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7 Bookkeeping Tips for Contractors - McGrant Tax & Bookkeeping

When searching for bookkeepers for contractors, itu2019s always a good idea to begin by assessing the level of your businessu2019s needs. Depending on how large the operation is, some prefer to do everything in-house. On the contrary, as you grow and expand you might find it more beneficial to actually get help. Whatever the case may be, itu2019s a wise idea to routinely assess your business and make sure you keep up to date on financial records.<br><br>McGrant Tax & Bookkeeping<br>2340 N Graham Street Charlotte , NC , 28206<br>435 Bradford Drive Charlotte , NC , 28208<br>(704) 343-9949<br>(704) 394- 7797<br>mcgranttax.com

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7 Bookkeeping Tips for Contractors - McGrant Tax & Bookkeeping

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  1. MCGRANT TAX & BOOKKEEPING 7 Bookkeeping Tips for Contractors CREATE A BUSINESS PLAN: Creating small financial goals can help keep you motivated for record-keeping, and ensuring the numbers are airtight. Our Charlotte bookkeeping firm can help you by routinely checking your books, however, it’s a good idea to create a plan if you’re planning on taking control of everything. INVEST IN SOFTWARE: There are software programs that include all of the bells and whistles, a basic system can outline how it works and how to use it. It keeps track of imperative information and is usually affordable. For example, QuickBooks is a favorite amongst bookkeepers for contractor systems. KNOW WHICH RECORDS TO KEEP: The records that you’ll need to account for will vary depending on the type of contractor you are. Once you pinpoint the basics, you can get a better idea of what records you’ll need. As always, you can verify with an expert to ensure you’re keeping track of the right things. TRY TO ELIMINATE CASH AND OTHER TANGIBLE FORMS OF PAYMENT IF POSSIBLE: As a contractor and business owner, our NC bookkeeping team recommends you make your own rules when it comes to what you will and won’t accept as a form of payment. KEEP YOUR BUSINESS AND PERSONAL FINANCES SEPARATE: The best thing to do is to keep everything separate from the start. The moment your business gets up and running, make sure you have separate bank accounts, checking accounts, etc. USE BOOKKEEPING AS A WAY TO STRENGTHEN YOUR FINANCES: Bookwork can help you easily compare revenue, overheads, fees, and more. In doing so, you can track all kinds of important finances and find ways to maximize your profits. If you’re not sure exactly where to begin, you can always enlist the third-party opinion of a bookkeeping Charlotte NC team. FINALLY, OUTSOURCE FOR HELP: There are lots of professionals out there who also specialize in bookkeeping for contractors, helping those who are self-employed master the challenges. Making smart decisions with your cash today leads to success in the future. Go with your gut and get help from professionals. M C G R A N T T A X . C O M

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