Bookkeeping and Accounting for Drywallers

As a drywaller, you are eligible to claim several specific expenses to reduce your taxable income. Some of these include:

• Cost of drywall, taping supplies, screws and other materials.
• Tools and equipment purchases and maintenance.
• Vehicle expenses if you use your personal vehicle for work, such as gas and maintenance costs.
• Marketing and advertising costs to promote your services.
• License, certification, insurance, and union dues.
• Work clothes and safety gear that's specific for your job.
• Home office expenses if you use part of your home for work.

Please remember, it's always recommended to keep accurate records and receipts for all your business-related expenses and discuss with a professional accountant or bookkeeper regarding your specific circumstances.

The best way to keep track of your financial transactions for your drywall installation business is by hiring a specialist bookkeeper or using an efficient accounting software. A dedicated bookkeeper will ensure that all financial data are organized, up-to-date, and accurate. They can help manage your expenses, payroll, invoices, and prepare your taxes. Meanwhile, accounting software allows you to automate the process and access your financial data anytime. Here at Bench Accounting, we combine the convenience of modern software with the expertise of real, human bookkeepers. We provide expert bookkeeping services tailored for your specific business needs.

Accounting for drywalling supplies used in a project involves recording expenses and tracking costs directly attributed to that specific project. This can include direct costs like the cost of materials used, indirect costs such as labor, and overheads. On the other hand, keeping inventory in-line for future engagements involves recognizing the cost of inventory when the item is sold, or when its value decreases. These costs are accounted for differently as the inventory could be considered an asset that can contribute to future revenue, whereas project expenses are typically recognized immediately.

Nope! All bookkeeping is completed in-house.

Your bookkeeper will be your main point of contact, but at times you might hear from another member of your team. This is usually when your bookkeeper goes on vacation, is sick, or otherwise unavailable.

We handle the bookkeeping for you but sometimes we’ll need your input, especially at year-end. On average, expect to spend 15 minutes each month answering questions for your bookkeeper, or uploading supporting docs.