0148: QuickBooks Year End Closing Tips For Your Contractors

This Podcast Is Episode Number 0148 And It Will Be About QuickBooks Year End Closing Tips For Contractors

Taking a bit of time to clean-up QuickBooks and prepare it before giving it to your tax preparer could save you hundreds or even thousands of dollars in income taxes. Download QuickBooks Year End Checklist Here

Several years ago the accounting departments of smaller construction companies with less than $10M in annual sales had to slog through dozens of mind numbing General Journal Entries in order to "Close The Books". With QuickBooks that process is mostly automatic.

There are still a few things the accounting department needs to do. The easiest method is to open QuickBooks and go to the help menu and click on the "Year End Guide".
 
A QuickBooks Year-End Guide wiil pop-up. It may vary depending on the version of QuickBooks you are using.
 
When you click on a task with your mouse the help screen for that task pops up and guides you through the process which normally takes several hours depending on the amount of bookkeeping data in your QuickBooks file and how complex your construction accounting system is setup. If you need help contact Sharie 206-361-3950 or Sharie@fasteasyaccounting.com

 
Get Ready For The Tax Preparer Step-By-Step
1.    Gather Receipts Into One Container
2.    Review Personal Bank Statements - Business
3.    Review Business Bank Statements – Personal
4.    Reconcile Bank And Credit Card Accounts
5.    Verify Petty Cash Entries
6.    Invoice Unbilled Work
7.    Money In (Accounts Receivable)
8.    Inventory Count By December 31st
9.    Fixed Assets Balance And Depreciation
10.    Money Out (Accounts Payable)
11.    Retirement Contributions - 401 (k), IRA, Etc.
12.    Notes Payable, Loans, Mortgages, Credit Lines
13.    Mileage Log / Each Vehicle / Business Use
14.    W-9’s From Vendors & Contractors Over $600
15.    Payroll Tax Deposits Match Quarterly Returns
16.    Verify Profit And Loss - Does It Make Sense?
17.    Back Up All Your QuickBooks Data Onsite And Offsite

When Your Computer Crashes Your QuickBooks Data Is Gone Forever!
We strongly recommend you have a basic disaster recovery plan in place.

If your QuickBooks is resting on our QuickBooks Desktop In The Cloud Intuit Approved QuickBooks Hosting service that has multiple backup procedures in place you do not need to back up again.

We have prepared a PDF checklist you can Download QuickBooks Year End Checklist Here

There is nothing to fill out, simply click on the button and download it to your heart's content.

We offer QuickBooks year end closing services if you prefer not to do it yourself or rely on someone who only does it once a year and the prices are very reasonable.

If you find that QuickBooks is not doing what you want it to do and not giving you the reports you want you may want to consider trying Xero Accounting Online.

We offer both Xero and QuickBooks bookkeeping services for construction contractors and have found the dividing line is how you get paid.

QuickBooks Works Best If You
1.    Take Job Deposits
2.    Have Change Orders
3.    Issue Multiple Invoices
4.    Need Job Costing Reports
5.    Need Payment Applications
6.    Periodic Invoices For Bank draws
7.    Need Complex Construction Accounting Reports

Xero Accounting Online Works Best If You
1.    Have Simple Jobs With One Invoice
2.    Need Basic Key Performance Indicator Financial Reports

We Make Getting Started With Xero Painless!

Do you want to use Xero Accounting Online, but dread moving everything from QuickBooks or some other accounting software? We can do it all for you:
·    Enter all of your year to date transactions
·    Enter all of your Accounts Receivable (Sales)
·    Enter all of your Accounts Payable (Purchases)
·    Previous year end bank, credit card and other account balances
·    Activate your bank and PayPal feeds for downloading into Xero
·    Enter all your customer and vendor contact information
·    Contact Sharie 206-361-3950 or sharie@fasteasyaccounting.com
·    Set up your organization in Xero Accounting Online
·    Prepare an application for Tax-ID number, if needed.
·    Set up your Chart of Accounts
·    Connect your bank and PayPal feeds
·    Give you a tour of the system and how it works
·    Provide ongoing virtual CFO support (We are more than bookkeeping services provider!)

Contact Sharie 206-361-3950 or sharie@fasteasyaccounting.com

Pricing Depends Upon the number of accounts, invoicing frequency and number, average daily transactions, number of employees, the amount of business coaching and virtual CFO services you want. We offer MANY other customization options so please ask.

I trust this podcast helps you understand that outsourcing your contractors bookkeeping services to us is about more than just “doing the bookkeeping”; it is about taking holistic approach to your entire construction company and helping support you as a contractor and as a person.

We understand the good, bad and the ugly about owning and operating construction companies because we have had several of them and we sincerely care about you and your construction company!

That is all I have for now and if you have listened this far please do me the honor of commenting and rating podcast www.FastEasyAccounting.com/podcast Tell me what you liked, did not like, tell it as you see it because your feedback is crucial and I thank you in advance.

I trust this will be of value to you and your feedback is always welcome at www.FastEasyAccounting.com/podcast

This is one more example of how Fast Easy Accounting is helping construction company owners across the USA including Alaska and Hawaii put more money in the bank to operate and grow your construction company. Construction accounting is not rocket science; it is a lot harder than that and a lot more valuable to construction contractors like you so stop missing out and call Sharie 206-361-3950 or email sharie@fasteasyaccounting.com

Thinking About Outsourcing Your Contractors Bookkeeping Services?

Click On The Link Below:

www.FastEasyAccounting.com/hs

This guide will help you learn what to look for in outsourced construction accounting.

Need Help Now?

Call Sharie 206-361-3950

sharie@fasteasyaccounting.com

Thank you very much and I hope you understand we really do care about you and all contractors regardless of whether or not you ever hire our services.
Bye for now until our next episode here on the Contractors Success MAP Podcast.

Warm Regards,

Randal DeHart | Contractors Accountant