing with spreadsheets, receipts, and financial transactions and more time managing projects.
Keep Job Costs OrganizedTracking labor, materials, subcontractors, and other expenses can help you understand the financial performance of individual jobs.
Improve Financial VisibilityCurrent financial reports can give you a clearer picture of revenue, expenses, cash flow, and profitability.
Stay Tax-ReadyKeeping your books current throughout the year can make it easier to provide organized financial information to your CPA or tax professional.
Support Better Business DecisionsWhen your numbers are current, you have better information when deciding whether to hire, purchase equipment, take on another project, or expand.
A Real Construction Success Story
A publicly available case study from Wipfli describes its work with MAREN Construction. According to the case study, the owners had been spending two full days each week on accounting and were not getting the financial information they needed to understand their financial position and make business decisions. After using outsourced accounting and CFO services, Wipfli reported that MAREN reduced the owners' accounting time by 80% and improved budgeting, planning, and project management.
The lesson for contractors?
Outsourcing isn't simply about getting someone else to enter transactions. The bigger benefit can be having organized, timely financial information that helps you understand your business while giving you more time to focus on your projects. Results will vary from business to business, but the MAREN example demonstrates how outsourcing financial functions can change the amount of time owners spend managing accounting.
How Sunday Bookkeeping Can Help Contractors
At Sunday Bookkeeping, we help contractors keep their financial records organized so they can focus on running their businesses.
Our services can include:
✔ QuickBooks management✔ Monthly bookkeeping✔ Bank & credit-card reconciliation✔ Transaction management✔ Job-cost tracking✔ Accounts payable & receivable✔ Expense management✔ Financial reporting✔ Cleanup & catch-up bookkeeping✔ Tax-ready financial records✔ 1099 preparation support✔ Year-end support for your CPA
Your projects are your priority. Your bookkeeping shouldn't constantly pull you away from them. Sunday Bookkeeping can help you stay organized, understand your numbers, and prepare your financial records for tax season. Your business is your priority. Let us handle the numbers.
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Educational Disclosure
The MAREN Construction example is based on a publicly available case study published by Wipfli. The reported results are specific to that business and should not be considered typical or guaranteed. Sunday Bookkeeping is not affiliated with, sponsored by, or endorsed by MAREN Construction or Wipfli. This article is for general educational purposes and is not tax or legal advice.
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