Bookkeeping and Accounting for Window Washers

For a window washing business, the key accounting considerations include:

• Revenue Recognition: Figuring out when to register the earnings, whether it's after the completion of the wash or receiving of payment, is important for accurate bookkeeping.
• Expense Tracking: Regular costs such as employee wages, cleaning supplies, maintenance and repair of equipment, travel costs for on-site service etc. should be meticulously tracked.
• Tax Preparation: Knowing the applicable tax laws, preparing for annual taxes, and keeping track of any tax-deductible business expenses are fundamental.
• Insurance Coverage: Understanding the part of your expenses that go towards insurance - for equipment and liability - and keeping track of these outflow can impact profitability. Maintaining a proper document is essential for audits and financial analysis.
• Depreciation: Large equipment purchases can be a major expense. GAAP (Generally Accepted Accounting Principles) require that these costs be distributed over the useful life of the item, which can directly impact the profit and loss statement.

Overall, aligning with a professional bookkeeper can ensure all these unique considerations are addressed effectively.

To effectively track and write off the costs of window washing equipment, you should follow these steps:

• Maintain Receipts: Keep an organized record of every purchase related to your window washing equipment. These include engines, tools, cleaning supplies, and any other resources needed for the job.
• Track Expenses: Use a bookkeeping software or hire a bookkeeper to keep accurate track of these expenses throughout the year. Make note of dates, amounts, and what exactly was purchased. The more details you provide, the better.
• Categorize: Make sure to differentiate between capital expenditures (purchases of equipment that will last longer than a year) and operational expenditures (everyday operational costs like cleaning supplies).
• Deductions: At tax time, provide your records to your tax professional who will help you deduct the appropriate expenses.

Doing this can significantly reduce your tax burden as you'll be able to properly deduct business expenses. Having a professional bookkeeper can make this process much easier and more accurate.

For your window washing services, there are various types of bookkeeping practices that you can implement to ensure financial efficiency and compliance. Firstly, it's important to establish a reliable system for tracking income and expenses. This means routinely recording all revenue from clients and outgoings on equipment, supplies, and labor costs.

Secondly, it's crucial to get into the habit of keeping detailed records of all financial transactions, including receipts of purchases and proof of income. This can greatly help in instances where you need to verify your financial data or if you are audited by the IRS.

Creating a robust budget and cash flow management plan can also undoubtedly give you an overview of your financial health and help you make informed decisions. You might also want to consider hiring a professional bookkeeper or using bookkeeping software for more complicated aspects such as tax preparation, payroll, and so on.

Lastly, always make sure to keep on top of any legal regulations to meet compliance standards. Consider consulting with a CPA or tax advisor to stay updated about laws and regulations related to 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.