At Bench Accounting, we understand the bookkeeping needs of electricians. We respond to your financial queries promptly and regularly update you on your bookkeeping status. Do you have urgent questions that need immediate responses? Rest assured, we'll get back to you within one business day or even less.
Our software helps you streamline data entries from prominent providers, reducing the potential for errors common to manual entry. We collaborate with industry-leading providers like Gusto, Stripe, Shopify, and Square—ensuring that your financials are consistently accurate. Specifically designed for electricians, Bench Accounting makes managing your small business finances easy and stress-free.
Bid farewell to mountains of invoices and tedious manual recording—we automate the data directly from your linked accounts. Gain valuable insights from a singular, centralized dashboard, enabling you to easily comprehend the financial health of your electrical business and make smart, strategic decisions.
DR. BUKKY KOLAWOLE
As a self-employed electrician, you may be eligible to claim various tax deductions that contribute to your business expenses. These can include but are not limited to:
- Tools and equipment required for your work
- Vehicle expenses if you travel for your business
- Home office expenses if you work from home
- Insurance premiums related to your business
- Contract labor costs if you hire subcontractors
- Continuing education and certification costs
- Any necessary safety gear
Please note that tax laws can vary and change, so it's important to work with a knowledgeable bookkeeper or accountant to ensure you're accurately reflecting your deductible costs. The Bench Accounting team is always here to help with your bookkeeping needs.
Managing bookkeeping effectively when sourcing electrical supplies from various places can be a complex task, but with careful organization and the right support, it can become much more manageable. Here are a few tips:
- Keep Detailed Records: Be meticulous with your purchases and expense tracking. Maintain a detailed log of where, when, and how much you’ve spent on each item. This will help not only with tax deductions but also with managing your overall budget.
- Utilize Accounting Software: Implementing a robust accounting system can automate much of the financial tracking process and reduce the likelihood of errors. Accounting software can aggregate data from different sources, providing an accurate financial snapshot of your business at any given time.
- Hire a Professional: If accounting isn't your area of expertise or you simply don't have the time, consider hiring a professional. Bench Accounting offers comprehensive bookkeeping services for various industries to ensure all your financial affairs are in order.
Yes, the depreciation of your tools and equipment is an important factor in your bookkeeping. Depreciation is the gradual decrease in the value of an asset over time, and it is a legitimate business expense that is tax-deductible. It affects your business's net income and overall balance sheet, so it should be properly tracked and recorded in your bookkeeping system. A professional bookkeeper can help ensure that this is done accurately.
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.