If you are an accountant that is trying to help a contractor with building project advice, there are many things that you can help them with right away. You can use your expertise in accounting to help them structure what they are going to purchase, and what they can write off, with every single project that they are working on. If you have several clients that do have accounting issues, here are a few tips that you can use in order to help these contractors stay on track with their accounting.
Where To Begin
The first advice that you should give contractors you are working with is to save receipts on everything. For example, they need to keep track of all of their expenses, perhaps adding these to a spreadsheet, so that you can go through what they have purchased. This simple suggestion will make it possible for them to start collecting information that you will need to help them do proper accounting. Once they have this done, you can advise them on more specific matters which can relate to deductions they can make.
What Type Of Building Project Advice Can You Give Them?
The first type of advice you need to give them for a building project is to separate all of their expenses related to each portion of the project they are in charge of. They will likely have multiple contractors working for them to help them complete the structure of the building, plumbing, electrical, and roofers that will be working directly on the project itself. This information should be kept separate so that when the accounting needs to be done, they will be able to quickly provide you with the information so that their taxes can be filed right on time. This is the best advice that you can give them, making it possible for any accountant to quickly evaluate their expenses, earnings, and determine what the deductions will be.
How Long Will It Take To Complete This Process?
Beginning with your instruction session with them, it should only take an hour to show them what needs to be done. In regard to helping them throughout each project with questions they may have, this could be a couple of hours more. In addition to this, there is the time it will take to process all of the accounting information that must be filed quarterly for their business. You can streamline the process, but only if you work with construction companies that have building projects that are willing to implement your advice.
These basic tips on how to deal with contractors that have multiple building projects should help you make this process as easy as possible for them and you. If you are able to do this with every client that you have that is in the construction industry, it should allow you to take on more clients every year. Additionally, as you are expanding your business, perhaps working with additional accountants that will join your company, you can instruct them on how to do the same. There is always a way to improve the process by which you can help contractors with building projects that would like to use your services.