At Bench Accounting, we understand that as tile setters, you’re busy crafting beautiful spaces, and paperwork is the last thing on your mind. That's why we regularly provide bookkeeping updates so you never have to worry about your financials. Have urgent concerns that just can't hold off? Rest assured, we'll respond to your queries in one business day or less.
Our platform enables you to automate data recording from majority of the leading suppliers to eliminate typical errors. We collaborate with vendors like Gusto, Stripe, Shopify, and Square—ensuring your financial records as a tile setter are always precise.
Say farewell to mountains of invoices and the tedious task of manual record-keeping—we seamlessly automate entries straight from your linked accounts. Get real-time insights from one convenient dashboard, enabling you to quickly comprehend the financial wellbeing of your tile setting business and make calculated decisions.
DR. BUKKY KOLAWOLE
As a tile setter, there are a number of specific expenses you can claim in your accounting books:
- Contract Labor: If you hire subcontractors or laborers to help with jobs, you can deduct these costs.
- Supplies and Materials: The costs of tiles, grout, and other materials needed for your jobs can be deducted.
- Tools and Equipment: If you've purchased tools or equipment necessary for your tiling work, these can be deducted. This includes tile cutters, trowels, mixers, and other related tools.
- Vehicle Expenses: If you use your vehicle for work purposes, such as driving to job sites or picking up supplies, you can claim these expenses.
- Home Office: If you use a part of your home exclusively for business, you may be able to claim the home office deduction.
- Insurance, Licenses, and Fees: The cost of business insurance, professional licenses, and regulatory fees are all deductible.
Please remember that tax laws can be complex and change frequently. It's always a good idea to consult with a professional bookkeeper or accountant to ensure that you are correctly reporting and deducting your business expenses.
The bookkeeping for a tile setting business should account for the cost of materials and labor precisely and systematically. These costs are usually categorized as Cost of Goods Sold (COGS).
Cost of Materials: This should include the cost of all the tiles and other materials used for setting tiles. Keep detailed records of every purchase made. All invoices and receipts should be properly filed and recorded.
Labor Costs: The cost of labor should include all wages paid to employees, including overtime pay, bonuses, and benefits. It's also necessary to account for any subcontracted work.
Both of these costs directly influence the profitability of the tile setting business and are essential for calculating gross profit, which is a key financial indicator of a business's operational performance. Accurate bookkeeping ensures you can track these costs and make proactive business decisions.
Common bookkeeping practices for managing the financials of a tile setting business include:
- Recording Expenses: All business-related expenses such as material costs, labor, transportation, and equipment rentals should be accurately recorded.
- Job Costing: It is crucial to track all costs associated with a specific project or job to determine the actual profitability of each job.
- Invoicing: Timely and accurate invoicing is essential for cash flow. Details such as date, materials, labor costs, and any other charges should be included in the invoice.
- Payroll Management: Bookkeepers should handle payroll in compliance with applicable local, state, and federal tax laws.
- Tax Preparation: Accurate record-keeping makes tax filing much easier and ensures you exploit all tax benefits applicable to your tile setting business.
- Reconciliation of Accounts: Regular checking of all your business accounts against their statements can help detect any discrepancies and prevent financial mismanagement.
Since the bookkeeping needs of each tile setting business can vary based on many factors, it is usually recommended to seek professional help to ensure the financial health of the 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.