We'll consistently touch base with financial updates tailored for your plumbing business. Got urgent concerns or queries that just can't be delayed? We'll ensure to respond within one working day or even faster.
Our platform is designed to streamline data inputs from the leading providers, eliminating common errors specifically for plumbing businesses. We team up with reputable platforms such as Gusto, Stripe, Shopify, and Square—ensuring your financial records remain precise and up-to-date.
Say goodbye to mountains of invoices and the hassle of manual record-keeping — our software directly automates inputs from your linked accounts. With Bench Accounting, plumbers get the opportunity to view their financial insights from a single central dashboard. This allows for a simplified understanding of your financial position and makes it easy for you to make strategic and informed decisions for your plumbing business.
DR. BUKKY KOLAWOLE
As a plumber, various expenses can be categorized as tax-deductible. These may include:
- Tools and equipment used for business purposes.
- Vehicle expenses if you use your vehicle to travel to and from jobs.
- Work clothes and safety gear that are specific to your job.
- Insurance premiums related to your business.
- Training and certification costs.
- Advertising and marketing costs.
- Costs to maintain and repair your equipment.
- Costs associated with running a home office.
It's crucial to have accurate bookkeeping practices to track these expenses correctly. This can potentially lower your tax bill and save you money.
Accounting services can significantly help manage your plumbing business's cash flow effectively in several ways.
First, a professional accountant can create a comprehensive and accurate picture of your cash inflows and outflows, making sure you have a grasp on where your money is going. They can help organize your financial records and receipts to ensure that everything is accurately recorded.
Second, accountants can assist you in the development of budgets and financial planning. Having a proper budget in place can help you maintain consistent cash flow and prevent overspending.
Third, an accountant can also help you proactively manage your cash flow by planning for seasonal fluctuations within the plumbing industry and helping you save up for slow periods.
Lastly, having an accountant means you have a financial expert who can provide advice on how to maximize profits, spend efficiently, and navigate any financial obstacles that might arise.
For a plumbing business, it's essential to maintain comprehensive financial records such as:
<ul><li>Income records which include all your sales and money you have coming in.</li><li>Expense records detailing your business expenses, as these can be deducted from your taxes.</li><li>Asset records to keep track of machinery, equipment, and vehicles in case of depreciation tax deductions.</li><li>Payroll records if you have employees, including their wages, taxes withheld, benefits, and other labor costs.</li><li>Inventory records of plumbing parts and supplies used in the course of business.</li><li>Any loans and liability records that your business incurs.</li></ul>
In addition to these, you should also keep records of your tax returns, customer invoices, cash register tapes, credit card receipts, deposit information, checks, and bank statements to track your financial health and for tax preparation purposes.
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.