We’ll always be at hand with regular bookkeeping updates tailored for your floor installing business. Got urgent inquiries that can't be postponed? We promise to respond within one business day or even less.
Our platform enables you to effortlessly input data from most substantial suppliers, eliminating common errors. We collaborate with vendors such as Gusto, Stripe, Shopify, and Square—ensuring your accounts are always accurate, no matter whether you're installing hardwood, tile or carpet flooring.
Say goodbye to stacks of receipts and tiresome manual record-keeping—we automate entries straight from your linked accounts. Gain insights from a unified dashboard, empowering you as a floor installer to easily gauge the financial health of your business and make informed strategic decisions.
DR. BUKKY KOLAWOLE
As a floor installer, there are several specific expenses you can deduct in your accounting. These expenses are considered business operating costs and can include:
- Materials and Supplies: The costs of materials such as tile, wood, laminate, or carpet that you install, as well as any necessary supplies (adhesives, nails, grout, etc).
- Equipment Costs: The costs related to the purchase, lease, or rental of equipment you use for your business - for instance, saws, knee pads, carpet stretchers, etc.
- Vehicle Expenses: If you use your vehicle for work-related tasks, such as driving to and from sites or purchasing supplies, you may be able to deduct some of these costs.
- Advertising: Any costs associated with advertising your services, including business cards, signs, website costs, or advertising in local media.
- Contract Labor: If you hire subcontractors or independent contractors, their pay may be deductible.
- Insurance, License, and Tax Costs: The costs of any required licenses for your trade, insurance premiums, and business-related tax payments.
Keep in mind that not all expenses can be deducted and some may need to be depreciated over time. It's always recommended to consult with a professional bookkeeper or accountant to ensure you're tracking and deducting your expenses appropriately.
The type of bookkeeping system recommended for businesses in the floor installation industry is a double-entry system. This system records all transactions in at least two accounts, crediting one and debiting another. It accurately tracks income and expenses, and creates a clear trail of all transactions. This system, complemented with cloud-based bookkeeping software like Bench, can help manage the financials more effectively. These programs can also assist with invoicing, payroll, and tax preparation, crucial features for the floor installation industry.
A professional bookkeeper's role is invaluable in managing the financial aspects of your floor installation business. They meticulously track your income and expenses, compile data into understandable reports, and offer financial advice to help you improve your business. With their help, you can:
- Track material and labor cost precisely to ensure the pricing of your services is profitable.
- Remain compliant with tax laws by handling your flooring business's tax preparation and filing, reducing your chances of encountering legal problems.
- Manage your cash flow efficiently to ensure your business remains financially stable, even when dealing with cost fluctuations in labor or resources.
- Improve budgeting and financial forecasting to make informed decisions for business growth and expansion.
Having a professional bookkeeper allows you to focus more on improving your services while they handle your financial management tasks.
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.