Frequently Asked Questions for a Bookkeeper
Frequently Asked Questions for a Bookkeeper
FAQ for a Construction Contractor Bookkeeper
Regardless of the type, every business in America has a myriad of financial responsibilities that must be upheld if the owner wants success! From organizing and recording receipts to updating ledgers to reflect daily activities of deposits and withdrawals, it is easy for an owner to get behind in the financial recording of daily events. For both inventory and tax purposes, receipts must be meticulously kept, recorded, and- ultimately- reviewed frequently to look for excess expenditures present in any area or another. A bookkeeper’s job is to take some of that responsibility from the owner and organize it in a way that allows for easy observation of the business’s financial health. At Gulfstream Bookkeepers, Tracey and her team can help your business become financially fit. With our customized reports and attention to detail, owners no longer need to scramble for paperwork or go to be feeling guilty because yet another day has passed without the books being completed!
1. What can a bookkeeper do that I cannot do for my own business?
This question actually requires a 2 part answer. First, it is important to understand that a great bookkeeper such as Tracey at Gulfstream financial will have all of the tools and experience needed to take your construction contractor business to a new organizational level. Bookkeepers who are used to working with construction contractors understand exactly how time-consuming the financial aspects of the business can be! Yes, there are many programs available to owners to “crunch numbers” on their own, but such programs are not business or industry-specific. Tracey will help design a financial spreadsheet that is applicable to the specific needs of your business! Additionally, the second part of this answer revolves around the time aspect of organizing and maintaining accurate books. Owners did not typically enter into their business for the love of the numbers! A great bookkeeper takes the time, energy, and attention to detail needed for the proper organization of the books and gives that time back to the owner! There are so many other necessary and important aspects of a great construction contracting business! Saving you time means more time for job-specific duties or family!
2. What can Gulfstream Bookkeeping do specifically for your construction contractor business?
In short, almost anything you need to be done from a financial organization standpoint can be done by Tracey and her team! The following services are our top requested services at Gulfstream:
- Employee Payroll
- Mobile Public Notary
- Monthly organization and recording of financial transactions with provided expenditure reports
- Monthly organization of receipts
- Bill Management
3. What is the difference between a bookkeeper and an accountant?
A bookkeeper’s number one priority is the organization of transactions, keeping your business organized and set up in a way that visually seeing expenditures vs payments is simple. Accountants, on the other hand, provide a much more qualified, in-depth look into your business finances. Such services may include spending analysis and tax advice. As stated in an earlier question, bookkeepers provide a multitude of other financial services that range from payroll to notary services.
- Organizing and recording business costs
- Maintaining accurate ledgers
- Creating invoices and posting payments
- Creating financial statements for monthly business review
- Completing payroll
- Working closely with owners to organize all financial records of a business
- Mobile public notary
4. What services does Gulfstream Bookkeepers have available for my Construction Contractor Business?
Gulfstream is committed to working with each individual company to create the best possible plan for them! We can provide basic financial organization or payroll and notary services! Specifically, in the construction contractor industry, we assist in the organization and management of a company’s many jobs being done simultaneously.
5. How does Virtual Bookkeeping work?
Virtual bookkeeping is a newer concept that actually saves businesses a ton of money. Gone are the days when a business would have to hire a bookkeeper full-time! Now, most bookkeeping services can be completed from a distance. This means you do not have to have an office available for a bookkeeper. When we break it down, a virtual bookkeeper is much less expensive than a typical in house bookkeeper.
Traditional In-Office Bookkeeper
EXPENSES ANNUAL COST FOR PART-TIME WORK
Base Salary ($15/hr 20 hrs/week = $ 15,600.00
Benefits (15% of Salary) = $ 2,400.00
Payment for Sick Days & Holidays = $ 1,600.00
Payroll Taxes = $ 1,600.00
Supplies & Equipment = $ 3,000.00
Administrative Costs = $ 1,100.00
ANNUAL TOTAL COST: $25,300.00
TRADITIONAL IN-OFFICE BOOKKEEPER
Tracey travels from office to office, as needed, but is otherwise working to enhance your business in any area needed! Our cost is a fraction of a hired in-house bookkeeper and our services are equal or greater to an in-house bookkeeper. With the virtual world of business expanding, it may be time to step into 2021 and beyond and call Gulfstream to see how we can best meet your bookkeeping needs!
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