We proactively keep you informed with bookkeeping updates tailored for framers. Got critical questions needing immediate answers? You can rely on our promise to respond in one business day or less.
Our platform grants you the power to automate data inputs from the majority of principal providers, dodging the usual errors. We team up with merchants such as Gusto, Stripe, Shopify, and Square—ensuring seamless financial tracking for your Framing business. Accuracy in your books is always our priority.
Eliminate the stress of managing stacks of invoices and hours of manual data recording—Bench Accounting automates entries straight from your linked accounts. Gain insights from a single, comprehensive dashboard crafted for Framers, enabling you to grasp your business' financial health swiftly and make informed strategic decisions.
DR. BUKKY KOLAWOLE
Specific expenses that framers can claim for tax deductions in relation to their profession include:
- Costs of purchasing framing material and supplies
- Costs related to transportation such as fuel and vehicle maintenance, particularly if used for business purposes
- Insurance premiums for equipment and business operation
- Office expenses including utilities, rent, and related office supplies if a home office is not used
- Salaries and wages paid to employees, if any
- Costs related to marketing and business promotion
- Professional fees and memberships such as certifications and industry associations
Please note, this is a general guide and the deductibility of certain expenses may differ based on specific circumstances and the local tax law. Thus, you should always consult with a professional tax advisor or accountant for advice in relation to your individual situation.
The accounting for a framing business generally divides costs into two main categories: materials and labor.
The cost of materials includes all the materials used in framing, such as wood, nails, and other necessary supplies. These are typically classified as direct materials cost in the cost of goods sold (COGS) section of the balance sheet. The costs are recorded when the materials are used, not when they are purchased.
Labor costs on the other hand, cover the expenses of all employees involved in the construction and assembly process. These are treated as direct labor costs, and are also included in the COGS.
Accurate tracking of these costs allows framing businesses to accurately determine their gross profit margin, manage their budgets more effectively, and identify areas for cost savings. Working with a professional bookkeeper or accountant can help ensure these costs are tracked and documented accurately.
Yes, a bookkeeping service can absolutely help you track your project costs and profit margin as a framer. Bookkeepers can make sure all your financial transactions, including labor, materials, and overhead costs, are accurately recorded and categorized. They can also help generate financial reports, giving you a clear understanding of your profitability per project. With professional bookkeeping, you get a clear snapshot of your financial position at any given moment, allowing you to make informed decisions about your business.
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.