We'll regularly touch base with essential bookkeeping updates. Got urgent inquiries that can't be put on hold? As locksmiths, we understand urgency, so we'll respond to you within one business day or less.
At Bench Accounting, we offer a platform designed for locksmith businesses to minimize manual data entry and prevent common accounting errors. We build partnerships with leading payment and transaction providers like Gusto, Stripe, Shopify, and Square to ensure your financial records are always accurate and up-to-date. Trust Bench to handle your bookkeeping needs so you can focus on unlocking success.
Say goodbye to mounds of receipts and exhaustive manual record-keeping—we handle your bookkeeping needs by automating inputs directly from your connected accounts. From one central dashboard, you'll be able to effortlessly view your locksmith business's financial health and make savvy decisions.
DR. BUKKY KOLAWOLE
As a locksmith, there are several specific expenses that you can deduct from your taxes, providing they were necessary for your business. These include:
- Tools and Equipment: Any tools or equipment that you purchased for your locksmith business can often be deducted.
- Insurance: Business insurance premiums you've paid throughout the year could be tax deductible.
- Vehicles: If you use a vehicle solely for your business, such as for client visits or transporting tools, you might be able to deduct the related expenses, like gas, maintenance, and depreciation.
- Education and Training: If you've taken any professional courses or training to enhance your locksmithing skills, these costs can also be deductible.
- Advertising: Expenses related to advertising your business, including business cards, signs, website costs, or ads, can be deducted.
Remember, tax laws can be complex, and the specifics often depend on the precise circumstances of your business. It's always a good idea to consult with a professional before making any substantial decisions about your tax deductions.
The type of bookkeeping system that would best suit your locksmith business largely depends on the size and complexity of your financial operations. However, most small to medium-sized businesses would benefit from cloud-based bookkeeping software, such as Bench. These systems can help you manage invoices, track expenses, and monitor cash flow effectively. They're also easy to use and can be accessed from any device with an internet connection, allowing you to manage your books even when you're out on a job. It might be helpful to consult with a professional bookkeeper to choose the best system for your specific needs.
In order to accurately track and manage your income from different types of locksmithing services, it's crucial to categorize your income appropriately. This means creating distinct categories in your account book for residential and commercial locksmithing services. This not only helps in analyzing which area of your business is generating more revenue, but also comes in handy during tax filing as the deductions could differ based on the type of service. It is always recommended to consult with a professional bookkeeper or an accountant to ensure that you're categorizing your income correctly and optimizing for tax deductions.
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.