Contractor Success Map With Randal Dehart | Contractor Bookkeeping And Accounting Services

This Podcast Is Episode Number 0151 And It Will Be About Why Successful Contractors Use Professional Bookkeeping Services What You Should Expect From Your Bookkeeping System? The first and most important principle in Construction Accounting is everything starts with Cash because Cash Is Fact; Profit Is An Opinion. All transactions in the bank account of your construction accounting system no matter if it is QuickBooks or Xero must be assigned to the proper accounts: Income Job Deposits Payroll Taxes Cost of Goods Sold (Direct and Indirect Costs including Labor, Material, Other and Subcontractors. Other costs including permits, plans, bills from suppliers and purchases on your personal credit cards. Overhead Second Important Principle In Construction Accounting Tracking Income properly, Knowing how, when and where to put Customer Estimates, Customer Invoices, Customer Job Deposits and any Retainage Withheld, Vendor Refunds and Rebates. Good Construction Accounting Is All About the Details Payroll entered in